How to obtain a startup visa in Portugal?

Startup visa program in Portugal: how to become a resident on an innovative project

One of the opportunities for foreign entrepreneurs to become residents of Portugal is the startup visa program. This unique initiative allows for the relocation or creation of an innovative startup in the country. Launched by the Portuguese Ministry of Economy in 2018, this attractive offer draws entrepreneurs from all over the world.

Who can obtain a startup visa?

• Age:Participants in the program must be individuals over 18 years old.
• Citizenship:without EU or Schengen citizenship.
• Criminal record:without a criminal record.
• Taxes:with the fulfillment of tax obligations.
• Finance:It is necessary to have an amount of 5,146 euros per person in the account. Applications can be submitted by up to five people and their family members.

What should a startup be like?

To obtain a startup visa, a businessman must submit an online application on the program's website in Portuguese or English. He is also required to demonstrate sufficient financial resources to launch the project and provide a business plan that highlights the innovation and usefulness of the project for the country's economy.

Project requirements:

• Prospectiveness:The business plan must demonstrate that the project is innovative and beneficial for the economy of Portugal.
• Profitability:A startup should promise profit.
• Experience:The startup must be no older than 4 years in the case of relocation from abroad.
• Interest from certified incubators:the project must be of interest to at least one of the certified incubators and have the potential to create jobs.
• Potential for job creation:A startup should have the potential to create jobs.
• Leadership:a business immigrant should lead the startup team.

Financial support:

Business angels, investors, venture funds, and government grants can provide assistance in financing projects in Portugal. Business angels and venture investors can also offer access to their resources and networks, facilitating the faster development of startups.

Stages of obtaining a startup visa

Through the startup visa program, you can either transfer an existing project from another country or create a new one. To do this, you need to go through all the stages, including submitting documents through IAPMEI, the institute for supporting small and medium-sized businesses. The stages are completed after filling out the form and describing the future project.

Documents for participation in the startup visa program:

To participate in the startup visa program in Portugal, a whole range of documents is required.

• Motivational letter:It is necessary to explain your desire to develop an innovative project in Portugal.
• Copy of the passport:A copy of the passport needs to be provided.
• Tax or social security number certificate:A certificate confirming the receipt of a tax number or social security number in Portugal will be required.
• Certificate of no criminal record:A certificate of no criminal record is required from the country of residence.
• Bank statement:A bank statement is required, which confirms the availability of sufficient financial means for living in Portugal in the amount of at least 5,146 euros, as well as the possibility of transferring these funds to a Portuguese bank.
• Resume and project description:- You need to provide a resume with a detailed description of your work experience and a project presentation. - You must have a positive review from one of the incubators. - To apply, you send a request to the incubators to obtain d

Unique startup accelerator program

In January, a unique acceleration program for startups will kick off in beautiful Portugal, running from April to June and culminating in an investment day. Upon completing the program, entrepreneurs can expect support in attracting investments for six months. The accelerator received a total of 4,300 applications, but only 210 of them successfully passed the acceleration stage. Nevertheless, this led to results - 105 startups were able to attract investments totaling an impressive 75 million euros. In addition to accelerators, startups receive support from the Portuguese government through the 200M fund, which attracts investors from around the world and finances up to half of the investment amount. The fund is available for investments ranging from 1 to 10 million euros. It has already managed to invest approximately 80 million euros in 20 startups, which are expected to create over 1,500 jobs.

Financial support from Portugal 2020

In addition, the European program Portugal 2020 provides entrepreneurs with financial support in the form of a 50% grant and a 50% loan at a zero interest rate. The loan repayment terms are six years, with the first two years being a grace period.

My conclusion:

I have come to the conclusion that the startup visa program in Portugal offers a unique opportunity for entrepreneurs from around the world to create or relocate a startup to this country. However, to successfully obtain a startup visa, it is necessary to meet certain requirements, such as having an innovative project, sufficient funding, and a positive review from a certified incubator or accelerator.

A person who decides to take this step must be prepared for the fact that the visa application process may take some time and requires the submission of various documents, as well as going through stages of assessment and approval. Despite this, the opportunity to create a successful and profitable business in Portugal is worth the effort.

Incubators and gas pedals such as Startup Lisboa and Lisbon Challenge provide excellent support and resources for startups to help them grow and develop. So, if you have an innovative idea and a desire to create a business in Portugal, a startup visa program can be a great starting point to achieve your goals.