Chesterfield (London) - Headquarters
207 Old Marylebone Road
London
NW1 5QP
Tel: +44 (0) 203 771 3853
Fax: +44 (0) 203 771 3856
Email: sales@groupchesterfield.com

Madeira

Madeira is a group of islands in the North Atlantic Ocean. The capital and financial centre is Funchal. Madeira was settled by the Portuguese in 1418 and in 1976 was granted limited autonomy. The Madeira Regional Parliament is an elected body and its responsibilities are set out in the Constitution. It cannot overrule decisions of the Central Government or break the political link with Portugal.

The Madeira Free Trade Zone was established to promote the development of the islands and a company incorporated in the zone but operating outside Portugal is entitled to tax concessions until 2011. It pays tax at 2% for 2006 and thereafter 3% during the remainder of the life of the concession. In contrast to other offshore centres however Madeira is an integral part of Portugal and companies registered there qualify for the benefits of the Portuguese double taxation agreements.

 

Madeira companies are formed under the Portuguese Companies Code (Codiga das Sociedades Comerciais). The company generally used for international trading is the Societe por Quotas-Limitada (Lda) or the Sociedade Anonima (S.A). A company operating only in the free zone is only required to have one member. It is also possible to form a pure holding company - Sociedade Gestora de Participacoes Socias. A company incorporated in the Madeira Free Trade zone needs a license to operate there and cannot engage in banking, fund management or insurance activities unless licensed for the purpose.

 

Madeira offshore company regulations
Type of entity Limitada 
Type of law Civil
Corporate taxation Varies 
Double taxation treaties available Yes
Share Capital
Usual currency Euro
Permitted currencies Euro 
Minimum paid up 5000 Euros
Usual authorised 5000 Euros
Directors
Minimum number 1
Local resident required No
Records publicly available Yes
Corporate Director allowed No 
Shareholders / Members
Minimum number Normally two, but one is possible
Records publicly available Yes
Location of Meetings Anywhere
Company Secretary
Required No
Local or qualified N/A
Accounts
Required Yes
Audit required Only for larger companies
Filing required Yes
Publicly available Yes
Other
Annual return required No
Change of domicile permitted Yes
Shelf companies available No 
Time to incorporate shelf co N/A

Time to incorporate new co

5-7 working days

 

Madeira offshore company regulations
Type of entity SA
Type of law Civil
Corporate taxation Varies
Double taxation treaties available Yes
Share Capital
Usual currency Euro 
Permitted currencies Euro 
Minimum paid up Euro 50,000
Usual authorised Euro 50,000
Directors
Minimum number 1 or 3 but it must be an odd number
Local resident required No
Records publicly available Yes
Corporate Director allowed  Yes, but they must be represented by a named indiviual
Shareholders / Members
Minimum number Normally 5, but 1 is possible
Records publicly available Yes
Location of Meetings Anywhere
Company Secretary
Required No
Local or qualified N/A
Accounts
Required Yes
Audit required Yes
Filing required Yes
Publicly available Yes
Other
Annual return required No
Change of domicile permitted Yes
Shelf companies available No
Time to incorporate shelf co N/A

Time to incorporate new co

5-7 working days

To learn more about Madeira Offshore services follow the link below or call us on our offices

Telephone Number: 44 20 7097 1385



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