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Newsletter October 2018

Legal Updates

The extension of the permanent certificate to other legal persons

By means of the Government Order no. 259/2018, which entered into force on the past 14th of September, the online permanent certificate, with equivalent value as the certificate in paper, only available until now for commercial and civil companies in a commercial form, cooperatives, public companies, complementary groupings of companies and European economic interest groupings, has also become available for associations, foundations, any civil society, any other personalized collective legal entities and representations of international legal entities or foreign legal entities that habitually carry out activity in Portugal, as well as non-personalized organisms and services of the Administration that constitute an organizational and functional unit.

It is yet another measure of information dematerialization provided by public entities, allowing not only to save public resources but also to avoid displacements to the competent physical services, allowing permanent access to up-to-date information of these entities.

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Change in the Portuguese electronic court proceedings

On the past September, 20th was published the Government Order no. 267/2018, introducing new functionalities on the Portuguese electronic court proceedings, particularly in Citius and SITAF. The approval of this legal act intends to modernize the access to justice, promoting a transparent judicial system close with the citizen.

Although the digital consultation of executive cases is possible since May 2017, this possibility is now extended to all nature of cases pending before the Portuguese courts. In this sense, as of November 20th, any citizen can consult the processes in which he or she intervenes in the new “Court’s Digital Services Area” of the Justice Digital Platform.

The access will be allowed through the authentication of the interested party through the Citizen’s Card or Digital Mobile Key. The possibility of consultation must also comply with the limits legally established for the publicity of the case.

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Business Updates

Portugal Finlab: The awaited revolution of the financial market

On the past 10th of September, through the signing of a Protocol, Bank of Portugal, the CMVM and the ASF formalized the long-awaited collaboration with Portugal Fintech, thus launching the Portugal FinLab platform.

This innovation hub simplifies and accelerates the so far lengthy process of evaluation and authorization to which fintechs were subject in order to operate their businesses in the international market, facilitating the communication between them and all Portuguese regulating authorities in a single space and at a preliminary stage of the formal request, with the aim to facilitate compliance with the regulatory obligations regarding the products developed.

Portugal FinLab will be available to national and foreign companies through applications: the first stage has already opened and ends on the 7th of October and the second stage will run from the 5th of November until the 3rd of December of this year. In each stage, five projects will be selected, considering criteria for innovation, need for support, the degree of development and weighting of its benefits and risks for the consumer and for the financial sector

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SIC venture and start-ups, a match made in heaven

The Impresa group, owner of SIC and the weekly Expresso, will enter the start-ups investment market outside of the media industry. By means of the media-for-equity program, this commitment confirms the group’s efforts, enhancing the brand’s exposure to the public and creating conditions for swift and sustained development.

To that extent, SIC Venture proposes to invest capital in start-ups that have a high potential for growth. Making use of its importance in the Portuguese market, SIC Venture also offers the opportunity for advertising through its platforms (online, paper, television).

In contrast, the Impresa group invests capital in start-ups obtaining a financial return during its first years of life. The percentage of the stake is not fixed and is directly linked to the financing needs that the start-up requires.

The focus will be on e-commerce, tourism, leisure, classifieds and wellness, being Zaask the first partner chosen, a company that works as a home service Marketplace, in which SIC Venture holds 5%.

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