Portugal: Portugal’s “Company On the Spot ” project is a success, World Bank says

29 July 2008

Washington, United States, 29 July – Portugal is pointed out as a case of success in a World Bank study because of its “Company on the Spot” initiative launched in 2005, which has made it possible to reduce the number of procedures and the time taken to set up a business.

The “Celebrating Reform 2008,” study on the reforms carried out all over the world, present the “Company on the spot” measure saying that, “its success has inspired other countries” and Angola and Cape Verde have asked for legal and technical support to implement the Portuguese model.

Countries such as Slovenia, Hungary, Egypt, Mozambique, Chile, Brazil, Finland, Sweden and China – the document showed – have sent officials to the “Company on the spot” service to find out how Portugal has made the process of setting up a company easier.

The study said that in Portugal only 7 procedures, 7 days and 600 euros are necessary.

The World Bank study noted that Portugal is nwo one of the countries in which it is easiest to set up a business or start a company.

In 2005 entrepreneurs needed to go through 11 procedures and wait 78 days at a cost of 2,000 euros, the study added.

The aim of setting up “Company on the spot” posts was to simplify the process of staring a business, making it possible to register a company within an hour, carrying out all procedures required in the same place. (macauhub)