madeira4u - Resources & Information - Working or Setting Up In Business on Madeira
| Employment, Working Or Setting Up In Business on Madeira |
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Employment With A Madeira Based Company - a brief overview
If you come to Madeira with a job offer with a normal company, once you have your
'contribuinte' number issued by the Finance (Tax) Department, your company will issue
you with a contract, deduct and pay your taxes and social security (national insurance)
contributions, and you will have the same employment rights and benefits as any Madeiran
co-worker.
No further explanation needed, except of course there will be some form filling.
If you come to Madeira with a job offer with a normal company, once you have your
'contribuinte' number issued by the Finance (Tax) Department, your company will issue
you with a contract, deduct and pay your taxes and social security (national insurance)
contributions, and you will have the same employment rights and benefits as any Madeiran
co-worker.
No further explanation needed, except of course there will be some form filling.
| DISCLAIMER - THE FOLLOWING INFORMATION DOES NOT CONSTITUTE PROFESSIONAL ADVICE FOR EMPLOYMENT OR BUSINESS, AND IS PROVIDED FOR BRIEF GUIDANCE ONLY, ON A BEST ENDEAVORS BASIS. NO RESPONSIBILITY CAN BE ACCEPTED FOR THE ACCURACY OF INFORMATION SHOWN HERE please use the CONTACT US button to report any inaccuracies or provide updates, thank you |
Starting A Company on Madeira - a brief overview
European citizens who have a right to be in Madeira, and other persons with the correct
authorisation, can start their own company on Madeira. You need to be in possession of a
personal 'contribuinte' number, which your local Finance Office, will issue you with on
request, though you should already have one for personal taxation matters.
If you wish to set up your own company 'empresa', the website below will explain the
procedure and costs involved. In the simplest terms, you need to:
1. Choose a company name, either from a list provided (and viewable on the website).
Or, choose your own company name, and go to the Centro De Formalidades Das Empresas
(CFE) in the Loja Do Cidadão, Avenue Arriaga, n.º42-A, 9000-064 Funchal. 'Empresa Na Hora'
is situated to the left of the front entrance, at the back of the building. Ask at the reception,
and they will take you through a process to search to see if your chosen company name is
available. There is a fee payable for this (2007, €56). After a few days they will contact you
and tell you if your chosen company name is available. Ask at this time what documentation
is needed to start the application.
2. Once you have the company name allocated, you can begin the process of registration.
'Empresa Na Hora' translates to 'Company in an hour', and their pledge is that you can go
there with your fee (in 2007, €360 plus stamp duty, with some exceptions), and they will fill
in the necessary paperwork to register and licence your company, within an hour. They will
also tell you the necessary capital sum you need to have in a bank account allocated for
your business capital 'Capital Social', for normal small businesses this will be €5,000.
3. After a few weeks, when all the paperwork has been processed, you return to the same
place. After you prove that the 'social capital' is in place, verified by an accountant of your
choice, your company is formed and ready to go. After that, the 'social capital' is available
for you to spend, but you might be obliged to maintain a reserve.
4. You will need to find an registered accountant to do the formalities and accounts, and to
advise you of your statutory obligations. The normal rate seems to be €150 per month
(2007). Further fees may be payable annually to maintain your company registration.
5. At some stage during this process (they will tell you when), you will go to the 'Finanças',
also in the Loja Do Cidadão, to do some paperwork. They will issue you with a company
'contribuinte' number, which is quoted thereafter on your company's financial
documentation, such as invoices (facturas).
6. If you have not already done so, you will need to open a business bank account in your
new company name.
7. Remember to ask for a 'factura' if you spend any money, that should contain your
company details and its contribuinte number. Simple receipts may not be acceptable.
The website to use is : www.empresanahora.pt , then choose the option ENGLISH at the top,
if necessary.
European citizens who have a right to be in Madeira, and other persons with the correct
authorisation, can start their own company on Madeira. You need to be in possession of a
personal 'contribuinte' number, which your local Finance Office, will issue you with on
request, though you should already have one for personal taxation matters.
If you wish to set up your own company 'empresa', the website below will explain the
procedure and costs involved. In the simplest terms, you need to:
1. Choose a company name, either from a list provided (and viewable on the website).
Or, choose your own company name, and go to the Centro De Formalidades Das Empresas
(CFE) in the Loja Do Cidadão, Avenue Arriaga, n.º42-A, 9000-064 Funchal. 'Empresa Na Hora'
is situated to the left of the front entrance, at the back of the building. Ask at the reception,
and they will take you through a process to search to see if your chosen company name is
available. There is a fee payable for this (2007, €56). After a few days they will contact you
and tell you if your chosen company name is available. Ask at this time what documentation
is needed to start the application.
2. Once you have the company name allocated, you can begin the process of registration.
'Empresa Na Hora' translates to 'Company in an hour', and their pledge is that you can go
there with your fee (in 2007, €360 plus stamp duty, with some exceptions), and they will fill
in the necessary paperwork to register and licence your company, within an hour. They will
also tell you the necessary capital sum you need to have in a bank account allocated for
your business capital 'Capital Social', for normal small businesses this will be €5,000.
3. After a few weeks, when all the paperwork has been processed, you return to the same
place. After you prove that the 'social capital' is in place, verified by an accountant of your
choice, your company is formed and ready to go. After that, the 'social capital' is available
for you to spend, but you might be obliged to maintain a reserve.
4. You will need to find an registered accountant to do the formalities and accounts, and to
advise you of your statutory obligations. The normal rate seems to be €150 per month
(2007). Further fees may be payable annually to maintain your company registration.
5. At some stage during this process (they will tell you when), you will go to the 'Finanças',
also in the Loja Do Cidadão, to do some paperwork. They will issue you with a company
'contribuinte' number, which is quoted thereafter on your company's financial
documentation, such as invoices (facturas).
6. If you have not already done so, you will need to open a business bank account in your
new company name.
7. Remember to ask for a 'factura' if you spend any money, that should contain your
company details and its contribuinte number. Simple receipts may not be acceptable.
The website to use is : www.empresanahora.pt , then choose the option ENGLISH at the top,
if necessary.
Self Employment on Madeira - a brief overview
When, or before, you come to Madeira, you must obtain your 'contribuinte' number issued
by the Finance (Tax) Department, and obtain your residency permit. If you intend to work
for yourself, then the system of payments and receipts is quite simple.
Firstly, you will go to back to Finances and register as working for yourself, and they will
issue you with an activity code, depending on what work you are doing. You ask them to
issue you with a green receipt book (Caderneta De Recibos, modelo n.º 337).
When you start work, if anyone pays you for work undertaken, you write the details in the
book, and give them the 'tear-out' copy. If you pay anybody else (in the course of your work)
they give you a green receipt from their receipt book.
That starts you off, but of course taxes have to be paid, so keep all green receipts issued
and received for your tax submissions and ask for and keep 'facturas' (invoices) for any
other type of expenditure. You will also need to register with the Social Security
(Segurança Social).
When, or before, you come to Madeira, you must obtain your 'contribuinte' number issued
by the Finance (Tax) Department, and obtain your residency permit. If you intend to work
for yourself, then the system of payments and receipts is quite simple.
Firstly, you will go to back to Finances and register as working for yourself, and they will
issue you with an activity code, depending on what work you are doing. You ask them to
issue you with a green receipt book (Caderneta De Recibos, modelo n.º 337).
When you start work, if anyone pays you for work undertaken, you write the details in the
book, and give them the 'tear-out' copy. If you pay anybody else (in the course of your work)
they give you a green receipt from their receipt book.
That starts you off, but of course taxes have to be paid, so keep all green receipts issued
and received for your tax submissions and ask for and keep 'facturas' (invoices) for any
other type of expenditure. You will also need to register with the Social Security
(Segurança Social).
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