How to open an account in Portugal in 2020: the best banks

How to open an account in Portugal in 2020: the best banks

Portugal is a «golden mean» between the countries of the European Union. This is an economically developed country, offering broad prospects for entrepreneurship.

A geographically advantageous location, a flexible tax system, a high level of interest of local authorities in attracting foreign capital, as well as a modern banking infrastructure create the most comfortable environment for investors, as well as those, who wish to register a company in Portugal and open an account with a Portuguese bank.

In this article we will tell you in detail about how to open an account for a company in Portugal, as well as how to conduct business in the country.

A business climate of this jurisdiction

In the ranking of Doing Business 2019, Portugal ranked 34th in terms of ease of doing business. A country also entered the top 20 in resolving insolvency issues and was in first place in international trade.

Those, who plan to open a company in Portugal remotely, are also advised to familiarize themselves with these advantages of jurisdiction:

  • A thriving economy;
  • A solid political position;
  • A developed logistics network;
  • A well-established trade with Great Britain, Angola, France, Germany, the Netherlands, Spain and Italy;
  • An affordable cost of housing, consumer goods and services;
  • A developed banking sector;
  • Qualified labor resources;
  • A simple and quick business visa application (up to 21 days);
  • A visa-free travel in the Schengen area;
  • A flexible taxation (the income tax is 21%, for SEZ is 5%);
  • A favorable environment for the registration and expansion of all types of business.

If you are interested in registering a company in Portugal and opening an account with a Portuguese bank, then we recommend giving preference to these areas of business in 2020: a light industry, a tourism, a food industry (winemaking, production of canned fish and olive oil), a metallurgy, a mechanical engineering, chemical and petrochemical industries, an electrical engineering, services.

Types of bank accounts in Portugal

If you plan to register a company in Portugal remotely, then opening an account with a European bank or a local bank will be a prerequisite for doing business in the jurisdiction. Based on this, you can open the following types of bank corporate accounts:

  • Opening an account for an international business company (IBC);
  • Opening an account for a Special Industrial Zone (FTZ);
  • Opening an account for LLC (A tax-resident LLC);
  • Opening an account for a Limited Liability Company (SA).

Those, who wish to register a Portuguese company, we recommend choosing such legal forms, as: SA and FTZ. A particularly profitable option for foreign entrepreneurs will be the opportunity to open a company in Santa-Maria FTZ in the Azores or open a company in Madeira FTZ.

Benefits of opening an account in Portugal

The Republic of Portugal is known for its friendly attitude towards non-residents. Unlike many other progressive countries of the European Union, which make excessive demands or even refuse to open an active business account, Portugal has been cooperating with foreign entrepreneurs for many years and offers favorable conditions for managing business activities.

The banks of this jurisdiction are the most suitable option for those, who wish to open a small/medium business in Portugal. In addition, both residents and non-residents can open a corporate account in Portugal remotely, although most banks still request a personal visit.

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Among the additional advantages of this jurisdiction, it is worth highlighting:
  • A high quality service
  • The availability of round-the-clock Internet banking;
  • Bilingual staff (Portuguese/English);
  • A high level of confidentiality and reliable protection of customer funds.
The best banks of the jurisdiction

Our customers, who have an existing business or decide to register a company in Portugal remotely, will have the opportunity to open an account with Banco BNI Europe, open a corporate account with Banco Santander, open an account with Banco Atlantico Europa, as well as trustworthy banking institutions such as Millennium BCP, Novo Banco and Banco BPI.

How to open an account in Portugal?

If you are going to set up a Portuguese company and open an account in Portugal, then you will need to prepare and submit to our experts a standard package of documents.

YB Case team is ready to provide comprehensive information on the features of doing business in the country, as well as qualified advise on the process of opening an account with a Portuguese bank.

If you have any questions, we recommend you contacting us, using any convenient feedback form.

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