COMPANIES CANDIDATE TO TECH VISA MUST HAVE “A POSITIVE LIQUID SITUATION” - DR

Technological and innovative companies candidate to Tech Visa, a program that goes into effect on January 1, have to "have a positive liquid situation", according to the published in Diário da República.

Tech Visa is a certification program for technological and innovative companies in order to grant visas or residence authorization to highly qualified third-country nationals, who want to develop their activity in those companies, according to the Administrative Rule 328/2018.

This program applies to technological and innovative companies which develop their activity in the field of technology and innovation and who wish to hire highly qualified third-country nationals, therefore it will be established a list of certified companies.

Candidate companies under Tech Visa (technological visa) will be evaluated and selected on the basis of several criteria, including being legally constituted, not having Social Security and Treasury debts, not having wages in arrears and not being considered companies in restructuring, the rule said.

They must "have a positive net position, evidenced in the last available Simplified Business Information (IES)”, as well as "to develop an activity of production of goods and services ready for internationalization”.

In addition, it must "prove the technological and innovative basis by meeting at least two of the following requirements”: being a "startup” established for at least two years with activity in high or medium-high technology sectors, or of strong knowledge intensity; have an average annual growth in turnover of more than 20% in the last three years; have more than 15% highly skilled workers; have raised venture capital through "venture capital” or "business angels” in the last three years; have investment projects approved in Portugal 2020 or in the program to be created under the EU financial framework until 2027 in the areas of productive innovation, qualified entrepreneurship and creative or R&D Enterprises.

They also have to have an application approved by the Tax Incentives System in the last three years, or have a project approved under the EU Innovation Framework programs, namely Horizon 202 or in the future Horizon Europe. 

They also have to obtain a positive assessment in the potential market criteria, degree of technological innovation and orientation to external markets.

After this process, certified companies must assure that highly qualified workers do meet a set of requirements, including being third- country state nationals and not permanently residing in the European Union; have the tax payment situation regularized in terms of Social Security and Tax, have no criminal record and "no less than 18 years old”.

Employees qualified under Tech Visa must develop highly qualified activities, complying with the requirements set out at the administrative rule, and "have a minimum annual wage equivalent to 2.5 times the index of social support”, as well as "have fluency in Portuguese or in English appropriate to the duties to be performed”.

Companies that want to be included in the list of companies to receive foreign citizens through the program must apply under the terms of the notice to be published by IAPMEI, "which defines the application periods and the specific requirements to observe”, says the administrative rule.

The certification of the company is valid for two years, renewable for equal periods.

It is also created a monitoring committee for the implementation of the program, which will include an element of the IAPMEI, another of the Security Border Service (SEF), another of the Directorate-General for the Consular Affairs and Portuguese Communities, and three elements indicated by members of the executive responsible by the ministries of Economy, Foreign Affairs and Internal Administration. 

The administrative rule will enter into force on January 1, 2019.