Empowered Startups
IMI Official Partner
It’s common knowledge that Portugal is one of the most attractive options for successful international professionals seeking residency and opportunity in Europe. The country opened its doors to increased investment in 2012 via its Golden Visa program, which has since been restricted to curb the unanticipated consequences of a passive investment scheme that offered little beyond an immediate injection of capital.
Now, with Spain recently shuttering its popular Golden Visa program, its westernmost neighbour will undoubtedly receive even more attention from the global mobility market.
A superficial search will lead many to initially believe that Portugal’s amended Golden Visa program is the path to pursue, but those who look beyond mass marketing will discover a far more appealing avenue that several savvy professionals have already taken advantage of: the HQA® Program.
“The Golden Visa, to me, was something that I had explored. It’s probably the one that I explored the most other than this one,” admits David Rojas, who opted for Empowered Startups’ HQA® Program after conducting due diligence on various residency programs in Portugal. Rojas has since launched a project with the University of Algarve to innovate within the Portuguese wine industry.
The accomplished American became keenly aware of the vocal criticisms of the Golden Visa program and found Empowered Startups’ HQA® Program to be a far better fit with his values.
He explains that “It’s not to put singular blame on the Golden Visa program, but I could see what was happening, and I saw the kind of public perception in the places where there are Golden Visa programs, and it didn’t really sit well with me. So, I decided that that was not necessarily the direction I was going to go. Not that there’s anything inherently wrong with it; I think that they served a purpose, and they serve a purpose maybe still in some places, but to me, that wasn’t the way that I wanted to go.”
The HQA® Advantage
Not only does the HQA® Program provide a much faster pathway to Portugal than the Golden Visa program, but it also unlocks gateways to business and cultural integration at a fraction of the price.
Qualified applicants for the HQA® Program enjoy expedited processing of their residency permits as Portugal is motivated to welcome international investors who will contribute to the country in various manners beyond a single outlay of capital.
While the wait for Golden Visas is currently measured in multiple years, residency permits obtained through the HQA® Program are usually completed within four months.
However, it’s the extensive network of Empowered Startups’ contacts throughout the academic and business communities that really allows participants in the HQA® Program to quickly and seamlessly immerse themselves in the fabric of Portugal’s evolving innovation sector.
With 15 universities and polytechnics dispersed throughout Portugal, partnered with the HQA® Program, this constantly expanding web of connections creates unparalleled access for incoming entrepreneurs and ideal conditions for a greater degree of knowledge exchange and collaboration.
As the HQA® Program has grown, so too has its presence at impactful Portuguese events like the wildly popular Web Summit, the country’s Startup Capital Summit, and the annual Startups & Investment Matching (SIM) Conference, which will be held in Porto next month.
“The overall community that has been facilitated by Empowered Startups has really helped me out,” confirms Jim Wayner, an American entrepreneur with an extensive background in cybersecurity. Wayner is as impressed with Portugal’s startup environment as he is with the country itself and has increased his investment in both as a result of joining the HQA® Program.
“I didn’t know the startup community existed in Portugal. I find it optimistic. It seems like it’s ascending, and there’s a lot of energy here, and I think that’s really great. I’ve found a lot of like-minded people who want to get involved here and do startups. I think that we all have similar goals that aim us in the same direction, and I think that makes a big difference.”
Empowering Entrepreneurs
One of the distinct advantages of the HQA® Program is the experienced team of Portuguese professionals who administer the program across the country. Decades of expertise in Portuguese business, startup, and university environments allow team members to customize a plan and facilitate partnerships that account for the unique needs of each program participant while simultaneously harnessing the power of the considerable resources available through Empowered Startups’ network.
Egyptian entrepreneur, Mohamed Emam, has witnessed the process firsthand and has benefited tremendously from the guidance he’s received from Empowered’s team in Portugal.
“The HQA® comes with a whole package. It gives you help throughout the whole process from starting the project, linking you with the local municipalities, linking you with the right network, linking you with competent university individuals and staff that could help you through the process, besides the company formation, legal advice, accounting advice,” describes Emam, whose Portuguese company, Particula Prolifera, is focused on innovative sustainable energy projects.
“When we were on the ground in the Portuguese market, we found several opportunities and several gaps that we could work really close with the university here. And this is what’s good about the project, that you come close to professional people or individuals from the university, or even from Empowered Startups themselves. This opens up more channels for you and networking for you, which gives you more ideas and flexibility in achieving those goals.”
Working With Portugal
Collaboration is at the heart of the HQA® Program, so it’s not surprising that the structure of the program was created by an internationally recognized leader in global mobility in direct consultation with the Portuguese Government.
Acclaimed Canadian multinational, Empowered Startups, worked alongside Portugal’s government to construct a program that would both attract talented transnationals and stimulate sustainable investment into the country’s innovation sector through university-based research and development.
By doing so, the HQA® Program immediately injects foreign direct investment and business experts into Portugal’s research ecosystem, which boasts impressive facilities, accomplished researchers, and talented students. Introducing these accomplished businesspeople to the academic environment stimulates the knowledge exchange and mentorship necessary for Portuguese innovators to further their own professional pursuits without having to leave their home country.
Empowered Startups remains the only government-endorsed delivery partner of the HQA® Program, and though elections have changed the ruling party in Portugal over the course of the HQA® Program’s existence, multiple governments have been supportive of the program.
A Rising Tide Lifts All
Whereas some residency programs adhere to a model that does little to benefit the host country outside of an instant financial uptick, the HQA® Program was intentionally constructed to provide recurring benefits to Portugal in addition to those investing in the country.
Speaking at February’s “International Talent for Innovation” event in Coimbra, Joana Branco, Innovation and Ecosystem Director at Biocant Park, described the importance of infusing proven professionals into Portugal’s knowledge economy through the HQA® Program.
“Having experienced entrepreneurs makes a huge difference, for the ones in Portugal that have already done it, but also the ones that come from abroad with a different mindset that says, ‘Look, I’ve done it in a totally different scenario, but this works because of that’. And I think that’s what we need to take it to the next level. Seeing the same topic from different perspectives. In this context, we’re talking about entrepreneurship, we’re talking about creating ideas to create economic value. So, this input is very relevant,” Branco explained to a captivated audience.
Ask policy makers in most nations, and they will confirm their desire to attract both foreign direct investment and international talent to their respective countries while simultaneously bolstering opportunities and outcomes for their citizens. But not every nation has created the conditions necessary to realize those goals.
As countries across Europe reexamine their priorities with respect to the desired outcomes of their residency programs, the HQA® Program is rising in Portugal as the sun sets on several Golden Visa programs across Europe.
Learn more about the HQA® Program
