Portugal is the first country in the EU to launch the Digital Business Wallet

Portugal is the first country in the EU to launch the Digital Business Wallet - Portugal Business News

Financial News Europe - The Government of Portugal launched the EU's first Digital Business Wallet, a solution that centralizes official company documents in a single digital channel, securely, up-to-date, with legal validity, and eliminates the need to use multiple portals or paper processes. The Digital Wallet is part of Portugal's digitalization strategy, placing Portugal at the forefront of digital innovation.

"We want companies to be increasingly focused on their task of creating wealth, exploring markets, hiring and retaining human resources," the Prime Minister stated at the launch ceremony, adding that "companies should not be obligated to give management what management already has."

"We are in a good moment. Europe is looking at us, at our companies, at our human resources, particularly the younger and more qualified ones. Europe and the world are looking at our technological aptitude, Europe and the world are looking at our location, Europe and the world are looking at our security, Europe and the world are looking at our strategy in fundamental areas such as energy and water," highlighted the Prime Minister, stating that "Portugal is today a stable country, with high competitiveness factors that make it increasingly attractive."

"We need ambition, confidence, and transformative capacity" — factors that can be enhanced with Portugal's Digital Business Wallet.

At the ceremony, the Deputy Minister for State Reform, Gonçalo Saraiva Matias, framed the initiative within the Government's transformative agenda: placing citizens and businesses at the center of state action: "Bureaucracy consumes entrepreneurs' time, inhibits innovation, and discourages investment. This portfolio is essentially an instrument for simplification and for giving entrepreneurs back their time," he stated.

What is Portugal's Digital Business Wallet?

Portugal's Digital Business Wallet is a key instrument for digital transformation that brings together business documentation on a single, secure platform integrated into the gov.pt app, promoting administrative efficiency and regulatory compliance.

In this first phase, the Digital Business Wallet brings together the essential documents for business activity – Company (Electronic) Card, Tax Status, Declaration of Contribution Status to Social Security and Central Register of Beneficial Owners, with automatic updates and real-time validation via QR Code.

This solution aims to simplify the interaction between SMEs and the State, eliminating physical certificates or one-off issuances and speeding up their acceptance by public and private entities in public tenders, licensing or commercial negotiations.

This is another step in the State Reform, which makes Portugal more competitive, significantly reduces the time spent searching for and verifying documents, increases efficiency in internal and external procedures, and strengthens digital interoperability, allowing for agile responses to administrative and legal requirements, from licensing processes to participation in public tenders.