1. Due diligence to ensure preparedness
Before formally starting the incorporation process, you must first gather all the necessary
information required by Brazilian authorities throughout the entirety of the process. There are a lot
of things that need to be taken into account to incorporate a company: the type of entity, the
number of shareholders, the minimum capital, the required documentation, among others. It is
critical to ensure everything is clear so the remainder of the process will run seamlessly and
smoothly.
2. Grant power of attorney to your local legal representative
It is essential that the shareholders of the company grant power of attorney (POA) to their legal
representative in the country before incorporating a company in Brazil. This step is important to
ensure the legal representative can go through the entire procedure on the shareholder’s behalf
without any problem.
3. Register the articles of incorporation
Your POA should gather all necessary information to incorporate the company and submit the
required documents – known as the articles of incorporation – to the Trade Board. The articles of
incorporation include the name of the entity, address of the business, shareholders, capital, activity,
company name, administrator of the company. The cost associated with these submissions will
differ depending on which state the company will base itself.
4. Register with the public authorities
Next, you must register the company with various authorities, including the Federal Revenue
Bureau ( Receita Federal do Brasil ), the relevant municipal authority, and the state authority (if
applicable). Aside from the aforementioned institutions, there might be other parties you are
required to register your company with depending upon the nature of the business and activities of
employees. In some cases, registering with labor unions is required as well.
5. Register with the Brazilian Central Bank
Registering the company’s taxpayer number with Banco Central do Brasil is a mandatory step for all
foreign investors. The taxpayer number (CNPJ) is considered the most important reference number
for any Brazilian company and is required documentation for any remittance activity. In order to
obtain the taxpayer number, the company must first register with the National Registry of Legal
Entities, known in Portuguese as Cadastro Nacional da Pessoa Juridica.
6. Opening a bank account in Brazil
While this is the last step in the process of incorporation, it is very complex and takes a lot of time.
With an extensive “know your customer” procedure by the bank, this process can take anywhere
from a few days to up to three months, depending on your relationship with the bank and your
financial situation. To open a bank account, your company must already have a taxpayer ID, the
articles of incorporation, and the documents from the shareholders.
Contact Us
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