The initiative, backed by the European Commission, is being promoted as a key instrument to cut administrative barriers that hinder companies from expanding across Europe. It is expected to be particularly relevant for firms providing services rather than physical goods and for those seeking to work with public authorities in other EU countries.
Gonçalo Matias, the Portuguese Minister responsible for the project, said the tool could play a significant role in easing the administrative burden faced by businesses operating across borders. Speaking to Euractiv, he emphasised that cutting red tape remains a key objective of the digital wallet.
At this stage, the app gives companies access to four core administrative documents, including a digital company identification card and proof of no outstanding tax debts. Additional documents are expected to be added over the coming months. According to Matias, by the summer, businesses should be able to retrieve all the paperwork needed to sell services to public authorities across the EU and to open bank accounts.
One of the key benefits of the system, the Minister said, is that documents are kept permanently up to date. “If a document needs to be renewed every 90 days, the wallet does that automatically,” he explained.
However, the rollout does come with potential costs for users. While the basic version of the wallet will remain free, companies will be charged for services that already incur fees when requested by public authorities, as well as for certain future advanced features that are still under development.
Despite the enthusiasm in Lisbon, the project has not been universally welcomed across the EU. Estonia’s digital Minister has publicly criticised the initiative, warning that it could cost hundreds of millions of euros and replicate existing systems in more digitally advanced countries.
Matias acknowledged those concerns, noting that countries such as Estonia have already made significant progress in digitising public administration and may now need to adapt existing platforms to align with the EU-wide framework.
Portugal worked closely with the European Commission to ensure its system is compatible with the bloc’s broader digital strategy. The business wallet was formally proposed by the Commission only two months ago, and the draft legislation still needs approval from both the European Parliament and the Council before becoming binding law.
Interoperability will be crucial to the project’s success, Matias said, stressing the need for systems to function seamlessly across all member states. He added that Portugal is ready to work with other EU countries as they develop their own national versions of the digital wallet.