Cross-Border Operations in Portugal — From Partner Search to Sustained Post-Closing Operations.
HVR Business Consulting operates in the mid-market cross-border segment (EUR 5–50M of enterprise value or project capex) that is underserved in Portugal — between Big 4 firms (which decline deals below EUR 50M and charge EUR 500,000+ fees) and generalist consultants (without integrated tax and operational capability). We run each operation through 3 well-defined phases — Partner Search, Structuring & Closing, Ongoing Operations — under the regulation of the Portuguese Ordem dos Contabilistas Certificados (OCC) and with cross-border coverage via institutional networks HTLC, Centuro Global, WONE Global and Pagamento Pontual.
Senior boutique advisory for international investors and Portuguese companies on joint ventures, mid-market M&A, industrial alliances and cross-border tax structuring.
📅 Discuss your operation — 60-min exploratory call, no fee → · See case studies
We work with three types of clients
1. International investors entering Portugal
Industrial groups, family offices or strategic investors looking for a Portuguese partner, an asset to acquire, or to structure a greenfield/brownfield operation. We bridge to the Portuguese ecosystem — partner search, AICEP, public incentives, tax and contractual structuring. Particularly active in the EUR 5M–EUR 50M project capex or enterprise value segment, where the foreign investor has capital but lacks local network.
2. Portuguese companies expanding or selling
Industrial family offices, scale-up SMEs, or shareholders in succession. We support outbound operations (M&A, cross-border alliances, international expansion) and partial or full sale processes to strategic or financial investors. We coordinate the sell-side with the deontological care imposed by the Certified Accountant profession.
3. Family offices in diversification
Portuguese family holdings with substantial balance sheets seeking diversification into adjacent sectors, frequently involving technology or foreign capital. We help design the thesis, identify opportunities, and structure the operation. Typical equity ticket for Portuguese family diversification is between EUR 3M and EUR 15M per operation.
The three phases of an operation
We run each operation through well-defined phases. The client decides which phases to engage us on.
Phase 1 — Partner Search & Term Sheet (6–9 months)
- Candidate identification and qualification (longlist 15–25, shortlist 5–8)
- Confidential outreach and NDA management
- Qualification meetings with counterparties
- Preliminary term sheet negotiation
- Initial institutional coordination (AICEP, IAPMEI, ANI when applicable)
Phase 2 — Structuring & Closing (6–12 additional months)
- Tax and corporate structuring of the NewCo (Lda, SA, SGPS, branch — case-by-case analysis)
- External legal counsel coordination
- Due diligence (support to the client team)
- AICEP engagement for Tax Contracts — IRC credit between 10% and 25% of eligible investment based on job-creation and value-added criteria
- Compete 2030, PRR, Environmental Fund applications
- NewCo incorporation, registries, business banking introduction (Millennium BCP / ActivoBank / Bison Bank)
Phase 3 — Ongoing Operations (long-term contractual basis)
- NewCo accounting and tax compliance (technical responsibility of a Certified Accountant)
- Compliance, consolidated reporting, transfer pricing
- Payroll and HR management
- CFO-as-a-service on monthly or fractional basis (from EUR 500/month depending on scope)
- Coordination with foreign administrators (timezones, languages, reporting cadence)
"We do not require commitment phase by phase. The client can stop at any time, or contract isolated phases. But ROI is always higher when we work from search to operations — because we build context that compounds."
Our process, in 5 steps
We structured each operation to minimise wasted time and maximise the probability of closing. The client always knows where we are.
Step 1 — Initial assessment (no commitment)
60-minute exploratory meeting. We understand the thesis, context, constraints. We conclude with an honest assessment: yes, the deal is feasible and we are the right advisor; or no. No fee, no commitment.
Step 2 — Engagement Letter
We contractualise scope, timeline, fees and mechanics. Our standard model combines initial engagement fee between EUR 10,000 and EUR 25,000 (seriousness filter), tiered success fee (incentive alignment) and Right of First Offer for subsequent phases.
Step 3 — Execution
Work conducted by senior partner. We report on a weekly cadence. At any moment the client knows who has been contacted, the response received, and the next decisions needed. No junior teams running the operation — the decision-making partner is always available.
Step 4 — Closing & handover
We coordinate the final phase (signing, conditions precedent, closing) with external counsel. We hand over all documentation and context to the team that will operate the NewCo (internal or ours).
Step 5 — Sustained operations (optional)
If engaged, we assume responsibility for the NewCo's financial, tax and compliance functions, ensuring continuity and capture of the structural value built in earlier phases. This is Phase 3 — where most of the deal's value is realised in the first 24 months post-closing.
Why HVR for cross-border operations
Pillar 1 — Real sector expertise
We are not generalist consultants. We work daily with 200+ clients in Portugal in real estate, IT, e-commerce and industrial sectors. We understand the Portuguese business fabric at a level that allows us to identify and qualify partners other consultants do not know. Deals close because we know the protagonists — not because we have a generic deck.
Pillar 2 — Full-stack capability (search → operations)
We cover from search to ongoing operations. Most cross-border consultants do only search OR only structuring. We do both AND assume the NewCo's tax and accounting operation. This changes the project economics and the investor's confidence — there are no phases where the client is "between advisors" losing context.
Pillar 3 — Institutional network
HTLC Network, Centuro Global, WONE Global, Pagamento Pontual. We have channels for cross-border jurisdictional coverage when needed — alongside direct relationships with AICEP, IAPMEI, ANI, Environmental Fund and regional CCDRs. For a foreign investor, these institutional accesses save 3 to 6 months of wasted time.
Pillar 4 — Regulated profession
Hugo Velez Ribeiro is a Certified Accountant (OCC nº 64356), with 25+ years of experience and 15 years in Portuguese statutory auditing (SROC). The firm operates under formal deontological duties, with professional civil liability insurance. This is not amateur "advisory" — it is a regulated profession supervised by the Ordem dos Contabilistas Certificados.
AICEP Tax Contracts — how to qualify for IRC credit
AICEP (the Portuguese Trade & Investment Agency) attracted EUR 420M of foreign investment in 2024 (vs EUR 41M in 2023 — a 10× year-over-year growth). Tax Contracts with the Portuguese State, instrumented by AICEP, offer foreign and domestic investors an IRC tax credit between 10% and 25% of eligible investment — based on minimum capex, qualified job creation and value-added criteria.
Typical eligibility thresholds
- Minimum capex: EUR 3M (general) or EUR 25M for projects of Strategic National Interest (IDE)
- Qualified job creation: typically 20+ direct positions with above-sector-average salaries
- Gross value added (GVA): net contribution to the Portuguese economic fabric
- Sector priority: semiconductors, renewable energy, biotech, circular economy, IT/SaaS
- Location: cohesion regions (North, Centre, Alentejo) may qualify for upliftss
How HVR runs the AICEP process
We coordinate the Manifestação de Interesse (declaration of interest), the Tax Contract application, and the articulation with IAPMEI, ANI and regional CCDRs when applicable. For mid-market foreign investors, this process typically takes 6 to 9 months from initial contact to Tax Contract signing — and a senior advisor reduces time-to-decision by 30-40%.
Asian / Korean investors in Portugal
Portugal positioned itself as a strategic destination for South Korean investment in 2024-2026, with SK Group (semiconductors), CS Wind (wind turbines in Aveiro) and new mandates in industrial circular economy. HVR has real practical experience in Korea↔Portugal joint ventures — including Case 1 below (EUR 10–15M capex in PET recycling, technical fibre and geotextile).
Operational specifics of Asian counterparties:
- Decision pace: 1.5x to 2x slower than European counterparties due to internal hierarchy (chief decision maker often in Seoul/Busan)
- Cultural protocol: in-person meetings at key moments; trilingual documentation (PT/EN/KR) sometimes needed
- Preferred structures: 51/49 JV with local Portuguese partner + option to increase stake over 3-5 years
- IFICI regime: particularly relevant for relocated Korean expatriate managers — 20% flat IRS rate
We work in English and coordinate directly with the Embassy of the Republic of Korea in Lisbon and KOTRA Portugal when the mandate benefits.
Some recent operations (anonymised)
For confidentiality reasons, we share only the operation profile. During engagement discussions, we can provide references.
Case 1 — Industrial cross-border JV (Korea ↔ Portugal, in progress)
Mandated by a Korean industrial group with 40+ years in polyester fibre, for identification and structuring of a joint venture with a Portuguese partner in PET recycling, technical fibre and geotextile. Project capex: EUR 10–15M. Sector: industrial circular economy. Status: Phase 1 in progress.
Case 2 — Real estate holding restructuring (Portugal, family office)
Support to a Portuguese family office on the restructuring of a EUR 20M real estate portfolio, with a generational transfer component and tax optimisation via SGPS. Work coordinated with external counsel and statutory auditor (ROC).
Case 3 — Strategic acquisition in B2B SaaS (PT ↔ EN, completed)
Tax due diligence support and structuring of the acquisition of a Portuguese SaaS by an international group. Institutional coordination, initial transfer pricing, earn-out structuring conditioned on retention metrics.
Frequently asked questions
What is the typical deal size?
Mid-market: EUR 5M to EUR 50M of enterprise value or project capex. Occasionally outside these bands when the strategic fit is clear.
How much does the service cost?
Initial engagement fee EUR 10,000–25,000 + tiered success fee on deal value. Phase 3 with monthly contractual retainer. Right of First Offer for subsequent phases.
Do you work with Asian / Korean investors?
Yes. Practical experience with Asian counterparties, including cultural and regulatory protocols. We work in English.
How do you handle confidentiality?
Mutual NDA. The Certified Accountant profession has formal confidentiality duties supervised by OCC.
Do you have conflicts of interest?
Internal due diligence before each engagement. If a conflict cannot be managed with internal walls, we decline the mandate.
How long does an operation take?
Phase 1: 6-9 months. Phase 2: 6-12 additional months. For Asian investors, pace 1.5-2x slower.
How do you differ from a Big 4 firm?
Big 4 above EUR 50M with EUR 500,000+ fees. In mid-market (EUR 5–50M), senior boutique has better cost-benefit. Decision-making partner directly available, not junior teams.
Let's talk about your operation
60-minute exploratory meeting. No commitment, no fee. We listen to your thesis, share our honest assessment of fit and feasibility.
📅 Schedule exploratory meeting → · ✉️ hugo.ribeiro@hvr.pt · 💬 WhatsApp