Madeira is a Portuguese archipelago in the Atlantic Ocean, situated to the north of Tenerife, and the Canary Islands. The capital of Madeira is Funchal, and the currency is the Euro. It has a regional parliament that legislates on Madeira interests as defined in the constitution, after being granted political autonomy on the 1st July 1976 from Portugal. The official spoken language is Portuguese, although English is taught in schools and widely used in business. The Madeira International Business Centre is a tax-privileged economic area and includes the off-shore financial centre. Tourism is also important to the economy.
- TYPE OF COMPANY: Private Limited Company (Sociedade por Quotas Limitada)
- COMPANY LAW: Codigo das Sociedades Comerciais (Commercial Companies Code)
- SUFFIX TO DENOTE LIMITED LIABILITY: Lda
- DIRECTORS: Minimum one who can be of any residency or nationality (corporate directors not allowed) – we can provide
- SECRETARY: No
- SHAREHOLDERS: Minimum two “quota holders” who can be of any residency or nationality, either natural persons or corporate bodies – we can provide
- CLASSES OF SHARE: Registered “Quotas” as the conception of share does not exist for this type of entity
- CAPITAL REQUIREMENTS: Minimum € 5,000, fully paid up
- OWNERSHIP: 100% Foreign ownership allowed
- TIME TO INCORPORATE: 4 – 6 weeks
- REGISTERED OFFICE: Required in Madeira – we can provide
- ACCOUNTS: Yes (must be maintained in Portuguese)
- DISCLOSURE: Yes
- TAXATION: Varies from 5%
- GOVERNMENT LICENCE FEE: Application fee to operate in MIBC €750 then annually €1500
- DOUBLE TAXATION TREATIES: 66
- LANGUAGE OF DOCUMENTATION: Portuguese with English certified translation
If you would like further information on setting up a company in Madeira or the formation of a Madeira company or other Madeira corporate entities or require professional advice relating to taxation or the structuring and requirements of a Madeira company, please contact us. We can also provide advice on establishing a subsidiary, joint venture or foreign company to carry on business in Madeira.
We can provide a wide range of support and administration services, bank introductions, nominee directors, nominee shareholders, virtual offices, accountancy and legal services. We can also advise on compliance with all the regulatory and statutory requirements.