7 basic steps for creating a business

The desire of independence, professional achievement or even the solution to a situation of unemployment are the main engines that propel the Portuguese to establish their own business.   If this is a project that is in your horizons, get to know the main steps in the process of setting up a company:    1st Analysis of the business viability  According to statistics, nearly half of companies created in Portugal do not survive more than 2 years.    So, the entrepreneur's first concern must be to analyse the business viability, to meet legal obligations and charges, tax and accounting compliances inherent in the activity.   To do so, you must resort to an accounting and consulting firm, which will support the realization of a market study, analyse and quantify the costs (direct and indirect) of the project, necessary capital and sources of internal and external investment, state and community incentives systems, among others.   If prospects are positive, then it is safe to proceed to the effective creation of the company.     2nd Name election and Social Pact  Firms or designations for companies are approved by the National Register of Collective People (RNPC), and may contain a reference to the activity to practice in the social object.    The name assignment is immediate if: -    It is selected from the list of pre-approved names;  -    It Is incorporated with the name (s) of partner (s).   If you want that your company has a custom name, you must apply it to the RNPC, by completing the form "application for a certificate of Admissibility of business name" which enables the presentation of 3 proposals for designation. This institution will approve or reject the proposal (s).    If the request is accepted, the RNPC assigns an access code to the certificate of admissibility in a dematerialized form, which should be indicated at the moment of the act of the company constitution.   When an application is rejected, the applicant must repeat the initial order in 10 working days after the date of the order, without additional payment.   3. Signature of the society main agreement and Commercial Register  In a Notary, in a Commercial Registry or a Counter “Company on the spot” is signed the society main agreement, issued the access code to Collective Person Card, made the company register and issued the access code to the respective permanent certificate.     4th Share Capital Deposit The share capital deposit may be effected at the time of the company creation. If that doesn't happen, the (s) partner (s) shall declare, under his own responsibility, that the same shall be deposited in cash, within 5 business days or by the end of the first fiscal year.   5th Fiscal Declaration of Activity beginning  Presentation of Tax Declaration of Activity beginning before the Tax and Customs Authority within a maximum period of 15 consecutive days after creation of society.    In the case of commercial companies, this Tax Declaration must be presented with the certified accountant appointed to take over the technical responsibility and declarative compliance with fiscal society before Tax and Customs Authority.     6th Creation of Electronic mailbox  The society is legally obliged to create an "electronic mailbox" in the Finance Portal, which will simultaneously be associated with an account on “Via CTT” for receiving mail from the Tax and Customs Authority.   7th Social Security sign-up (CDSS)  The inscription of the society at Social Security is performed automatically by electronic transfer of data.    However, society has the legal duty to confirm the registration of the members of the social organs (Administration/Management) within the 10 working days following the submission of of Tax Declaration of Activity beginning, and may at that moment make the application for exemption from payment of compulsory Social security contributions (in the case of members which have employed professional activity).     For further information, please do not hesitate to consult us: T. 227 537 270 or contabilidade@domingossalvador.pt.   This article is of a general nature and purely informative, not replacing in any way, professional advice specific to each particular case.