Number of foreign companies interested in setting up in Brazil reaches record in 2021

RIO DE JANEIRO, BRAZIL – Last year, Brazil reached the historic mark of 36 foreign companies seeking to establish operations in the country. Data from the Ministry of Economy shows that 92 applications from foreign subsidiaries were approved between 2019 and 2021, compared to 21 approvals in the previous three years, from 2016 to 2018.

“Today, foreign companies receive their approval within three days. Previously, the process took an average of 45 days. This is another result of the great efforts to speed up opening new companies in Brazil,” said the Special Secretary for Debureaucratization, Management, and Digital Administration, Caio Mario Paes de Andrade.

According to Andrade, the increase in the number of interested parties is due to simplifying the procedure for opening branches of foreign companies in Brazil. He stressed that the digitalization of the service has made life easier for those who want to invest in Brazil and for Brazilian professionals who deal with business registration.

“Since the application is analyzed through GOV.BR, we reduce bureaucracy and promote foreign capital investment in the country,” he said.

The Secretary stressed that before 2019, when digitalization was introduced, all documents must be submitted in duplicate in person or by mail to the National Department of Business Registration and Integration (DREI) of the Ministry of Economy.

By using the GOV.BR platform and transferring responsibility to DREI, the approval process has become faster and more efficient.

“I work for foreign companies that need to open a branch in Brazil due to Brazilian legislation, and I have used the platform several times. Our work as in-house counsel has become much more efficient thanks to the digitalization of the service,” says attorney Júlia Mota.