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Portugal - company failures slow but small businesses are hit hard

taxThe number of company failures in Portugal at last has started to ease off with the 2014 figure showing a decline for the first time since 2010.

There were 6,773 corporate insolvencies in 2014, with the second half of the year showing a decline in numbers.

Even taking into account the court chaos caused by the incompetence of the Ministry of Justice as it launched the new judicial map and computerised court system in September 2014, the number of insolvencies dropped 10.6% last year compared to 2013.

Of the 2014 insolvencies, 93.4% were micro-enterprises and an analysis of the figures show that the uptake of Special Revitalisation Procedures by 734 companies contributed to the overall decline in failures.

The entrepreneurial spirit is still fighting against legislation that serves to make starting and running a small business simply another form of taxation.

According to data released today, there were 35,264 new companies created in 2014, this was 1.6% more than in the previous year.

In comparison, in 2012 there was a decline of 11.5% in company registrations.

António Monteiro, the chief executive of Ignios which produced the report, said “confidence levels in businesses are recovering."

The construction sector and public works contractors suffered the greatest number of insolvencies last year (1,284 companies, or 19% of the total), followed by "other services" (1,232 and 18.2% of the total) and, thirdly, by the "retail sale" companies (1,118, 16.5%).

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-9 #1 Roger Mumford 2015-01-27 08:38
entrepreneurial spirit is still fighting against legislation that serves to make starting and running a small business simply another form of taxation.....

the core problem is the low standard of administration. At Concelho and, if seeking euro funds, regional level.

Very few of the new to the world business start-ups are appreciated as potential winners. Just seen as cash cows - likely to fail so fleece them now whilst they still have their money.

None of these administrators with the sense to realise that this is exactly the period when small businesses need control of their nest eggs.

And if foreign EU ... forget it ! No chance at all of getting sensible quotes for work. A confusing jumble of laws. And Lawyers, accountants, architects and builders - a joke, preying on your confusion.

Like Arab street children - everyone with their hand out - and often their tongues out as well.

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