The Finer Aspects Of Doing Business In Brazil

Brazil is known for much more than just the Rio Carnival and beautiful beach bodies. While the Girl from Ipanema may be well known, Brazil is a land of opportunity when it comes to doing business. In addition, a mix of cultures makes it a great place to do business. The US, Germany, Netherlands, and Argentina are among the major existing business partners. The country is rich in several natural resources including timber, petroleum, gold, iron, nickel, phosphates, and more.

The first thing to do before doing business in Brazil is to conduct a research on the type of business you desire to invest in. In addition, you need to be well acquainted with Brazilian customs and culture. Permanent visas may be granted to foreign residents who wish to invest in a business and set up a company in the country. Investors will require to provide proof of their capacity to invest. With almost a 200 million customer base, Brazil has great potential for investment.

Every country has its rules and regulations for setting up a business, and Brazil is no exception. One of the main advantages is the availability of both skilled and unskilled labor. To be eligible for a permanent resident visa the minimum amount of investment is $150,000. The visa is granted for 5 years and can be renewed on proof of a successful business that has employed a Brazilian workforce. Investments need to be made through a Brazilian company and then the funds can be used for various business purposes.

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The first step is to identify a Brazilian partner prior to setting up a business in Brazil. The incorporation of a business is mandatory. In addition, it is essential to apply for registration for corporate tax and register with the Central Bank for foreign exchange transactions. Before setting up a business you need to open a bank account in the name of the company after which a minimum transfer of $150,000 can be made along with a structured business plan.

If you are in Brazil on a business trip then there is some etiquette you need to maintain. One thing that Brazilians aren't fond of is getting straight to the point right away. A bit of socializing is essential before making an introduction to the business side of things. Brazilians need to get acquainted and comfortable before talking business. The same applies to meeting in person and when calling on the phone as well. While bikinis and shorts are ideal for the beach, Brazilians prefer business suits and formal dresses during business hours. Depending on the time of the year, women can stick to a business suit or dress with a jacket. The Brazilians are known to follow European fashion. Being a tropical country the locals love wearing bright colors and colorful prints. However, they do know how to mix and match well so to be on the safe side you could stick to neutrals and black and white. For men, a European style suit is adequate when at business meetings.


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