Open a Bank Account in Brazil
Updated on Thursday 18th January 2018
Rate this article 1 reviewsbased on
Since the economy of Brazil has increased in the last years, the demand for Brazilian corporate bank accounts has risen, as well. As follows, our company formation consultants in Brazil explain how to open a corporate bank account in Brazil.
Procedures involving opening a corporate bank account in Brazil
Opening a corporate bank account is an important step after company formation in Brazil. It is compulsory for a company which runs its business in this country to have such an account with a Brazilian bank, for which the legal administrator is the master signatory.
The articles of association for the legal entity should has already been created prior to opening a bank account. To open such an account, the company must provide the bank with the ID number which all Brazilian businesses have (called “CNPJ”), together with a copy of the social contract.
Each Brazilian bank has its own list of requirements to enable businesses to set up corporate bank accounts.
One of these requirements is wiring funds and registering the transfer with the Central Bank of Brazil. These funds have to originate from a foreign bank account which is held in the investor’s name.
For this requirement, the services of a Money Exchange Agency have to be employed. Before the transfer, this agency will require a set of documents to create an account with the Central Bank of Brazil for the investor.
Then, the transfer is registered with the Central Bank of Brazil and an ID number is issued. Afterwards, a currency exchange contract is made ready and executed by the legal entity to exchange the funds into the local currency.
Our Brazil company formation advisors can offer more information on the other requirements which bank impose in order to open a corporate bank account in this country.
Other documents needed to set up a corporate bank account in Brazil
Other documents required to set up a corporate bank account in Brazil include the copies of passports and driving licenses of all the company directors, the company’s certificate of incorporation, a copy of the memorandum and articles of association, as well as the directors or trustees resolutions. Our company registration representatives in Brazil can assist companies interested in opening a bank account here.
These documents have to be certified by the local branch of the Brazilian bank in the company’s country of origin or by a notary public.
If you have further questions about corporate bank accounts in Brazil or for help in setting up a company in Brazil, please contact us.