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Ask the Experts: Pedro Simões

Portugal Accounting Expert

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Portugal Accounting Expert

With more than 15 years of experience in the Accounting field, Pedro Simões established Acoq, in 2004.

Pedro Simões has a High Degree in Management from the “Universidade Autónoma”, in Lisbon, and during his career, he has advised several small and medium-sized businesses on management and tax issues, as well as individuals.

Pedro Simoes is also a consultant for various International Companies based in Portugal and abroad. Pedro obtained a specialization in Taxation, from “IDEFF (Instituto de Direito Económico , Financeiro e Fiscal da Universidade de Lisboa) “, in 2007, and has recently got a certification for Social Economy (3rd Sector) as a Consultant and Trainer certified by AEP, and in this area, he has supported several social institutions since 2009, by giving advice on a National Programme, promoted by "UMP".

Additionally, Pedro wrote a column about Fiscal Matters in The Resident, a newspaper based in Lagoa, and catering to the foreign community living in Portugal. He has done that from 2004 to 2009. Acoq has now 25 years of experience in financial and tax affairs working mainly with foreigner entrepreneurs and investors outside of Portugal.

www.acoq.pt

00351 219205225

1. Hi Pedro, My name is Antonio. I am a Spanish citizen living in Australia at the moment. I am working in Australia as an Architect and I am planning to move to Lisbon in the next 2 months. I will be carrying on working for the same company that I am working for at the moment, but remotely. At the moment I am working on a permanent basis. However, I will need to open a limited company to become a freelancer in Portugal. They, however, have an office in the UK. Therefore, it is likely that I will be an employee from the UK, as it might be easier than from Aus. I will need to have a Profesional Indemnity Insurance I assume the company will require the following: - Professional Liability - Professional Indemnity - Employer’s liability (they will probably need to know how much will they cover) Can you please let me know if you can assist and provide me an estimated price? Thanks. Cheers, antoniocanerosan@gmail.com Question from Antonio Canero on 22/03/2022

   Pedro says:

   Hi Antonio,
   
   Thank you for your contact and interest in our services.
   
   Would be better to have a free of charge initial meeting online.
   
   Let us know your best availability.
   
   Kind Regards.
   
   Pedro Simoes

2. Hi Pedro, My name is Antonio. I am a Spanish citizen living in Australia at the moment. I am working in Australia as an Architect and I am planning to move to Lisbon in the next 2 months. I will be carrying on working for the same company that I am working for at the moment, but remotely. At the moment I am working on a permanent basis. However, I will need to open a limited company to become a freelancer in Portugal. They, however, have an office in the UK. Therefore, it is likely that I will be an employee from the UK, as it might be easier than from Aus. I will need to have a Profesional Indemnity Insurance I assume the company will require the following: - Professional Liability - Professional Indemnity - Employer’s liability (they will probably need to know how much will they cover) Can you please let me know if you can assist and provide me an estimated price? Thanks. Cheers, antoniocanerosan@gmail.com Question from Antonio Canero on 22/03/2022

   Pedro says:

   Hi Antonio, Thank you for your contact and interest in our services. Would be better to have a free of charge initial meeting online. Let us know your best availability. Kind Regards. Pedro Simoes

3. Hello Pedro, I have a questions regarding a self employed mortgage. All applications state a proof of residence is required. Can this proof of address be within the UK, or does it have to be within Portugal. Does this mean I would need rent somewhere for a period of time before applying for a mortgage? Any help would be greatly apprecaited. Question from James McGrillis on 20/01/2021

   Pedro says:

   Hi James,
   
   Thank you for your question. A mortgage application can be done either when you are resident or non resident in Portugal. The proof of address is a request to open the Bank account , which then will be used for the mortgage also. The application is different if you are resident but is not mandatory.
   Any further question email me at pedros@acoq.pt. Thank you. Kind Regards. Pedro Simões

4. Hello. I run a mid-size Recruiting business in India (50+) employees focusing on the FinTech space. We are keen to expand to the EU and have narrowed down to Portugal for the next branch. Could you guide us on how we need to go about the next steps? Question from Hitesh Bhatia on 17/11/2019

   Pedro says:

   Dear Sir/Madam,
   
   Thank you for your question. The questions arised are extremly important on the set up of a business. Our Company has helped many companies that have launch their new premisses in Portugal.
   
   Please send the question by email to pedros@acoq,pt.
   
   Thank you!
   
   Kind Regards.
   
   Pedro Simões

5. Dear Pedro, Thanks for your time to answer my question. We are going to launch our startup in Portugal in a few months, we will come to Portugal with a startup visa. I am working on our profit and loss sheet, and have some questions about taxation in Portugal. As a consumer to consumer (C2C) platform which is providing a service and link two types of users in our platform (without selling anything directly), how much is our corporate tax rate in Portugal? I see many different prices, like 21% and even I saw for startups with an investment of fewer than 5 million euros it's just 7.5%. Also about VAT, is VAT includes in our service? I explain more about our service, we are going to introduce some shops in our platform and buyers going to buy it, not from us, from the seller. If we should pay VAT, how much is it? Because I see 23% with a reduce rate of 6% to 13%. Thanks for your kind support. I hope we can use your experience and cooperate after starting our business in Portugal. Question from Masoud Saedi on 05/11/2019

   Pedro says:

   Dear Masoud,
   
   Thank you for your question. The questions arised are extremly important on the set up of a business. Our Company has helped many companies that have launch their new premisses in Portugal.
   
   Please send the question by email to pedros@acoq,pt.
   
   Thank you!
   
   Kind Regards.
   
   Pedro Simões

6. Franchise for vilamoura store Question from Marilia Teixeira on 19/02/2019

   Pedro says:

   Dear Marilia,
   
   Thank you for your email. We can help on this subject. Please email us to pedros@acoq.pt to book a free initial meeting and we will discuss all your questions on this.
   
   Kind Regards.
   
   Pedro Simões

7. Hello Pedro Looking to move to algarve have some properties there but need to open some type of business in vilamoura as I have a open loja or even maybe rent it out to a company which would be another choice. Question from Marilia Teixeira on 19/02/2019

   Pedro says:

   Dear Marilia,
   
   Thank you for your email. We can help on this subject. Please email us to pedros@acoq.pt to book a free initial meeting and we will discuss all your questions on this.
   
   Kind Regards.
   
   Pedro Simões

8. Dear Sir, This is Abhishek Mohan Jadhav from Mumbai, India. Presently I am working in with an IT Company in Kuala Lumpur, Malaysia as Senior Software Engineer. I have more than 6 years strong experience in Programming. My future plan is to start a small startup IT company in any of the countries in EU. I am not looking for big countries in EU instead i am more aiming towards countries like smaller countries like Portugal. But i don't have much idea about how to go ahead with my plan. Hence i am looking for an expert opinion on this who can mentor me in fulfilling my plan. Also i wish to settle in EU with my family, so kindly provide guidance keeping this point in consideration as well. For your reference, I have attached my updated CV with this email. Kindly go through it. Hoping to hear from you soon. Thanks, Best Regards, Abhishek Jadhav Question from Abhishek Jadhav on 06/03/2018

   Pedro says:

   Dear Sir,
   Thank you for your contact. Portugal is a great place for IT.
   Please email us at pedros@acoq.pt and we will answers all questions and doubts.
   
   Best Regards.
   Pedro Simões

9. HI Pedro, I'm actually the owner of a limited company based in UK . I'm in IT so most of my work it's done remotely from home or coworking space from different country. Will be possible to operate my business from Portugal and pay only income tax in portugal ? I'm sure i will still have to pay my corporate tax in UK but i'm going to become fiscal resident in Portugal . Which is the tax rate applicable for income between 35K to 100K ? Thanks a lot. Question from Paul Dubourg on 05/08/2017

   Pedro says:

   Hi Paul, Thank you for your question. Portugal has a great programme for new residents that can be tax benefitial to you. The Income Tax rate in Portugal for a limited company is 17% if your profit is under 15.000 Euros, and 21% for the profit over 15.000 Euros. There are other taxes, such as municipal tax that will depend where the Company is based and/or works. Further Question please email me to pedros@acoq.pt .

10. We have just moved to Portugal and have got employed jobs however we are also looking to set up our own business as well . The business would be a mobile business which includes the sale of alchohol at events such as private parties , weddings and other special events . I need to know how we would be able to get a licence to sell alchohol and also how we set up such a business like this . Any advise or information would be greatly appreciated , kind regards , Faye Question from Faye Smith on 11/03/2017

    Pedro says:

    Dear Faye,
    Thank you for your question. We can help you on all your questions, and to achieve what you want. To answer in full we would need more information that you could forward to my email : pedros@acoq.pt.
    Kind Regards.
    Pedro Simões

11. Hi Pedro, I am a Portuguese citizen living and working in the Netherlands. I work with online advertising for a Dutch company, my work is pretty flexible and I can easily work remotely at many times. I have a goal to live in Portugal next year and I already have the permission from the company to work from there. I was given the mission to find out how this will roll out legally for the company. Do you have any experience in such case? Portuguese citizen working in Portugal for a Dutch based company? What are the options available? Thank you Question from Gabriel Bernardes on 12/08/2016

    Pedro says:

    Dear Gabriel,
    Thank you for your contact and question.We are very pleased to help you. There are several optionson your particular case. Please send email to pedros@acoq.pt, and I will be quite happy to answer your doubts and give you the best advice.
    Thanks.
    Pedro Simões