Establishing a Company in Portugal in 2026: A Step-by-Step Guide for Turkish Citizens

Portugal is one of the countries attracting Turkish investors due to its access to the European Union market, advanced digital public services, relatively easy company formation system, and residency options for international entrepreneurs. Cities such as Lisbon, Porto, Braga, and Aveiro offer diverse opportunities for entrepreneurs wishing to operate in technology, tourism, foreign trade, real estate, consulting, software, and renewable energy sectors.

There is no general citizenship ban preventing Turkish citizens from establishing companies in Portugal. A Turkish citizen who does not reside in Portugal can establish a company alone or in partnership with other individuals, provided they obtain the necessary tax identification number and prepare the company incorporation documents. Foreign individual partners must obtain a Portuguese tax identification number (NIF). If a foreign company becomes a partner in the company to be established in Portugal, the foreign company's trade registry documents, authorization certificates, and representation documents are required. (AICEP)

However, establishing a company, becoming a company partner, and obtaining a residence permit in Portugal are different legal processes. While company formation can be completed under commercial law, a Turkish citizen wishing to live permanently in Portugal and actually manage the company must also apply for a D2 entrepreneur visa or another residence permit appropriate to their situation. Portugal's official visa system includes a separate entrepreneur residence visa for third-country nationals who will engage in independent professional activities or make investments. (Gov.pt)

Can Turkish citizens establish a company in Portugal?

Turkish citizens can be company partners in Portugal even without being residents. Having a Portuguese residence permit beforehand is not a general requirement for company formation. However, the identities of the partners, directors, and ultimate beneficiaries of the company must be clearly defined.

For individual foreign partners, the essential documents are a passport, NIF (National Identity Card), proof of residence, and a power of attorney if required. If the application is made through a lawyer or other authorized representative, a suitable power of attorney covering company incorporation and tax procedures must be prepared.

If a Turkish company is to become a partner in a company to be established in Portugal, the Turkish company may be required to submit its current trade registry registration, business license, articles of association, and resolutions showing its authorized representatives and signatories. These documents must be apostilled and translated into Portuguese if necessary. The Portuguese Investment and Foreign Trade Agency (AICEP)

Most Preferred Company Types in Portugal

In Portugal, the most popular company types for small and medium-sized investors are single-shareholder limited liability companies and multi-shareholder limited liability companies.

Sociedade Unipessoal por Quotas

A “Sociedade Unipessoal por Quotas” is a type of limited liability company with a single natural or legal person as a partner. The company name must include the words “Unipessoal” and “Lda.” The partner's liability is generally limited to the capital they have committed to contribute to the company.

This type of company can have only one quota, and the legal minimum value of the quota is one Euro. However, the fact that a company can be established with only one Euro of capital does not mean that this amount is sufficient to conduct commercial activity. A realistic capital should be determined taking into account the company's field of activity, rent, employees, equipment, and operating expenses. (justiça.gov.pt)

Sociedade por Quotas – LDA

A limited liability company established with more than one partner is called a "Sociedade por Quotas" or LDA for short. There must be at least two partners, and each partner's quota must be at least one Euro. The company's capital consists of the sum of the quotas committed by the partners.

Partners' liability is generally limited to the company's capital. However, the company's articles of association may stipulate that partners assume certain additional obligations or accept liability to creditors up to a specific amount. The company is managed by one or more "gerentes," i.e., directors. (justiça.gov.pt)

Sociedade Anónima – SA

For larger investments and broader ownership structures, a joint-stock company can be established. A Sociedade Anónima type company generally requires at least five shareholders. However, in structures where all shares belong to a single legal entity, a single-shareholder joint-stock company is possible.

In joint-stock companies, the minimum capital is €50,000, and the minimum nominal value of each share is €0.01. Higher capital requirements may apply in banking, insurance, or specially regulated sectors. (justiça.gov.pt)

Company type	Minimum number of partners	Legal minimum capital
Unipessoal LDA	1	1 Euro
LDA	2	At least 1 Euro per partner
SA	Generally 5	50,000 Euros

For Turkish entrepreneurs, if the business is small or medium-sized, Unipessoal LDA or LDA is often preferred due to its simpler management and capital structure.

Step One: Obtaining a Portuguese Tax Identification Number (NIF)

Foreign individuals who intend to become company partners or managers in Portugal must first obtain a "Número de Identificação Fiscal," or NIF. The NIF is a personal tax identification number used for tax procedures, company formation, contracts, bank accounts, and other official transactions.

Non-Portuguese citizens and non-residents can also obtain a Portuguese Citizenship Incentive (NIF). The application is free; however, additional professional expenses may be incurred for a proxy, financial representative, translation, or document certification. (Gov.pt)

Since Turkey is not part of the European Union, the European Economic Area, Norway, Iceland, or Liechtenstein, the issue of financial representation is important for Turkish citizens who do not reside in Portugal. Official Portuguese sources state that third-country nationals who are not residents of Portugal must declare a financial representative (a natural or legal person residing in Portugal) when obtaining a Portuguese National Financial Institution (NIF). While the use of electronic reporting systems accepted by tax authorities may provide an alternative to financial representation in some cases, current practice should be checked separately when obtaining the NIF. (AICEP)

NIF applications can be submitted in person at the tax office or through an authorized representative via Portal das Finanças. For applications submitted through a representative, a passport, proof of foreign address, and a power of attorney specifically authorizing the application are required. (Portal das Finanças)

Step Two: Determining the Company Name

In Portugal, a company name can be chosen using one of two main methods. Founders can select one of the pre-approved company names available in the official system, or they can request a certificate of suitability for a unique company name.

Choosing a pre-approved company name can speed up the incorporation process. If a unique company name is desired, a “Certificado de Admissibilidade” (Certificado de Admissibilidade) is required. This document certifies that the requested name is suitable for use in the Portuguese company register. If a specific company name not on the pre-approved list is to be used, a certificate of suitability is mandatory (registo.justica.gov.pt)

When determining the company name, mandatory additions related to the field of activity and company type should be taken into consideration. For single-shareholder limited companies, "Unipessoal Lda." should be used, while for multi-shareholder limited companies, "Lda." should be used.

Step Three: Selecting the Business Activity and CAE Codes

The company's articles of association must clearly define its field of activity. This field of activity not only provides a general description of what the company will do, but it is also important for tax registration, licenses, bank checks, and obtaining relevant industry permits.

In Portugal, economic activities are classified using activity codes called CAEs. A company may have a primary CAE code and, if necessary, multiple secondary activity codes. Information on economic activity and capital is among the key sections of the online company incorporation form (justiça.gov.pt)

Software development, consulting, foreign trade, tourism, restaurants, construction, healthcare, or real estate activities are not subject to the same licensing and tax regimes. Therefore, before establishing a company, it is necessary to choose activity codes that are compatible with the actual operations to be carried out.

Step Four: Determining the Company Headquarters and Address

A Portuguese company must have a registered address within Portugal. This address will be used in the company's official correspondence, trade register, tax records, and corporate documents.

The address can be a real business address, office, or another commercial address acceptable depending on the type of activity. If a virtual office or shared office is to be used, it should be checked whether the contract allows for the use of the official company headquarters.

If the company's field of activity requires a physical office, a mailing address alone may not suffice. For businesses such as restaurants, clinics, manufacturing facilities, tourism businesses, or retail stores, municipal and sectoral licenses must also be obtained.

Step Five: Determining the Company Director and Authority to Represent

LDA and Unipessoal LDA companies are managed by one or more directors. The director may be a shareholder or another person who is not a shareholder.

The articles of association should clearly specify whether the directors will represent the company individually or jointly. Especially in companies with two or more partners, the limits of representation authority should be predetermined with regard to banking transactions, contracts, borrowing, and real estate transactions.

While it is possible for a Turkish citizen to be appointed as a company director, this position does not automatically grant residency or work rights in Portugal. To actually reside in Portugal and conduct company activities, the individual must have their immigration status separately regulated. For a D2 entrepreneur visa, company registration or an investment plan can be one of the supporting documents for the application; however, company registration alone does not guarantee visa approval. (Gov.pt)

Step Six: Choosing the Establishment Method

In Portugal, company formation can primarily be done through Empresa na Hora, Empresa Online 2.0, or the traditional commercial registry method.

Empresa na Hora

Empresa na Hora is a fast system that allows a company to be established at a single point of registration. This method can be used to establish Unipessoal LDA, LDA, and SA companies. All partners or their appropriate authorized representatives must be present during the process. (registo.justica.gov.pt)

The founders can choose a pre-approved company name and articles of association model, or submit a previously obtained certificate of company name suitability. Upon completion of the process, the articles of association, the trade register permanent access code, the company card access code, and the company's social security number are issued. (registo.justica.gov.pt)

The standard official registration fee for Empresa na Hora services is 360 Euros. Additional fees may apply for trademark or supplementary registration depending on the field of activity. (eportugal.gov.pt)

Empresa Online 2.0

With the Empresa Online 2.0 system, a company can be established online. The system allows for the establishment of Unipessoal LDA, LDA, and SA. The application form includes information on partners, directors, economic activity, capital, company headquarters, contact information, and articles of association. (registo.justica.gov.pt)

Portuguese electronic identity and signature tools can be used in online company formation. For foreign founders who do not possess a Portuguese digital identity, the application may need to be processed through an authorized lawyer, notary, or solicitador in Portugal. The official system allows these professionals, as well as those with digitally signed identities, to carry out company formation procedures. (IRN)

The official fee for an online organization using a pre-approved articles of association is 220 Euros, while the fee for an organization using articles of association specially prepared by the founders is 360 Euros. For urgent transactions, the fees increase to 440 and 720 Euros respectively. (justiça.gov.pt)

These figures only cover official company registration services. Legal fees, financial representation, translation, apostille, accountant fees, company address, bank fees, and licensing expenses must be calculated separately.

Step Seven: Drafting the Articles of Association

The company's articles of association contain the company's name, headquarters, field of activity, capital, shareholder quotas, directors, method of representation, and basic rules regarding profit distribution.

Pre-approved standard articles of association can be used for quick incorporation. However, if specific issues such as partners' rights, company management, share transfer, non-compete clauses, voting rights, capital increases, withdrawal, and dispute resolution need to be regulated, it is safer to prepare customized articles of association.

It is recommended that companies established jointly by Turkish and Portuguese partners should not rely solely on the standard articles of association; instead, a separate partners' agreement should be prepared, specifying the investment amount, management, financing, profit distribution, and exit conditions.

Step Eight: Obtaining Trade Registry and Company Numbers

Once the incorporation is complete, the company is registered with the Portuguese Commercial Register. The company is given a “Número de Identificação de Pessoa Coletiva”, or NIPC. The NIPC serves as both the legal entity and tax identification number for the company.

The company also receives an electronic company card, a permanent certificate code showing trade register records, and a social security number. At the end of the Empresa na Hora and Empresa Online processes, this information is provided electronically to the founders (registo.justica.gov.pt)

Registration in the commercial registry legally establishes a company. However, for the company to begin commercial activity by issuing invoices, tax, accounting, banking, and, if necessary, licensing procedures must also be completed.

Step Nine: Opening the Company Bank Account and Depositing Capital

Opening a bank account in the company's name is necessary for depositing capital and separating business payments from personal accounts.

In the case of LDA and Unipessoal LDA companies, if the capital was not invested at the time of incorporation, the partners may declare that they will deposit the money into the company account within five business days or deliver it to the company treasury by the end of the first fiscal year. (registo.justica.gov.pt)

Opening a bank account is subject to a separate review from company registration. The bank may request documents regarding the company's business activity, partners, directors, ultimate beneficiaries, source of funds, and expected transactions. Banks have an obligation to identify the customer and the ultimate beneficiary as part of anti-money laundering measures. (bportugal.pt)

For Turkish partners, documents such as passport, NIF (National Income Tax Office), foreign address certificate, company registration documents, business plan, source of income or capital, and documents relating to business connections in Türkiye may be requested. The establishment of a company does not automatically mean that a bank is obligated to open an account.

Step Ten: Accountant and Commencement of Operations Notification

In Portugal, commercial companies are required to maintain regular and organized accounting. Therefore, the company must employ a “Contabilista Certificado,” or certified accountant. While it may not be mandatory to immediately notify the accountant during online company registration, the accounting and tax structure must be established before the company begins operations. (justiça.gov.pt)

In the Empresa na Hora process, the accountant can be selected during the incorporation process, or the notification of commencement of operations can be submitted to the tax authorities no later than 15 days after the company's establishment. (registo.justica.gov.pt)

The notification of commencement of business can be made via Portal das Finanças by a certified accountant. The notification specifies the company's CAE codes, VAT status, accounting method, estimated turnover, number of employees, and other tax information. (Portal das Finanças)

An accountant should not be seen merely as someone who prepares annual tax returns. The invoicing system, VAT, withholding tax, employee wages, social security, expense recording, and cash transactions between partners and the company should be properly structured from the very beginning of the establishment process.

Step Eleven: Final Beneficiary Registration – RCBE

Companies incorporated in Portugal are required to report the individuals who directly or indirectly control them to the Registo Central do Beneficiário Efetivo system.

The ultimate beneficiary is not limited to the person listed as a partner in the register. Natural persons who hold ultimate control over the company through share ownership, voting rights, management control, or other means may also be subject to notification. (justiça.gov.pt)

The first RCBE (Registered Business Information) notification must be made within 30 days of the company's registration in the commercial register. If there are any changes to the reported information, an update is required within 30 days of the change date. Companies are also obligated to confirm their RCBE information annually by December 31st. (justiça.gov.pt)

RCBE notification is made online, and the standard electronic application is free of charge. Notification can be submitted by a company director, lawyer, notary, solicitor, or certified accountant. (justiça.gov.pt)

Permits Required After a Company is Established

Company registration does not mean that any commercial activity can be started immediately. Depending on the field of activity, municipal licenses, business opening permits, health permits, tourism registration, environmental permits, professional chamber registration, or sectoral licenses may be required.

In regulated professions such as law, healthcare, architecture, finance, insurance, and similar fields, diplomas or licenses obtained in Türkiye may need to be recognized separately in Portugal.

If employees are to be hired, the employment contract, social security registration, work accident insurance, occupational health and safety procedures, and payroll processes must be prepared. Company invoices must be issued using software compliant with the Portuguese tax system or through an authorized invoicing method.

Does setting up a company in Portugal grant a residence permit?

Establishing a company or purchasing shares in a company in Portugal does not automatically grant a Turkish citizen a residence permit. The company owner can continue to live outside Portugal and manage the company through a representative or local director.

If the business owner plans to settle in Portugal and actually develop the business, the D2 entrepreneur visa may be considered. This visa is for non-EU citizens who wish to conduct independent professional activities or make investments in Portugal. The application may include a review of the company incorporation documents, investment plan, financial resources, business model, and the legitimacy of the activity. (Gov.pt)

After entering Portugal with a D2 visa, the residence permit process is completed through AIMA. According to AIMA's current statement, for an independent activity residence permit, documents such as tax and social security activity records, company incorporation certificates, or service contracts can be submitted. The initial temporary residence permit is valid for two years and can be renewed in three-year periods thereafter. (AIMA)

Common Mistakes in Portuguese Company Formation

The most common mistake is assuming that the ability to set up a company with one Euro in capital means the business can actually be run with one Euro. Banks, immigration authorities, business partners, and licensing bodies can assess the company's actual financing separately.

Choosing the wrong CAE code, preparing an overly narrow business activity description, establishing a standard company for a business requiring a special license, and failing to check the terms of use of the company address can all lead to significant problems.

In structures where a Turkish company will be a partner, the failure to prepare apostilled trade registry documents, the lack of clear indication of representation authority, and deficiencies in translation may delay the incorporation process.

Failure to open a bank account, make a capital investment, notify the commencement of operations, and register with the RCBE (Registered Business Activity Board) after a company is established also creates a risk of administrative and financial penalties.

Mixing company funds with a partner's personal funds, partners withdrawing money from the company account without explanation, and failing to document operating expenses can lead to tax and partnership disputes in the future.

Conclusion

Turkish citizens can establish LDA companies in Portugal, either independently (Unipessoal LDA) or in partnership with others, starting in 2026. For larger investments, a SA (private partnership) structure may also be preferred.

Before incorporation, the partners must obtain a National Incorporation Fund (NIF), appoint a financial representative if necessary, and agree on the company name, CAE codes, field of activity, capital, registered address, director, and representation authority.

A company can be established either in person via Empresa na Hora or electronically through the Empresa Online 2.0 system. The official fee for online establishment is €220 or €360, depending on the articles of association used, while the standard fee for the Empresa na Hora service is €360. Professional services, financial representation, apostille, translation, address, bank, accounting, and licensing expenses are not included in these amounts.

After the incorporation is complete, the company must open a bank account, deposit capital, appoint a certified accountant, commence tax activities, and register the final beneficiary within 30 days.

Establishing a company in Portugal does not automatically grant residency rights. Turkish citizens who wish to manage their company while living in Portugal must prepare their D2 entrepreneur visa and residence plan separately, along with the company establishment process.