Tag Archives: incorporating a company

MIBC: licensing period extended

The MIBC

The Madeira International Business Center (MIBC) is a set a set of taxation incentives, granted since the 80s with the objective of attracting inward investment into Madeira, recognized as the most efficient mechanism to modernize, diversify and internationalize the regional economy.

Main Tax Benefits

  • Corporate tax rate of 5%, applicable on the taxable income derived from profits of operations exclusively carried out with non-resident entities or with other companies operating within the ambit of the MIBC.
  • Access to the Portuguese participation exemption regime.
  • Non-resident single and corporate shareholders of Madeira’s IBC companies will benefit from a full exemption from withholding tax on dividend remittances from the Madeira companies, provided that they are not resident in jurisdictions included in Portugal’s “black list”. Moreover, Portuguese corporate shareholders will also be exempt if holding a participation of at least 10% for 12 consecutive months.
  • Exemption on capital gains payments to shareholders not resident in black listed jurisdictions.
  • No withholding tax on the worldwide payment of interest, royalties and services.

Licensing

Companies wishing to benefit from the above tax benefits need to obtain a license from Sociedade de Desenvolvimento da Madeira which if applied for with the Vice-Presidency of the Regional Government of Madeira. Under the current regime licenses could be applied for until December 31st, 2020. However the European Commission has extended the licensing period until 2023.

The Portuguese Government is expected to legislate on the extension period soon.

Extension Period Background

The European Commission has prolonged, on July 2 the validity of certain State aid rules which would otherwise expire at the end of 2020. In this context, and to take the effects of the current crisis into due consideration, the Commission, after consulting Member States, has decided to make certain targeted adjustments to the existing rules with a view to mitigate the economic and financial impact of the coronavirus outbreak on companies.

To this end, the Commission has adopted a new Regulation amending the General Block Exemption Regulation (GBER) and the de minimis Regulation, and a Communication amending seven sets of State aid guidelines and prolonging those which would otherwise expire on 31 December 2020.

Prolongation of the existing State aid rules

In order to provide predictability and legal certainty, whilst preparing for a possible future update of the State aid rules in the context of the ongoing “fitness check” exercise and of the ongoing evaluation and future review of certain sets of State aid rules set out in the recent European Green Deal and European Industrial Strategy Communications, the Commission has decided to prolong the validity of the following State aid rules, which are due to expire by the end of 2020:

Prolongation by three years (until 2023):

–    General Block Exemption Regulation (GBER) – under which the Madeira International Business Center (MIBC) is regulated.

–    De minimis Regulation

–    Guidelines on State aid for rescuing and restructuring non-financial undertakings in difficulty

After 2020

The Portuguese Government, together with the Madeira Regional Government, is expected to soon start negotiating the 5th MIBC Regime to be applicable to private and corporate investors wishing to relocate or incorporate their businesses with the MIBC framework.

MCS and its multidisciplinary team have more than 20 years of experience in assisting international private and corporate investors with incorporation, accounting and management of MIBC licensed companies. Do not hesitate to contact us.

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Company formation in Portugal

Not many investors think of company formation in Portugal, and those who consider Portugal might to know why Madeira is the place to be.

“Portugal’s history is made of discoveries, entrepreneurship, creativity and permanent innovation. Portugal is a modern, sophisticated, and future-oriented country. Capable of combining tradition and innovation in what we do in a surprising way. A welcoming country, filled with sunshine, breathtaking landscapes, and a unique gastronomy. Open and multicultural, the country can gather the best of its experience and knowledge to originate solutions that push forward global businesses. Portugal, a country that will surprise you.”

One thing that surprises all investors in Portugal is its corporate tax system, more specifically the one available under the Madeira International Business Centre (MIBC).

A favourable tax landscape

Developed in the 1980s, the MIBC was conceived by the Portuguese Government to attract international investment, namely international services providers in the areas of international trading, e-business and telecommunications, management services, consulting services, as well as the ownership of intellectual property, the development of real estate investments or the holding of participations.

 Type of entity incorporated

MIBC

Autonomous Region of Madeira

Portuguese Mainland

Resident entities and permanent establishments of non-resident entities

5%

20%

21%

Resident entities characterized as a small or medium enterprises, on the first € 25 000 of taxable profit

13%

17%

Add the competitive corporate taxation regime to the tax benefits available to expats and former Portuguese emigrants wishing to relocate to Portugal, the Non-Habitual Resident (NHR) tax regime. And one will find a comprehensive and desirable tax regime to expand one’s international business to Portugal. In fact, under the NHR tax regime those qualifying can benefit from a unique personal income tax treatment over a 10-year period, which included the possibility of enjoying a 10-year tax exemption on almost all foreign source income.

Company formation / incorporation

Generally speaking, in order for one to incorporate a company in Portugal, the following steps need to be followed:

  1. Verify the business name and make a reservation with the Portuguese Commercial Register.
  2. Appoint a legal representative for the company in Portugal.
  3. Draft the Articles of Association with information about the owners, business activities, etc.
  4. Open a bank account for depositing the share capital.
  5. Apply for licenses and permits in accordance with the company’s activities.
  6. Register for tax purposes and social contributions in Portugal.

Those looking into incorporating a company within the MIBC need to apply for a MIBC license. The license’s application (to be submitted in Portuguese language) must be filed to Sociedade de Desenvolvimento da Madeira, the official concessionaire of the MIBC, in two copies, addressed to the Cabinet of the Vice-President of the Regional Government of Madeira in the name of an existing company, in Portugal or abroad, or of a company to be incorporated. Branches of existing companies may also be licensed.

All relevant information concerning the activity to be performed by the company must be included in the license application, namely:

  1. Company name and address.
  2. Activity to be undertaken and respective NACE code (European nomenclature of the Economic Activity).
  3. Total value of the investment.
  4. Indication of the number of jobs to be created.

In the case of a successful application, the license is deemed to be granted in favour of the company once the applicant furnishes proof of the formation and registration of such company. All documents in support of the license application must be duly translated into Portuguese and legalized.

Types of companies

Most investors opt for a private limited company (sociedade por quotas – LDA) where liability is limited by the contribution to the capital. LDA type of companies must established by at least two founders with a minimum share capital of EUR 2, although it is recommended that it should be at least of EUR 1000. All the shareholders must bring a contribution to the capital and their liability is limited to that contribution. Management of the company is assured by a director appointed by the general meeting of the shareholders.

Sole investors, lacking a business partner, can opt to incorporate a sole shareholder company (sociedade unipessoal por quoatas – Uni. LDA). Under this type of company, the minimum share capital is EUR 1, although it is recommended that it should be at least of EUR 1000. Uni. LDA’s liability is limited by the contribution to the capital.

On the other hand, if investors opt to incorporate a public company (sociedade anónima – SA) which requires a minimum share capital of EUR 50 000. SA companies and at least 5 shareholders. Like LDAs their liability is limited to their contribution to the capital. The management of this type of companies is assured by a board of directors which is monitored by a supervisory board, both appointed by the general meeting of the shareholders. In addition, SA companies are required, by law, to appoint a certified public accountant.

Other types of companies can be incorporated under the Portuguese Commercial Code, such as limited partnerships and general partnerships, nevertheless these are seldomly chosen by investors and their partners.

auctor Miguel Pinto-Correia

MCS and its team has more than 20 years of experience in assisting corporate and private clients wishing to invest in Portugal or within the Madeira International Business Center. For more information on our services please do no not hesitate to contact us.

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Investing and Living in Portugal

Portugal is asserting itself as a major start-up destination in Europe, and with that hundreds of techies are willing to relocate to Europe’s oldest country. But it is not just the Web Summit’s new capital, Lisbon, who’s attracting new residents, the Algarve and Madeira are also getting their share. The southern Portuguese most richest regions have an agreement with Saint Peter (all-year-round good weather) and therefore are attracting not freshly retired residents from Central and Northern Europe every year, but also digital nomads looking for good weather and inspiration.

A Land of Tax Opportunities
Smart Tax Incentives for New Residents

The Portuguese Government is not relying on the country’s “good looks” to attract investment, in fact, it has resorted to an interesting tax policy aimed at luring and securing foreign investment in the long term. The tax policy? Portugal’s Non-Habitual Resident (NHR) Regime.

The NHR Regime is a special tax residency status, applicable to all those who fall under the following conditions, regardless of nationality or age:

  • Be a tax resident under Portuguese domestic legislation; and
  • Not have been taxed as a Portuguese resident in the five years prior to taking up residence in Portugal.

Provided you check the previous requirements, you can benefit from a total tax exemption on foreign source employment, professional, dividends, interest, capital gains and rental incomes. As for pensions, these are taxed at a flat rate of 10%. All you need to do is to make sure that those incomes are either taxed at source, in accordance with the applicable tax treaty or that are not deemed as derived from Portugal nor from a tax haven (in the case of dividends, interests, capital gains and rents).

In case you work in Portugal and earn either employment or professional income from a Portuguese source, then those incomes will only be liable to a 20% flat tax rate, provided the job performed is deemed as a high-added value profession by law.

Reduced Tax Costs for International Businesses

Apart from the NHR Regime applicable to anyone relocating to Portuguese territory and complying with the regime’s conditions, digital nomads, freelancers, international consultants and international services providers can reduce their tax-related operational costs through the International Business Center of Madeira. This preferential and highly efficient tax regime grants significant advantages to companies structured in Madeira Island, of which I highlight the following:

  • 5% corporate tax (against mainland’s 21% or Madeira’s 20%), in all international operations.
  • Total exemption from withholding tax on dividend remittances from the Madeira companies, for non-resident shareholders.
  • Exemption on capital gains payments, for non-resident shareholders.
  • Access the participation exemption regime.
Why Madeira, of all other places in Portugal?

Weather: Geographically located off the coast of Africa, Madeira is certainly European.  The currency is the euro, the culture is European and politically speaking Madeira is 100% Portuguese.  And yet the climate is sub-tropical with temperatures rarely dropping below 20 degrees centigrade even in the winter, and a high level of rainfall in the mountainous interior ensures the island is very green for the majority of the year.

Reduced operational costs: Madeira offers low operational costs when in comparison with other European countries. In fact, the cost of human resources and the price of several goods and services are very competitive when directly compared with other European locations, allowing companies to face considerably lower costs when establishing operations in Madeira.

Connectivity: Business wise, Madeira has a highly qualified workforce and most of the people speak and understand the English. Add that to the fact the its Cristiano Ronaldo Airport connects you to most of European capitals (Paris, Amsterdam, Vienna, Zurich, London, Berlin…) and it is easy to understand why the tech start up scene is developing.

In terms of international communications connectivity, Madeira is connected to a Submarine Cable Station connecting Europe to Africa and the Americas, hosted in the “Madeira Datacenter”, operating several international optical submarine cables, allowing interconnectivity with national and international SDH networks and providing, as such, significant advantages in terms of quality, cost, bandwidth and scalability.

Safety: Madeira is Portugal’s safest region, with a criminality rate of just 26 criminal cases per thousand inhabitants.

auctor Miguel Pinto-Correia

MCS has more than 20 years of experience in assisting private and corporate clients making their move to Portugal. Find out how we can help and do not hesitate to contact us.

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Economic Substance

Economic Substance Requirements in Madeira

Economic substance describes the economic (operational) reality of a corporate structure which has been put in place because of international tax optimization reasons.

In an ever more globalized economy, and especially taking into account the European Union context, it is not the the freedom of the establishment, guaranteed under EU law and Treaties, that is being questioned nowadays by Tax Authorities. What is being put into question is whether such structures do reflect the economic/operational reality of day-to-day business.

Taking into account the above-mentioned and, in line with international and European best practices and orientations, the Madeira International Business Center (MIBC or IBCM) was the leading jurisdiction to set up enhanced economic substance requirements for the international services, trading and shipping companies operating within its scope.

In fact, the International Business Center of Madeira, always a subject of Portuguese and European law, paved the way for the European Union Code of Conduct Group assessment of non-EU jurisdictions.

Companies benefiting from the 5% tax, made available to those operating within the Madeira International Business Center, must begin their activities in a period of six months in the case of international services and one year in the case of industrial activities or shippingg, counting from the date of licensing and they must observe one of the following enhanced economic substance requirements:

  • Create 1 to 5 jobs, within the first 6 months of activity, and make a minimum investment of €75,000 in the acquisition of tangible or intangible fixed assets within the 2 first years of activity;
  • Create 6 or more jobs, withing the first 6 months of economic activity.

Furthermore, the jobs to be created need to be on a full-time basis and to be performed by a residents, for tax purposes, in the Autonomous Region of Madeira, regardless of their nationality. Company directors can obviously count as jobs posts, but need to fulfill the requirements above-mentioned.

In relation to the “investment”, this economic substance requirement foreseen within the rules applicable to the MIBC must involve control of a resource and generate future economic benefits for the company (financial investments/portfolios are excluded from the investment definition). In the case of  real estate and IT servers the investment must occur within the Autonomous Region of Madeira.

The above economic substance requirements needed to obtain the lowest corporate income tax rate in the EU, through the MIBC, make it comply with the OECD and EU guidelines economic substance. This is because:

  • It demonstrates that the core income generating activities have been undertaken in the jurisdiction (i.e.: coordinating group activities; managing stock and taking orders; providing consulting/administrative services; R&D activities; agreeing funding terms; monitoring and revising any agreements, managing risks; taking relevant management decisions, etc…)
  • It assures adequate expenditure in the MIBC proportionate to the level of activity and have adequate physical presence in the MIBC (e.g. office space, facilities and employees).
  • It can be use to show that the company is directed and managed in the jurisdiction with regards to the relevant activity (e.g. having board meetings with an adequate frequency, quorum of directors physically present at such meetings, the directors having the necessary knowledge and expertise to discharge their duties as directors, meeting minutes kept in the jurisdiction, etc.).

It goes without saying that investors looking into relocation or incorporation within the Madeira International Business Center are also capable of providing the economic motivation for the operation based on several factors, among which we highlight the following: profit motive, improvement of business position (market share); growth, risk reduction, better control over the operations, leverage and even in some cases the beneficial owner is also relocating to Madeira to live.

Taking into consideration the above, the Madeira International Business Center is one of the leading jurisdictions, within the European Union, to provide the best of both worlds: low corporate taxation and the characteristics needed to assure that internationally recognized substance requirements are met.

Substance levels for a company in the MIBC (or in Portugal) must always be set on a case by case basis. Our team at MCS, with more than 20 years of experience in the sector, is able to assist you in setting up and managing a company within the MIBC or Portugal. For more information click here.

 

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Incorporating a Company in Portugal

To start a business activity in Portugal you will need to incorporate a company and, usually, license its activity.

Madeira Corporate Services, can help you set up a company, make changes or amendments to the memorandum of association or statutes, dissolve companies, provide you accounting services plus provide you with information on the licensing of commercial activities within the International Business Center of Madeira.

Company Incorporation

The choice of the legal entity type of the company will determine its operating model from the outset and has implications for both the shareholder/quota-holder and the future development of the company and the business itself. The most common types of legal entities are the following:

  • Single-person limited company (Sociedade Unipessoal por Quotas – Uni. Lda.)
  • Limited liability company (Sociadade por Quotas – Lda.)
  • Joint stock company (Sociedade Anónima – S.A.)

Note: In choosing any of the above-mentioned types, you must take into account all the assets you wish to allocate to the company, the type liability for the company’s debts (personal property or assets of the company) and additionally, whether you wish to pursue the economic activity alone or with other business partners. Before committing to a specific type of company, our legal and accounting teams are able to advise on the most suitable entity type based on your needs and plans for your business.

Amendments to the memorandum or articles of association

The amendment to the articles of association may be the introduction, removal or modification of some of the clauses of the memorandum of association and must be the result of a resolution by all the shareholders, made according to the by-laws set forth for each type of company. Pursuant to Portuguese law, all changes can be made by the Minutes of the General Meeting. Therefore, a public deed for such amendments is optional.

Of course, our legal team is able to assist you in drafting such minutes that are required for different amendments.

Types of Amendments:

  • Capital Increase
  • Capital Reduction
  • Transfer of shares
  • Change of the company’s name, the corporate purpose or headquarters (to another district)

Dissolving and winding up companies

The dissolution of a company by resolution of the shareholders may be carried out according to one of the following ways:

  • Immediate extinction (no assets or liabilities)
  • Dissolution and liquidation (free assets or liabilities)
  • Dissolution and liquidation by partition (with assets and without liabilities)
  • Dissolution with liquidation (with assets or with assets and liabilities)
  • Dissolution with liquidation by global transmission (with liabilities)

International Business Center of Madeira License

In order to benefit from the unique tax incentives, namely Europe’s lowest corporate tax rate of 5%, available in the Autonomous Region of Madeira, through its International Business Center of Madeira, a special application (in Portuguese language) must be submitted.

This application is submitted to the official concessionaire of the International Business Center, in two copies, addressed to the Cabinet of the Vice-President of the Regional Government of Madeira in the name of an existing company, in Portugal or abroad, or of a company to be incorporated. Branches of existing companies may also be licensed.

All relevant information concerning the activity to be performed by the company must be included in the licence application, namely:

  • Company name and address;
  • Activity to be undertaken and respective NACE code (European nomenclature of the economic activity);
  • Total value of the investment;
  • Indication of the number of jobs to be created.

In the case of a successful application, the license is deemed to be granted in favor of the company once the applicant furnishes proof of the formation and registration of such company. All documents in support of the license application must be duly translated into Portuguese and legalized.

Our team at MCS, with more than 20 years of experience in the sector, is able to assist you in setting up and managing a company within the MIBC or Portugal. For more information click here.

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MIBC: ready for business

Portugal has one of the most important tax policy tools in Europe, the Madeira Free Trade Zone, internationally known as the International Business Center of Madeira (MIBC) and it is ready for business.

Intended for the internationalization of Portuguese and foreign companies, this State aid, foreseen in the Statute of Tax Benefits and duly approved by the European Commission, is based on the fact that the Autonomous Region of Madeira is considered an outermost region (ORs) of the European Union, lacking as such of incentives to promote tradable services to the sector in the Region.

Companies licensed under the IBC-M benefit from one of the lowest Corporate Income Tax (CIT) rates in the EU, i.e. 5% on all activities carried out with non-resident entities, making Madeira a 100% Portuguese destination for national and foreign investors, with due validation by the Portuguese and European authorities.

This internationalization platform from the Atlantic, places Madeira, and consequently Portugal, in an important geostrategic position between Europe, America and Africa.

In addition to the 5% CIT, the MIBC provides a set of tax incentives that also cover non-resident shareholders, such as: exemption from withholding tax on the payment of dividends, in the proportion resulting from the profits that at the level of society, have been taxed at the reduced rate of CIT or which, if not, are derived from income obtained outside Portuguese territory; exemption from withholding tax on the payment of interest, royalties and services.

Merchandise trading, e-business, technology, telecommunications, call-centers, consultancy and marketing services, intellectual property management, development of real estate projects, shipping companies or shareholding management, can all benefit from the tax regime in force of the Madeira Free Trade Zone (currently known as the IV Regime), which allows investors a tax saving that translates into greater financial availability to reinvest in their employees and in their business activity, thus leveraging the regional and national economy.

The tax benefits provided for in the institutional scope of the Free Zone of Madeira are based on mandatory requirements of economic substance, namely: the creation of a certain number of jobs, to be filled by tax residents in the Autonomous Region of Madeira (regardless of their nationality), and the number of which will vary according to the estimated taxable profit for each year; and investment of at least 75 000 euros (in tangible or intangible fixed assets) if less than 6 jobs are created.

The regulation and transparency on which the entire regime in the Madeira Free Zone is based, and which implies subjecting all companies licensed therein to the very same obligations as other Portuguese companies (“General Taxation Regime”) for tax, regulatory and statistical reporting , confer a high degree of confidence and rigor.

Exactly for the reasons explained above, in 2018 about 28% of the companies operating in the Free Zone result in Portuguese capital investment and 77% of the companies result from European investment, thus showing the enormous economic potential of the tax regime.

In most recent years the main investors in the MIBC are high-mobility expats whose business is centered around consultancy services and tech-companies looking for high-speed internet connections and cheap qualified labor forces.

Our team at MCS, with more than 20 years of experience in the sector, is able to assist in your relocation to Madeira. For more information click here, for information our services click here.

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A Global Hub for Business: Madeira

At a time that it is increasingly important for companies to have internationalization tools at their disposal, the Autonomous Region of Madeira enables companies to significantly reduce their internationalization costs.

Given the above, the set of tax benefits available within the Madeira International Business Center (MIBC) make it possible for international companies to reduce their internationalization/context costs.

Thus, companies wishing to internationalize and that have their core business in international trade activities, e-business and telecommunications, consultancy and marketing services, as well as the management of intellectual property, the development of real estate projects or management of investments can license themselves in the MIBC / ZFM and get the following benefits:

Available Tax Benefits within the MIBC

  • 5% Corporate Tax Rate, provided some legal requirements are met;
  • Access to the Portuguese system of participation exemption ;
  • No withholding tax on:
    • Payment of dividends, to non-resident entities
    • Payment of services, to non-resident entities;
    • Payment of interest, to non-resident entities;
    • Payment of royalties, to non-resident entities;
  • Exemption from 80% in stamp duty on documents, contracts and other acts carried out requiring public register since performed with non-resident entities in Portugal or licensed in the MIBC;
  • Companies licensed in the MIBC also benefit from 80% of municipal property tax and property transfer tax exemption due to the acquisition of immovable property for the installation, as well as other fees and local taxes;
  • Access to the network of double taxation treaties signed by Portugal.

It is important to note that the MIBC / ZFM is covered by all tax and social security Portuguese laws and is licensed under European Union law. Such legislative provisions allow the MIBC / ZFM to fully comply with national and international standards.

The benefits above mentioned can be combined with the highly attractive Portuguese Golden Residence Permit Programme (also known as Golden Visa) and the Non-Habitual Resident (NHR) Tax Regime, which grants a 10 year tax exemption on new residents.

Having said, it is clear that all companies can alleviate the costs associated with the internationalization of its activities in an efficient way by using Madeira as its HQ.

Our team at MCS, with more than 20 years of experience in the sector, is able to assist in the incorporation of your company within the MIBC or Portugal. For more information click here, for information our services click here.

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A land of (tax) opportunities

A leading destination for all ages, Portugal is asserting itself as a major start-up destination in Europe, and with that hundreds of techies are willing to relocate to Europe’s oldest country. But it is not just the Web Summit’s new capital, Lisbon, who’s attracting new residents, Madeira is also getting its share. The Portuguese archipelago, one of most richest regions in Portugal, has an agreement with Saint Peter (all-year-round good weather) and therefore is attracting freshly retired residents from Central and Northern Europe every year.

Smart Tax Incentives for New Residents

The Portuguese Government is not relying on the country’s “good looks” to attract investment, in fact, it has resorted to an interesting tax policy aimed at luring and securing foreign investment in the long term. The tax policy? Portugal’s Non-Habitual Resident (NHR) Regime.The NHR Regime is a special tax residency status, applicable to all those who fall under the following conditions, regardless of nationality or age:

  • Be a tax resident under Portuguese domestic legislation; and
  • Not have been taxed as a Portuguese resident in the five years prior to taking up residence in Portugal.

Provided you check the previous requirements, you can benefit from a total tax exemption on foreign source employment, professional, pension, dividends, interest, capital gains and rental incomes. All you need to do is to make sure that those incomes are either taxed at source, in accordance with the applicable tax treaty or that are not deemed as derived from Portugal nor from a tax haven (in the case of dividends, interests, capital gains and rents).In case you work in Portugal and earn either employment or professional income from a Portuguese source, then those incomes will only be liable to a 20% flat tax rate, provided the job performed is deemed as a high-added value profession by law.

Investing in Portugal, from a tax standpoint, has never been easier!

Reduced Tax Costs for Start-Ups and Investors

Apart from the NHR Regime applicable to any Start-up employee that complies with the regime’s conditions, start-up founders can reduce their tax-related operational costs through the International Business Center of Madeira. This preferential and highly efficient tax regime grants significant advantages to companies structured in Madeira Island, of which I highlight the following:

  • 5% corporate tax (against mainland’s 21%), in all international operations;
  • Total exemption from withholding tax on dividend remittances from the Madeira companies, for non-resident shareholders;
  • Exemption on capital gains payments, for non-resident shareholders.

Professional tax consultancy is required

Regardless of the tax benefits that someone may benefit from in Portugal, one thing is for sure: applying correctly for them is not a straightforward thing. Despite all the advantages there is a somewhat considerable amount of red tape and formalities that require an experience professional in order to swiftly apply and benefit from the existing tax incentives.Nevertheless, the next time you think Portugal as a paradise, just remember that the country is much more than good weather and good food.

Our team at MCS, with more than 20 years of experience in the sector, is able to assist you regarding your investments in Madeira or Portugal. For more information click here, for information our services click here.

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