Case · A Shenzhen SaaS Founder Lands in Lisbon on a D2 and Registers an Lda

This case is a representative, composite scenario. Client details have been anonymised, and the timeline and decision points reflect patterns we typically see across similar cases. Actual approval outcomes, document requirements and processing times depend on the latest rules of the Portuguese authorities and on each individual case.

Client profile

• Main applicant: Mr Chen, 38, founder of a SaaS company in Shenzhen
• Business: a B2B data-analytics tool, ~¥12M annual revenue, ~¥3M net profit
• Team: 25 people in China, fully remote
• Family: wife (freelance designer) and a 5-year-old son
• Goal: place the company's European entity in Portugal, apply for a D2 as the founder, and relocate the whole family
• Time window: within 12 months

Why D2 rather than D7 or the Golden Visa

D7 doesn't fit: Mr Chen's income is operating income, and he is an entrepreneur, not someone "living on passive income." File a D7 and the consulate will ask: if you run an active business, why not apply for the D2?

The Golden Visa is overkill: he doesn't have €500,000 in cash to park in a Portuguese fund — those funds are better left running the business.

The D2 is designed for exactly this profile: either set up a company in Portugal (his choice) or provide services as a self-employed professional.

D2 vs D8: another common mix-up

Mr Chen also considered the D8 (digital nomad) at first, but he isn't a remote employee — he's a founder. The D8 requires income from a foreign employer or clients; Mr Chen's money flows from "his own company paying himself," and that structure tends to get stuck on the D8 route. The D2 is the right path for founders and the self-employed.

Two parallel tracks: visa + company

The core of a D2 is a solid business plan + proof of funds + genuine operations. We split the work with Mr Chen into two main tracks.

Track A: the D2 visa

Stage	Time	Milestone
Week 0	Assessment	Lawyer confirms the D2 route; accountant joins to assess tax impact
Weeks 2–4	Business plan	Portugal investment/operating plan with a 3-year financial forecast
Week 4	NIF (FastNIF)	3 days
Week 5	Bank account	Millennium — both a personal and a corporate account
Weeks 6–10	Lda registration	see Track B
Week 12	Proof of funds	Company capital + personal funds clearing the €11,040/year threshold (the actual position was well above)
Week 14	Apostilles	Birth, marriage and son's birth certificates, criminal record, education credentials
Week 18	Consulate filing	Portuguese consulate in Shanghai
Week 26	Entry visa	4-month entry visa issued
Week 30	Arrival + AIMA	Biometrics with a lawyer present
Week 36	Cards arrive	Main applicant + spouse + son, all three cards together

Track B: registering the Portuguese Lda

Stage	Time	Milestone
Week 6	Entity type	Chose an Lda (Sociedade por Quotas) over a Unipessoal — a third-party investor meant a multi-shareholder structure was needed
Week 7	Articles drafted	Drafted by the lawyer and signed by all shareholders
Week 8	Corporate NIF / NISS	Company tax and social security numbers
Week 9	Commercial registry	Registration at the Conservatória do Registo Comercial
Week 9	Tax password + digital ID	For later filings / IVA returns
Week 10	Corporate bank account	Activated
From week 12	Monthly bookkeeping	With a local accounting firm; the IVA / IRC filing cycle begins

Three real sticking points

1. "Localising" the business plan for Portugal

Mr Chen first submitted a straight translation of his Chinese business plan. What Portuguese reviewers want to see is: why are you doing this in Portugal? What value do you create for Portugal?

We rewrote the plan to include:

• The rationale for Portugal as a European HQ (tax, Schengen, language hub)
• A budget to hire 2 local employees in year one
• Initial contact with local clients / partners (this part the client has to do himself)

2. Continuity of "evidence of trading"

The D2 doesn't end once it's granted — the Portuguese side expects the business to actually operate. Throughout the approval wait, Mr Chen kept up monthly transaction records, payroll and tax filings; all of this is reviewed at renewal.

3. China-company profit vs Portugal-company profit

His Chinese company kept running while the Portuguese Lda was a new entity. The tax relationship between the two needed an accountant to map out: does the Chinese company pay dividends to Portugal, or does the Portuguese company invoice service fees back to China? This touches the double-taxation treaty (CDT). Lawyer + accountant + client worked together for two months to settle it.

Total cost (for reference)

Item	Estimate
D2 legal fees	€XX,XXX
Lda registration legal fees	€X,XXX
Monthly bookkeeping (partner accountant)	€XXX / month
Portuguese bank deposit (proof of funds)	€15,000+
Apostilles + translation (5 documents × 3 people)	~¥18,000
Business-plan polish (external consultant)	¥10,000–20,000
Lisbon rental, first instalment + deposit	€5,500

Legal fees are staged by scope of work. You can engage us for the D2 visa alone, or bundle company formation + settlement services + renewals as a full package.

What the client did after landing

Once the cards arrived:

• NISS — required for the main applicant as company manager
• SNS — health numbers for the whole family
• NHR / IFICI assessment — handled by the accountant
• School for the son — we helped find an international school
• Spouse's right to work — D2 dependants can work in Portugal (the designer kept taking overseas projects, now with a Portuguese tax number)

What the client valued most

"I thought the hard part would be the visa. Doing it, I found the genuinely complex part was the company side. Lawyer + accountant + bank all running together — drop one piece and the whole thing stalls. 'One-stop' isn't a marketing line; only someone who's actually been through the process knows how much it matters."

Want to know if D2 fits your situation?

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