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Brazil: Opening A Bank Account In Brazil!!

Discussion in 'Brazil Property' started by deedee1, Jun 11, 2007.

  1. deedee1

    deedee1 New Member

    :) Hi all,

    I have recently bought property in brazil and was wondering if anyone could contribute any information on how to open a bank account??

    What banks do you recommend and why??
    What documents do you need to take?
    Do you have to go in person to open one- or can a solicitor do that for you?
    What is the whole process?
    What can and cant you do once you have a bank account over there- I.e transfering money, withdrawls, intereste rates etc?

    Any information would be GREAT PLEASE! :D

    See ya D :)
  2. Hi Deedee1, please send me an email, and I will provide with a referral.


    Jose C. Santiago
    Licensed Attorney – Brazil
    Licensed Real Estate Agent – USA
    Phones: (55-11)9348-5729 - São Paulo
    (800)983-7060 - Miami
  3. MDV

    MDV New Member

    Hi again Dee, remember and post the results of the referral, I cant wait to hear about it.
  4. nickohorny

    nickohorny New Member

    The money is paid in Real through a brazilian bank account which you can open on owning property.
  5. Golfingworld

    Golfingworld New Member

    Nick, that's a new one on me, perhaps you can tell me about how to go about it. I have been told that there is absolutely no way you can open a Bank account in Brazil unless you obtain either residencia or you start a business. I have also been told that monies to buy a property are transferred direct to the developer or the seller through the Banco de Brasil as I am not allowed to open an account and therefore would not be able to hold funds in Brasil. It is, I believe (reading another thread on here) possible to obtain residencia (and thenBank account) through the fast track scheme where someone invests over USD 50k and a property purchase qualifies for this. But, unless residencia is obtained, no bank account is possible and certainly not possible, just because you have purchased property. So and this won't surprise you, I am not sure you are right in what you say or have been told! Once again, delighted to be proved wrong, all helps to fill the info gap.
  6. nickohorny

    nickohorny New Member

    Oh, i must be wrong then, I knew any means of money must go via Banco de brasil, wether being placed into the country or taken out... this must be what i am thinking of, I was sure you are qualified for a bank account once your CPF num is in place?

    I will have to check this out then.

  7. deedee1

    deedee1 New Member

    Re: Banks And Licences!!

    :)Hi all,

    GW- Appreciate your comments regarding this but realistically in all your posts you seem to only be able to make comparisons on everything by using spain as the example!
    I am aware of the closeness and good relationship between spain , portugal and brazil especially as brazils latin population has stemed from these countries but that does not mean to say that brazil will be functioning 100% like spain or portugal!
    They do have their own rules and regulations and may not follow the lead of these countries by the book!
    Yet again the information you have given is based on theories and not fact, you are going according to the operations of different countries and therefore different government- in fact I have heard that if anything the brazilian system are very similar to the uks!!

    In theory , as it is very early days in brazil yet is that by not permitting purchase and withholding rental licenses and preventing foreigners with properties to open bank accounts this will not do the brazilian economy any favours!
    This will deter buyers, sellers and investors from purchasing and will also reduce and create a huge chunk of rental income tax for the brazilian government and cause alot further complications down the line!

    I think that large resorts being built in prime locations that have the potential to achieve great rental incomes will be approved as yet again this provides the government with rental income taxes etc!

    It does not make sense for a significantly increasing and expanding economy to make these kinds regulations as they would be cutting off their nose despite their face!!

    Hhaaa....would gordan brown ever introduce this kind of regulation restricting foreign ownership, buy to let and rentals.....not at all!!!Neither would any other government for that matter!!!

    Spain probably has these regulations NOW as the supply and demand factors are up the creek and that there are major issues with oversupply of properties and rentals that it has spiralled out of control and this is a means to try to control it!!

    As for not allowing bank accounts for foreigners in brazil- I cant see this is true or will never change- if so then how have people been investing and buying in brazil if this is not possible???
    Yet again it makes more sense to allow foreigners to open a bank account so they can deposit funds in brazil- yet again more investment being pumped into the economy!!!
    As long as you own property in the country you have bought you are entitled to open a bank account there!!!
    Or so it is in all the other countries???

    So at the moment what your saying doesnt stack up??
    And even if it is true then brazils economy will not be able to function this way as it becomes impossible for all to operate this way??:eek:
    Yet again if what you say about brazil is true then they will need to re-think their laws and regs pretty quickly before it gets too messy and deters people from investing in brazil once word is out???

    See ya D :)
  8. Golfingworld

    Golfingworld New Member

    Dee, Mr Broad would be ideally placed to arbitrate this one..he knows both Spain and Portugal and speaks the lingo in both. My "limited" experience in Brazil tells me that everything I see there and how things are done reminds me very much of Spain and Portugal 25+ years ago. Life has a pattern and Brazil will look to Spain and Portugal to follow what has happened with their tourist/real estate markets. They will learn from their mistakes, allegedly! I raised the licence issue as it has hit a lot of foreigners in the solar plexus as so many were just assuming they could do what they want based on ex-pat hearsay, rather than fact. They are a canny lot the latins and in general us anglo saxons, don't generally realise how canny they are. They also have a habit of doing what they want when they want, when it comes to legislation particularly when it obtains a few quid for the Hacienda and particularly when it is the foreigner that has to foot the bill! I don't blame them one iota. This licence business in Spain is a good example, as was the Portuguese "offshore companies owning properties" change. Both these issues were singularly "un-mentioned or predicted" by the Agents and Developers who were pumping out properties on the costas 2/7 years ago. I doubt anyone has even thought about it when buying in Brazil..bearing in mind the website I read last night which stated that BA, Thomson, Airtours, Thomas Cooke, 1st Choice and wait for it BMI Baby all fly direct to Natal! So based on the fact that this airline info is complete bullxxxx how soon do you think they will rush to tell you about a potential rental tax or licence, whilst you are signing their contract? As for Banks etc, I agree with you..but this ability to shoot themsleves in the foot when it comes to arcane bureaucratic rules and laws is very common and contrary to conventional wisdom it doesn't change as quickly as it should or could. It took Spain and Portugal 20 years to change, then they moved fast, but my guess is that Brazil will be the same. Overall and now the bullets have flown over my head, I feel I am achieving my mission which is learning a lot through discussion but also trying to dispel some of the naive notions that I have read about the "Brazilian Property Boom". Why, because I don''t want to pay over the odds in a market that has been falsely stoked up by some who may (allegedly) be peddling falsehoods. It's like I read all these sites that say "make sure you get a good lawyer" to me it is like reading their personal absolution. How do you get a good you go to a lawyer and say "Escuse me ...are you a good Lawyer?"..."no mate, I'm an awful lawyer, but there's one over the road!" When did you last hear that?
  9. mitico67

    mitico67 New Member

    Hi All,
    as I'm planning to buy a property in a small development or even a resale in the south of Natal, I appreciate all the questions that GW has raised. So once I found the right place to buy I'll have more questions that my agent and solicitor will have to answer for me. I think Mr Santiago or all the other lawyers that write in this forum may give us a precise answers.Thanks all for the debate
  10. Golfingworld

    Golfingworld New Member

    Here's another one! If you don't buy a unit in a fixed development, but a resale or private flat or house and you can't get a bank account, as you are not do you pay your electric bill? Wells Fargo? If you are not resident, how do you sign for services such as community charges, gas, electric, phone etc etc? You can't just turn up with cash every three how is it done? I need to learn as I intend to buy a resale. I assume you need an administrator so that's an extra cost. Advice welcome!
  11. JMBroad

    JMBroad New Member

    Hi guys

    Busy busy at the office prepping a new launch so can't spend too much time on the forums today I'm afraid however with regards to getting dragged into this topic (thanks GW :eek:) there is probably someone who also browses the forums who could answer in more detail and more arbitrarily than I.

    Click Here! is an interesting read although it doesn't answer your queries directly, it does point you in the right direction and if you still can't find the answers you need, as I mentioned earlier, the writer of that article made a couple of posts on these forums and might be able to help you out :)

    Good luck and hopefully back tomorrow if I can get all this work done today :eek:
  12. JMBroad

    JMBroad New Member

    From that site mentioned above:

    "Individual persons or corporate entities, resident, domiciled or headquartered abroad may be the holders of deposit accounts in national currency in the country, exclusively in bank branches that operate in foreign exchange belonging to banking institutions authorized to operate on the exchange market, duly complying with the provisions set down in this chapter."
  13. Golfingworld

    Golfingworld New Member

    Hello Mr per the thread from the Brasilian Lawyer.....only a Bank account can be held with this program.
    The Brazilian Resident Investor Program for Foreigners


    Brazil's National Immigration Council (NIC) issued Resolution 60/04 on October 6, 2004, which supersedes Resolution 28 of November 25, 1998, with respect to the issuance of permanent visas to alien investors in Brazil. With this newer rule, the amount of an investment needed for obtaining a permanent residency in Brazil was lowered to US$50,000 and this has become the easiest and fastest way of getting residency in Brazil.

    You can obtain a permanent residency in Brazil, by investing the minimum amount of US$50K in, for example, a piece of real estate, such as a rental apartment or condo-hotel unit (flat) or even by opening a small business, such as a restaurant.
    Under this new Resolution, a permanent visa allows a foreigner to live and work in Brazil with the purpose of investing his or her own foreign funds in productive activities or investing in existing activities in Brazil.

    So, I reckon the Lawyer has it right and it is not automatic nor assumed that one gets a Brasilian Bank account by just buying a property. One seems tohave to go through the "residencia procedure" I suggest we all ask The Lawyer who seems better qualified than the "offplan" website.
  14. deedee1

    deedee1 New Member

    Re: Lawyer!!banks!!

    Hi all,

    So far he has been a very valuable and informative member of this forum providing us with his vast knowledge and first hand experience in the brazilian market!!

    He has taken alot of time and effort in posting all the necessary facts and figures regarding brazil and its procedures and has been very willing to answer peoples queries promptly!
    He has never portrayed himself as a salesman or agent scouting around for business like many others!
    And because of this I feel that he is competant, reputable and reliable and will consider using him in the near future to help me with my purchase!


    See ya -D :)
  15. JMBroad

    JMBroad New Member

    Hello again :D

    Absolutely, I'm not sure what the procedure is as I don't cover that part of the investment process so if you can get a legal expert to answer you I'd suggest it.
  16. Golfingworld

    Golfingworld New Member

    This is "hearsay" and based on my research only..lawyers know best. As I understand it, a non resident foreigner cannot open a Bank account in Brazil, nor have credit facilities (cards etc). It seems, you can get one if you become a resident through the procedure explained by Mr Santiago. Logic tells me that this program is fine if you deposit $50k in one go and obtain the bank account and residency and it seems you acquire a Company in the process, which some people are not likely to want, due to the associated admin and accounts etc. But, if you buy "off plan" and pay in stages, then it would appear that you are not actually investing $50 in one lump sum. Maybe, when the full sum has been paid, one can justify this amount, I don't know. Again the lawyer knows best. This is a key question for investors that are looking for rental income and raises anomolies about the "income guarantees" offered. For example, let's assume that you can't get an account as a foreigner and you don't want to go thru the "Investor Program" to get one..where and how is the rental guarantee going to be paid to you? You could rent "offshore" yourself but how will you book this into the developments central reservation scheme? Is it one of your weeks in "the pool" or one of theirs? Let's assume that this hurdle can be does the developer pay you? I raised this in another post and went through this query myself when I went to Natal. What happens if the development management company changes hands or goes bust? Is your "off the books" rental income account official, I doubt it? Will it be honoured if there is a change of management? If a management Company holds funds for outside is this accounted for within the assets of that Company? If they go bust, you lose the credits they are holding for you as the funds they hold for you will be within their assets and owed to the creditors. In effect, it is not your money or is it? If they sell their contract or lose their management contract, are all these credits being held for investors/renters going to be handed over? If, however you have your own bank account in Brasil you could in theory ask to have it paid monthly to you. But if you can't or won't get a bank can't! So when you see and assume that you will have a certain amount of income in the first few years, it may not be as easy as you think to collect these funds. The development I looked at had exactly this dilemma and even assuming that they would not go bust, nor lose their contract, I calculated that even if I doubled their assumptions for income it would only ever cover the overhead management costs for that year. Furthermore, nobody would give me any guarantees as to how these charges would rise in the long term. All this is relevant to a bank account, as if you can get one, you control your money not them.
  17. JMBroad

    JMBroad New Member

    Interesting post. I'm currently talking to a developer about a new project with guaranteed rentals and I'll try and get all of those answered and let you know.
  18. nigelallen

    nigelallen New Member

    To Get A Visa In Brazil

    Their seams to be a bit of confusion regarding doing things in brazil, i thought i would put some facts on the table regarding getting a Visa, like i said in a previous post nothing is simple in Brazil and nothing is cheap either, good luck all


    Ref: Requirements to obtain the brazilian Visa:

    It is possible for foreigners who pretend to invest in Brazil to obtain the brazilian Visa. In order to do so, the foreigner must prove the investiment of at least U$ 50,000.00 (fifty thousand dollars) in the country.

    Exceptionally, it is possible to ask the Visa with an investment of the less U$ 50,000.00 (fifty thousand dollars) when it can be proved that the investment will enable the creation of at least 10 (ten) direct jobs in a period of 05 (five) years.

    The process necessary to obtain the Visa generally takes about 02 (two) to 03 (three) years, but there are some specialized firms that can accomplish the Visa in approximately 30 (thirty) days, starting from the day of the registration on docket, who charges from R$ 3.300,00 (thirteen hundred reais) to R$ 5.000,00 (five thousand reais) for the service.

    As soon as the Visa is acquired, the foreigner’s first ID will identify him as investor and will be valid for 05 (five) years.

    The Federal Police Department will then substitute the temporary ID in the end of this period if it is proved that the foreigner is still investing in the country.

    In order to do so, it will be necessary to show the following documents:

    a) Foreigner’s ID.
    b) Certified copy of the firm’s Social Contract.
    c) Certified copy of the firm’s last tax return.
    d) Copy of the RAIS related to the past five years

    To finalize the process with success, it’ll be necessary to:

    1. Wire money to the firm in Brazil through an authorized bank, and with valid exchange contract.

    2. After every exchange contract, alter the firm’s Social Contract:
    a) Clause concerning the capital stock: incorporate the foreign investment;
    b) Clause concerning the administration: indicate the candidate for the office of administrator, observing that he will be nominated as soon as he obtain the visa .

    3. Elaborate a project for the investment and the plan for absorption of the manpower in case of investment of less than U$ 50,000.00 (fifty thousand dollars).

    4. Elaborate the project to obtain the permanent Visa at the competent Ministry (“Ministério do Trabalho e Emprego”) or at the National Counsel of Immigration (“Conselho Nacional de Imigração”) in case of investment of less than U$ 50,000.00 (fifty thousand dollars).

    5. Prove during the next 05 (five) years that the foreigner continues to invest in Brazil, presenting the documents mentioned above in order to substitute the temporary ID.

    You’ll find bellow a list of all documents required to request the brazilian Visa:


    1. Certified copy of the Social Contract proving the payment in full of the foreign investment; the minutes of meeting that elected the firm’s board; copy of the CNPJ card; name of the person who will sign the process (firm’s agent); phone number and the firm’s email.
    2. Proof (receipt) of the delivered tax return for the last year or declaration explaining why it wasn´t delivered.
    3. Minute of meeting indicating the candidate to occupy the office of administrator (filed at the competent organ) if the foreigner wishes to be the one .
    4. Electronic registration of the foreign investment from the brazilian Central Bank and the exchange contract signed with the bank that received the investment.
    5. Data of the firm’s incorporation.
    6. Number of employees working for the firm.
    7. Foreigner’s revenue abroad and in Brazil.
    8. 30 blank sheets containing the firm’s stamp.
    9. 03 (three) copies of a public power of attorney or particular power of attorney with the certified signature, having the company as the grantor.
    10. 03 (three) copies of the substitution document, authorizing the specialized firm to work in the name of the company.

    The investor must inform how will be the foreign capital applied/invested in Brazil and the benefits of this investment.


    1. Curriculum vitae.
    2. Passport: copy of the page containing the identification of the foreigner.
    3. Inform in witch Brazilian consulate will the candidate receive the Visa.

    1. The Visa may be extended to the legal dependents if proved the dependency.
    2. It is possible for the spouse to apply for the permanent Visa if the matrimony is recognized by the brazilian legislation.
    3. All documents originated from other country must be translated by swornin/certified translators and recognized by a brazilian consulate to produce effects in Brazil.
  19. nigelallen

    nigelallen New Member

    Incorporation of a “limitada” in Brazil.

    And for ones who want to open a company in Brazil,

    Re: Incorporation of a “limitada” in Brazil.

    Dear Mr xxxxxx
    Further to our telephone conversation, please find below some preliminary information on the incorporation of a company in Brazil.

    1. Legal Framework:

    As mentioned to you, the corporate structures more commonly used in Brazil are the limited liability company (sociedade limitada or simply “limitada”) and the corporation (sociedade por ações or simply “S.A.”).

    The simplest alternative for the formation of a company has always been the limitada, considering that very few formalities are required for its organization and operation. Thus, unless there was a specific reason for having a S.A. vehicle, we have recommended our clients in most of cases to form a limitada. We outline below the main aspects involved in the incorporation of a limitada.

    A limitada must have at least two partners, which can be legal entities or individuals, Brazilians or not. In case the partners are not resident in Brazil, they must keep attorneys-in-fact in Brazil with powers to represent them in corporate matters in general.

    Another power of attorney shall be granted to an individual resident in Brazil with powers to apply for the foreign partner’s enrollment with the Brazilian Federal Revenue Service (“CNPJ/MF”). For the purpose of this enrollment, we usually recommend that the attorney-in-fact be the Brazilian company’s manager.

    At least one individual resident in Brazil must be appointed as the company’s manager. The manager will be in charge of the company’s management and representation. The manager will be entitled to validly bind the company and to perform the managing acts within the company’s purposes, with due observation of the limits established in the Articles of Association.

    As a general rule, the capital stock of limitadas may be established by the partners in accordance with the actual needs of the Brazilian operation. The capital of the limitada must be fully subscribed at the date of its organization, but there is no legal requirement as to the exact term for paying-up such amount. Nevertheless, the partners must establish a time frame for the payment of the capital stock in the Articles of Association.

    The capital of a limitada is divided into quotas, which are not represented by certificates, and which are transferred by means of an amendment to the company’s Articles of Association. A limitada may not issue securities of any kind (including debentures) and its quotas may not be publicly traded.

    2. Organization Procedure of a Limitada.

    A limitada will be considered as validly existing in Brazil through the filing of its Articles of Association with the Board of Commerce of the State where its headquarters will be located. The Board of Commerce of the State of São Paulo usually takes approximately five (5) business days to file an Articles of Association, but in these last two months it is taking much longer than that because many companies had to adapt their Articles of Association to the new Brazilian Civil Code, as mentioned in our call.

    2.1. Registrations.

    Foreign partners must apply for their enrollment with the CNPJ/MF simultaneously or right after the formation of the limitada. The attorney-in-fact in charge of the enrollment procedure shall be also responsible for keeping updated with the Brazilian Federal Revenue Services the foreign partners’ record information.

    The enrollment of the partners with the CNPJ/MF is necessary in order to enable the partners to remit funds to Brazil for the payment of their respective participation in the company’s capital stock.

    After its organization before the Board of Commerce, a limitada shall obtain the following basic additional registrations:

    (i) General Federal Taxpayers’ Registry (“CNPJ/MF”);

    (ii) Central Bank of Brazil (“RDE-IED”)

    (iii) Municipal Taxpayer Registration (“CCM”); and

    (iv) Municipal Service Tax Registration (“ISS” - required only if the limitada will render services).

    After obtaining the CNPJ/MF, the limitada may open bank accounts and sign contracts. After the registration of the limitada with the Central Bank of Brazil and the registration of the foreign partner with the Individuals Federal Taxpayer’s Registry (“CPF/MF”), the limitada will be able to receive funds as capital contributions from its foreign partner. The procedures to obtain those registrations take approximately fifteen (15) business days.

    As soon as the company is enrolled with the CNPJ/MF, it would be able to hire local employees, open bank accounts and sign contracts in general. However, other additional tax filings or government permits might be necessary depending on the company’s purposes.

    Other additional registrations and/or government permits might be necessary, depending on the company’s activities.

    3. Necessary Information and Documents:

    The following documents will also be necessary for the formation of a Limitada in Brazil by foreign partners:

    (a) a power of attorney for corporate general purposes granted by each one of them, containing the powers described in the attached Exhibit I;

    (b) a power of attorney for purposes of enrollment with the CNPJ/MF granted by each of them to one individual resident in Brazil (we suggest that the grantee be the company’s manager), containing the powers described in the attached Exhibit II;

    (c) in case the partners are legal entities, a certificate of good standing issued by the relevant authority from their respective place of incorporation; and

    (d) in case the partners are individuals, copies of their passports and birth certificates.

    All the documents indicated above must be (i) notarized, and (ii) legalized by the Brazilian consulate with jurisdiction over the area where the foreign partner is located/domiciled, before they are sent to us.

    Should you have any further question on this matter, please do not hesitate to contact us.




    KNOW ALL MEN BY THESE PRESENTS that [NAME OF THE GRANTOR], a company duly organized and existing under the laws of the State of _______________, _____________, with head offices at ________________, represented herein by its [title], [name of the representative] (hereinafter referred to as the "GRANTOR"), hereby appoints and constitutes as its true and lawful attorneys-in-fact, Messrs., [nationality], [marital status], [profession], resident and domiciled in ________________, bearer of the Identity Card RG No. ________________, and enrolled with the Individual Taxpayers’ Registry (CPF/MF) under No. ________________ (hereinafter referred to as the "GRANTEE"), for them in the name, place and stead of the GRANTOR, acting jointly or severally, regardless of the order in which they are appointed, to perform the following acts and operations: (a) to organize a limited liability company (sociedade limitada) in Brazil (hereinafter referred to as the “COMPANY”); (b) to subscribe for quotas of the capital of such COMPANY, signing all necessary documents and paying the respective subscription price; (c) to approve the Articles of Association of said COMPANY, in the terms and conditions that they deem appropriate; (d) to execute the Articles of Association of the COMPANY and any other papers and documents necessary for that purpose; (e) to represent the GRANTOR in its capacity of partner of the COMPANY; (f) to appear at any partners’ meeting of the COMPANY and vote the quotas of the GRANTOR in relation to any matter submitted to the appreciation of the partners, including, but not limited to, the approval of financial statements and the election of managers; (g) to represent the GRANTOR with respect to any modification or amendment to the Articles of Association of the COMPANY, including, but not limited to, capital increases and transformation of the COMPANY into other corporate forms; (h) to sign any and all amendments to the Articles of Association of the COMPANY and any and all of its corporate books and documents; (i) to subscribe for new capital of the COMPANY and pay for the new capital so subscribed; (j) to receive service of the process in the name of the GRANTOR in case of legal proceedings arising from applicable corporate laws in Brazil; (k) to represent the GRANTOR before the Board of Commerce and the Civil Registrar of Companies of any State or jurisdiction in Brazil; (l) to represent the GRANTOR with the Central Bank of Brazil and apply for the registration of investments and reinvestments on behalf of the GRANTOR, signing all documents, forms and correspondence for that purpose; (m) to represent the GRANTOR with any public departments or agencies in Brazil, either at Federal, State or Municipal; and (n) in general, to represent the GRANTOR’s interests, practicing all acts deemed appropriate for the purposes herein included, the GRANTOR hereby approving and ratifying all that the GRANTEE or its substitutes may do or order to be done under the premises. The present Power of Attorney is valid until _______________, its delegation being permitted.

    IN WITNESS WHEREOF, the GRANTOR has caused this document to be executed, in the City of __________, ____________, on this ------ day of ----------------, 2004.

    [name of the representative]

    REMARK: This document must be (i) notarized, (ii) *certified by the competent agency, i.e. by the County Clerk or the Secretary of State (* only if the partner is headquartered in the United States of America) and (iii) legalized by the Brazilian consulate with jurisdiction over the area where the company is located, before it is sent back to us.



    By this private instrument of power of attorney, [NAME OF THE GRANTOR], a company duly organized and existing under the laws of the State of _____________, _____________, with head offices at ___________________, with an indeterminate duration, which purposes are [broadly summarized], represented herein by its [title], [name of the representative] (hereinafter referred to as the "GRANTOR"), hereby appoints and constitutes as its true and lawful attorney-in-fact, _____________, [nationality], [marital status], [profession], resident and domiciled in ________________, bearer of the Identity Card RG No. ________________, and enrolled with the Individual Taxpayers’ Registry (CPF/MF) under No. ________________ (hereinafter referred to as the "GRANTEE"), for him/her in the name and place of the GRANTOR, to perform the following acts: (a) to represent the GRANTOR for the purpose of applying to the Brazilian Federal Revenue Services for the enrollment of GRANTOR with the General Taxpayers’ Registry of the Ministry of Finance (CNPJ/MF), according to the terms of Normative Ruling No. 200, of September 13, 2002; (b) to deal and solve any issues before the Federal Revenue Services, and to sign any document with that agency including but not limited to the Basic CNPJ Entry Document; (c) to manage, according to written instructions received on a case by case basis, the assets that GRANTOR has or may have in Brazil; (d) to be receive service of process on behalf of GRANTOR in case of judicial or administrative proceedings arising out of the application of Brazilian laws; (e) in general, to represent the GRANTOR’s interest, practicing all acts deemed appropriate for the purposes provided for hereunder, the GRANTOR hereby approving anything the GRANTEE may do or order to be done in connection with the above-mentioned items. This Power of Attorney shall be valid for an indefinite term.

    IN WITNESS WHEREOF, the GRANTOR has caused this document to be executed, in the City of __________, ____________, on this ------ day of ----------------, 2003.

    [name of the representative]

    REMARK: This document must be (i) notarized, (ii)*certified by the competent agency, i.e. by the County Clerk or the Secretary of State (*only if the partner is headquartered in the United States of America) and (iii) legalized by the consulate general of Brazil with jurisdiction over the area where the company is located, before it is sent back to us.
  20. Golfingworld

    Golfingworld New Member

    I contacted four lawyers in Brazil about opening a bank account through the "fast track" method of opening a corporation. Three didn't even bother to reply, the 4th was very charming and helpful and the long and the short of it was it would cost me about £3000 plus the ongoing costs of opening a bank account, administrator and accountant for the business. Plus doing books and returns. So, before you all beleive an Agent that says it is easy..try it for yourself!
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