A company in Portugal with a bank account in North Macedonia – from 4,700 EUR
Register a limited liability company in Portugal and set up a corporate account in the North Macedonian bank. Both tasks can be performed from the comfort of your home without visiting neither Portugal nor North Macedonia.
Why register a company in Portugal?
Business environment is in motion without stop. New laws come into effect; new requirements are put into place. Banks take serious client identification measures and old business methods become ineffective.
New approaches are needed today but they have to conform to the requirements of the modern day: transparency and total legality. At the same time, these approaches have to provide for asset protection, easy access to the bank accounts, and simple company registration and maintenance procedures.
We can assist you in setting up a business company in a large number of foreign jurisdictions but here we would like to draw your attention to the possibility of establishing a company in Portugal. This country is turning into an influential player in the international market.
Portugal is an old European country. Unlike most other Eurozone states, it provides for the possibility to set up a company there at an affordable cost. Company registration in Portugal takes approximately ten business days.
Portugal is open to foreign investors and it attracts businesses to different sectors of the economy. Over the recent years, the fintech and hi-tech industries have been growing at an especially fast rate in Portugal.
The country has a clear taxation system and affordable office rent prices, which allows establishing the company physical presence in Portugal at a low cost.
However, the main characteristic that makes Portugal compare favorably with many other countries, including even some European ones, is its stainless international reputation.
Portugal did have some problems with the economic growth and its banking sector did experience some hard times. Things are looking much better now and the banks in the country are in perfect keeping with the strict anti-money laundering and anti-terrorism financing regulations of today.
Apart from that, opening a bank account for a Portuguese company is not difficult at all. According to the international business requirements, the company shall have economic substance in the country in order to be able to set up a corporate bank account. However, a company office does not cost too much in Portugal and it will suffice to establish the necessary substance in the country.
You can open a bank account in Portugal or beyond its borders. In order to set up an account in a Portuguese bank a personal visit to the country is required. However, no such visit is needed for setting up a bank account in a third country. In particular, the North Macedonian bank allows establishing a corporate account for a Portuguese company remotely, without visiting North Macedonia.
Company registration in Portugal: the basics of the process
In order to register a business company in Portugal you will have to prepare several documents, pay the state duties, and choose an official name for the prospective company.
The central document that is required for company registration in Portugal is the company Articles of Association that contain information about the company activities and proprietors. We will gladly assist you in drafting this document.
The minimum required company charter capital is one euro. The minimum possible number of company owners is also one.
As far as the company official name is concerned, you can pick one from the list of company names preapproved by the Registrar. If you do, you can immediately proceed to the next stage of company registration in Portugal.
However, if you wish to register the company under the name that you have in mind, receiving the approval for the new name will take additional two weeks and an additional service payment will have to be made.
After you register the company under this or that official name, you will have to register the company capital. In order to do that you have to have a bank account, which we will help you establish.
After that, the corporate documents have to be submitted to the Registry where the company will be registered as a Portuguese legal entity and as a Portuguese taxpayer. This process usually takes not more than ten working days.
It is important to bear in mind that only the individuals who hold a Portuguese Tax ID can be the owners of a company in the country. In order to acquire the Tax ID you have to use the services of an ‘introducer’ who already has such an ID. In addition to that, you will have to pay a state duty. These are mandatory procedures that cannot possibly be avoided.
Our company will be happy to introduce you to the Portuguese tax authorities (this service is included in the overall price). You can also hire another company to act as an ‘introducer’ but this will come at an additional cost. Another option is acquiring a permanent residence permit in Portugal prior to establishing a business company there. If this is the way you want to proceed, we will happily assist you in obtaining Portuguese residency first. In any case, if you do not have a Portuguese Tax ID, you cannot own a business company in the country.
Setting up a company in Portugal: the required documents
In order to register a company in Portugal you will have to submit the following documents:
- A legalized copy of your foreign passport;
- A proof of address such as a utility bill, for instance;
- A draft of the Articles of Association;
- At the time of submitting the documents to the Registrar, you will also have to bring the paper certifying the company’s official name.
Your company in Portugal: registration and maintenance costs
The price of our company registration service in Portugal starts at 4,700 EUR for a company with one of the preapproved official names, and it starts from 5,900 EUR for a company with an original name.
This price includes:
- Company registration;
- State duties;
- A package of corporate documents;
- Acquiring a Tax ID for the new company;
- Registration with the social security administration;
- Access code to the Commercial Registration Certificate (analogous to the Good Standing Certificate);
- Electronic access card for the abovementioned Certificate;
- A physical company card containing the basic company information;
- Personal Tax ID acquisition for the company owner;
- Tax representative in Portugal services for three months;
- A legal address in Portugal for three months plus Family Office* services for three months that include:
- Storage of documents, archive, and incoming mail scanning;
- communication with the accountant (up to five conversations per month);
- Coordinative work with state agencies and tax authorities (up to five tasks per months).
- The price also includes opening a corporate account in North Macedonia. Below please find more information about the bank.
You will have to submit a package of apostilled documents.
According to the Portuguese legislation, the corporate bank account shall be opened within five days since the date of company registration.
Keeping accounts is mandatory for a Portuguese company. The accounting services cost 300 EUR per month or 3,600 EUR per year with us.
Having a legal address in Portugal is also mandatory. The cost of this service is covered for the period of three month. After this period expires, you can prolong the agreement with us or find a new legal address otherwise. The price of the legal address rent is 3,000 EUR per year.
*A Family Office Package is a complex company maintenance solution that includes the company address, interaction with state organs, day-to-day accounting, and other things. This Package comes in three levels:
Family office Package (Basic) for 300 EUR per month includes:
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- Legal address;
- Keeping of original corporate documents, archive, incoming mail scanning, and communication with the accountant (up to five e-mails or phone calls per month);
- Coordinative work with tax authorities, state agencies and banks (up to five conversations per months).
Family office Package (Medium) for 600 EUR per month includes:
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- Everything found in the Basic Package;
- 2 hours of consultations or legal work;
- 2 hours of other administrative work.
Family office Package (VIP) for 1,200 EUR per month includes:
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- Everything found in the Medium Package;
- Additional 1 hour of consultations;
- Transfer from the airport to the city and back;
- Transportation in the city for two days;
- 3 hours for simple tasks;
- Unlimited assistance in cooperation with the accountant and the state bodies.
In total, the yearly company maintenance in Portugal will cost you 6,750 EUR. It includes the legal address, the accountant’s services, and the access to the Commercial Registration Certificate.
Our additional services
| Service | Price in EUR |
| Professional director service in Portugal | PRICES MAY VARY |
| Power of Attorney | 400 |
| Legalized Power of Attorney with a notary stamp and an apostil | 700 |
| Counsel’s opinion | 3000 |
| Legal consultation, per hour | 700 |
| Change of company name | 1500 |
| Postal address and all utilities, per year | 2500 |
| Translation, per page | 40 |
| A package of apostilled documents | 400 |
| A corporate account in a Portuguese bank | 4000 |
A corporate account with in North Macedonia for your Portugal registered company
The North Macedonian bank is unique for providing high quality services while simultaneously allowing establishing accounts remotely. It will service even offshore companies thus opening a corporate account with this bank for your Portuguese company is going to be easy provided that you conform to the bank requirements.
The services that provides:
- Account opening;
- Local and international payments;
- Loans;
- Deposits;
- Internet banking and mobile banking;
- Bank vaults and safety deposit boxes;
- Bank guarantees;
- Overdraft;
- Securities trading;
- American Express pay cards.
Bank tariffs
| Account opening fee per one account | 200 EUR |
| Foreign currency account opening fee | 200 EUR |
| Monthly account maintenance fee: it is set for every client individually | From 50 EUR to 100 EUR |
| Incoming payments | Free of charge |
| Outgoing payments
If the mean annual balance is not less than 1,000,000 EUR |
0,5%, minimum 250 EUR + correspondent banks commissions.
Free of charge |
In order to set up a corporate account in this bank a preapproval procedure has to be effectuated. After that, the individual tariffs will be determined.
Documents required for account opening in North Macedonia
- Company beneficiaries shall submit the following documents:
- Legalized foreign passport copies;
- Legalized proofs of addresses;
- Power of attorney (for remote account opening);
- The following corporate documents shall be supplied:
- A legalized copy of the company registration certificate;
- A legalized copy of the Articles of Association;
- Certificate of Good Standing (in the case of a Portuguese company, Commercial Registration Certificate);
- Certificate of Incumbency (original or legalized copy);
- Extract from the Registry;
- Notarized copies of Share Certificates;
- A legalized copy of the Register of Directors;
- A legalized copy of the Register of Members;
- A legalized copy of the CEO/ director/ board member resolution or any other company document officiating the account opening;
- A document of fiduciary management in case nominee shareholders are employed;
- A description of the company business activities made on the bank form and addressed to the bank.
All documents shall be not more than three months old, notarized, and written or translated in the English language. Documents obtained from state bodies shall be apostilled.
After all the documents are submitted to the bank, the account opening takes seven business days on average.
Please note that the bank may request some additional documents.
How to register a company in Portugal and open a corporate account for it with in North Macedonia: the procedure
- Write to us to [email protected] and tell us that you would like to establish a business company in Portugal with a foreign corporate bank account.
- Discuss your intentions with our consultant to ascertain that you are able to submit all the required documents.
- Cover the cost of our services – from 4,700 EUR for registering a company under an available name and from 5,900 EUR for registering a company under a new name.
- When we receive all the documents from you as well as the payment, we will initiate the company registration and account opening procedures.
- After a few days, you will have a company registered in Portugal as well as access to your corporate bank account.
We have vast experience in establishing foreign companies and setting up foreign bank accounts for our clients. We know all the ins and outs of these processes so with our assistance your chances for success in these matters will increase substantially. If you would like to ask us any questions prior to forming a company in Portugal with an account in the North Macedonian bank, please contact us at [email protected] without any hesitation.