Open a 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.
|Mandatory local bank account for companies (Yes/No)|| |
Mandatory residence requirement
Bank account opening time
| 2 business days in some cases for personal accounts |
> 1 week for corporate accounts (times can vary)
|Online bank account opening|| |
In some cases
|Bank accounts for foreign nationals in Brazil||Yes|
|Required documents - companies|| |
Proof of company registration (with local tax number)
|Required documents - individuals|| |
Brazilian Individual Taxpayer Number
|Special requirements for foreign nationals||Must obtain the CPF (The Individual Taxpayer Identification Number)|
|Bank fees||Examples include: |
$15 maintenance fee when the balance is below a certain amount
$30 outgoing international online wires
$3 out of network ATM withdrawals
$5 replacement fee for a lost standard domestic debit card
|Initial deposit||$3,000 for some banks|
|Types of accounts||Checking accounts - standard and premium |
|Online banking options||Yes. Features vary depending on chosen bank|
|Local agent requirements||Power of attorney to perform banking actions on behalf of the account holder|
|Main banks in Germany||Itaú Unibanco |
Banco do Brasil
Santander Brasil and others
|Criteria for choosing the bank||Online banking/mobile banking services |
Monthly account management fees
Fees for other transactions
Branch/ATM availability in the country or internationally
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.