Portugese Law Changes Promote Entrepreneurship

Porto, 15. March, 2011 – Starting a business in Portugal is now cheaper and simpler. This applies to limited liability companies and single shareholder liability companies and will enter into force on 6.4.2011 (Decree-Law no. 33/2001, dated 7 March)

Berlin, (PresseBox) - A minimum capital requirement to incorporate the above mentioned types of companies doesn’t exist anymore. It is for the shareholders to decide on the company’s share capital. Each share must, however, have a nominal value of 1 Euro. The deposit of the share capital can also be postponed and no longer needs to be done just before or within 5 working days after the company’s incorporation. Now the shareholders have until the end of the first financial year to pay it. These changes are based in a general understanding that, the share capital itself is not an assurance of liquidity for the creditors of the company, and follows the example of other legal systems in Europe and USA. The purpose of these legislative amendments is also to promote entrepreneurship, in particular in what young investors are concerned, reduce administrative costs and increase transparency of company accounts.

ECOVIS AG Steuerberatungsgesellschaft

Ecovis is a leading global consulting firm with its origins in Continental Europe. It has over 3,300 staff operating in 30 countries. Its consulting focus and core competencies lie in the areas of tax consultation, auditing, legal advice and accounting and management consulting services. The particular strength of Ecovis is the combination of personal advice at a local level with the general expertise of an international and interdisciplinary network of professionals. Every Ecovis office can rely on qualified specialists in its back offices as well as on the specific industrial or national know-how of all the Ecovis experts worldwide. This diversified expertise provides clients with effective support, especially in the fields of international transactions and investments - from preparation in the client's native country to support in the target country. In its consulting work Ecovis concentrates mainly on mid-sized firms. Both nationally and internationally, its one-stop-shop concept ensures all-round support in legal, fiscal, managerial and administrative issues. The name Ecovis, a combination of the terms economy and vision, expresses both its international character and its focus on the future and growth.

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