Fractional CFO services in Portugal

SIFIDE II R&D tax credit

Portugal's R&D tax credit refunds 32.5% of qualifying R&D expenditure (with an additional 50% premium on year-over-year increases above the prior three-year average). Caps and conditions apply. One of the most generous R&D credit regimes in Europe and a core part of the Portuguese startup funding stack.

Banco Português de Fomento

Banco Português de Fomento is the Portuguese development bank, formed in 2020. Provides equity, loans and guarantees for SMEs and innovative companies. The main public-sector capital provider for Portuguese startups outside dedicated VC vehicles.

Portugal Ventures

Portugal Ventures is the public venture capital company, operating under BPF. Co-invests at seed and Series A across tech, life sciences and tourism, typically with €300k-1.5M tickets. Often the institutional anchor in Portuguese pre-seed and seed rounds.

Startup Portugal programmes

Startup Portugal coordinates the Startup Visa, Startup Voucher and Tech Visa programmes - non-equity support including grants, fast-track visas for foreign founders and engineering hires, and accelerator partnerships. Stacks with R&D credits and BPF financing.

Portuguese VC ecosystem

Portugal's VC scene anchors around Lisbon and Porto, with funds including Indico Capital Partners, Faber Ventures, Bynd, Shilling and Iberis Capital. Cross-border participation from Iberian, European and US investors is common, particularly at growth stage.

Venture debt

Less developed than the broader European market but growing. Kreos Capital, Claret Capital Partners and HSBC Innovation Banking operate in Portugal alongside BPF lending products. Typically deployed against ARR or contracted revenue from Series A onwards.

Startup Law options (post-2023)

Under the 2023 Lei das Startups, qualifying employee options can be granted with 50% tax exemption at sale and the balance taxed at capital gains (28% flat). Requires Startup-certified employer, two-year minimum holding period and employee tenure conditions. The new regime is materially better than the prior employment-tax regime.

Standard stock options

Options outside the Startup Law regime are taxed at exercise on the spread as employment income at marginal rates (up to ~48%) plus social security. Less attractive than the new regime - most venture-backed Portuguese startups now structure to qualify for the Startup Law benefits where possible.

Restricted Stock Units (RSUs)

Used at later-stage Portuguese companies, particularly those with US investors. Taxed as employment income at vesting at marginal rates. Less common in early-stage venture-backed startups now that the Startup Law option regime is available.

Phantom shares and SARs

Cash-settled equity-like instruments - the holder receives a cash bonus equal to the value of a notional option at exit. Taxed as employment income at payout. Still used in Portuguese companies that do not qualify for Startup certification.

Option valuation

Portuguese startups typically peg option strike values to the price of the most recent priced round. Independent valuations are useful for material grant programmes to support the Autoridade Tributária position on fair market value at grant.

Reporting and Autoridade Tributária

Option grants under the Startup Law require notification to the relevant authorities and tracking of qualifying conditions. Standard option exercises flow through Portuguese payroll for tax and Segurança Social. Worth aligning between cap-table tool, payroll provider and Portuguese tax advisor.

Accounting

• •Cegid Primavera - established Portuguese accounting platform; common at SMEs and accounting firms.
• •TOConline - cloud-based alternative for Portuguese SMEs.
• •Moloni or InvoiceXpress - Portuguese-built invoicing and SME accounting platforms.

Payroll

• •Primavera RH or Sage Payroll - established Portuguese payroll platforms.
• •Factorial - modern HR + payroll alternative for Portuguese startups.
• •Deel or Remote - for hiring contractors and staff outside Portugal.

Business banking

• •Millennium BCP or Caixa Geral de Depósitos - for treasury, FX and traditional debt facilities.
• •Santander Totta or Novo Banco - alternatives with strong domestic SME coverage.
• •Revolut Business - for early-stage simplicity.
• •Wise Business - for multi-currency operations.

Cap table & equity admin

• •Ledgy - strong European coverage; common at Portuguese venture-backed startups.
• •Carta - for Portuguese companies with US investors or a US parent.
• •Pulley - modern alternative at later stage.

Expenses & corporate cards

• •Pleo - European default; clean integrations with Portuguese accounting tools.
• •Spendesk - strong approval workflows for larger teams.
• •Payhawk - alternative with strong European coverage.