New Delhi [India], Aug 8 (ANI/Mediawire): Did you know that of the 208 unicorn companies headquartered in Europe, almost 2% are based in Portugal? The reason? The country has a very stable start-up ecosystem and is quickly becoming an incubator for tech start-ups.
In the post-pandemic world, Portugal is aggressively striving to become one of the most start-up-friendly countries in Europe. It encourages investors who invest more than 5 million euros with tax deductions of almost 20%. This means that the tax rate in Portugal can be as low as 7.5% for investors.
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Several advantages for tech start-ups
Portugal has one of the lowest operating costs in Western Europe. According to PeoplePerHour’s Startup City Index, the London-based freelance marketplace, Portugal’s capital, Lisbon, ranks fourth in the global list of best places to start a new business. That’s way ahead of cities like London and San Francisco.
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With inflation rates in the country around 1%, living in Lisbon is much cheaper. Compared to other cities like London, New York, San Francisco and Zurich, the cost of living in Lisbon is at least 50-60% lower.
According to the World Bank’s Doing Business 2020 report, Portugal ranks 39th out of 190 economies in the “Ease of Doing Business” ranking. In the European Union, it occupies the 12th position.
The country also has a liberal visa policy. Non-EU residents can get a golden visa and entrepreneurs in the tech space can get a startup visa.
Portugal is also known for its state-of-the-art telecommunications infrastructure network. The country has one of the largest treaty networks for global investors seeking to avoid double taxation.
To attract foreign start-ups, the government has removed bureaucratic hurdles and simplified the online registration process to set up a business there. To increase investment in national enterprises,
Portugal has allocated around €200 million in incentives to help foreign companies invest in local businesses or relocate to Portugal.
The country has invested heavily in education and they have one of the most educated workforces with English widely spoken throughout the country.
The IT professional qualified here can be hired at least 50% cheaper in Portugal compared to countries like Germany or Sweden.
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