Coronavirus Forces Brazil to Rethink Company Formation

Brazil, like the rest of the world, is facing a public health crisis. But, believe it or not, there’s some positive news coming from the coronavirus epidemic. For anyone wanting to form a company in Brazil, the process just got a little easier.

Despite the current lockdown, you can still form a company or update your public corporate records. The state Trade Boards are up and running - 100% online. That means no more standing in long lines waiting to be helped.

Since November 2018, the government has been working to implement an electronic system. The process was slow to take off, but now, the Trade Boards have been left with no other option. Filing services have all gone digital while promising the public that it’s business as usual.

Another positive development is that notary offices, many of which are closed, are no longer needed to authentic documents. As of April 2019, lawyers and accountants can authenticate any type of document with their digital signature (certificado digital).

A certificado digital is a type of digital security key or token that can authenticate a user and provide an audit trail with the date, time, user’s name and other relevant information. It also allows legal and financial advisors to file your documents with the Trade Boards and sign on your behalf with a power of attorney.

There’s a hint of progress in spite of these difficult times. Apparently, Brazil is doing its homework to turn the business environment more efficient and less bureaucratic. Only time will tell if this trend continues.