A mandatory requirement for opening a business in Brazil is to also open a bank account in Brazil for the newly created and registered legal entity.
Our company formation consultants in Brazil assist clients who wish to open a bank account in Brazil, as well as those who have questions about bank accounts and banking laws in general.
A mandatory requirement for opening a business in Brazil is to also open a bank account in Brazil for the newly created and registered legal entity.
The corporate bank account is mandatory for financial transactions, such as the receipt of payments for the services and the payment of employees and suppliers.
Because it is an essential requirement, our company formation packages include the creation of a legal entity, as well as the subsequent procedures for bank account opening.
The account can be opened with a chosen bank via a power of attorney, when the business owner prepares this document beforehand, essentially investing one of our specialists to act as the agent, in this case, representing his interests in front of the Brazilian bank branch.
Bank account opening is an important step for all those who wish to open a company in Brazil in 2025. If you are interested in a detailed timeline of the needed steps, you need assistance in preparing the documents for registration or representation in front of the Brazilian authorities (including in front of the bank branch when you open the account), our team can help you.
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Procedures involving opening a corporate bank account in Brazil
Business founders open a bank account in Brazil after finalizing the registration of the company.
This means that opening a corporate bank account is an important step after company formation in Brazil in 2025.
It is compulsory for a company that runs its business in this country to have such an account with a Brazilian bank, for which the legal administrator is the master signatory.
The articles of association for the legal entity should have already been created prior to the stage in which the founders start to open a bank account in Brazil.
To open a corporate bank account, the company must provide the bank with the ID number which all Brazilian businesses have (called “CNPJ”), together with a copy of the social contract.
Each Brazilian bank has its own list of requirements to enable businesses to set up corporate bank accounts.
Quick Facts | |
---|---|
Mandatory local bank account for companies (Yes/No) |
Yes |
Mandatory residence requirement |
No |
Bank account opening time |
2 business days in some cases for personal accounts > 1 week for corporate accounts (times can vary) |
Online bank account opening |
In some cases |
Bank accounts for foreign nationals in Brazil | Yes |
Required documents – companies |
Proof of company registration (with local tax number) |
Required documents – individuals |
Brazilian Individual Taxpayer Number |
Special requirements for foreign nationals | Must obtain the CPF (The Individual Taxpayer Identification Number) |
Bank fees | Examples include: $15 maintenance fee when the balance is below a certain amount $30 outgoing international online wires $3 out of network ATM withdrawals $5 replacement fee for a lost standard domestic debit card |
Initial deposit | $3,000 for some banks |
Types of accounts | Checking accounts – standard and premium Salary account University account Saving accounts |
Online banking options | Yes. Features vary depending on chosen bank |
Local agent requirements | Power of attorney to perform banking actions on behalf of the account holder |
Main banks in Germany | Itaú Unibanco Banco do Brasil Banco Bradesco Santander Brasil and others |
Criteria for choosing the bank | Online banking/mobile banking services Monthly account management fees Fees for other transactions Branch/ATM availability in the country or internationally |
One of these requirements is wiring funds and registering the transfer with the Central Bank of Brazil.
In many cases, these funds have to originate from a foreign bank account which is held in the investor’s name.
For this requirement, the services of a Money Exchange Agency have to be employed. Before the transfer, this agency will require a set of documents to create an account with the Central Bank of Brazil for the investor.
Then, the transfer is registered with the Central Bank of Brazil and an ID number is issued. Afterward, a currency exchange contract is made ready and executed by the legal entity to exchange the funds into the local currency.
Our Brazil company formation advisors can offer more information on the other requirements that banks impose in order to open a corporate bank account in this country.
We can assist those who wish to open a bank account in Brazil throughout all of the aforementioned stages.
The requirements can differ according to the particular business situation and bank account creation for sole traders in the country will require other documents, compared to those needed for corporate accounts opened in the name of a registered legal entity.
Documents needed to open a bank account in Brazil for companies
The main documents required for bank account creation in Brazil for companies are the ones mentioned in the steps presented above:
- the CNPJ number;
- a copy of the company’s incorporation documents;
- proof of address;
- power of attorney if the bank account is opened through a duly appointed agent and not the company’s director;
- personal documents for the local director or directors; this is also required for foreign directors;
- details about the shareholding structure, as well as other information, as may be required by the bank (such as the ultimate beneficiary).
Once the documents are provided and the bank makes the needed verifications, the client and the bank will sign a services agreement.
The agreement between the bank and the client will set forth the type of services agreed upon by the company that will open a bank account in Brazil.
Our company registration representatives in Brazil can assist companies interested in opening a bank account here.
Our Brazilian company formation experts assist investors who wish to open various forms of business in the country. We offer guidance as needed and assistance in obtaining the mandatory Government approvals for foreign companies interested in opening a branch in Brazil. The approval process differs according to the industry in which the branch will activate and our team is able to assist during this stage.
How to choose the bank in Brazil
Opening a bank account for a newly created company in Brazil will also mean choosing a suitable bank to work with.
While there are many criteria, investors can base their choice on the following:
- Account maintenance fees: these differ according to the chosen bank and can be lower in some cases; investors can take the time to find information about these fees;
- Number of ATMs and branches: this can be important if the company wishes to have easy access to the bank’s ATM and branch network throughout the country;
- Online and mobile banking: companies benefit from working with a bank that offers easy options for online and mobile banking;
- Others: for foreign companies, it may be easier to open a bank account with a bank branch with which they already work in their country of origin; the company beneficiaries may also wish to open a corporate bank account with a bank with which they already have a personal account if the said bank offers convenient conditions for corporate accounts.
Caixa Econômica Federal is a state-owned financial services company and one of the leading banking institutions in the country.
For investors who wish to open a bank account in Brazil, our team presents several data of interest below.
Brazil’s monetary and credit statistics
The country’s Central Bank keeps updated information on monetary and credit data. The press release issued at the end of January 2025 includes the following key data, summarized below by our team:
- The total credit to the non-financial sector was BRL 18.4 trillion at the end of December 2024;
- This marks an increase of 13.9% compared to the same month a year prior;
- The total credit to non-financial corporations had a value of BRL 6.6 trillion at the end of 2024 (marking a 26.3% increase in external loans). At the same time, the total household credit was BRL 4.2 trillion (increased by 10.6% throughout the year).
If you have further questions about corporate bank accounts in Brazil or for help in setting up a company in Brazil in 2025, please contact us.