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Start Up Visa: The Complete Guide
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min read
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Starting a business in another country may be both thrilling and daunting. The Portuguese Start Up Visa provides a unique chance for entrepreneurs from all over the world to build their enterprises in Portugal while benefiting from a thriving ecosystem and supporting legislation.
In this tutorial, we will lead you through the full process, from understanding the qualifying requirements to completing a successful application, to help you make your company ambitions a reality in Portugal.
Get to know the Start up Visa
This visa caters to innovators seeking to establish and grow a disruptive firm in Portugal. The essential requirement for the project is the ability to generate quick financial growth, enter foreign markets, and create jobs.
If a startup meets the program's eligibility requirements, the entrepreneur can obtain a visa within six months.
What is the Start up visa?
The StartUP Visa is a residency visa for entrepreneurs designed to bring investment, talent, and innovation capability to Portugal. It covers mainly non-EU/EEA/Swiss nationals over 18 years old.
What are the benefits of the Start up visa?
This visa provides a legal pathway for you to relocate to Portugal and have your start-up incubated there, which is emerging as a leading tech campus in Europe.
Living in Portugal is becoming more popular among expatriates and immigrants due to its reasonable healthcare, beautiful weather, and low cost of living, especially outside of large cities.
This visa grants you the opportunity to live in Portugal and, after five years, apply for citizenship or permanent residency.
What are the main requirements for the Start up visa?
Have no EU, EA, or Swiss citizenship or residency and a spotless criminal record. Additionally, you must submit a business plan for an innovative company with a projected turnover of at least 325,000 euros over the course of five years and registration with a Portuguese incubator.
What is the criteria for a Start up?
- Plan to grow business activities that generate breakthrough products and services;
- Open or move organizations and/or projects centered on technology and information, with the goal of generating innovative goods;
- Have the capacity to produce qualified jobs;
- Capability to have a turnover and/or asset value of more than 325.000€ per year five years following the incubation phase.
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How should I apply for my Start up visa?
Contrary to all other visas, you must actually obtain approval from IAPMEI (Agência para a Competitividade e Inovação, I.P.). IAPMEI is a governmental agency responsible for managing innovative companies and initiatives, including start-ups.
It's necessary to apply within IAPMEI first, and as soon as your project is accepted and a contract is signed, you can go forward with applying for a D2 visa.
Hou much should be my funds to my Start up visa application?
Officially, you need about 5,800 euros as proof of funds for your start-up visa. However, there are reports of individuals reaching values over 6,000 euros and achieving a smoother process.
⚠️ This value is only valid for the start-up visa. Once you receive this documentation, you must apply for a D2 visa, which has a higher value threshold.
What will I need to submit with my Start up visa application?
You must apply for the StartUP Visa program with IAPMEI, which provides a clean criminal record from all members (up to five), an innovative business plan, a motivation letter, a CV, and a bachelor's degree, as well as funds to support your startup.
How can I prepare for my Start up visa application?
What should I do to get ready for my Start up visa application?
A thorough preparation is essential for a successful Start up visa application.
- Create an account at IAPMEI StartUP program area.
As you start your plans for your Portuguese start-up visa, register yourself in the IAPMEI program area, where you'll submit all documents and support information for your visa.
If your project has additional members, they should apply through your login. You can have up to five members (including you) on the IAPMEI platform.
- You'll need your passport number to register.
⚠️ You can switch the area language for English, clicking on the flag in the top right corner.
Click on ‘Aceder’ or ‘Access’ to start your application.
2- As you access your home, click to start ‘New application'.
2- Insert general information about your project.
⚠️ Always remember to save your progress as you insert your information.
4- Insert your project's letter of motivation (bottom of the page).
Your project's motivation letter should answer the following questions:
- Why would you want to do business in Portugal?
- How can it expand?
- What is it's growth ability?
- How is your project innovative?
⚠️ Remember to grant access to your personal data on the right toggle.
In this area you must include:
- Passport.
- CV.
- University degree.
- Clean criminal record (issued in the past 90 days).
- Bank statement with the requested threshold.
- Declaration that you don't hold a Portugese Tax and Social Security number, or, if you do;
- Authorization to IAPMEI for online checking at the Tax Authority and Social Security (in Portugal).
5- Research incubators and request a host.
Find a list of incubators and their locations. You can also access incubator's email through the Incubator's list (orange button).
We highly recommend that you get in touch with incubators that suit your project and your desired location and send your complete project along with duplicated documents (from your application) to their email contact to increase your hosting chances.
⚠️ If you need to clarify any doubt reach: [email protected]. IPAMEI's team is available and ready to assist applicant's needs.
6- Dive into your project and fully explain the details of your start up.
In this tab, you'll explain your predicted turnover, your job potential creation (your startup must create at least two positions), and an overview of your work methodology to achieve your planned results.
⚠️ Always remember to save your progress as you insert your information.
7- Insert your original's company information (only if you have one).
This step is exclusive for those who are expanding a business.
8- Wait for an Incubator proposal.
After requesting an evaluation and sending a copy of your uploaded documents to the incubators of your choice, wait for their proposal to move forward with your application.
⚠️ Remember to research the city where the incubator is located and the associated fees before deciding where to apply, as well as their co-working space, where your start-up will be based.
9- Received your Incubation request? Time to submit you start up visa to IPAMEI!
Once an incubator accepts you, you must submit the entrepreneur's application (clicking on Submit!).
10- Wait for IAPMEI answer.
IAPMEI takes up to 30 working days to make a decision, either favorable (approving your project!) or unfavorable (giving you 10 working days to contest and address IAPMEI's concerns, or just drop your application).
11- Got a favorable answer? Sign your Incubator contract!
After receiving your approval, you must sign your incubator contract. Signed contract will be submitted in IPAMEI by the chosen Incubator.
You must wait up to 40 working days to receive your contract.
The signed contract will allow IAPMEI to provide a declaration informing you of your situation so you can apply for a visa.
⚠️ You can find your contract in the same place you tracked Incubator's requests.
⚠️ If your project was approved for numerous incubators, you must choose one, and sign only this contract.
12- Receive your Declaration of Acceptance.
IPAMEI will grant you a Declaration of Acceptance, which will be essential for your visa or residence permit approval.
After that, you'll have 180 days to apply for a visa or a residency permit locally in Portugal.
13- Choose how you'll move to Portugal.
a. Apply for a D2 Visa, Entrepreneur Visa.
If you have time and wish to make a more "secured" move, you can choose to use the traditional way of applying for a visa.
The D2 visa is the ideal visa for anyone under the Start UP visa program. In addition to using the same documents to apply for IAPMEIs, you'll also need
- a Portuguese NIF and
- a Portuguese bank account with at least 9.840,00 euros available.
You'll legally arrive in Portugal with an AIMA appointment scheduled.
⚠️ Each member of your team shall apply separately, fulfilling each requirement individually.
b. Head directly to Portugal.
If you're in a hurry, you can head straight to Portugal and schedule an appointment with AIMA under the 89.4 Article for Start-Up Visa. For this, you must provide:
- Valid passport.
- Portuguese NIF.
- A Portuguese bank account with a minimum balance of €5800 is required.
- Criminal record certificate issued in the last 90 days.
- Long-term rental contract in Portugal (1 year minimum).
- Documentation verifying your affiliation with a certified business incubator.
- Motivation letter.
- Health insurance in Portugal.
⚠️ We only recommend heading straight to Portugal if you need a rapid solution. Reaching AIMA can be challenging, and you may face a period of illegal stay in Portugal. However, it's important to let you know that this article has an special queue which can accelerate your schedulling process.
Final words
Writing a persuasive motivation letter for the D7 Visa is an important part of your process to relocate to Portugal.
To effectively convey your commitment and readiness to embrace life in Portugal, it is important to be genuine, clear, and provide detailed information.
Just take your time, follow the guidelines, and before you know it, you'll be having a great time exploring this amazing country.
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