Why it takes so much time to open a Bank Account in Brazil when there are foreign shareholders?
In Brazil (and in other countries), one must expect around 2 months to open a Bank Account.
See below a list of minimum documentation required, this list will normally be followed by extra request from the bank.
Minimum documentation required
- CNPJ (local tax number of the company).
- Memorandum of Association of the local company.
- Memorandum of Association of the parent company, translated and notarized (this document was necessary to obtain the CNP3, only one copy is required).
- Declaration of Annual turnover (month per month) of the last year. For startups, a letter (signed by the legal representative or accouter) confirming no commercial activity will be request.
- Depending on the AML team, FACTA forms might be required.
- It is required to identify the final beneficial owners of the company which can be an open listed company or an individual who has a 10% or more (depending on the nature of business this percentage could be even lower) through an ownership chart.
- Document certifying the identification of 100% of the Corporative chain, until reaching the final beneficiaries individuals. (Only for Limited Companies we would need to know until the end of the beneficiaries) e For Startup companies in Brazil*, a Business plan is requested. It should include:
- Information about the activity of company in Brazil and expectation to start business here;
- Installation information (expectative of employees, location, and others);
- Business plan, revenues for next years, suppliers and commercial partners;
Know more about Accounting, Payroll and Taxes Services offered in Brazil by BPC Partners.
Feel free to contact us if you have any question this topic.