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Financial Reporting Requirements in Portugal: A Comprehensive Guide
In Portugal, financial reporting requirements are governed by the Commercial Code and other regulations. According to the law, most commercial companies in Portugal must submit annual financial statements, which can be reported either electronically or on paper.
Data Required for Publication
The type of data required to be published varies depending on:
- Company assets
- Revenue
- Number of employees
- Nature of business
- Legal form
Publicly traded companies, limited liability companies, and those participating in stock exchange transactions are obligated to publish their financial statements.
Filing Requirements
Financial statements must be filed within four months after the end of the financial year. This timeline includes:
- Three months for a shareholders’ meeting to approve the statement
- One month for actual filing
- Account books must also be closed within four months after the end of the financial year
Consequences of Delayed Filing
Delayed filing of financial statements can result in fines of up to €5 million or dissolution of the company.
What’s Included in a Full Annual Report?
A full annual report typically includes:
- Financial statement
- Directors’ report
- Confirmation statement by company officials
- Notes
- Legal review of accounts
- Opinion of the supervising authority
- Auditor’s report
- Balance sheet
Purpose and Size of Financial Statements
Financial statements provide detailed information about a company’s financial state, solvency, and performance. The size of the enterprise can affect the number of pages in its financial statement, which may range from several dozen to hundreds of pages.
Accessing Financial Statements
The Commercial Register of Portugal provides financial statements, with most data being publicly available for a fee. You can obtain financial statements directly from the register or through an online service. They are provided in accordance with Portuguese legislation and legal requirements on personal data protection.
Requirements to Obtain Financial Statements
To obtain financial statements, you will need:
- Full name of the company
- Trade name of the company
- Registered office address of the company
- Identification number of the company
You can make a preliminary request to see if a specific company’s financial statements are available on our website.
Additional Services from Schmidt & Schmidt
Schmidt & Schmidt offers electronic financial statements from Portugal in English translation, as well as certification and apostilling services for documents.