243 Foreign-Controlled Companies Operate in Madeira, Up 7.5% from 2023
In 2024, the Autonomous Region of Madeira (ARM) hosted 243 foreign-controlled companies (affiliates), an increase of 7.5% compared with 2023, according to data released today by the Regional Directorate of Statistics of Madeira (DREM). Out of all the non-financial companies based in Madeira, only a small share - 1.9% - were owned or controlled by companies from outside Portugal, a share below the national average of 3.4%.
Indicator | 2024 Value | % of Regional Total | Change from 2023 |
|---|---|---|---|
Number of foreign-owned companies | 243 | 1.9% of all non-financial firms | +7.5% |
Employment | 5 078 | 6.3% of regional employment | +1.9% |
Average employees per company | 21 | — | — |
Turnover | €1 416.3 million | 14.1% of regional turnover | +7.8% |
Gross Value Added (GVA) | €420.6 million | 13.2% of regional GVA | +27.5% |
Share headquartered in EU | — | 67.1% of affiliates | — |
Share of GVA from Luxembourg-owned firms | — | 37.9% of GVA | +3.8 pp vs 2023 |
Top sectors by number of companies | Other services (78), Construction & Real Estate (55) | — | — |
CINM-licensed affiliates | — | 17.7% of affiliates; 24.0% of GVA | — |
Employment in Foreign Affiliates Surpasses 5 000 Workers for First Time
Foreign-controlled companies in Madeira employed 5 078 people in 2024, a 1.9% rise over the previous year. On average, each affiliate employed 21 staff members, compared with six employees per company in the region overall. These firms accounted for 6.3% of total employment in non-financial companies in Madeira, versus 18.3% at the national level.
Turnover Hits 1.42 Billion Euros with GVA Growing 27.5% in 2024
The turnover of foreign affiliates in Madeira reached 1 416.3 million euros, increasing 7.8% compared with 2023, and represented 14.1% of the total turnover of regional non-financial companies. Gross Value Added (GVA) rose by 27.5% to 420.6 million euros, exceeding the 14.4% growth recorded for all companies headquartered in the ARM. DREM noted that Luxembourg-based affiliates contributed 37.9% of the total GVA.
European Companies Dominate Ownership, Malta Leads in Number of Affiliates
Most foreign affiliates in Madeira were controlled by companies based in Europe. In 2024, 78.6% of affiliates were European-owned, followed by 18.1% from the Americas. Malta accounted for the largest share of affiliates by number (15.2%), while Luxembourg led in GVA contribution. The sectors “Other Services” and “Construction and Real Estate Activities” had the highest numbers of foreign affiliates, with 78 and 55 companies respectively.
Foreign affiliates licensed within the Madeira International Business Centre (CINM) represented 17.7% of all affiliates in the region and contributed 24.0% of GVA, highlighting their economic significance despite their smaller share of employment and turnover.
Source: DREM
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