In order to let more enterprises know about the business environment of relevant countries, we will introduce the business environment of the main destination countries for China enterprises to "go global" in detail according to the relevant contents of the "Country Excerpts" series. This week, we will introduce the business environment in Portugal, which is divided into two parts, the first part and the second part. Please click here for details.
Fourth, the investment target industry
0 1 marine economic development
As a coastal country, Portugal's territorial sea, exclusive economic zone and continental shelf are rich in biological, mineral and energy resources. Portugal has a long history of navigation and rich experience in navigation and marine development. In addition, the country's political environment is safe and stable, and its shipping infrastructure is relatively developed. It is one of the benchmark countries in the world's port and maritime fields.
In recent years, the Portuguese government has devoted itself to developing the marine economy. Specifically, it includes six categories: marine tourism, marine biological development, marine oil and gas, port services, shipbuilding and repair, and shipping. Portugal's marine economy is developing rapidly, and Portugal is one of the fastest developing countries in the European Union. From 2009 to 20 18, the operating income of Portugal's marine economic industry increased by 65%.
02
mining industry
There are broad prospects for China enterprises to invest in Portuguese mining. First of all, Portugal is rich in mineral resources and has a wide variety of minerals. The metallic minerals with proven reserves are mainly zinc, tungsten, lead and tin, and the nonmetallic minerals are also abundant, mainly marble, limestone, granite, slate, shale, paving stone, gravel, clay and kaolin. Secondly, Portugal has no investment restrictions on foreign investment in the mineral industry, and the unified tax preferential policies of the government apply.
Portugal's mineral resources are usually located in remote areas, so mining companies have great dependence on the transportation capacity of infrastructure. Portugal's railway and port infrastructure capacity arrangements are different. Therefore, mining companies need to sign agreements with railways and ports according to their own actual conditions, so as to ensure that the transportation capacity of railways and ports of mining companies is sufficient.
03 renewable energy
The proportion of renewable energy power generation in Portugal rose from 34% in 2008 to 64% in 20 18, ranking among the top in the world. Renewable energy industry is a future strategic industry planned by the Portuguese government. Portugal plans to achieve the goal of renewable energy power accounting for more than 80% by 2030. To this end, Portugal announced the national hydrogen energy strategy in 2020, invested 7 billion euros to develop hydrogen energy storage and hydrogen power generation, and completely shut down thermal power plants in 2023 to achieve decarbonization. With the increasing awareness of environmental protection of Portuguese people, the development of renewable energy industry has become a kind of consciousness. The development of renewable energy will promote the further transformation of Portugal's energy structure, thus reducing energy consumption costs and realizing environmental protection and sustainable development.
04 automobile industry
Automobile is one of the pillar industries in Portugal, and the total output value of automobiles and parts accounts for about 7% of GDP. More than 95% of Portugal's total automobile production is exported, mainly to EU countries.
Portugal's automobile supply chain is perfect. At present, many internationally renowned auto parts suppliers have set up production plants in Portugal, such as Visteon, Bosch and Delphi. Portugal also has a well-known supplier of automotive composite materials Inapal and a supplier of automotive leather Coindu. The gathering of supply chain manufacturers can help automobile enterprises improve the performance of the whole vehicle. In addition, Portugal's automobile industry also has talent advantages. Most Portuguese people master many foreign languages, such as English, and their scientific literacy and technical level are higher than the European average. The number of engineering graduates ranks second in Europe, with more high-quality talents and strong innovation ability.
Cork processing industry
Cork is the bark of Quercus variabilis and is a pure natural raw material. The annual output of cork in Portugal exceeds 654.38 million tons. As the world's largest exporter of cork products, Portugal's market share in the world is 63%, equivalent to 937 million euros, so Portugal is also known as the "cork kingdom".
Portugal has investment potential in cork processing industry. First, rich resources. Portugal has the largest Quercus variabilis forest in the world. Quercus variabilis forest covers an area of 736,000 hectares, accounting for 23% of the total forest area in Portugal and 34% of the total forest area in the world. Second, the technology is leading. Portugal has many years of cork collection, processing and design history, a large number of professionals, and accumulated rich research results and technical reserves. In the past 10 years, Portugal has invested more than 500 million euros in cork research and development. Third, it is widely used. In addition to the traditional cork field, cork is also widely used in different life scenes such as transportation, sports equipment, fashion goods, decorative building materials, etc., with broad market prospects.
06
mould
Portugal's mold industry ranks 10 in the world, among which the injection mold ranks sixth in the world. Portugal's mold products are mainly injection molds, and the main users of the mold industry are automobile manufacturers. Mercedes-Benz, BMW, Volkswagen, Toyota, Ford, General Motors and other major automobile companies in the world are all customers of Portuguese mold companies. In terms of investment potential, first of all, with the continuous expansion of the value chain of the mold industry and the increasingly rich application scenarios, the mold market demand is growing steadily, but the global specialized production of molds is in short supply and the market potential is huge; Secondly, Portugal's mold industry has a long history of development, high scientific level of production technology, strong comprehensive technical quality of employees and strong competitive advantage.
Verb (abbreviation of verb) investment advice and typical cases
0 1 investment suggestion
02 typical cases
Fosun Group has successively acquired a number of Portuguese enterprises.
Case overview
Fosun International Limited (hereinafter referred to as "Fosun Group") was established on 1992. It is an innovation-driven family consumer industry group focusing on health, happiness and prosperity. With the help of transnational investment and mergers and acquisitions, Fosun Group has embarked on a unique road of industrial development, and has now held or participated in more than 30 international brands around the world.
Fosun Group made three fruitful acquisitions in Portugal, namely:
20 141October 9, Fosun Group invested 10 billion euros to acquire 80% shares of Caixa Seguros Saúde (hereinafter referred to as "CSS"). CSS is the largest insurance group in Portugal, accounting for nearly 30% of the Portuguese insurance market. This transaction was also rated as "the best privatization transaction in 20 14" by the British professional financial magazine World Finance. Through the acquisition of CSS, Fosun Group gained control of Fidelidade, a subsidiary of CSS.
201410/6. Fosun Group acquired 96.07% of the shares of the Portuguese health care service provider Espiririto Santosaú de-SGPS (hereinafter referred to as "ESS") through Fidelidade, with a total transaction amount of about 460 million euros. ESS is one of the largest private hospital groups in Portugal, with many hospitals, clinics and pension institutions.
201165438+1On October 20th, Fosun Group acquired 6.7% shares of Millennium BCP/kloc-0, Portugal's largest listed bank, becoming its largest shareholder.
arouse
Seize the historical opportunity and grasp the market trend. Affected by the European debt crisis, after 20 10, a large number of investment opportunities with mismatched values appeared in the Portuguese market, the prices of a large number of high-quality CSS assets fell, and the business faced a sharp contraction. Fosun Group captured the good momentum of European economic recovery with keen insight, found the value of investing in CSS after investigating the system market, and seized the opportunity to acquire the enterprise in time.
Use the obtained resources to pursue synergy. After the successful acquisition, Fosun Group actively utilized the resources and capabilities of the acquired enterprise to form effective collaboration between Fosun Group and the acquired enterprise and seek common development. Fosun Group acquired the control of Fidelidade and further acquired ESS through Fidelidade. Fosun's successful acquisition of ESS has improved the bargaining power of Fosun's health insurance business in price setting and cost control. At the same time, it has also formed a strong support for ESS and Fidelidade to continue to consolidate and strengthen their respective market leading positions.
Do due diligence to overcome information asymmetry. Information asymmetry is one of the main obstacles faced by China enterprises in overseas mergers and acquisitions. Fosun Group understands the acquired party through careful due diligence and strives to know ourselves and ourselves. At the beginning of the acquisition of CSS, Fosun Group only conducted a preliminary investigation based on the information publicly disclosed by CSS. After signing the confidentiality agreement, in order to fully understand the acquired party in a limited time, Fosun Group hired a number of accounting firms, law firms and other third-party institutions to conduct detailed business, financial, legal and human resources investigation and analysis on CSS, and grasped the overall situation of CSS.
Compliance management of intransitive verbs
0 1 finance and taxation
(1) Finance
Portugal has two sets of parallel financial accounting standards, namely International Accounting Standards and Portuguese Accounting Standards. According to the law, listed companies in Portugal must adopt international accounting standards, while non-listed companies can adopt both international accounting standards and Portuguese accounting standards.
(2) Taxation
Portugal's tax collection and management is the responsibility of the Portuguese Customs and Taxation Bureau. The tax year is June 65438+1 October 1 February1. In terms of tax declaration, Portugal stipulates that all accounts must be compiled by qualified accountants, and most of the documents required for tax declaration can be directly declared on the websites of customs and tax bureaus. According to different types of companies, the forms to be filled in are different.
02 intellectual property protection
(1) patent
Patents in Portugal include three categories: first, invention patents with a protection period of 20 years; Second, the utility model patent, the protection period is 10 years; Third, the protection period of design patents is 5 years, which can be extended after the expiration of the period, up to 25 years.
Portuguese industrial property law stipulates that invention patents and utility model patents need substantive examination, and applications that do not accept substantive examination will be rejected. The design patent only needs formal examination, not substantive examination.
(2) Trademarks
Before applying for a registered trademark, the applicant needs to check whether a similar trademark already exists in the registered trademark database of the Portuguese Industrial Property Office. If there is no similar trademark, you can fill in the application form and submit it to the Industrial Property Office for trademark registration together with the trademark design.
Before a trademark is officially registered, it needs to be publicized in the Portuguese industrial property briefing for 2 months, and it can only be officially registered after no one raises an objection. The validity period of a trademark is 10 year from the date of registration, and an application can be made to extend the validity period of 10 year in the last 6 months.
(3) Copyright
If the author of the work is a Portuguese citizen, or the work was first published in Portugal, the work is protected by copyright in Portugal. The scope of protection includes intellectual creation and computer programs in the fields of literature, science and art. If there is no same copyright after inquiry, the applicant may file a copyright application with the Industrial Property Office. The materials to be submitted include: application, power of attorney, job description, working drawings and relevant certificates. If it passes the examination, the Portuguese Industrial Property Office will issue a copyright registration certificate to the applicant. Generally speaking, copyright can last for 70 years after the author's death.
03 trade control
Portugal implements the unified customs and tariff policy of the European Union. Imported goods must pay import tax and value-added tax before entering the EU market, and at the same time, they need to submit the ocean bill of lading, commercial invoice, packing list and certificate of origin. For goods originating in developing countries, they can enjoy preferential tariffs with certificates of origin. Portugal has an import tax threshold, and the FOB value of imported goods does not exceed 150 euros, which is exempt from customs duties; The value of imported goods (FOB) does not exceed 22 euros, which is exempt from value-added tax.
04 environmental protection
In Portugal, projects involving agriculture, mining, petroleum, power generation, steel industry, chemical industry, infrastructure, water conservancy projects and waste management facilities all require environmental assessment. The Portuguese Environment Agency specializes in environmental assessment.
Seven. Settlement of economic and trade disputes
0 1
lawsuit
Portugal is a civil law country, which is divided into three court systems: the Supreme Court, the Court of Appeal and the grass-roots courts. Involving civil disputes, the grass-roots courts shall handle them in the first instance. If there is any objection to the judgment of the basic court, you can appeal to the court of appeal. Ordinary civil cases generally take effect in the second instance, but if they involve the applicable law, they can also appeal to the Supreme Court.
Portugal's litigation system stipulates that cases tried by the jury system of grass-roots courts can go directly to the Supreme Court for second instance without the appeal court; If the subject matter of a civil case is less than 3,500 euros, no appeal is allowed.
If there is a lawsuit, it is suggested that the parties make a situation assessment first to investigate the solvency of the other party. The parties may request the judge to seize the debtor's assets, the main purpose of which is to preserve the creditor's mortgage right and restrict the debtor's use of its property.
02
Conduct arbitration
In 2005, China and Portugal signed an agreement on judicial assistance in civil and criminal matters, whereby the two sides mutually recognized and enforced arbitral awards made on the other side's territory. In the same year, the two sides re-signed the Agreement on Encouraging and Protecting Investment, stipulating that investment disputes should be resolved through diplomatic channels as far as possible; If both parties fail to settle the dispute through consultation within six months, the dispute shall be submitted to a special arbitration tribunal for settlement.
03
indirect