Set up a company in Portugal and a bank account in West Indies – from 6,299 EUR

This article describes the aspects of company registration in Portugal and corporate bank account opening in Saint Lucia. You do not have to leave home in order to perform either of these tasks. If you find this information worth considering and want to learn more about this opportunity, please write to [email protected] without hesitation.

The Republic of Portugal is an old European state with a rich history and a favorable geographic position. Its fine architecture, the travelling spirit, and ongoing improvements in all spheres of life make Portugal an attractive country where you can relocate.

Modern tax reforms, the progress in the banking sector, wise income distribution, and many other measures taken by the Portuguese Government make it an inviting country to establish a business company there. An avid entrepreneur will find multiple possibilities for making good profits in Portugal as well as in the rest of Western Europe and the whole world.

A list of main advantages of registering a company in Portugal: 

• Portugal is one of the most secure jurisdictions in Europe and the world;
• It has a clear and fair tax system;
• Foreign investors are highly appreciated in Portugal;
• A company can be registered within ten business days in the country;
• The banks of the world hold Portugal very high;
• There are no problems in finding an office for a business company there;
• A company in Portugal can have one euro as its registered capital;
• The company can also have only one founder and only one employee (the same person, actually).

Of all the company ownership types available in Portugal, foreign nationals choose to establish an LLC (or an LDA, in Portuguese) most often. Thus, we will discuss what documents are required to establish this type of company and what costs are involved in the process.

List of documents required for company formation in Portugal

• A notarized copy of the prospective company owner’s foreign passport;
• Legalized copies of utility bills not more than three months old to serve as proof of residential address;
• A draft of the company Articles of Association.

Judging by our experience, these documents will suffice to start the company registration process in Portugal. Later, however, the registration authorities will often request some additional documents. We will be quick in informing you what additional documents are needed and we will also help you prepare and/ or complete them in a proper way. Errors in the application documents may lead to company registration denial.

Main costs of forming a company in Portugal

There is a difference between registering a company in Portugal under a preapproved legal name or under the name of your own invention. If out of vanity or for some good reason you do not desire to choose one of the company names suggested by the Portuguese registrar but want to use a unique name, the company registration in going to cost you 1,200 EUR more. As the Registrar will have to approve the company name that you have suggested, the registration process is also going to be extended by fifteen extra days. However more attractive the first option may look, your ultimate choice will depend upon your preferences, of course.

The table below specifies the costs that the company registration procedure involves. Registering the company under a unique name is not included in the overall service price of 6,299 EUR.

There are two more necessary conditions that you will have to meet in order to successfully establish a company in Portugal. First, you have to rent a legal address for your company and second, you have to hire an accountant to keep the financial records. We will kindly provide these services to you on your request. Please contact us via e-mail [email protected].

In addition to that, you have to acquire a Portuguese Tax ID both for your physical self and for your company.

Without a personal Tax ID, it is impossible to start the company registration process in Portugal. Without a corporate Tax ID, your company will not be functional. The price of the combined service that we are offering here includes the corporate Tax ID acquisition.   

We would also like to inform you that we provide company support and maintenance services in Portugal. Our service packages called “Family Office Packages” should look especially inviting. There are three Packages and each of them contains a series of services. You can choose the Package that appeals to you most of all.

If you feel that you do not really need a service package, you can order one or two company maintenance services with us. In this case, you will have to cover the cost of each service individually. Please find the table of additional services below.

A corporate bank account in Saint Lucia for your Portuguese company

The bank that we are promoting here is one of the best financial institutions in the Caribbean basin. You can set up a corporate account for you company in a St Lucian bank without having to visit the island. It is one of the Lesser Antilles, a chain of islands in the southeast part of the Caribbean Sea sometimes referred to as the Windward Islands.

St Lucia was discovered by Columbus on St Lucia day, hence the name. Later, it became a British colony and even though the island is still associated with Great Britain, it is currently an independent state. The main industries on St Lucia are tourism, offshore services, fishing, and agriculture. The land is very fertile on the island and the residents mainly grow bananas, coconuts, cacao, mango, oranges, and sugarcane.

The bank reports directly to the St Lucian Department of Financial Control and the East-Caribbean Central Bank. It maintains stable correspondent relations with reputable partners, which provides for the possibility to offer interesting investment services to the clients.

The bank is an East Caribbean Financial Holding Company (ECFH) subsidiary. The ECFH holds a banking license and it is one of the leading financial groups in St Lucia listed on the East-Caribbean stock exchange.

ECFH came to life when two banks merged: National Commercial Bank (NCB) and St Lucia Development Bank. The merger occurred in 2001 and it has allowed the company to develop and offer to its clients a wider range of banking, financial, and other related services and products.

The main bank shareholders are the Government of St Lucia, Republic Bank Limited, a consortium of five banks and financial organizations as well as and St Lucia National Insurance Corporation. Thirty percent of the bank shares are owned by over 4,000 small private and corporate investors mainly from the Caribbean region.

English is the language of business communication on the island and thus it is the main service language with the bank that we are bringing to your consideration. However, services are also provided Spanish, Portuguese, French, and German there.

Opening a corporate bank account with the Saint Lucian bank

The bank makes it possible to open a corporate account remotely. The account will be opened within five to seven working days since the day when the bank receives all the required application documents.

The minimum required initial deposit amount:

The bank accepts the minimum initial deposit of US$ 5,000 into a corporate account.

The minimum required security deposit:

The minimum security deposit shall be US$ 5,000 with this bank.

Multicurrency deposit account

The St Lucian bank has reliable international partners and secure correspondent accounts. This allows it to offer advantageous conditions for opening multicurrency depository accounts.

Currently, you can set up a fifteen-currency account with this bank. This will allow saving some money on currency conversion. Multicurrency payments are made via the international SWIFT system and each transaction takes not more than 24 hours to go through.  

The following currencies are accepted for multicurrency depository accounts:

As a rule, the minimum required deposit for the account is USD 25,000.00 or the equivalent in other currency. You can make a deposit for 30, 60, 90, 190, 270, or 365 days. The interest rate will depend upon the term of the deposit and earnings from interests are not taxable in St Lucia.

A multicurrency account with the St Lucian bank will suit international traders and service providers perfectly well. All other companies engaged in international business should benefit from establishing an account there too.

Online banking with the Saint Lucian bank

The bank provides for the possibility to use online banking services round-the-clock and from wherever you are. You can check your balance and make transactions from any place where there is Internet connection and at any time of the day and the year.

To make the clients’ communication with bank not only convenient but also confidential a secret message system is used. It serves to replace the exchange of e-mail messages that may appear insecure at times.  

Tokens are used for secure online access to the account information.

Credit cards from the Bank of Saint Lucia

As a client of the bank that we are promoting here, you are eligible to apply for a credit card.

When you open a corporate account with the bank, you can acquire a bankcard within seven working days.

However, before applying for the card, you have to put a security deposit on the account that the card will be added to. When the card is issued, the bank administration will send it to you by FedEx to the address that you will have indicated.

Specifics of the credit card from the Saint Lucian bank:

• The security deposit for the card shall be in the amount of 125% of the credit limit.
• Only USD cards are issued by the bank.
• When filling out the application form for the credit card, you have to indicate the desired credit limit and the card type.
• A VISA or a MasterCard can be issued to an individual client while only a VISA card can be issued to a corporate client.
• The annual card service fee is USD 60.00 for personal cards and USD 150.00 for corporate cards.
• A card statement will be supplied to you monthly in the electronic form (a PDF file).
• Your bank account will be drawn upon to cover the monthly service fee.
• The bank can recharge the card for you. This service costs USD 15.00.
• If your card is terminated, the remaining balance will be transferred to your account within 150 days. Such a long time is required to guard against possible overdrafts.
• If your card balance is negative, the amount of the debt will be withdrawn from your account.
• An interest of 0.3% is paid on the balance exceeding USD 10,000.00 on the condition that you have the required amount of money on the security deposit.
• After obtaining the card, you will also receive the PIN (Personal Identification Number) so that you can use the card.

The card can be used in ATM’s and POS’s all over the world without limitations.

The daily cash withdrawal limit is USD 2,000.00 and a single withdrawal limit is USD 1,000.00.

The weekly cash withdrawal limit is five withdrawals that total USD 5,000.00.

Card commissions and fees

 Documents required for setting up a corporate account with the Saint Lucian bank

A package of corporate documents has to be submitted to the bank when you apply for opening an account there. The list of the required corporate documents includes but is not limited to the following ones:

• A notarized copy of the Certificate of Incorporation / Certificate of Good Standing (if the company has been in operation for over one year).
• A notarized copy of the Minutes of the General Meeting and Articles and Memorandum of Association or Company By-Laws.
• A notarized copy of the Certificate of Shareholders/ Subscribers.
• A notarized copy of Subscribers appointment of the company’s director(s).

The bank may also request some additional documents in the process of setting up a corporate account for your Portuguese company.

All the documents have to be written in, or otherwise translated into, English and notarized.

A corporate account with the St Lucian bank will give you security and flexibility in managing your funds and making deals via your Portugal-registered company.

Our company formation and account opening services

Establishing a company in Portugal with a bank account in St Lucia should sound especially attractive to you if you intend to do business in the Western hemisphere and the Caribbean basin in particular. If this is not exactly what you are planning to do, we have multiple other offers to make. We have been helping our clients open foreign companies and foreign bank accounts for about twenty years now and we know all the ins and outs of this business.

We are positive that some proposals that we have to make will meet your interests perfectly well. Please write to us to [email protected] and we will gladly provide a free consultation to you on the best options to set up a company and/ or a bank account in an offshore, that is, a foreign country.