Startup Portugal opens office in Porto

Startup Portugal, a non-profit public benefit organization that aims to promote Portuguese entrepreneurship, opened its office in Porto this Wednesday. The ceremony was marked by the signing of a memorandum of understanding between the organization and Porto City Council.

28 Jun 2024

Among the various commitments set out in the memorandum is the possibility of exemption from the municipal surcharge for companies recognized as startups and scaleups based in the Municipality of Porto. Other complementary tax benefits for startups and scaleups are also planned.

"The opening of an office in Porto by Startup Portugal recognizes the importance of the entrepreneurial ecosystem in the city and in the entire Northern Region, demonstrating our continued commitment to supporting the capacity for transformation and re-transformation of the country's economic base," said Ricardo Valente, City 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 tax exemption to companies recognized 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 northern region. Recent examples of these initiatives include Hangouts, the organization'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 decentralizing and strengthening the entrepreneurial community in a region with a strong industrial and business tradition, opening doors to strengthen the connection between startups and these companies," said Startup Portugal's executive director, António Dias Martins.

The session, which focused on the ecosystem in the north of the country, was also attended by Fernando Fraga, Head of Growth & Acceleration at Startup Portugal and head of the Porto office.

According to official figures, this region is home to more than 1,200 startups, which are 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).