 | | | | | Compulsory requirement to use bank accounts |
All transactions of companies in Madeira must be duly reported in one or more bank accounts exclusively assigned to the associated business activity. All transactions relating to capital contributions, loans or advance payments from shareholders must be made through such accounts. Other transactions from or to companies must also be made through these accounts.
Payment of invoices or similar documents greater than 20 times the minimum monthly salary must be carried out by using payment methods that allow the recipient to be identified, namely by current account cheque or bank transfer.
Portuguese banks will always request a copy of the supporting documents for any transaction above EUR 12,500.
We suggest to our clients, in order to comply with the requirements stated above, that all company transactions are duly documented and reported in the respective bank accounts. | | |  | |
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