Why Set Up Business in Portugal?
Located on the West Coast of Europe, Portugal is a country that is worth taking advantage of due to its strong ties with the European Union (EU) and unique geo-strategic location, as it is known as the natural gateaway between EU and other major world markets in North America and South America. In addition to its prime location, the country is also widely regarded as a nation that has the most change over in the last three decades, with its capablities of being adaptable, flexible and innovative. From Renewable Energies to Information and Communication Technologies, the country is shinning and doing exceptionally well in a diversified range of sectors, attracting global brands across the world to Portugal.
Here are some of the reasons why setting up a business in Portugal might just be the right choice.
Unlike other countries in the European Union, Portugal has successfully managed to modernised and diversified its economy over years. As such, in the 2015 World Bank Group’s Ease of Doing Business survey, the country was ranked 25th, giving foreign businesses the confidence to invest in Portugal. In addition, the nation was also awarded the 10th position in the ‘Starting a Business’ category in the survey, which means opening a business in the country is known to be a smooth sailing process. As a matter of fact, you can set up a business in Portugal in three days, or even on the same day for certain cases.
Top-notch technology and infrastructures
In a world where technology plays a vital role in business development, Portugal has some of the best technological services in the continent. For example, the percentage of fiber connections in total broadband in the country is 18.1% in December 2013, which is above the Organisations for Economic Co-operation and Development (OECD) average of 16.7%, ranking the country 7th among the other EU countries. Besides that, Portugal is also placed 8th among the other 28 EU countries in number of high-speed fixed-broadband subscription per inhabitant, giving business owners a great connection with people from other parts of the world.
Adding to the excellent technological services, Portugal has also one of the world’s best infrastructures, where the quality of road is 4th greatest in the world and its motorway network density is ranked 6th, well above the average OECD. In addition, the Porto Airport was also named the 3rd Best European Airport in 2013 and the recently launched Atlantic Corridor, a rail freight line between Portugal-Spain-France-Germany ensures excellent connectivity within Europe.
Cost-competitive and flexible workforce
Portuguese employees are famously known for their versatility and commitment to work, with a special interest and positive attitude towards the adoption of technologies and practices. Hence, it gives business owners the opportunity to hire the best talents to grow and expand their business. Apart from that, foreign languages, mathematics, management and science are just a few areas where Portuguese people’s skills stand out and this is something businesses should take advantage of. If you’re an expat planning to set up a new business in Portugal, hiring English-speaking employees might be an easy task as 61% of Portuguese people speak at least one foreign language, and English might just be that extra language because learning it is mandatory from elementary school.
Better quality of life
Apart from the obvious benefits of around 300 days of sunshine in the south coupled with the low cost of food and property, Portugal also offers safe environment, cultural amenities and first-class healthcare facilities. With such advantages, Portugal is undoubtedly the ideal location for anyone to start up a business in this part of the world.