Why expand my UK business to Portugal?

Quality of Life:

According to the PortugalIN website:

Portugal is ranked third worldwide chosen country for expats to live in due to its quality of life and its ease to settle in.
For the lovers of sunshine, the country has 290 rain-free days and 2.600 km of coastline.
You can choose between several daily activities without getting bored: art, culture, golf, surfing, trekking, cycling, gastronomy, towering mountains, vast plains, wide sandy beaches, and many others.

Stability:

Portugal ranks third as the most peaceful country in the world.
The country established in 1143 and her borders never changed since 1297.
The success story of the EU recovery with 2,4% GDP growth recorded in 2018, a 1% inflation rate, and 7% unemployment, the lowest since 2005.

Talent and Education:

Known for its skilled labor which ranks eight worldwide.
Portuguese can speak different languages which rank them fifth in the world on the language skill level. English was widely spoken from businesses to ordinary people.
Portugal has more than 30 international schools, and universities with two ranked as the top 30 universities in Europe.
The labor cost is 55% lower than the UK one. It amounts to 14€/hour which makes it very competitive.
The women’s participation in the labor market highly regarded in Portuguese society, which ranks them fifth worldwide.
The country is ranked nine in the world for the smooth hiring of foreigners.
Sixth in personal freedom.
Portugal makes it in the top 30 in the quality of research institutions (26), and the future workforce (23).

Industries & Regions:

Portugal has 15 important industries(link) with a vibrant disruptive ecosystem, enabled by 20 clusters and more than 130 incubators.
It has seven main regions(link) with diverse demography, landscape, and economic specialization.

Infrastructure :

According to the European commission, Portugal ranks first in innovation and innovative SMEs.
Portugal co-ranks first in the EU in broadband penetration.
Fifth worldwide in quality of roads.
Portugal ranks in the top 30 on trains efficiency services (23), on seaport efficiency services (26), and in the overall quality of infrastructure (19).
Portugal has the best healthcare system in southern Europe.
Lisbon ranks sixth worldwide for hosting international events, which makes it win the yearly hosting of the Web Summit event until 2028.

Incentives:

Incentives in tax, financing, and job creation.
Favorable corporate tax regime with a non-applicable branch remittance and free capitals gain exit.
A fast-tracking procedure for eligible project licenses provided by the National Interest qualification (PIN).
More than 40 private equity and capital venture companies are available.
State-owned IFD for business, Angel SPVs, and venture capital are available for equity and quasi-equity funding.
For qualified expats, a special tax regime is given for ten years. It includes a flat tax on domestic income at a 20% rate and a possible exempt on foreign personal income.
Residence permits issuance for people looking to study, invest or work.
Portugal ranks 34 worldwide in the simplicity of setting up a business.

European Gateway:

Portugal is a fully committed member of the European Union since 1986.
According to the OECD, Portugal ranks second as the most open country to foreign direct investment. In 2018, the Portuguese government registered a record of 99 FDI projects that created more than 10.700 jobs.
Thanks to its geographical position, Portugal is a gateway to America and Africa.
Portugal follows the same time zone as the UK. So it won’t disturb your personal or work life.

Bilateral Relationship:

The Anglo-Portuguese treaty of 1373 is the oldest active alliance in the world.
Regular flights between Portugal and UK airports that amount to 682 flights weekly.
In 2018, Portugal’s highest number of tourists was from the UK with 2 million visitors, a 15% share of the tourism market, and made a 2.810 M revenue.
The UK is also the first foreign investor in Portugal with a total of 896 M investment in 2018.

UK Track Record:

Many UK brands have chosen to open in Portugal and more than 500 Portuguese companies with the UK control

Updated on September 21, 2020