Portugal, as we know it today, is a truly admirable country offering a high-quality and peaceful lifestyle to its residents. This European country not only has recovered from the pandemic crisis but also has been able to attract a high number of investment projects. The largest Portuguese city, Lisbon, is a melting pot of cultures, diversity, and talent, and has become a center for tourism and business development. As a result of this, the country is now a hotspot for entrepreneurs, and many successful businesses in all economic sectors, especially startups and BPO companies.
The many reasons behind Portugal being the ideal destination for business and investment is the competitive, innovative and attractive market it offers. Over the last 10 years, it has been noticed that this country, due to its multiple positive conditions, has achieved a proven record of systematic high value-added investments in the field of Industry and Tourism but more recently also in the Services and Tech Industry.
From a business point of view, the country provides a young and highly talented workforce adding to its great value for money. In addition to that, the numbers have shown that the economy is rising steadily and has a high annual rate of growth.
Why is Portugal an ideal destination for a successful business?
- Talented and highly educated multilingual workforce
- Value for money, comparatively lower costs
- Multiple tax and residency benefits
- Stable market with a positive forecast for global economic development
- First-class location, gateway to other European countries
Portugal has played a key role in building the ‘startups’ environment – the socioeconomic legislations have permitted companies to benefit from considerable investments and become an important point of supply for partnerships. In 2020, almost 2,000 startups were created which adds to the development of the local economy as well as having a global impact. In this sense, company formation and operation are significantly easier compared to other members comprising the Schengen Area.
Also worth mentioning is the taxing system, which is highly advantageous for businesses. The Portuguese government provides tax incentives and many other benefits when doing business in the country. This packet of advantages also includes an easier and more accessible process to get residency for EU and non-EU citizens.
Nevertheless, what is remarkable about Portugal is having access to highly talented professionals in a diverse and multilingual environment. This country is set to provide a large number of highly skilled graduates in the coming years as their universities have experienced a great number of enrollments recently. In addition to that, the hiring process and costs are much lower when compared to other areas in the EU, especially in the field of IT and engineering. Where other countries have experienced considerable inflation in the salaries in the field of Tech, Portugal is still number one when it comes to offering talent at affordable costs.
Without a doubt, the location of this country is top-notch; Portugal has developed strategic transport infrastructures that open up the market to Europe and other geographies. Having said that, the proximity to some of the most important markets in the EU is a huge advantage for investors. As a result of the attractive and warm weather, the sense of safety, the high quality of life combined with the excellent business environment, the number of entrepreneurs and investors from numerous foreign countries has unquestionably increased.
The Portuguese market is known not only for its economic strength but also for its stability. As mentioned earlier, Portugal’s outstanding peaceful environment and educational factors encourage a healthy, successful business with high profits. In recent years, it has also become a hub for Tech companies, hosting one of the biggest conferences in the world such as WebSummit, which is home to foreign investors. Some important American companies that have already set foot in Portugal and opened various offices are Google, Amazon, Bose, and Microsoft, evidently proving the potential of the Portuguese Tech market. In addition to this, business owners appreciate the tech and IT-driven ambiance that aids with innovation and foreign investments.
All things considered, Portugal has been welcoming with open arms entrepreneurs, small to large-scale businesses, and numerous BPO companies. The many tax benefits, easier residency applications, and safe environment, alongside the excellent quality of life, lower costs, and a highly skilled workplace have become some of the main attraction factors for a broad field of industries that are thriving under such conditions; we can safely predict the Portuguese market will be experiencing exponential growth in the coming years.
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