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| Buying a Business - Portugal |
Before establishing a business or undertaking any business transactions in Portugal, it’s important to obtain legal advice to ensure that you’re operating within the law. There are severe penalties for anyone who ignores the regulations and legal requirements.
Expert legal advice is also necessary to make the most of any favourable tax and business breaks, and to make sense of the myriad of rules and regulations. It’s imperative to ensure that contracts are clearly defined and water-tight before making an investment, as if you become involved in a legal dispute it’s likely to take years to resolve.
Before starting a business in Portugal you should obtain advice from a lawyer ( advogado) and an accountant ( contabilista). Many foreigners also employ an intermediary, called a despachante, to act as a middleman between them and the bureaucracy. This speaks volumes for the stifling and tortuous Portuguese bureaucracy, which is so complicated and cumbersome that it’s necessary for citizens to employ a special official simply to do business with the government!
Many Portuguese lawyers, accountants and agents speak English and other languages, particularly in resort areas.
If you are looking to buy a business in Portugal, please visit our website : www.imatico.lu
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