Hope for Portugal's start-ups amid export gloom

Suffering from a continued drop in demand from Portugal's traditional trade partners outside the EU, the overall value of exports fell 2.5% in April but was balanced by a 7.3% drop in imports as domestic demand slackened.

Prime Minister António Costa told an audience at his launch of StartUp Portugal that the country is “one of the best places to live worldwide” and is determined to make it an attractive and business friendly environment with an enviable quality of life.

Costa’s aim is to make Portugal “the most welcoming and most entrepreneurship friendly European country” and not just a good place for holidays.

Costa was full of praise for his target audience, younger and well educated Portuguese - “the most qualified Portuguese for generations” with the ability and knowledge to set up businesses.

There is a total of €10 million in StartUp Vouchers available that, said the PM, will enable the fast-tracking of company start-ups combined with a favourable fiscal regime for investors,.

João Vasconcelos, the State Secretary for Industry, said the new programme is for three main areas: ecology, financing and internationalisation with a national network of incubators, and noted that in May 2016 for each company failure, 3.4 new companies had been set up.

The PM said nothing more than previous prime ministers over the years and without a root and branch review of the financial impact on start-ups from the Tax Authority, Social Security and local councils, little will change to encourage businesses to start and to develop.

For as long as the State sees any business as an easy source of quick money, the incentive to 'go it alone' remains severely restricted. 

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