Notes on Startup Visa for Portugal

Introduction

• Presented by Xenia.
• Discussing the startup visa program for Portugal.
• Personal experience with obtaining the visa in 28 days.
• Aimed at entrepreneurs looking to relocate to Portugal.

Overview of Startup Visa Programs

• Startup visa programs exist in multiple countries.
  • Allows non-resident entrepreneurs to set up businesses.
  • Focus on well-thought business ideas, not just established businesses.
• Attracts investments, talents, and ideas to improve the economy and society.

Portugal's Startup Visa Program

• Established in 2018, operated by YAPNAI (Agency for Competitiveness and Innovation).
• Collaborates with over 150 incubators (private, municipal, university-based).
• Costs associated with incubators range from €0 to €1,000 per month.
• Link to YAPNAI's official website available for eligibility criteria.

Reasons for Choosing Portugal

1. Ease of Application:
   • Low financial and document requirements.
   • Only need proof of €5,213 in a bank statement.
2. Residence Permit:
   • Initial 2-year permit; renewable for another 3 years (5 total).
   • Allows up to 5 team members to be included in the application.
3. English Proficiency:
   • Many locals and incubators communicate in English.
4. Living Costs and Climate:
   • Low living costs compared to other European countries.
   • Great climate with ample sunshine.

Document Requirements and Project Criteria

Fast Approval

• Xenia's team received approval in 28 days, typically takes 2-5 months.
• Recommendations to avoid delays:
  1. Provide estimated amounts in the local currency if necessary.
  2. Include a declaration about transferring funds to a Portuguese bank.
  3. State non-holding of a Portuguese tax number if applicable.
  4. Criminal record certificates do not need notarization, just a legal translation.

Project Criteria Overview

• Motivation:
  • Include a motivation letter outlining the project's benefits to Portugal.
• International Focus:
  • Projects need to indicate plans to expand globally.
• Innovation:
  • Responding to real market demand and solving existing problems.
• Incubator Interest:
  • Contact incubators early, seek feedback on projects.
• Potential:
  • Minimum 5 jobs created within 24 months; at least €325,000 turnover in 5 years.

Conclusion

• Encouraged viewers to check eligibility for the startup visa.
• Invited to subscribe for future videos on the application process and living in Portugal.
• Engagement in comments for feedback or tips on living in Portugal.