Portugal
Financial Reporting Obligations for Companies in Portugal
1. Registry for Submitting Financial Statements
In Portugal, companies are required to submit their financial statements (annual reports) to the Conservatória do Registo Comercial (Commercial Registry) (https://eportugal.gov.pt). Submissions are also processed through the Portal das Finanças (Finance Portal) (https://www.portaldasfinancas.gov.pt), which handles electronic filing of annual accounts for most legal forms.
2. Legal Forms Obliged to Publish Financial Statements
Legal forms in Portugal that are obliged to submit and publish their financial statements (annual reports) include:
- Sociedade por Quotas (Lda.) (Translation: Limited Liability Company) — must submit annual financial statements to the Commercial Registry; audit if thresholds are exceeded.
- Sociedade Anónima (S.A.) (Translation: Joint Stock Company) — must submit annual financial statements; audit always required.
- Sociedade em Nome Coletivo (SNC) (Translation: General Partnership) — must submit annual financial statements; audit if thresholds are exceeded.
- Sociedade em Comandita (SC) (Translation: Limited Partnership) — must submit annual financial statements; audit if thresholds are exceeded.
- Cooperativa (Translation: Cooperative) — must submit annual financial statements; audit if thresholds are exceeded.
- Estabelecimento Individual de Responsabilidade Limitada (EIRL) (Translation: Sole Proprietorship with Limited Liability) — must submit financial statements; audit if thresholds are exceeded.
- Agrupamento Complementar de Empresas (ACE) (Translation: Complementary Business Grouping) — must submit financial statements per applicable regulations; audit if thresholds are exceeded.
- Agrupamento Europeu de Interesse Económico (AEIE) (Translation: European Economic Interest Grouping) — obliged to submit financial statements under EU and Portuguese rules; audit if thresholds are exceeded.
- Sociedade de Advogados (Translation: Law Firm) — if incorporated as a company, must submit financial statements; audit if thresholds are exceeded.
- Sucursal de Sociedade Estrangeira (Translation: Branch of a Foreign Company) — must submit financial statements under Portuguese law; audit may depend on local thresholds and parent rules.
- Sociedade Unipessoal por Quotas (SUQ) (Translation: Single-Member Limited Company) — similar obligations to Lda.; must submit financial statements; audit if thresholds are exceeded.
Legal Forms Not Obliged to Publish Financial Statements
- Empresário em Nome Individual (ENI) (Translation: Sole Proprietorship) — not required to publish financial statements; must keep tax records.
- Associação (Translation: Association) — not required to publish unless exceeding activity thresholds; may have simplified reporting.
- Fundação (Translation: Foundation) — generally not required to publish; specific reporting may apply depending on activity.
- Sociedade Civil (Translation: Civil Company) — not required to publish; must maintain records.
- Organização Não Governamental (ONG) (Translation: NGO) — not required to publish; simplified reporting may apply if economically active.
- Instituição Particular de Solidariedade Social (IPSS) (Translation: Private Institution of Social Solidarity) — not required to publish; simplified reporting to relevant authorities if thresholds are exceeded.
- Entidade Sem Fins Lucrativos (Translation: Non-Profit Entity) — not required to publish; may be subject to simplified reporting.
3. Companies Requiring Audited Financial Statements
In Portugal, audit obligations are governed by the Código das Sociedades Comerciais (Commercial Companies Code) and the Regime Jurídico de Supervisão de Auditoria (Legal Regime for Audit Supervision) (https://www.cmu.pt). A company is generally subject to an audit if it meets at least two of the following three criteria: turnover, total assets, and number of employees.
| Legal Form | Audit Rule | Criteria (must meet at least two of the three) |
|---|---|---|
| Sociedade por Quotas (Lda.) | Mandatory audit if thresholds are exceeded | Turnover > €3,000,000; Total assets > €1,500,000; > 50 employees |
| Sociedade Anónima (S.A.) | Audit always required | No minimum thresholds; mandatory for S.A. |
| Sociedade em Nome Coletivo (SNC) | Audit required if thresholds are exceeded | Turnover > €3,000,000; Total assets > €1,500,000; > 50 employees |
| Sociedade em Comandita (SC) | Audit required if thresholds are exceeded | Turnover > €3,000,000; Total assets > €1,500,000; > 50 employees |
| Cooperativa | Audit required if thresholds are exceeded | Turnover > €3,000,000; Total assets > €1,500,000; > 50 employees |
| Estabelecimento Individual de Responsabilidade Limitada (EIRL) | Mandatory audit if thresholds are exceeded | Turnover > €3,000,000; Total assets > €1,500,000; > 50 employees |
| Agrupamento Complementar de Empresas (ACE) | Audit required if thresholds are exceeded | Turnover > €3,000,000; Total assets > €1,500,000; > 50 employees |
| Agrupamento Europeu de Interesse Económico (AEIE) | Audit required if thresholds are exceeded | Turnover > €3,000,000; Total assets > €1,500,000; > 50 employees |
| Sociedade de Advogados | Audit required if thresholds are exceeded | Turnover > €3,000,000; Total assets > €1,500,000; > 50 employees |
| Sucursal de Sociedade Estrangeira | Depends on parent obligations and local thresholds | May follow parent rules; Portuguese thresholds can apply |
| Sociedade Unipessoal por Quotas (SUQ) | Mandatory audit if thresholds are exceeded | Turnover > €3,000,000; Total assets > €1,500,000; > 50 employees |
Key criteria for audit obligation:
- Turnover exceeding €3,000,000
- Total assets exceeding €1,500,000
- More than 50 employees
Special considerations:
- Listed companies — Euronext Lisbon (https://live.euronext.com/en/markets/lisbon) — audit always required under exchange rules.
- Medium and large companies — audit required if at least two of the three key criteria are met.
- Small companies — generally exempt if fewer than two criteria are met (voluntary audits possible).
4. Local Stock Exchange and Financial Statements Publication
Companies listed on the Portuguese stock exchange, Euronext Lisbon (https://live.euronext.com/en/markets/lisbon), must publish their financial statements in accordance with exchange regulations.
5. Deadline for Submitting Financial Statements
The deadline to submit financial statements to the Commercial Registry and Finance Portal is typically within six months after the end of the fiscal year; stricter deadlines may apply for listed companies under Euronext Lisbon (https://live.euronext.com/en/markets/lisbon) rules.
6. Companies Submitting Partial Financial Statements
Certain smaller entities with lower turnover or total assets (below €1,500,000) may submit simplified financial statements.
7. Consequences for Late Submission of Financial Statements
Failure to submit financial statements on time may result in penalties (including fines) and potential strike-off from the Commercial Registry.
8. Requirements for Foreign-Owned Branches and Newly Established Companies
Foreign-owned branches must submit financial statements in line with Portuguese law and, where applicable, parent company regulations. Newly established companies submit their initial financial statements by the end of their first fiscal year; audit depends on legal form and thresholds.
Sources
| Source | Link |
|---|---|
| Conservatória do Registo Comercial (Commercial Registry) | https://eportugal.gov.pt/en/servicos/registar-atos-na-conservatoria-do-registo-comercial |
| Portal das Finanças (Finance Portal) | https://www.portaldasfinancas.gov.pt |
| Regime Jurídico de Supervisão de Auditoria (Audit Supervision) | https://www.cmu.pt |
| Euronext Lisbon | https://live.euronext.com/en/markets/lisbon |
| Start Companies Search | Order Credit Report |
Keywords
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