To carry out financial transactions in the country, notably the receipt of amounts and the payment of suppliers and employees, each company must have a corporate bank account in Brazil.
The process of opening a corporate bank account in Brazil is usually quite simple. However, this process must respect the minimum requirements determined by the Central Bank of Brazil. This is the public entity responsible for the regulation of bank accounts.
Learn how to open a corporate bank account in Brazil, the largest economy in Latin America.
1. Incorporate a company
To open a corporate bank account in Brazil, you must first incorporate a company in Brazil. Once you do this, you’ll receive a taxpayer number (CNPJ), which is required in the process of opening a bank account.
2. Prepare company documents
The local director must prepare the following company documents:
- A copy of the taxpayer number issued by the Federal Revenue through its website.
- A copy of the company’s bylaws duly registered in Brazil.
- Proof of address of the company.
- A copy of a public (notarized) power of attorney if the individual that is requiring the opening of the bank account is not the local director.
3. Prepare personal documents
The local director(s) must present the following personal documents:
- A copy of the ID card.
- A copy of the individual’s taxpayer number (CPF).
- Proof of address.
4. Enter in agreement with the bank
At this point, the bank and the company enter into an agreement and the process initiates for opening a corporate bank account. The agreement will set forth, among other provisions:
- The characteristics of the account and the basic rules for its operation. This includes the available forms of movement, the procedures for charging fees and the deadlines for providing vouchers, receipts and other documents.
- Security measures for the purpose of handling the account.
- The rights and obligations of the account holders.
Furthemore, banks in Brazil, at their own criteria, define a minimum balance that must be deposited to keep the bank account active.
5. Present the following company information to the bank
- Name and address of the shareholders.
- Business activities of the Brazilian company.
- Monthly revenue of the company.
- Organization chart of the company’s corporate chain so that the ultimate beneficiary is informed.
After a period of analysis, which varies from bank to bank, the corporate bank account is duly opened.
Get proffesional support when opening a corporate bank account
Opening a corporate bank account in Brazil for a foreign company might be a challenging experience. We strongly recommend partnering with accounting and legal expert for local support. With the right market entry strategy, your Brazilian expansion can achieve long-term success.
At Biz Latin Hub, our team of multilingual specialists offers comprehensive market entry and back-office services. We provide customized business solutions to suit your needs and we can help you to open your corporate bank account. Contact our Brazilian business experts for personalized advice.
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