Experts for Brazil
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Ask the Experts: Gabriel Jacintho
Brazil Market Entry Expert
Brazil Market Entry Expert
Gabriel Jacintho, head of G.Jacintho/InterGest Brazil, has experience with International Accounting and Tax matters and has worked with some of the world’s best companies ( Arthur Andersen, PwC…).
Gabriel Jacintho is owner and founder of G.Jacintho Accounting & Tax Advisory. Gabriel’s experience includes public accounting, private industry, audit committees and arbitration.
Gabriel has also taught at international and national seminars on the core specialties of Accounting. Most recently, Gabriel was a co-writer of “Perícias em Arbitragem” - free translation: “Audits in Arbitration”, a book published in Brazil. Also, he is member of the Eurochamber - European Association of Chambers of Commerce.
Gabriel holds a bachelor degree in Business Administration from FGV, Fundação Getúlio Vargas, in São Paulo, Brazil.
+55 11 3124 2555
I would like to know all terms and conditions for setting up a company in Brazil. The activity of the company will be trading of agricultural products. Question from Maryam Azari Rad on 27/12/2017
To be able to operate in Brazil, foreign companies must, first of all, establish a Company in Brazil, registering the Articles of Association in the Government agencies and obtaining a Corporate Tax Payer Number (CNPJ).
There are two characters that are fundamental when opening a foreign company in Brazil:
• Proxy Holder (Legal Representative)
The proxy holder must be a Brazilian resident, who will sign on behalf of the foreign shareholders. To nominate the proxy holder, it is necessary to have a Power of Attorney (POA) from each foreign shareholder to be represented. Depending on the country of origin, the POA must be consularized at the local embassy.
• Legal Manager
The legal manager also must be a Brazilian resident. It will be the person signing on behalf of the Brazilian company, and will be the primary responsible in case of any liabilities.
It is important to highlight that this procedure takes time, as all the documentation must be sworn translated and sent to Brazil. Therefore, it is important to plan ahead.
Brazilian companies may be of three different natures:
• Trade (import/export/retail)
Opening a service company would take around 30 days, after receiving the POAs properly registered and consularized, to be able to issue Notas Fiscais (official invoices issued through a Government System).
Import, export, commerce and industry activities may take longer to be opened. Depending on the activity, it may take from 45 to 90 days, as they may need special licenses, such as RADAR (import/export license), CETESB (Environmental License), working permit, INMETRO (Quality and Technology Standards Verifying Agency), ANVISA (License to produce and trade products for human consumption), etc.
In addition, it will be necessary to have a tax address to obtain the CNPJ; and, for industry and Trade companies, a commercial address is also required.
After opening the company, you will need an accountant to run your monthly routines, which includes payroll, filing tax requirements, bookkeeping, etc., and to open a Bank Account. Opening a Bank Account to foreign owned companies in Brazil can be a very bureaucratic and time consuming process, taking up to 90 days to be fully operational.
Considering the above, find below an estimate for our fees:
Service Starting Fee
Opening Company USD 2,000.00
Proxy Holder (per foreign Shareholder) USD 400.00
Legal Manager USD 1,200.00
Tax Address USD 200.00
Commercial Address (Santos) USD 400.00
(Accounting, Payroll, Tax and Cash Management) USD 1,500.00
Bank Account opening USD 1,000.00
Please, note that those are our starting fees. The fees may change depending on the type of company, location and amounts and volume of transactions. Each company must be studied individually.
Our proposals do not include Government Agencies, brokerage, translation and other partners’ fees. Find below estimates of extra costs for Service, Import, Export, Commerce or Industry Companies:
• Government Fees to Register the Articles of Association: USD 150.00
• Digital Certificate Acquisition: USD 270.00
• Sworn Translation: Approximately USD 500.00
• City Hall Fee: USD 80.00
• Approximate Total: USD 1000.00
We cannot estimate the following Extra Costs for Import, Export, Commerce or Industry Companies, because we do not provide such services. This would have to be quoted with Third-Parties:
• Brokerage Fees (RADAR Import/Export License)
• CETESB – Government Environmental Agency
• Working Permit
• INMETRO – Quality and Technology Standards Verifying Agency
These are estimates, and we will prepare formal proposals on a client basis.
Caso tenha interesse, podemos agendar um telefonema ou conversa por Skype, para discutirmos melhor suas necessidades.
Hi Gabriel I have a few clients in Brasil (Telefonica and Oi for example) and would like to establish regular business banking in Brasil to help service the business. Can I do this without establishing a Brasilian subsidiary and if so how? Thanks in advance for your help Dave Roberts CEO Barefruit Ltd Question from Dave Roberts on 27/10/2014
Thank you for your message. We are glad to help you.
Firstly, we would like to know if you have a Brazilian bank account already opened in Brazil.
Can you also inform what kind of banking transactions you have in mind, and an idea on the volume of such operations?
We could go over these matters on a conference call if this suits well.
Looking forward to hearing from you.
Thanks & regards,
Dear Gabriel, I would like to know which could be the best market entry in Brazil for an e-commerce company selling clothes from different other companies. With the high taxes there, it is better to export, to acquire a Brazilian company or what do you think is better option. Thanks Question from alan cam on 10/02/2014
Brazil offers great opportunities for ecommerce. Online sales for clothing are booming.
Trends are converting Brazilian consumers into e-shoppers, and social commerce is extremely popular.
Taking this into account, to acquire a Brazilian company could represent a very high investment, not to mention this process could take a long time.
Foreign individuals and companies can set up a business in Brazil, and we can help you to understand the requirements to do so.
As for tax burden, there will be federal, state and city taxes to be calculated.
We can only talk about rates, when we have your business model, products description, the tax classification code (NCM), etc.
It is also important to consider a comprehensive market entry study.
We are ready to support you all along the way – starting with the market studies, opening the Brazilian company, getting licenses, taking care of your back office, tax compliance, invoicing, etc.
Would you like to schedule a call so that we can get further information, and be able to present you our initial proposal?