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Portugal 2020
Posted on November 27, 2017
Article by Will Becker, GPA Ambassador
On Wednesday, November 8th, the University City Science Center hosted a presentation given by Tulio Albuquerque of Global7 Consulting group regarding the new and exciting Portuguese investment opportunity known as Portugal 2020. As a part of the National Energy Strategy and Europa Strategy 2020, Portugal 2020 is a 25 billion euro partnership agreement with the Portuguese government and the European Commission that gathers Five European Structural and Investment Funds with the objective to enhance Portugal’s socio-economic development between 2014-2020.
The program encompasses 4 overarching themes in order to achieve this goal, with focuses on competitiveness and internationalization, social inclusion and employment, human capital, and sustainability and efficient use of resources. Companies involved in the production of goods, services, and technology are eligible to take part in this initiative.
Creating a mutually beneficial environment for corporations and the state of Portugal is of the highest priority, and as a result Portugal 2020 offers 4 different programs: Research and Development (development of new technologies), Entrepreneurship (creating new or improved products or services), Certifications (CE-marking, licenses, ISO standards), and Internationalization (increased presence in international markets) – each with their own different funding schemes.
With that being said however, while the program is intended for Portuguese based corporations and a Portuguese VAT number is required, they do not necessarily have to be totally Portuguese in origin. The intention is not to get companies to come to Portugal, but rather use Portugal as a hub and access point to the EU’s open borders. Companies can take as little as an hour to make in Portugal, and once the company is created and eligible to participate there does not have to be a Portuguese manager present, and the owners do not have to live in Portugal or even be able to speak or write in Portuguese.
With Portuguese labor costs at 1/5th of that of the US’, it seems Portugal 2020 is the premiere way to enter the European Market while creating real, beneficial socio-economic development for the people of Portugal as well.
For information on funding specifics, expense coverage, and the application process please visit https://www.portugal2020.pt/
