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Memorandum 06 October, 2008 Mr. … … … … … A Report on Portuguese Business Culture Below, please, find a Report conducted by …, …, …, and … on the business culture of Portugal. In an attempt to summarize the major points one should pay attention to when going to Portugal, we included into the report such subtopics as:1) Market, where the general market conditions of the country are described (prepared by …); 2) Market Entry, which outlines the most effective ways of starting business (prepared by …);3) Doing Business in Portugal, where the major principles of business relations are outlined (prepared by …);4) Culture, in which we specified the major differences of the Portuguese from Americans, and the peculiarities of their everyday business life (prepared by …); 5) and General Information, where some important information regarding time zone, currency, visas, ect.

is included (prepared by …);. Copy to:………PortugalA Report Prepared by…………MarketAccording to the U.S. & Foreign Commercial Service and U.S. Department of State (1-4) Portugal is now a developed European Union market of around 10.6 million people. Its language is the 6th most spoken in the world. At the same time, English is widely spoken; foreign companies are accepted friendly and can conduct business in English since this language is the second one of nearly every Portuguese.

Welcoming international trade, the country is expanding its business relations with Spain (its closest neighbor), the US, and African countries. In many cases goods shipped to Portugal do not arrive there directly, but come to some other country of the EU, and only then travel to Portugal – in order to use the advantage of lower value added tax rates of the other country. Market Entry Companies entering the Portuguese market are welcome to contact the closest US Export Assistance Center which supports exporters. U.S.

& Foreign Commercial Service (100) recommends entering the market with an assistance of a local partner. Besides, finding a group or a right person to obtain useful advice and contacts is considered to be very beneficial because personal contacts are important for conducting a successful business in the country. In order to establish an office in Portugal, one should create a Portuguese company according to the country’s law. For most tenders and goods price is more important than quality. So, in order for a product to be competitive, the price must not be higher than that of the rivals.

Portuguese importers now prefer to receive C.I.F. or F.O.B. quotations that include a product description, shipping weight, volume and time of shipment and delivery. Though such invoices (with all the mentioned above information) are not mandatory, they are very desirable.Doing Business in PortugalThe largest part of the businesses of the country is concentrated in Lisbon, a capital of Portugal. Modern techniques of conducting business are widely spread in the country. However, traditional values are still in a great respect: personal contact and a handshake are still considered by many Portuguese businessmen to be more valuable than a signed contract.

At the same time, a request for a formal contract will not offend them. At the same time, personal relations are valued and respected more than any legal documents. A handshake is always appropriate when greeting a business person (U.S. & Foreign Commercial Service 17).CultureIn everyday business the Portuguese are civil, value the time of both their visitors and themselves, and expect the same form the first ones. The same relates to attentiveness to details: they are very careful with all their papers, actions and decisions.

The dressing culture of the Portuguese is more formal than that of the Americans (de Lourdes Serpa). Long sleeved shirts or blouses are the most appropriate, with a tie for men. Personal and physical spaces are not emphasized: one may stand in less than a foot from another person, and would be rude for the second one to step back. In addition, the Portuguese do not have a rule of speaking one at a time. It is common for them to interrupt each other or speak simultaneously (ibid).Since the business community of the country is very close, and most distributors are family-run, trade disputes are few.

Besides, since the business community is very formal, titles like Doctor, Engineer, or Architect are widely used. Therefore, one should always make sure to ask a person for the title, and use it together with the last name. Another peculiarity to take into consideration is that writing in red ink is not appropriate for business communication. General Information Habitation of the country corresponds to the European standards, as well as its cost. As for the prices on food, they are very close to those in the US.

Local time is GMT (like in London), and usual business hours are from 9 AM to 6 PM. Shopping can be done in stores from 9 AM to 7 PM, or in a shopping mall from 10 AM to 11 PM. The official currency is Euro that can be retrieved from any of the many ATMs of the country, or in a bank. The banks are open from 8:30 AM to 3PM. Credit cards and travel cheques are accepted everywhere as well. (WorldTravels)For a traveler no visa is needed to stay in the country for 90 days. References:De Lourdes Serpa, M. (2005). ‘Portuguese Culture’.

ELL Assement for Linguistic Differences. Non Verbal Communicaiton. Retrieved 6 October 2008 from http://www.ldldproject.net/cultures/portugal/differences/nonverbal.htmlU.S. & Foreign Commercial Service And U.S. Department of State. (2008). Doing Business in Portugal: 2008. Country Commercial Guide for U.S. Companies. WorldTravels. (2008). ‘Portugal Currency’. Globe Media LTD. Retrieved 6 October 2008 from http://www.wordtravels.com/Travelguide/Countries/Portugal/Currency