D2 visa or Immigrant Entrepreneur visa for Portugal is becoming famous day by day in non-EU countries. It can help those who want to invest in a business or a company in Portugal to brighten up their future. In other words, if you want to enter the EU labor market as an entrepreneur or businessman, this visa stream could help to do so.
Investment in Portugal means that you will have to persuade the authorities that you want to take part in the prosperity of the state. For example, you can clarify to them the benefits of your company which will contribute to the economic betterment of their state.
On the other hand, those who already own a business or a company in Portugal will be still eligible to apply for a D2 visa for permanent residence. D2 visa is in particular implemented on those people whose residence is outside of the EU and Schengen areas. One thing to remember is that the D2 visa is in many ways different from the D7 visa in Portugal.
How much investment is required for a D2 visa?
Luckily, there is no set-aside investment plan from SEF or any embassy of Portugal for the D2 visa stream. In simple words, the more you invest, the more genuine intent you can prove. It depends on the types of business you do in Portugal. For each one, different requirements exist.
For whom is D2 Visa?
The following professionals can apply for this immigration stream:
- D2 Visa for independent professionals,
- Company owners, shareholders, partners, the board of directors,
- Startups
- Investors,
- Visa for entrepreneurs,
- D2 Visa for branch owners and share-holder partners and directors.
Important Conditions for D2 Visa
To become an entrepreneur in Portugal, you must have to clarify some important things to the government. These are:
- Verification of the business viability
You will have to prove to them that the business you want to start is really valuable and you are capable of it with all wellness. And you will do this following all the laws of the state. The main purpose of this verification is to prove that your company will bring a positive outcome for the state.
- The plan of your business
Based on this condition, you can maximize your opportunity for selection. Prepare the plan of your business unfolding every aspect of it. Give them the details of what you are going to do. Also, inform them of your plans regarding your business. Tell them that when you are selected what will you further modify your chosen business stream? If the scheme of your business is beneficial for the Portuguese state, the chances of your selection will be higher.
- The social capital
Social capital is the amount of investment you are going to make in Portugal’s labor market. Furthermore, the state of Portugal has not set any criteria for investment but you can not disregard this point. Therefore this is the rule of entrepreneurship that if there is more investment there is more revenue generation. So, notify them about the social capital and make them realize that you are going to do something thriving. This will also maximize the chance of your selection.
- The reason for selecting Portugal
In simple words, you will have to give the authority logic that why you selected Portugal for entrepreneurship.
The logic that you will present to them must be professional. In other words, you can tell them that your company will run and grow better in Portugal as compared to other countries. Inform them that you like the living style and climate in Portugal, therefore, you want to live and grow your business here.
Requirements for authorized Living in Portugal
You will have to get these two things to get authorized to live in Portugal:
- D2 Visa
- Residence permit
1- D2 Visa
Overview of D2 visa
Before the application process, you will have to make a vision. Plan everything about your company or business in Portugal. Set a proper scheme and its modifications in the future. When you set your mind regarding your career and goals, then you are ready to apply for a D2 Visa in Portugal. You can apply in your own country, there is no restriction for it. The thing you will have to do is to approach the consulate of Portugal in your country of origin. You may get all the information and requirements for the visa from the consulate or embassy. Some consulates in different countries have different specified requirements.
In case you are unable to find any consulate in your country, you might get some help from Portuguese foreign affairs websites.
Documentation
To get a D2 Visa, you will be required to submit the following documents to the embassy or consulate:
- Original application form;
- The documents required for traveling are like a passport. The validity of the passport should be at least 3 months after the residence expiry in Portugal;
- Two recently clicked clear pictures of passport size;
- Authentic travel insurance (valid in all Schengen countries, a total worth of 30,000 Euros);
- Proof of legal stay if you are applying from a country where you are staying temporarily
- Form authorizing access to Portuguese criminal records by the Immigration and Border Services (SEF) (click here);
- Criminal record certificate from the state of the applicant (not for children below 16 years);
- Proof of subsistence means can be made through a statement of responsibility, signed by a Portuguese national or by a foreign national legally resident in Portugal;
- Proof of your business plan and its details;
- Tax and income proof of your present country,
- Proof of your experience and education in the present and future business,
- Your fixed deposit and investment assets detail information along with proof attached,
- Flight reservation of air ticket,
- Source of funding for your chosen business in Portugal.
Additional documents
Selfe independent employment
Contract or written service provider proposal for liberal professions; and, if applicable, a declaration by competent authorities certifying professional competence for the referred activity.
Entrepreneurs
- Investment operations executed
- Proof of financial means available in Portugal, including those obtained through a financial institution in Portugal, and proof, by any means, of intention to invest in Portuguese territory; or,
- Declaration issued by the Agency for Competition and Innovation (IAPMEI), certifying the signing of an incubation contract with a certified incubator, by Article 6o of Normative Order n.º 4/2018 of the Minister of Economy, of 2 February that regulates the «Startup Visa» Program.
Residence permit after reaching Portugal
The procedure to get a residence permit is started after you arrive in Portugal. Your D2 Visa will permit you to live in Portugal for 4 months. After you arrive in Portugal, your first task is to arrange a meeting with Immigration and Border Services (SEF). The purpose of the meeting is to get a residence permit. You will be given a time for the meeting. This might take some time. In case your 4 months passed and your D2 visa is invalid and yet you do not get your residence permit then no worries, you can be legally there as you have the proof for the appointment notice given by SEF.
Before going to the meeting, make sure that you are carrying all the required documents and information along with yourself.
D2 Visa Fees
For a D2 visa application, you will have to pay $106.64. This fee is charged against a national visa of the duration of more than a year’s stay in Portugal.
D2 Visa application form
In most cases, when you apply for a national visa of a duration of more than a year, you fill in this visa application form (please click here to open.
PR on D2 visa
A D2 visa is on an initial basis issued for 4 months from an embassy or consulate in your country of origin. When you reach Portugal, you should apply for a residence permit which allows you a set of 2 years of extendable visa. On continuous residence in Portugal for about 5 years, you can apply for a permanent residency status eventually ending up on citizenship application.
Family Sponsorship
Once you have successfully settled your business in Portugal, you can sponsor your family to also live with you through a family reunification stream. In this scenario, you must show immigration authorities that you have ample accommodation for the sponsored family member as well as enough resources to bear the living cost.
Step by Step procedure of the D2 Visa
- To get more financial insights into the Portuguese labor market do research and connect with the Portuguese business community,
- You should establish a branch office in Portugal,
- Obtain all necessary licenses and permits,
- Open a business account of the company in any bank in Portugal,
- You should hire an accountant/manager for the operation of the business in Portuguese territory.
- Start paying tax and social contributions to employee/shareholder partners of the company.
- Transfer your business capital to a Portuguese company bank account at least 50% of the investment.
- Fill out your application form for a D2 visa to apply for the visa.
Pros and cons of the D2 Visa?
There are some pros and cons to working in Portugal which could be as follows:
Pros
There are many benefits and facilities in Portugal. If you succeed to get the D2 visa you will be availed with:
- Your family can also get the D2 Visa after you via the same procedure but only those members of your family who depend upon you for their living hood;
- There are many opportunities in Portugal for those who are beginner entrepreneurs. Many companies are waiting for them to work;
- Government support;
- Security;
- Approach towards European labor market, so that you can extend your business there.
Cons
There are also some cons if you start your work in Portugal:
- High Tax ratio;
- Bureaucracy;
- The difficulties in understanding of language;
- To get lawful residency you will have to wait for a long time as the processes are complex.