Accounting in Brazil | Our contact details

Our blog

Our best articles to understand the Brazilian market

Documents required to open a bank account in Brazil as a foreigner

Documents required to open a bank account in Brazil as a foreigner / Documentos necessários para abrir uma conta bancária como estrangeiro

Opening a bank account is one of the essential requirements for investors who wish to set up companies in Brazil. Following banking procedures in Brazil, it is necessary for investors to have a legal entity account (corporate account), through which payments and receipts for sales and negotiation transactions occur.


In addition, it is important for foreign businesspeople to know more about banking procedures in Brazil, since the Central Bank establishes specific rules, which we will go into more detail in this article! 

Individual bank account

First, you must understand that there are two options for bank accounts for a foreigner in Brazil. The first of these is the individual checking account, whose account identity is the CPF (Taxpayer ID Number). 


To open this account, the foreigner must submit the following documents:


  • Temporary (minimum 12 months) or permanent resident visa.
  • Proof of income (if you need to open an account for salary payment)
  • National tax identification number – CPF (Taxpayer ID Number)
  • Identity document (it can be the passport or Identity Card for Foreigners – CIE).
  • Proof of residence in Brazil.

Types of accounts that the resident can open? 

With the documents mentioned above, the foreign resident has the possibility of opening:


  • Checking Account – Intended for daily transactions and payments.
  • Savings Account – To save money and enjoy monthly interest income. 
  • Salary Account – Account for receiving payments. There are usually no maintenance charges for this type of account. 


Bank account for foreigners not residing in Brazil

It is quite hard to open a bank account in Brazil without submitting the identity card mentioned above, or at least a document called the National Register of Migrants (RNM), which travelers must also obtain upon arrival. 


You can obtain it by registering with the Brazilian Federal Police. You can also schedule an appointment with the local police office prior to your arrival. 


 If you needa bank account in Brazil for your company, contact us for our solution. 

Legal Entity Account

The corporate account is the mandatory option for investors, because it is the bank account linked to the CNPJ. The choice of corporate account is relevant because a publicly-held company in Brazil is subject to specific charges and taxes for each business. 


Therefore, it makes more sense to open an account of this nature and manage the receipts and payments derived from the business. 


In addition, it is interesting to note that the corporate account can be opened by the legal representatives of the company or by the partners. The account transaction is carried out only by authorized persons, through a power of attorney, for example. 

Why open a Corporate account?

With a specific bank account for the company, the foreign entrepreneur organizes income and expenses related to the business. Likewise, the creation of two accounts (individual and legal entity) makes it possible to separate personal and business assets. 


Above all, the corporate account established for the foreign investor’s company facilitates bookkeeping. This enables the execution and reconciliation of the most varied operations.


In addition, there are other advantages: 


  • Your business organization can conveniently make and receive payments for the sale of products and services.
  • The Corporate account helps you expand the credit line in the market, often offering reduced rates.
  • One of the main advantages of having a corporate account is that, depending on the category of the company, your personal assets are not at risk. 
  • In cases where the company faces some kind of lawsuit, the corporate account can be blocked, but the personal account does not suffer the same risk. 


How to open a corporate account in Brazil?

The first step is to set up a company in Brazil, so this process will give the incorporated organization a CNPJ, the taxpayer number.


The company needs this number to start the procedures for opening a corporate account in Brazil. Then, you must submit the company documents, which are: 


  • Copy of CNPJ (Corporate Taxpayer Number), document that the Brazilian IRS issues through its website.
  • Proof of business address.
  • Copy of the company’s articles of incorporation/organization registered in Brazil.
  • If the applicant for opening the bank account is not the local officer, it is important to submit a copy of the public power of attorney with a notarized signature.

Submitting personal documents

Local officers also need to submit some documents, such as proof of residence, a copy of the individual’s CPF and a copy of the identification card. 


The next step, then, is to contact the chosen bank and provide some information, which includes the name and address of the shareholders. 


In addition, the bank will request the company’s monthly revenue, details on the commercial activities of the enterprise in Brazil and the organizational chart of the corporate chain. 


As can be seen, the banking procedure in Brazil is not that complex, but it is certainly laborious. Therefore, it is advisable to seek guidance and support from professionals specialized in accounting in Brazil.

The Europartnerteam is ready to assist foreign investors in all stages of starting a company in the country. Contact to us and ask your questions!

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

We can help your business

Copyright © 2024 . EUROPARTNER - Accounting in Brazil. Bookkeeping, tax and legal consulting