Creating a company in Portugal FAQ:
http://www.empresanahora.pt/ENH/sections/EN_faq/
A: There is no legal bar to foreign citizens participating in the setting up of companies in Portugal. But there is one prerequisite, which is the legal requirement to be in possession of a tax identification number at the time the company is incorporated. It is sometimes necessary for foreign residents in Portugal to seek advice from the Border and Foreigners Control Service (SEF) with a view to removing any obstacle to their participation as members of the company that is to be created
http://www.empresanahora.pt/ENH/sections/EN_faq/
A: There is no legal bar to foreign citizens participating in the setting up of companies in Portugal. But there is one prerequisite, which is the legal requirement to be in possession of a tax identification number at the time the company is incorporated. It is sometimes necessary for foreign residents in Portugal to seek advice from the Border and Foreigners Control Service (SEF) with a view to removing any obstacle to their participation as members of the company that is to be created