Madeira: Types of Company
Private Limited Liability Company
The Private Limited Liability Company (Sociedad por quotas de responsibilidade limitida - Lta) (PLLC) has a minimum of one shareholder ('quota-holder') and minimum capital ('registered quotas') of EUR5,000. Prior to the execution of the notarial deed of incorporation 50% of the share capital of the company or another amount designated by the authorities, whichever is the lesser, must be deposited with a bank. This sum can be withdrawn for corporate purposes after the execution of the deed.
PLLCs are not permitted to have bearer shares but nominees are permitted (even though Madeira is a civil law jurisdiction which does not recognize the concept of a bare trust). The minimum number of directors is one.