Start a Financial Company in Portugal

A financial services company is engaged in managing money in one or more ways. Included here are banks, insurance companies, credit card companies and other financial service providers.

Investors who wish to start a financial company in Portugal need to follow a few basic steps for company incorporation and registration as well as the laws relevant in this business field.

What types of services are offered by Portuguese financial companies?

The financial industry can be roughly separated into the banking and non-banking sector. Central banks and retail and commercial banks are included in the first category while the second one includes insurance companies, brokerage companies, leasing companies, asset management businesses as well as financial advisory services companies. Some financial companies can specialize in working with corporations in selected business fields and offer products and services according to that particular business sector.

What are the characteristics of the financial sector in Portugal?

The Portuguese financial sector is represented by a large number of banks, credit institutions as well as private insurance companies and financial services providers that offer a wide array of products and services related to financial management and counseling. Online banking has gained popularity in Portugal and it is expected that the fintech (financial technology) sector will also continue to develop.

What are the requirements for financial companies in Portugal?

Portugal has a supervisory model for the financial business sector that can be separated according to the three distinct markets: the Securities Market Commission for securities and financial derivatives, the Bank of Portugal. Banco de Portugal for credit institutions and financial companies and the Institute of Portugal Insurance for insurance and reinsurance companies.

What are the steps for opening a financial company in Portugal?

Financial companies in Portugal are incorporated like any other legal entity, by selecting an appropriate business name, having a registered office in a Portuguese city and submitting all of the incorporation documents for registration with the Commercial Registry. Additionally, these types of companies will need to submit applications for specific permits and license with one of the regulatory agencies, as per the financial sub-sector in which they activate.

The team of experts from our law firm in Portugal can help you with additional information about how to open a company in the country and the specific requirements and laws in the financial sector.

Contact us for complete legal services and for assistance for company incorporation.