CIRCULAR BACEN 3461 PDF

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Every company considering expanding into a new country must consider the costs and time it takes to set up operations.

This involves conducting research on visa requirements, legal entity options bacn, tax laws, employer obligations and many other factors. As one of my colleagues wrote on the Radius blog last year, opening a business bank account abroad can be one of the biggest pain points of an international expansion. It is particularly challenging to open a bank account in many Latin American countries, given anti-money-laundering and other regulations put in place to combat drug trafficking and terrorism.

Brazil is a cirfular in point. The time it takes to set up a bank account in Brazil can vary greatly, depending on the bank involved and other factors.

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Depending on the structure of your company in Brazil, fulfilling this requirement may be challenging. For instance, companies held by private equity funds must disclose the identity of the individuals responsible for managing these funds.

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They must also disclose information like monthly revenue estimates, net equity, and detailed descriptions of the activities circulra be carried out in Brazil. Needless to say, these requirements can take time. While extreme, we recently had a client that opened an account in Brazil and the process took a full six months from start to finish.

And opening a local bank account could not be more critical to beginning operations in Brazil. Under local law, a bank account is required in order to set up a Brazilian legal entity. Here is a list of important points to keep in mind for those companies looking to expand into Brazil.

As the level of compliance associated with foreign transactions is higher than the level associated with opening and maintaining a Brazilian bank account, a company in this situation may choose to maintain its bank account while bacenn conducting any foreign transactions. It should be clear by now that the process of opening a bank account in Brazil involves many variables and can take a long time.

The potential rewards of operating in the South American country — with its large and growing middle class — can be cigcular. That way, you can create an equally realistic, and flexible, budget and timeline for establishing your new international operations.

What You Need to Know.

Opening a Bank Account in Brazil: What You Need to Know

By Priscila Carmona Maya, Director, Tax and Compliance Every company considering expanding into a new country must consider the costs and time it takes to set up operations. This representative must be a resident of Brazil with an individual taxpayer number and must agree to assume ongoing company liability. The legal representative will be cirvular for signing the documents required to open a Brazilian bank account.

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Both the local legal representative and certain shareholders will be required by the bank to complete and return know your customer KYC documents for review and approval.

As mentioned above, stringent anti-money laundering laws and similar controls are now the norm in countries around the globe, and Brazil is no exception. This inherently cumbersome process — with all of the many parties involved — is the number one reason foreign companies experience delays when opening a bank account in Brazil.

Circilar bank operating in Brazil has its own requirements and timelines for establishing an account.

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Perhaps counterintuitively, larger international banks are not necessarily easier to deal with than relatively small local banks. Like many Latin American countries, Brazil has strict laws around international wire transfers. Pursuant 4361 the Brazilian Central Bank rules, the inflow and outflow of capital into and from Brazil must be classified into one of the transaction codes provided by the Brazilian Central Bank regulation.

And as a general rule, support documentation such as articles of association, services agreements and loan agreements is required to justify these transactions. Join hundreds of global business leaders who receive weekly international expansion updates and need-to-know global information.