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Know the Basic Requirements for Setting Up a Company in Brazil

Before you incorporate a company in Brazil, the general rule states that any foreign company can be a shareholder in a Brazilian company automatically rendering the Brazilian company a subsidiary of the foreign entity. Whether you’re in Brazil or any other country in the world, a business structure is one thing you must decide as an aspiring entrepreneur. Starting a company in Brazil will take you a period of one to one and a half months maximum.
As you strive to legalize your company, certain requirements are a necessity. The common company structures in Brazil are; The Limited Liability company ( Limitada ou LTDA) and the Corporation (Th Sociedade Anonima).

A Limited Liability Company is mostly used by foreigners whrere the applicant is required to have a minimum of two Quota holder who may not necessarily be Brazilian citizen and a legal representative of the company. The legal representative must also be a Brazilian. Now, if you plan to incorporate a company in Brazil of this nature, you’ll not be required to have a minimum capital requirement. Again, if in case you have foreigners (appointed), they must hold a permanent visa and a resident of Brazil. At this junction, a minimum capital is needed by the Brazilian authorities.

When it comes to the Corporation (The Sociedad Anonima), the type of company structure is under the municipality by-laws with a designated management board. You’ll be practically required to have at least a minimum two Brazilian residents.

 

The Process of Registering a Company in Brazil

Before you decide to incorporate a company in Brazil, you should decide on the name of the company. Afterwards, you should take it upon yourself to conduct a name search which is available on the Board of Trade online platform. The good news is that the process of name searching may be conducted concurrently with the registration of the company. You must ensure that all your documents are valid to avoid unnecessary inconveniences.

And to make even more clear while preparing for incorporation you should ensure that you prepare some of the following documents namely: Article of Association, a copy of Standard Application, a copy of FCN (National Register Application), each partners personal information and payment of fees through (DARF).

After completion of the registration process, you’ll be issued with a NIRE Identification Number. The Board of Trade delivers the Identification Number to the applicant after the company is successfully registered.

It’s one of the requirements that your company is registered as a taxpayer. Now, with your NIRE number you acquire the CNPJ which is available online at Receita Federal. You cannot operate your business without having a license. Some of the documents that you may require include: filled up municipality form, authorized company’s address, a copy of the CNPJ and a copy of the Articles of Association.

To incorporate a company in Brazil, you’re required to also register for Social Security whether you have employees or not within the next 30 days of business opening.

To incorporate a company in Brazil, you must register for social security within 30 days of opening, whether or not you hire employees. For more information about setting up a company in Brazil, please contact us, 3E Accounting will provide you with the best service.