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Starting a Business in Brazil: How Long Will It Take?

Starting a Business in Brazil: How Long Will It Take?

Brazil's status as the largest economy in Latin America and the 9th largest worldwide explains why the country is so attractive to entrepreneurs. Although the administrative process for starting a business in Brazil can be less streamlined than in other countries, the potential rewards are spectacular in this market of over 209 million people. What is more, options are available to get your business moving sooner than it takes to incorporate -- through a professional employer organization (PEO) providing payroll outsourcing in Brazil. Starting a business in Brazil can sometimes be a challenging endeavour for foreign entrepreneurs, given the layers of bureaucracy and language barrier. As such, many look to a local experienced partner to assist in the process. Learn more about starting a business in Brazil below:  First things first: key steps for starting a business in Brazil  Opening a business in Brazil can take months Although the process for starting a business in Brazil has steadily improved over the years, it can still take a few months to reach full completion. That process will involve five key steps: 1. Drafting of the Power of Attorney to be granted by the foreign shareholder 2. Notarization of personal documents and bylaws 3. Registration of foreign shareholders before the Central Bank of Brazil (Note that all documents presented must be translated by a certified official translator) 4. Submission of articles of incorporation with the Brazilian Trade Board (JUCIS-DF) to generate a national register of legal entities number (CNPJ) 5. Opening of a corporate...

A Bitesize Guide to Corporate Tax in Brazil

A Bitesize Guide to Corporate Tax in Brazil

Understanding corporate tax in Brazil is essential to the success and good health of your company while entering the Brazilian market. Brazil, the largest economy in Latin America, has a complex tax system whose rules are defined in the Federal Constitution and based on the various regulations issued by tax authorities. All companies operating in Brazil are subject to the payment of taxes. However, taxes vary according to the business activity that is developed. Learn everything you need to know about corporate tax in Brazil before taking advantage of business opportunities in 'the giant of South America'. Corporate tax in Brazil The Brazilian tax system is regulated by the Federal Constitution, and other state and municipal laws. In addition, there are some specific tax regulations that apply to companies operating in the country, depending on their business activity. In accordance with corporate tax compliance in Brazil, each company must pay taxes to the federal, state and municipal tax authorities. Federal taxes The tax on the importation of foreign products is applied from the entry of said products into Brazilian territory. Import tax (Imposto de Importação): The tax on the importation of foreign products is applied from the entry of said products into Brazilian territory. Its calculation is based on a specific rate defined by law or it can be based on the price that the product would reach once it is established in the Brazilian market. Export tax (Imposto de Exportação): The tax on the export of national products is charged when these goods are taken outside the...

July 2020 Regulatory Update: South and Central America

July 2020 Regulatory Update: South and Central America

Our professionals report notable regulatory updates for July 2020. Biz Latin Hub’s team of legal and accounting specialists operating across all key markets in Latin America report the following notable regulatory updates for July 2020 in Bolivia, Brazil, Chile, Costa Rica, Guatemala, Mexico, Panama, Paraguay, and Uruguay. We support foreign companies in Latin America comply with all corporate regulatory compliance obligations to ensure their success in new markets. For more information on how we can support your regulatory and annual compliance needs, contact us today. Bolivia RegulationDetailsOfficial Statement N° 37/2020   On 14 July, the Ministry of Labor announced that daily labor activities in private and public entities can last for up to 6 hours. Companies must alternate staff between working in their designated office and home-office working arrangements. Brazil RegulationDetailsOrdinance 340Prohibition of entry of foreigners in Brazil from 1-30 July.    Exceptions: 1. Immigrant with permanent residence; 2. Foreign professional on mission in the service of an international organization, as long as duly identified; 3. Passenger in international transit, as long as the passenger does not leave the international area of the airport and the country of destination admits his ticket; 4. Foreign employee accredited to the Brazilian Government; 5. Foreign national, spouse, son, daughter, father, mother or curator of a Brazilian; whose entry is specifically authorized by the Brazilian Government in view of the public interest or for humanitarian...

Why Outsource Your Corporate Secretarial Services in Brazil?

Why Outsource Your Corporate Secretarial Services in Brazil?

As Brazil is the largest economy in Latin America and is a key gateway to doing business in other neighbouring nations, accelerating productivity growth is one of Brazil's top priorities. We recommended outsourcing your corporate secretarial services in Brazil, as it is the best way to comply with the requirements of both international and local law, while ensuring the positive reputation of your company. Learn how a local partner can ensure you comply with local and international legislative requirements through the provision of professional corporate secretarial services in Brazil.   Advantages of doing business in Brazil With Brazil having an estimated population of 214 million, the country holds and presents a number of opportunities within many emerging markets and new sectors.  There are multiple reasons and opportunities available for executives doing business in the country, such as: Corporate secretarial services alleviate stresses and concerns when expanding your business. Promising Start-up ecosystem.E-commerce opportunities.Investor-friendly visa programs.Economic resilience.Access to other Latin American nations.Movement of goods and services.Reduced layers of bureaucracy. To successfully incorporate a business in Brazil, you will need to engage with a corporate secretarial services provider that can successfully guide you through this process and connect with all relevant government authorities. This will ensure you can do business in Brazil with minimal delay and in full compliance with local law. Benefits of outsourcing corporate secretarial...

Mitigate Your Business Risks with Due Diligence in Brazil

Mitigate Your Business Risks with Due Diligence in Brazil

Understand how to manage your business risks with due diligence in Brazil. Brazil's favourable conditions for doing business and consumer market size attract many multinational companies looking to expand into Latin America.  Brazil has several legal peculiarities that impact companies' way of doing business that they must be aware of. Additionally, it is important for companies to accurately understand and make informed decisions on the level of risk they face when engaging new partners or contacts, buying existing companies and assets, and hiring staff. In order to invest in a pre-existing company in Brazil, the investor should carry out comprehensive due diligence in Brazil. This means clarifying the legal and financial health of the company, among others. When should I carry out due diligence in Brazil? The purpose of due diligence is to help business owners understand any applicable risks to business activity and make informed decisions about those risks. The purpose of due diligence practices is to help business owners and decision-makers understand any applicable risks to business activity and make informed decisions about those risks that align with the best interests of the company. Executives may choose to undertake certain due diligence processes in Brazil when: Purchasing an existing companyPurchasing company assetsHiring specialized or senior staffPartnering with or contracting an unfamiliar agencyForming other key working relationships with individuals or organizations. Due diligence practices analyze relevant legal, financial, and background information in...

How to Form an NGO in Brazil

How to Form an NGO in Brazil

Learn how to form a non-governmental organization or NGO in Brazil. According to the Brazilian NGO association, ABONG, there are now more than 300,000 NGOs in Brazil. If you seek to become one of them, read on to find information about the laws and procedures to from an NGO in Brazil.  The legal status of NGOs in Brazil Roles and responsibilities need to be clearly assigned in an NGO in Brazil. The Third Sector Law, nº 9.790, from 1999, provides the qualification of private legal entities as nonprofit Civil Society Organizations of Public Interest (Organizações da Sociedade Civil de Interesse Público, known as OSCIPs). This law disciplines and establishes the partnerships to be formed with the state and private companies. There are several types of institutions that comprise the Third Sector in Brazil including associations and private foundations.  When an organization exists for more than one year, it can request to be qualified as OSCIP at the Ministry of Justice. This qualification allows an NGO to establish a relationship with the government. This gives the organization access to public resources through a Partnership Agreement (Termo de Parceria). This partnership agreement is a legal document for establishing partnerships between the government and the non-governmental organization. Qualified under this law, an OSCIP can: Experiment with non-profit, new socio-productive models and alternative systems of production, trade, employment, and credit.Produce studies and research, development of alternative technologies and dissemination of information and...

Business Opportunities in Brazil’s Construction Sector

Business Opportunities in Brazil’s Construction Sector

The construction sector in Brazil is a key contributor to GDP growth, with large cities located in all regions and a vast workforce available to operate in a rapidly expanding market. The construction market in Brazil offers key opportunities for the foreign multinational company expanding into Latin America.  The construction sector is not only responsible for construction operations alone, but for an entire chain connecting different types of service providers and suppliers. We explore opportunities emerging in the Brazilian construction market for businesses. Why do business in Brazil’s construction sector?  The construction sector is not only responsible for construction operations alone, but for an entire chain connecting different types of service providers and suppliers. Brazil has one of the most skilled workforces in Latin America. In addition, it’s the region’s largest economy with the largest population. These elements present an ideal hub for expanding companies to develop their business in the region. From Brazil, companies then have the option for further expansion or trade with other key players in Latin America. Therefore, the time has come to seek the best way to take advantage of the opportunity to operate in the construction sector in Brazil. Thus, companies looking to invest in this market must have the help of specialists and deep knowledge about the Brazilian business environment. Architecture and Engineering The streets of Brazilian cities like São Paulo and Rio de Janeiro display several modern and newly constructed buildings. But what is...

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