INFORMATION 26/02/2024 – PORTUGAL 2030 "I want for my company: what now?
1. BEWARE OF APPEARANCES... There are many offers with dubious intentions for the client's interest
Within the vast professional experience that I am proud to say I have, there are several dozen projects of applications for non-repayable community support that I developed for my clients several years ago. Although I no longer carry out the project and feasibility study part for applications for community support, I continue to closely follow applications submitted by my clients and will provide full support in the execution and auditing procedures: it is essential for entrepreneurs to be aware that non-repayable funds as free money are an outdated concept, and an application in the current context of Portugal2030 necessarily implies some strategic planning and management sensitivity to the complexity that this process may entail, as well as legal and financial commitment.
First and foremost, I have to highlight that there are numerous proposals of fantasy and illusion circulating on the Internet and social networks regarding the real purposes that an application may signify. Clients regularly forward proposals or suggestions that seem to imply that the processes are easy, without major commitments, and in some cases even offer guarantees of approval and risk committing to non-repayable amounts: this is undoubtedly not the reality, and these companies do nothing more than to impose an application - just confirm with the regulatory entities (Turismo de Portugal, IAPMEI or CCDR Algarve).
In reality, if the application is approved (a responsible office knows that it can never guarantee a decision that is not within its competence, and there are hundreds or thousands of rejected applications every year), it is a contractual commitment that implies that the company has the financial investment capacity to carry out the plan it committed to: I have seen entrepreneurs having to reimburse the State due to contractual non-compliance and due to audits subsequently revealing deviations from the project presented at the application stage.
This is one of the first concerns I have every time a client approaches me to find out if there is non-repayable money... it makes perfect sense to resort to this type of financing mechanism (I myself have done it on several occasions), however, it is essential that the entrepreneur has their strategic objectives very well outlined so that an investment opportunity can effectively bring operational efficiency and strategic improvement to the business (honestly, in a large percentage of cases that I have witnessed over the years, few are those in which, after 5 or 6 years of investment, the company has actually progressed and been successful - in the vast majority of investment projects, entrepreneurs end up wasting a golden opportunity merely focused on the non-repayable refund and the lack of strategic guidance causes the business to end up in exactly the same position as it was before the investment).
However, I have to conclude by saying that these programs are an excellent opportunity for entrepreneurs who truly want to grow their businesses through productive investments integrated into a business strategic plan and under ongoing monitoring and execution with strategically established focus and objectives: my clients know that during the COVID-19 pandemic, I was among the first to secure any and all funds they were legally entitled to - I will be the first to support you if you want to develop the business strategic project to guide you to success: count on me!
2. How to Determine If I Qualify??
To begin with, the beneficiaries of support under the Portugal 2030 context will likely be privately-owned companies that are legally established, financially sound, and have no debts to the State (this would be the initial abstract qualification).
In a subsequent phase, to ascertain whether your idea, project, or business qualifies for the ongoing incentive programs and actions, you should ensure that the investment plan outlined in your initiative allows for meeting the sectoral objectives established in the existing financing lines: check the tables below to see if your idea, project, or business meets the minimum conditions for fitting into the actions currently being promoted by the open incentive programs. deverá certificar-se que o plano de investimento que a sua iniciativa prevê permite dar resposta aos objetivos setoriais que estão estabelecidos das linhas de financiamento existentes: verifique NOS quadros abaixo se a sua ideia, projeto ou negócio reúnem as condições mínimas de enquadramento das ações que estão neste momento a ser promovidas pelos programas de incentivo abertos.
If you find that your company or business fits into any of the actions indicated above, we can schedule a meeting as soon as possible to confirm the qualification criteria and establish a work plan that will commence in the application process and will span the entire duration of the legal commitment that these supports will entail (usually contracts run for 4 or 5 years).
The involvement of a certified accountant in this initial phase of strategic definition is particularly important because over the following 5 years after the application phase, certification of the project will be required to confirm compliance with all regulations and legal formalities: on several occasions, I have identified inconsistencies and incompatibilities with support program applications that had not been initially considered.
Following this initial phase, it is possible to establish a work plan in which the entrepreneur will never be alone in the long journey of executing an application project, as well as the technical rigor that the auditing and control procedures will entail.
If you want to confirm the interpretation of the reading of the tables above, I invite you to take a first qualification test available on the official website of IAPMEI at www.iapmei.pt:
3. I'm Interested in Moving Forward: Where Can I Find More Information?
A common mistake that entrepreneurs often make is blindly following advertising sent to them via email. If you are familiar with the entity that contacted you, in order to be sure whether they are the right partner to accompany you on a project that could be worth thousands of euros, ask about their success rate and the successful cases they can present regarding this type of projects.
On several occasions, I myself have received what I consider to be misleading advertising: beware of appearances!
If you are truly interested in resorting to this type of support programs, the best suggestion is to contact the regulatory entity through the official website: Algarve 2030. Without a doubt, this is the most credible source of information I can suggest.
I hope this clarification helps you understand that, on one hand, a certified accountant will always be the first person interested in your success and your best business partner. I say this with complete honesty for the simple reason that I do not submit applications and have no specific interest in any business partner in this area (I have worked with several project offices, always with the same working principle – safeguarding the interests of my clients).
If you have creative and entrepreneurial ideas, share them with me so that we can analyze together the possibility of obtaining this type of support.
