Decree Law No. 54/2017
- Issuer: Work, Solidarity and Social Security
- Diploma Type: Decree Law
- Number: 54/2017
- Pages: 2754 - 2757
Summary in plain english
This decree-law creates the ‘On-the-Spot Cooperative’ initiative, which simplifies the procedure for setting up cooperatives.
This procedure is available to all Portuguese cooperatives except:
- credit cooperatives
- higher education cooperatives
- insurance cooperatives
- cooperatives of public interest
- cooperatives whose members make their contributions in goods rather than money
- cooperatives that accept investors (in other words, members who subscribe to equity securities or investment securities issued by the cooperative).
Until now, creating a cooperative required several trips to public services and consumed both time and money. From now on, it is possible to create a cooperative on the day the request is made and by visiting one single public service.
To use the ‘On-the-Spot Cooperative’ option, the cooperative’s statutes must use the model provided by the Institute of Registries and Notary, and the founders must choose an admissible name.
An admissible name is a name that the National Registry of Companies can accept. Such acceptance is recognized in a certificate (‘certificado de admissibilidade de denominação’). Alternatively, it is possible to:
- request approval of the chosen name at the service desk
- choose a name from a list of pre-approved names.
This decree-law aims to extend to the cooperative and social sectors the degree of simplification that already benefits companies, namely by reducing the formalities required to create cooperatives.When does it come into effect?
This decree-law comes into force on 1 July 2017.
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