Open a Bank Account in Brazil

Updated on Tuesday 26th April 2022

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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

 Quick Facts  
  Mandatory local bank account for companies (Yes/No)

Yes

Mandatory residence requirement

No

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)
Memorandum of Association
Appointed individual's identification documents
Other financial documents and/or identificaton documents for the directors, if needed

Required documents - individuals 

Brazilian Individual Taxpayer Number
Valid passport
Proof of residence
Income tax return
NIF number
Other doucuments, as may be required by the bank

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
Salary account
University account
Saving accounts
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
Banco Bradesco
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.