Startup Portugal opens office in Porto

Startup Portugal, a non-profit organisation of public utility that aims to promote Portuguese entrepreneurship, opened its office in Porto this Wednesday (at Praça Coronel Pacheco, 15). The ceremony was marked by the signing of a memorandum of understanding between the organisation and the Porto City Council.

Among the various commitments set out in the memorandum is the possibility of exemption from the municipal surcharge tax for companies recognised as startups and scaleups based in the municipality of Porto. In addition, other complementary tax benefits are expected to emerge for startups and scaleups.

'The opening of an office in Porto by Startup Portugal recognises the importance of the entrepreneurial ecosystem in the city and the entire North Region, demonstrating our continued commitment to supporting the capacity for transformation and re-transformation of the country's economic base', said Ricardo Valente, Councillor for the Economy, Employment and Entrepreneurship.

Following the signing of the memorandum, Porto becomes the seventh Portuguese municipality to commit to applying a municipal surcharge tax exemption to companies recognised by Startup Portugal.

The office and the memorandum are the result of the various initiatives that Startup Portugal has been promoting in Porto for the community in the north region. Recent examples of these initiatives include the Hangouts, the organisation's monthly meetings with the entrepreneurial community that take place in both Lisbon and Porto, and the first edition of the SIM Conference, held in May 2024.

'This step represents not only the physical expansion of Startup Portugal to Porto, but also a renewed commitment to decentralising and strengthening the entrepreneurial community in a region with a strong industrial and entrepreneurial tradition, opening doors to strengthen the connection between startups and these companies', said the executive director of Startup Portugal, António Dias Martins.

The session, which focused on the ecosystem in the north of the country, included also the participation of Fernando Fraga, Head of Growth & Acceleration at Startup Portugal and responsible for the Porto office.

According to official data, this region is home to more than 1,200 startups, worth approximately 8.9 billion euros (27% of the total Portuguese ecosystem) and which, since 2020, have raised more than two billion euros (40% of the total raised by the Portuguese ecosystem).