I received an email the other day from someone looking to form a business in Brazil.
I told this person that forming a business in Brazil can be a real headache, particularly if you do not have a Brazilian partner.
It’s a crazy dynamic and I just don’t understand it–with all the economic advances Brazil has made in the past decade, it’s hard to see why its bloated bureaucracy continues to resemble the early days of post-cold war Russia.
I bring this up because my good friend Greg Barnett has a great post, Forming a Company in Brazil Just Got Quicker and Easier.
In the post Greg details how Brazil’s largest city, São Paulo, has streamlined the formation and registration process for new companies.
This is great news for foreign investor looking to do business in Brazil’s booming economy.
As Greg explains:
In the past, companies would first file with the commercial registry to get their company registration number. Then, they would file for their tax identification number with the federal tax authorities. And finally, they would file for their state registration. But according to the news release, these three filings will now happen simultaneously and all registrations will be handled by JUCESP.
Under the new plan, a process that normally took up to two months can now be completed in as little as one week.
It’s great to see Brazil’s notoriously slow bureaucracy finally start to catch up with its dynamic economy.
For more on Brazil law, head on over to Greg Barnett’s The Brazil Law Blog.