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Learn how to do business in Brazil: Complete guide

Posted 2022-04-22

Business competitiveness has crossed the borders. Therefore, in an attempt to reach new global markets, corporations seek space in countries like Brazil. Doing business in Brazil is certainly a very attractive activity for several sectors.

By building businesses in Brazil, companies increase their customer base in lucrative markets, driven by advances in technology and information. In addition, the Brazilian population is increasingly connected to new trends.

With a focus on the younger population, for example, companies such as fintechs and e-commerces consolidate their operations in the country. Therefore, it is possible to observe that the Brazilian territory is a “vast depth of ​​opportunities”.

Are you also interested in doing business with Brazil? Read on and learn how to do business in this region with high potential for growth and returns! 

Data that boost business in Brazil

 

With 213.3 million inhabitants and gross domestic product (GDP) growth of 4.6% in 2021, Brazil attracts the attention of foreign investors. 

The country, which has a per capita income equivalent to US$ 12,300, has strong technological connectivity. This is because about 44% of the population uses smartphones and more than 70% of the inhabitants have access to the Internet.

In addition, Brazilians are among those who spend more time in social media. Namely, Brazil has the second largest number of Twitter and Facebook users. This widespread consumption of content through social media strengthens the digital economy. 

Growth of FinTechs and of the digital payment systems 

 

For example, the number of fintechs has grown exponentially in the country. In 2019, there were almost 400 companies operating successfully and projecting more investments. 

In 2018, Nubank, the most famous fintech in the financial sector, opened more than 1.5 million digital savings accounts in the first 6 months of its operations. 

Likewise, transactions for digital payments reached the US$50 billion mark. The projection is that, in 2023, the value of transactions exceeds US$ 75 billion. 

4 steps to start your business in Brazil

 

Given these promising data about Brazil, see 5 steps to start doing business in the country.

Carry out market survey

If the idea is to open a company in the country, start planning with market survey. 

After all, the Brazilian market has specific characteristics, which will help in the general understanding of the products and services with the greatest potential for adhesion. 

Study the bureaucratic processes

Unlike other countries, Brazil has slower bureaucratic processes in relation to opening companies and branches. So much so that the country ranked in 124th place in the item on “ease of doing business”, published in the World Bank’s 2020 “Doing Business” report. 

Extensive documentation is required to start any kind of business operation. Therefore, technical knowledge, organization and even the support of specialized accountants can help a lot. 

Attention to labor law

Labor law is one of the challenges for Brazilian businessmen and for foreign investors interested in operating in Brazil. 

In recent years, reforms have been implemented, helping to reduce employers’ responsibilities and offering greater flexibility in hiring. 

The Consolidation of Labor Laws (CLT) covers labor standards applicable to all workers hired through an employment relationship, guaranteeing benefits to the worker.

Hire an experienced accounting consulting firm 

Accounting consulting service is essential to ensure more security in the process of opening your company in Brazil. 

Seeking to offer excellent services, Europartner has a large team of specialists in legal representation, administrative management and other areas.  Contact us! 

Author's post: Europartner Accounting

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