Between January and August this year, 26,358 companies have been opened in Portugal, the equivalent of 108 per day according to the latest analysis.
This spanking rate is 10% up on last year but on the downside, insolvencies increased over the same period by 2.7%.
The 4,955 company insolvencies were centred on the Lisbon area, not surprising as the capital is home to 28% of the country’s companies, followed by Oporto and Braga.
Hotels and restaurant companies led the increase as well as the vehicle trade and retail.
António Monteiro, executive director of the report’s author IGNIOS, commented that the positive economic indicators, with GDP rising for seven consecutive quarters, has boosted business confidence and that new business openings should be way above the level of the last two years.
Some good news too for insolvent companies as the tax office finally has decided that it is pointless hounding company directors for tax and VAT returns after the company has been declared insolvent and closed.
In the past this stupidity has led to fines building up and directors taken to court for not filling in bits of paper with zeros.
