In the first semester of 2018 Portugal has created over 24,000 new businesses, according to the latest report by Infotrust.
Portugal Startups reported today that the amount of new businesses created in the first six months of 2018 are up 11.45% over the same period last year.
From January through June of this year 24,425 new businesses were created, which is up over 2,000 from the first six months of 2017, which saw 21,916 new businesses.
In 2018 May and June saw a bit of a slump, down 8% when compared to last year.
Lisbon led the way with the highest number of companies created this year with 8,221; followed by Porto (4,313), Setubal (1,747), Braga (1,741), and Faro (1,378).
In terms of Activity Sectors from January to June of this year, the largest number of companies created was in the sectors of Services (6,866), Restoration and Tourism (2,992) and Commerce and Retail (2,851).
Infotrust analyzes information related to companies and other active entities that are headquartered in Portugal, with the legal nature of Public Limited Companies, Sole Proprietorships, Public Entities, Associations, Cooperatives, and other Companies.
According to Company Formation Portugal:
Company formation in Portugal requires completing some actions before the company is ready to begin its activity. It is necessary for a new company registered in Portugal to draft the articles of association and all other documents, such as passport copies, specimen signatures, and special forms. Some public notary procedures must also be taken care of, as well as finding a registered office for company registration in Portugal. An accountant and a bank account are mandatory for company formation in Portugal.
In addition to creating over 24,000 new companies in the first semester, Portugal’s GDP has risen 3.2 percent in the second quarter.
According to Xinua, “The pattern of growth over the same period continued to be marked by strong job creation and reduction of unemployment as well as the important contributions of investment and exports.”
Apart from creating new companies domestically, Portugal has been busy at work attracting foreign startups and entrepreneurs to work and live in the country.
In Lisbon, the government has launched a scheme which offers residency and eventual citizenship to anyone who invests €1 million or more in the local economy, creates 10 jobs or purchases €500,000 worth of property.
The Portuguese capital was hit hard by the European economic crisis, which saw an estimated half a million people leave the country between 2011 and 2015 due to soaring unemployment which peaked at 18% in 2013.
Also launched earlier this year was the Portugal StartUP Visa. The Portugal StartUp Visa application process went live on March 15, and now over 65 incubators throughout the country are certified to help foreign startups.