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Ponta Delgada ,  November 04, 2011

Reform of SIDER published in the Official Journal on Friday "is another tool to support regional companies," said Vasco Cordeiro

The decree reforming the Incentive Scheme for the Regional Development of the Azores was published in the Official Journal on Friday. This legislation introduces a series of changes that will promote the simplification of procedures and speed up all application processes.

In addition, it also provides for the increase of the support allocated so far, as well as a new level of support for applications from the islands of Pico and Faial.

For the Regional Secretary for the Economy, Vasco Cordeiro, this reform which now comes into force will be "another tool to support our companies at a time when such support is even more important to help them meeting the current challenges."

Moreover, he says, "this reform not only helps companies, but also creates better investment conditions on all the islands so that SIDER may become a contributing to the creation of stable jobs."

In addition to the decree published in the Official Journal on Friday, and according to what was recently announced by the Secretary for the Economy, the Government of the Azores will also introduce a rule in the upcoming Budget in order to speed up the payment of the support granted under this system to businesspeople.

According to Vasco Cordeiro, the amendments to be introduced, and which already evidence an evolution in relation to the legislation published on Friday,” allows businesspeople to make ten requests for payment of expenses during the execution of the investment," while previous regulations only allowed as much as six requests.

So far "each payment had to correspond at least 15 percent of the total estimated investment, this limit will now be of five percent. It was equally established that the last payment ceases to correspond to 20 percent of the total investment, being now 15 percent."

For Vasco Cordeiro, this amendment is of "great importance, since it gives the possibility to submit more requests for payment. Even if the turnover does not increase, there will be increased fluidity."

That is, "even in a situation in which the investment becomes a challenge to its promoter, we want this entrepreneur to be provided with the best possible conditions to carry out its investment whether in the movement of capital, the celerity of the process or in the payment of support. We want that this system be a true help for entrepreneurs."

The reform of SIDER, which was approved by all the social partners consulted, also allows "the inclusion of a wider range of activities in the system"; this corresponds to a significant increase of investment possibilities on all the islands, thereby providing a response to an increasingly number of entrepreneurs.

The increase in funding deadlines from 10 to 12 years in the case of investment projects over four million Euros, as well as of the grace period of reimbursable subsidies from 3 to 4 years were other amendments introduced to the legislation, providing an improved response to regional businesspeople, who now have better conditions for the implementation of projects.

The Subsystem for Local Development will include the support to investment projects in the restaurant sector, which until now were included in the subsystem for Tourism Development, as well as the activities that are currently not framed under SIDER, such as the case of those developed by free time occupation centres, nanny services, among others.

Also in this regard, the limit stipulated for investment in projects designed to promote food safety and quality will increase from 60,000.00 Euros to 80,000.00 Euros.

Moreover, urban commercial projects will be now promoted by trade associations; they are designed for the qualification of public spaces surrounding commercial areas, including the modernisation of façades of commercial establishments.

With the amendments introduced to SIDER, promoters of investment projects less than 200,000 Euros will have the possibility of choosing between the Government or the chambers of commerce as the entities responsible for the analysis and subsequent monitoring of the project implementation.


Official government press-releases presented in all foreign languages interfaces of the Azorean Government Portal (Portal do Governo dos Açores) are a sub-set of the government's official press-releases daily output and are chosen for translation and publication on the foreign language interfaces based on audience segmentation criteria. The entire collection of the Azorean government press-releases is available in portuguese, here, from the GACS Press Office site.

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