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Decree Law No. 111/2005, of 2005-07-08

Consolidated

Publication: Republic Diary No. {0}, Series {1} of {2}
  • Issuer: Consolidated Legislation
  • Diploma Type: Decree Law
  • Number: 111/2005

Summary in plain english

What is it?

This decree-law creates a special scheme for the incorporation of companies, called “company on the spot”.

What is going to change?

It is now possible to incorporate companies in a quicker and simpler way.

To do so, the stakeholder only needs to go to a commercial registry office and submit a request for this purpose, picking:

    • one of the names (denominations) at his/her disposal in a pre-approved list;
    • the model of the company’s articles of association, already approved.

The company’s incorporation procedure must be carried out in the same day.

Which documents must be submitted upon the incorporation of the company?

The stakeholder, to incorporate the company, must submit a document which proves:

    • their identity and capacity (citizen card, for instance);
    • the representation powers to practice this act (power of attorney).
When is the company’s incorporation registered?

The company’s incorporation is registered, by the services, after:

    • the charges due are collected (for instance, the stamp duty);
    • the municipal transfer tax (IMT) is paid; and
    • the signatures of the act’s intervenient parties are acknowledged, in person.

As soon as the company is incorporated, to its representatives are provided:

    • The certificate of the registry act;
    • The payment receipt of the charges due;
    • The company’s electronic card;
    • The company’s social security number.

After the company is incorporated, the representatives must deposit the company’s share capital.

What advantages does it bring?

This decree-law, by creating the «company on the spot», ensures:

    • the growth of the country’s economic activity;
    • the increase of the competitiveness between companies; and
    • the simpler and faster incorporation of companies’ procedure.
When does it enter into force?

This decree-law enters into force 5 days following its publication.

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