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The 7 “commandments” to obtain financing for your Tourism project

17 08 2023 Investment and Financing
The 7 “commandments” to obtain financing for your Tourism project

What are the requirements for tourism projects to apply for the Productive Innovation Incentive System, within the scope of PT2030?


1️⃣ The Productive Innovation Incentive System (SIIP) is more demanding in tourism. SIIP asks all projects to contain an innovation component, but, in the specific case of tourism, it is especially demanding. If we compare, for example, tourism projects with industrial projects, in the latter case it is accepted that innovation only takes place at the company level. All you need to do is manufacture a product that you have not previously produced or apply a production process that you have not used before to pass the innovation criteria. But when we talk about tourism, things are different. Turismo de Portugal only considers projects approved in the innovation criteria that lead to innovation occurring for the market in which the company operates: not just for the company that proposes the project. That is, it is not enough to offer products or services that were not available before. It is necessary to demonstrate that this offer does not exist (globally, with everything it entails as a concept) in the market - which requires that Innovation exists, at least, at the regional level.

2️⃣ What tourism projects are eligible for SIIP? In the Tourism sector, Turismo de Portugal publicly released the official information stating what are considered innovative projects:

  • Creation of enterprises, equipment or services with an innovative character, with a great differentiating profile and/or which apply, in the context of the Tourism sector, the most modern technologies
  • Requalification of enterprises, equipment or services, using innovation factors and/or with a differentiating profile, also using the most modern technologies.
  • Expansion of intervention capacity in international demand markets, through the resizing of projects or equipment, and/or the introduction of new services with a differentiating profile.

3️⃣ What are the SIIP goals? Promote company innovation, through the production of new goods, services and processes that favor the creation of more value; Favor the orientation of companies towards international markets; Introduce technological improvements and increase the creation of production units; Stimulate qualified entrepreneurship and structuring investment in new areas with growth potential.

4️⃣  How to apply for SIIP? Applications are submitted via public contest. These are sent in an electronic form available on the “Balcão 2030” website.

5️⃣ How do SIIP incentives work? These are refundable incentives.

6️⃣ How are supported companies selected? Projects are evaluated using the Project Merit (PM) indicator, based on a set of selection criteria and based on a calculation methodology defined in the call notice. The selection criteria are defined and duly identified in the Competition Opening Notices. Projects are selected based on a list sorted in descending order based on merit and, in the event of a tie, the order of arrival counts.

7️⃣ The application process for Incentive Systems is more complex than it may initially seem, requiring knowledge of their legal framework, as well as mastery of various tools that help save time and avoid the bureaucracy inherent to applications. Using specialized professionals can be extremely advantageous for the company and will have a direct impact on the approval of the application.

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