At the Valencia Chamber of Commerce BROSETA examines the keys to success in opening markets in Portugal

Tax  | 4 April, 2019

BROSETA has taken part in a conference organised by the Valencia Chamber of Commerce on the opening of markets in Portugal and the factors and keys to the success of business internationalisation experiences in the country.

The conference analysed the best way to penetrate the Portuguese market, taking into account their idiosyncrasies and way of working, as well as the current context, in which the Portuguese economy is growing at a faster average rate than similar countries, with high levels of investment which is making it an attractive market for companies.

The conference featured the participation of BROSETA with Enrique Beaus, Partner and Director of the Tax Law department of ​​the Valencia office;  Gonçalo Achega, specialist in Corporate and Commercial Law of BROSETA Portugal;  and Julio Veloso, main International Partner, coordinator of BROSETA Portugal and Director of the Private Equity, Investment Funds and M&A department.

Enrique Beaus and Gonçalo Achega analysed the most important legal aspects in the opening of markets in Portugal.  Thus, Enrique Beaus explained the tax issues to be taken into account when investing in Portugal, emphasising, among other things, the different ways of doing business in Portugal, the taxation of offshoring to Portugal or Exit Tax, the taxation of  permanent establishments and subsidiaries, and the Portuguese special regime of non-habitual residents.  For his part, Gonçalo Achega dealt with legal aspects related to business implementation in the country, highlighting tax and employment factors, and investment in certain sectors such as real estate and its particularities.

Also, the session devoted a section to explain business experiences in Portugal, with the participation of Julio Veloso and Tomás Palazón, Director of Taxation and Capital Accounting of Alsea Europe, a company resulting from the merger of Group VIPs and Group  Zena. Both reviewed the general issues to be taken into account when implementing in Portugal.

In the case of BROSETA, Julio Veloso described the experience of the firm in its opening in May 2018 of an office in Lisbon.  This opening in the capital of Portugal is the result of integration with the local firm Roquette Morais y Guerra, and responded to the growing interest of companies to carry out activities in a country immersed in an ambitious growth plan.

The session was also attended by Cristina Alcolea, head of “Single contact Caixabank-BPI”, who spoke about financing commercial operations in Portugal.

The Economic and Commercial Counsellor of the Embassy of Portugal in Spain, and director of AICEP, Luis Moura, introduced the conference and highlighted the bilateral relations between Spain and Portugal, the business environment, competitive advantages and sectors of opportunity.

The welcome was given by Vicente Mompó, coordinator of the International Department of the Valencia Chamber of Commerce, who explained the interest of Spain in Portugal as the first Spanish market, as well as the attractiveness of the destination for Valencian companies with business or with the intention of doing business in the Portuguese market.

The session was attended by representatives of various companies in the Valencian Community interested in the internationalisation of their activities, as well as in finding out about the opportunities offered by the country and the necessary requirements for implementation.