Preparing to Expand a Business to Portugal
According to current research, almost 70% of US-based businesses plan to expand in Portugal in the next three years. Additionally, 58% of companies experienced an issue in the expanding process. Issues identified in the research take account of benefits programs, global payroll and other Human Resource essentials, time and cost involved in the recruitment process, as well as overcoming cultural blockades between domestic and overseas staff. Then, how can businesses face these issues with confidence? There are vital things to think of when expanding your business to the Portugal market, such as:
- Ease of Registration
- Access to talented staff
- Tax and employment rules and regulations
- Cultural considerations
- Economic and political considerations
Each factor can make a big difference when expanding a new market. Thus, you must look closely at what to think when expanding a business to Portugal.
Why Expand Your Business to Portugal?
Portugal is a very lovely place. The country has abundant breathtaking and remarkable scenery, lovely historical cities, and tourism facilities. It’s renowned for its wine, food, wind, and lovely music. This country has a high standard of living to a remarkable level of development in the financial aspect. A place with almost 11 million inhabitants, Portugal can be a superb base for business operations seeking expansion abroad. Expanding your business in the Portugal market also means getting an excellent base to go in the markets in Africa and Brazil.
Traditional industries are clothing, cork, textiles, wine production, wood products, and fisheries. On the other hand, in the last couple of years, high technology industries like automotive and aerospace have performed well. In 2008, up to 43 percent of the power consumed in the region had been generated via renewable energies, especially wave, solar as well as hydroelectric.
The labor force in Portugal is renowned for its adaptability, motivation, as well as eagerness to work. In spite of the rise of the talents of the labor force needed to change towards high value-added and very competitive items or products, wages continue to be very low. So, licensing or incorporating a business in the country is valuable.
An attraction for Portugal Businesses and Industries
Links between the regions have always been tough, and Britain is considered the biggest investor in the country of Portugal, being the fourth-biggest investor next to Spain, France as well as Germany. People of Portugal have a very special admiration for the UK, and this common feeling is confirmed in industry settings. Portugal’s English-speaking partners in Europe have frequent preference over other nations’ companies. You’ll feel welcome when expanding or putting up a business in the country. Strategic place or position, state-of-the-art infrastructures as well as the quality of life are major attractions too.
The cultural and historical links of the UK, the easy use of English as the main business language, and the popular legal framework makes this county a good and open market that is easy and simple to trade. Because of the strong political and business links of Portugal with Brazil and the speaking African nations, it’s a natural place and facilitator in this market.
Steps to Consider when Expanding Your Business to Portugal Market
There are a lot of ways to consider that can help you in expanding your business to Portugal easily and fast. All you need to do is to keep in mind some of the steps below:
Local Partners Help a Lot
Dealing or working with a company based in Portugal is considered the fastest and best way of expanding your business to the Portugal market. US exporters, regardless of size, are able to benefit from looking for the best company or person who can provide you contact and suggestions pertaining to the business. The Commercial Service of the US in Portugal, situated in the United States Embassy in the country’s capital city, provides an array of services to assist US companies in looking for the needed information regarding the market and figuring out an agent, representative, or distributor for their services or products.
Contact United States Export Assistance Centers
Are you a first-time exporter who wants to conquer the Portugal market? If so, it is advisable to keep in touch with the nearest more than 100 United States Export Assistance Centers. These institutions are part of the international network of the Department of Commerce of the US offices, which support exporters from the US.
Market Study Report
How are you able to get the response you want to address challenges in expanding your business quickly? A syndicated market study report is indeed the go-to solution for a lot of experts or professionals. Market research reports not just save time and hours but also put credibility to the task you carry out; it doesn’t matter if you’re refining a business plan, arranging and preparing a presentation for a vita and important client, or making suggestions to executives.
The Commercial Service of the United States office located in Lisbon, the capital city of Portugal, suggests that US companies become used to the market via standard market study reports available via the USEACs and the internet.
For business expansion, you must reach a wider audience; however, the issues lie here in which not everyone knows one language. And therefore, the task of translators in expanding your business to Portugal is very vital for translation for company expansion.Today, companies are focusing on expanding their products and services by drawing a bigger and larger audience. Globalization has made it likely for firms to sell their services and products globally. On the other hand, that comes at a price. You have to make content that the clients can comprehend. For example, if the original market was in the United States, it only means that you have all the documents in English. If you expand the international business operation to Portugal, things require changing. So, in this case, you have to call or need certified translation to transfer English documents to Portuguese. This can help a lot in the success of your business expansion.