GENERAL
Status: Autonomous region of Portugal
Location: Madeira is an archipelago south west of Portugal.
Area: 749km2
Capital: Funchal
Population: 262,306 (Census 1991)
Business languages: English and Portuguese
Currency: Escudo (ESC). ESC1=10 centauos.
Time zone: GMT +1
Business hours: Mon-Fri 9am to 1pm, 2.30pm to 6pm
Climate: Mediterranean.
Average temperatures of 16ºc in winter and 22ºc in summer.
IMPORTANT CONTACTS
British Consulate
Avendia de Zarco 2
CP 417
9000 Funchal
Madeira
Tel: + 351 91 200600
Fax: + 351 91 233789
Chamber of Commerce
Câmara De Comércio & Indústria Da Madeira
Av. Arriaga 41
9000 Funchal
Madeira
Tel: + 351 91 206800
Fax: + 351 91 206868
SDM - Madeira Development Company
Rua Imperatriz Dona Amélia
PO Box 4164
9052 Funchal
Madeira
Tel: + 351 91 201333
Fax: + 351 91 201399
London representative:
Portuguese UK Chamber of Commerce
Tel: + 44 207 494 1844
Fax: + 44 207 494 1822
EXPAT EMPLOYMENT DETAILS
No restrictions for foreigners working in Madeira's Free Trade Zone.
COMMUNICATIONS
Heavy Government investment in communications. There are currently direct flights from Funchal to various European capitals and excellent telecommunications.
POLITICAL AND ECONOMIC STABILITY
Although considered part of Portugal for defence, international relations and overall government, a large degree of autonomy has existed in Madeira since 1976. Efficient, stable Government. EU membership provided support for the development of the International Business Centre, which co-exists with Portuguese legislation, providing legal credibility with supervision by the Bank of Portugal.
KEY ACTIVITIES
Banking, insurance, fund management, shipping registration and trust management.
ADVANTAGES OF MADEIRA
- All activities within the Madeira International Business Centre are completely tax free until 2011.
- Exemption from exchange control.
- Range of fiscal incentives from Government.
- Industrial Free Zone offers a wide range of tax incentives and direct sea access for cargo.
The content of this factfile is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances
This factfile also appears in the 'International Offshore and Financial Centres Handbook 1999/2000'. For further information about this highly informative guide to offshore centres, or to order your copy, please phone +44 (0) 207 820 7733 or send an email to iofch@mondaq.com
