The table below summarizes the essential features of the most common types of companies in Brazil. Regular Company. By choice or.

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1 The National Trade Register Office not only is the core agency for the National Trade Register System but it is also responsible for carrying out a Brazilian Government Program that aims at improving the business environment through simplifying and modernizing the necessary procedures for opening, amending and closing a company. It operates nationwide alongside with agencies from the federal, state and local power, responsible for performing the services from the Public Register Office of Commercial Businesses and Similar Activities. Existing Types of Companies in Brazil: The table below summarizes the essential features of the most common types of companies in Brazil. Type of Company Sole Proprietorship LLC Microenterprise Up to R$ 360 thousand Up to R$ 360 thousand Structure/Annual Revenue Small Business Up to R$ 3,6 million Up to R$ 3,6 million Regular Company Associate/ Holder By choice or revenue beyond One holder R$ 3,6 million By choice or revenue beyond One holder R$ 3,6 million Tax Options Where to Register National Simple, Taxable Income Board or Estimated Trade Profit National Simple, Taxable Income Board or Estimated Trade Profit of of Sole Micro Entrepreneur Up to R$ 60 thousand Not applicable Not applicable One holder National Simple Internet LLP Up to R$ 360 thousand Up to R$ 3,6 million By choice or Two or more revenue beyond shareholders R$ 3,6 million National Simple, Taxable Income Board or Estimated Trade Profit of What is a Sole Proprietorship? The Sole Proprietorship is a legal form of company consisted of a sole (natural) holder who performs a business activity under his own name. The wealth and assets of the individual and the Sole Proprietorship are the same; therefore the holder shall respond personally and limitlessly for company s debts. It s important to highlight that the Sole Proprietorship can obtain several benefits if registering as a Sole Micro Entrepreneur. How to open, register and legalize as Sole Proprietorship? To open, register and legalize as Sole Proprietorship it s necessary to register within the Board of Trade, and based on the nature of the business activities it is also required to register within other agencies such as the Internal Revenue Service (CNPJ), Secretary of State Treasury (state registration and ICMS) and the Municipality (granting the Business License and authorization from agencies responsible for health, public safety, environment and others, depending on the nature of the activity). Step by step:

2 1 Board of Trade Register as Sole Proprietorship and choose your category as Microenterprise or Small Business. In this occasion you should present for filing at the Board of Trade the Entrepreneur s Application and choose the company structure as Microenterprise or Small Business, pursuant the requirements of the Complementary Law 123/2006. It is recommended to conduct prior consultation of trade name and address to avoid clash of business name and debts with the Municipality and other involved agencies. The consultation of trade name should be undertaken prior to registering the company through the Entrepreneur s Application. This action is necessary to check whether your intended business name has already been claimed. It avoids a change of business name after the registering process has started. 2 Prior Approval from Government Agencies, when appropriate. The business acts subject to prior approval of governmental agencies, for registration in the Boards of Trade, are listed in Annex of Instruction DNRC No. 114, from September 30, Brazilian Internal Revenue Service Register in the National Business Register System for a trade number (CNPJ). This registration can be performed with the filing for the Entrepreneur s Application in almost all Boards of Trade. If the Register System from your city or state is not connected to national level, this registration should be performed after the filing at the Board of Trade. 4 Secretary of State Treasury If the company performs industrial or commercial activities then register in the Secretary of State Treasury as taxpayer of the ICMS. This registration is to be done after filing for the Entrepreneur s Application in the Board of Trade and the registration in the Internal Revenue Service. 5 Municipality If the company performs service-related activities, enter registration at the Municipal s Taxpayer Registry. In several cities, this registration takes place simultaneously with the Business License. When meeting all the License issuance requirements and fulfilling tax registration, the Business License shall be requested and issued by the Municipality. How a Sole Proprietorship can set up as Microenterprise or Small Business? The entrepreneur can structure his company as Microenterprise or Small Business, pursuant the requirements of the Complementary Law 123 from December 14, The chosen structure will be effective through a declaration of purpose, which also should be required for filing.

3 What is a Limited Liability Company (LLC)? A LLC is a legal form of company consisted of a single holder who owns all of capital share, fully paid, which shall not be less than 100 (one hundred) times the highest minimum wage in force in the country. The holder shall not respond for company s debts with his personal wealth and assets. An individual can appear registered in only one LLC. The trade name shall consist of the company name accompanied by the acronym "LLC". The LLC may also result from a merge of capital shares from another association type into a single corporate associate, regardless of the reasons for such merge. The LLC shall be governed, where applicable, by the rules applicable to Limited Liability Partnership (LLP). How to open, register and legalize a Limited Liability Company (LLC)? To open, register and legalize a LLC it s necessary to register within the Board of Trade, and based on the nature of the business activities it is also required to register within other agencies such as the Internal Revenue Service (CNPJ), Secretary of State Treasury (state registration and ICMS) and the Municipality (granting the Business License and authorization from agencies responsible for health, public safety, environment and others, depending on the nature of the activity). Step by step: 1 Board of Trade Register as LLC and choose your category as Microenterprise or Small Business. In this occasion you should present for filing at the Board of Trade the Entrepreneur s Application and choose the company structure as Microenterprise or Small Business, pursuant the requirements of the Complementary Law 123/2006. It is recommended to conduct prior consultation of trade name and address to avoid clash of business name and debts with the Municipality and other involved agencies. The consultation of trade name should be undertaken prior to registering the company through the Entrepreneur s Application. This action is necessary to check whether your intended business name has already been claimed. It avoids a change of business name after the registering process has started. 2 Prior Approval from Government Agencies, when appropriate. The business acts subject to prior approval of governmental agencies, for registration in the Boards of Trade, are listed in Annex of Instruction DNRC No. 114, from September 30, Brazilian Internal Revenue Service Register in the National Business Register System for a trade number (CNPJ). This registration can be performed with the filing for the Entrepreneur s Application in almost all Boards of Trade. If the Register System from your city or state is not connected to national level, this registration should be performed after the filing at the Board of Trade.

4 4 Secretary of State Treasury If the company performs industrial or commercial activities then register in the Secretary of State Treasury as taxpayer of the ICMS. This registration is to be done after filing for the Entrepreneur s Application in the Board of Trade and the registration on the Internal Revenue Service. 5 Municipality If the company performs service-related activities, enter registration at the Municipal s Taxpayer Registry. In several cities, this registration takes place simultaneously with the Business License. When meeting all the License issuance requirements and fulfilling tax registration, the Business License shall be requested and issued by the Municipality. How to set up a Limited Liability Company (LLC) as Microenterprise or Small Business? The LLC can be structured as Microenterprise or Small Business, pursuant the requirements of the Complementary Law 123 from December 14, The chosen structure will be effective through a declaration of purpose, which also should be required for filing. The National Trade Register Office, through the Instruction No. 103 from April 30, 2007, established the procedures and requirements necessary for validating the chosen structure within the Boards of Trade. What is a Sole Micro Entrerpreneur? A Sole Micro Entrerpreneur is an individual who works on his own and register himself as a Micro Entrerpreneur. To register as a Sole Micro Entrerpreneur your annual revenue cannot overcome R$ ,00 and you cannot own other company s share as associate or holder. The Sole Micro Entrerpreneur may also hire an employee for the minimum wage or the prevailing wage for job group. The Complementary Law No. 128 from December 19, 2008, created special conditions for the known as informal worker to become a legal Sole Micro Entrerpreneur. Among the advantages of this Law is the registration on National Business Register System for a trade number (CNPJ), which facilitates the opening of a bank account, loan requests and invoice issuance. In addition, the Sole Micro Entrerpreneur can be structured as National Simple and shall be exempt from federal taxes (Income Tax, PIS, Cofins, IPI and CSLL). Therefore the Sole Micro Entrerpreneur shall only pay the fixed monthly amount of R$ 32,10 (trade or industry) or R$ 36,10 (services-related), which will be allocated to Social Security and to ICMS or to ISS. These amounts will be annually updated in accordance with the minimum wage. Through this contribution the Sole Micro Entrerpreneur shall enjoy social security benefits such as maternity-leave, sick-leave, retirement, among others. How to register as Sole Micro Entrerpreneur?

5 The registration as Sole Micro Entrerpreneur can be done for free on the website, in the field FORMALIZE-SE. After the registration as Sole Micro Entrerpreneur, the trade number (CNPJ) and registration number within the Board of Trade are immediately obtained without the need to submit any documents (and even a copy attached) to the Board of Trade. The Sole Micro Entrerpreneur can also register through accounting companies that have also chosen the National Simple tax payment option, which can be found throughout Brazil. These companies will perform the registration and the first annual IRS statement free of charge. What costs incur for registration and performance of a Sole Micro Entrerpreneur? The registration process is free of charge. For the registration and the first annual IRS statement there is a network throughout Brazil of accounting companies, that have also chosen the National Simple tax payment option, which do these tasks free of charge for the Sole Micro Entrerpreneur in the first IRS year. You shall pay "zero" tax for the Federal Government. And just a symbolic amount for the Municipality (R$ 5,00 for ISS) and the State (R$ 1,00 for ICMS). The Social Security will be reduced to 5% of the minimum wage (R$ 31.10) thus the Sole Micro Entrerpreneur is entitled to social security benefits. After registration, what costs incur for a Sole Micro Entrerpreneur? After registration, the following costs shall incur: - For Social Security: R$ 27,25 per month (stands for 5% of the minimum wage, which is adjusted in the beginning of every year); - For the State: R$ 1,00 per month, fixed, if the business activity commercial or industrial; - For the Municipality: R$ 5,00 per month, fixed, if the business activity is servicerelated. These payments are done through the DAS, which can be downloaded by any person in any computer with Internet connection. It shall be paid in any banking institution or lottery establishments until the 20 th of each month. What is a Limited Liability Partnership (LLP)? A LLP is a legal form of company which performs a commercial activity, consisted of two or more shareholders that contribute with money or assets valued in money for the generation of capital share. The liability of the shareholders is limited to the amount of capital share, but are jointly liable for paying the entire capital share, i.e. each associate has an obligation to its share in the capital, however may be required to pay up the shares of members who have left to pay them. How to open, register and legalize a Limited Liability Partnership (LLP)?

6 To open, register and legalize a LLP it s necessary to register within the Board of Trade, and based on the nature of the business activities it is also required to register within other agencies such as the Internal Revenue Service (CNPJ), Secretary of State Treasury (state registration and ICMS) and the Municipality (granting the Business License and authorization from agencies responsible for health, public safety, environment and others, depending on the nature of the activity). Step by step: 1 Board of Trade Register as LLP and choose your category as Microenterprise or Small Business. In this occasion you should present for filing at the Board of Trade the Entrepreneur s Application and choose the company structure as Microenterprise or Small Business, pursuant the requirements of the Complementary Law 123/2006. It is recommended to conduct prior consultation of trade name and address to avoid clash of business name and debts with the Municipality and other involved agencies. The consultation of trade name should be undertaken prior to registering the company through the Entrepreneur s Application. This action is necessary to check whether your intended business name has already been claimed. It avoids a change of business name after the registering process has started. 2 Prior Approval from Government Agencies, when appropriate. The business acts subject to prior approval of governmental agencies, for registration in the Boards of Trade, are listed in Annex of Instruction DNRC No. 114, from September 30, Brazilian Internal Revenue Service Register in the National Business Register System for a trade number (CNPJ). This registration can be performed with the filing for the Entrepreneur s Application in almost all Boards of Trade. If the Register System from your city or state is not connected to national level, this registration should be performed after the filing at the Board of Trade. 4 Secretary of State Treasury If the company performs industrial or commercial activities then register in the Secretary of State Treasury as taxpayer of the ICMS. This registration is to be done after filing for the Entrepreneur s Application in the Board of Trade and the registration on the Internal Revenue Service. 5 Municipality If the company performs service-related activities, enter registration at the Municipal s Taxpayer Registry. In several cities, this registration takes place simultaneously with the Business License. When meeting all the License issuance requirements and fulfilling tax registration, the Business License shall be requested and issued by the Municipality.

7 How to set up a Limited Liability Partnership (LLP) as Microenterprise or Small Business? The LLP can be structured as Microenterprise or Small Business, pursuant the requirements of the Complementary Law 123 from December 14, The chosen structure will be effective through a declaration of purpose, which also should be required for filing. The National Trade Register Office, through the Instruction No. 103 from April 30, 2007, established the procedures and requirements necessary for validating the chosen structure within the Boards of Trade. Other Legal Nature of Companies: What is a Corporation? A Corporation is a legal entity of private law consisting of two or more shareholders, of prominent business nature regardless of economic activity developed (art. 13 of Law No /76), where the capital is divided into shares of equal nominal value, which have free negotiability, limiting the shareholders liability at the issuance of price of shares. The company may be classified as open or closed. The art. 4 of the Corporation Law distinguishes them: "For the purposes of this law, the company is open or closed as the securities issued by it are or are not admitted to trading on the securities market." The open corporation is the one in which the securities (shares, debentures, participation certificates, etc.) are admitted to trading on the stock market or the OTC market, and should therefore be registered and have their securities registered within the Securities Commission; while the closed corporation does not issue securities admitted to trading in these markets. What is a Cooperative? The Cooperative is an association of people, with its own legal form and nature and, regardless of its purpose, the Act 10406/02 (single paragraph, art. 982, CC/ 2002) classifies it as simple society, not subject to bankruptcy. It is established to provide services for the benefit of its members (Article 4 of Law 5764/76), therefore nonprofitable. To establish a cooperative it is required a minimum number of individuals in order to form the company's management, the board of directors and the audit committee (item II, art. 1094, CC 2002), taking into account the future need to renew these bodies. Despite being classified as a simple society, the filing of its acts must be held in the Board of Trade, pursuant paragraph "a", item II, art. 32, Law 8.934/94. What is a Consortium? A Consortium is an association of two or more individuals, companies, organizations or governments, under common control or not, joining resources for the execution of a specific project and achieving a common goal.

8 The consortium, brought together to perform a specific project, does not acquire legal personality through the filing of its Bylaws in the Board of Trade from its headquarters, but must be approved by the competent board of the society to authorize the sale of noncurrent assets, and filing certificate of the Bylaws must be published. The bankruptcy of one company from the consortium does not extend to the others; remaining a consortium with the other companies; loans contracted by the bankrupted company shall be calculated and paid as agreed in the consortium s Bylaws. Opening or Nationalization of a Foreign Society s Subsidiary What is a Foreign Business Corporation? A business corporation shall be considered foreign when neither its headquarters are located in Brazil nor it s constituted in accordance with the Brazilian legislation, pursuant to articles and of the Civil Code. The foreign company, as well as its subsidiaries, agencies and branches, can only exploit the business activity in Brazil if regularly authorized by the Federal Executive power. A foreign company may operate by transferring its headquarters to Brazil, through a nationalization process pursuant to art of CC, or by installing a subsidiary, branch or agency, duly authorized by the Brazilian government, pursuant to article of the Civil Code, as well as a partner or shareholder of a Brazilian society, regardless of the aforementioned authorization. What is the procedure for installing a subsidiary of a foreign company in Brazil? To request an authorization for installation and operation of a subsidiary in Brazil at the Ministry of Development, Industry and Foreign Trade, you must follow the provisions of art. 2 of Instruction No. 81, 1999, available on the website of the National Trade Register Office (forward the original and one copy). What is the deadline for obtaining authorization for installing a subsidiary of a foreign company in Brazil? No deadline. What is the procedure for a Brazilian company to partner with a foreign company? You should follow the Instruction No. 76, 1998, available on the website of the National Trade Register Office. The whole procedure is done with the Board of Trade of the State that will register the company. You do not need permission of the Executive power.

9 What is the cost of obtaining authorization for installing a subsidiary of a foreign company? The cost is R$ 240,00 paid through DARF, code Can the documents related requesting authorization for installing a subsidiary of a foreign company be filed in the Board of Trade? No. The request and its related documents must be filed at the National Trade Register Office, located at SAUS, Quadra 2, lote 1/A, Asa Sul Brasília/DF, CEP: , personally or through mail. What is the procedure for transferring a foreign company to Brazil? First of all, the foreign company must open a subsidiary in Brazil; only after installed and registered in the Board of Trade, the company may request for its nationalization by transferring its headquarters, pursuant art. 9º of Instruction No. 81, 1999, available on the website of the National Trade Register Office. What is the procedure for cancelling a subsidiary of a foreign company? You must follow the provisions of art. 8 of Instruction No. 81, 1999, available on the website of the National Trade Register Office. Societies What is a Joint Venture? A Joint Venture is formally constituted by agreement and approval between the companies that comprise it, with main control by a Brazilian company, which constitute a relationship intercompany, combining efforts to take part into activities or projects of interest its member companies. Although the Venture does not acquire legal personality, the establishment of it through the Bylaws must be duly registered within the Board of Trade, as well as the minutes of general meetings and contract amendments from all companies that constitute the Joint Venture, and also a notarized statement of the number of shares that each company from the Group are holders in each of the affiliated companies, or a copy of the shareholders agreement that ensures control of each subsidiary company. A Joint Venture should have its own name, which must contain the wording venture or Joint Venture, which can only be used in this type of company, being forbidden its use by other types of companies in the composition of the corporate name, according to the Corporation s Law. What is a General Partnership? A General Partnership is one in which all members must necessarily be individuals and respond jointly and limitlessly for corporate obligations. However, the shareholders may estipulate liability limits for corporate obligations among themselves, but it will not have any enforcement against creditors. The management

10 of the company rests solely with the shareholders, being forbidden to appoint a third party to that function. A General Partnership should adopt a social name, not being allowed to use corporate name. What is a Limited Partnership? A Limited Partnership consists of shareholders who have unlimited liability for its social obligations and of shareholders that respond only for the payment of their respective shares; these last one are called limited shareholders and the first ones are called general partners. The company shall be managed by a general partner. In the absence of a shareholder who possesses the quality of general partner, limited shareholders must appoint an administrator, who will assume the condition of membership, to perform management during the period of one hundred and eighty days. The limited shareholder that practices management and/or makes use of the company name will be subject to social responsibilities as a general partner, meaning unlimited liability. What is a Limited Partnership by Shares? A Limited Partnership by Shares is one in which the capital is divided into shares, where the shareholders respond solely for the subscribed or purchased amount by them, but the managers (directors) do have unlimited liability due to social obligations. The directors who represent the partnership interests must necessarily be shareholders. The director is appointed for an indefinite period in the Bylaws and has unlimited liability towards the partnership obligations. The legal status of the Limited Partnership by Shares is ruled in Articles 280 to 284 of Law 6.404/76 and of the Civil Code from 2002.

11 - Information on DNRC and JCDF Services Provided: What is the address of DNRC and the JCDF? SAS Qd 02 Lote 1ª, Brasília/DF, CEP (beside INSS building). What are the working hours of the JCDF? From 8:30am to 4:30pm, non-stop. What is the cost of the simplified certificate? Can it be downloaded from the Internet? How do I apply? The cost for each simplified certificate is R$10,00 (ten Reais), paid in any banking institution, postal office and lottery establishments, DARF code She may only be withdrawn in person at the JCDF/DNRC from 8:30am to 4:30pm within the next three (3) working days. What is the cost for requesting a copy of the company s acts? What is the deadline? Can I download it on the Internet? - Acts from Limited Liability Partnership (LLP): contract, contract amendment, contract recission, balance sheets, power of attorney, amongst other documents: R$ 20,00 (twenty Reais per act); - Acts from Sole Proprietorship: registration, amendment, termination, balance sheets, power of attorney, amongst other documents: R$ 10,00 (ten Reais per act); - Acts from Cooperative, Consortium and Corporation: constitution, minutes EGM and AGM, amongst other documents: R$ 27,00 (twenty seven Reais per act). The deadline for this service is 04 (four) days and can only be personally addressed and withdrawn, not being possible to request and print through the Internet. Is there any service of the JCDF/DNRC in the Empresa Fácil do GDF or at the NA HORA? Not yet. How do I choose a sworn translator? Click on the option "sworn translators" on the JCDF homepage ( and choose by name and language. The translation service is not provided by the JCDF/DNRC and price list of translators can also be viewed in the above mentioned link. If doubts call extension 8801 and How do I hire a public auctioneer?

12 Click on the option "public auctioneers" on the JCDF homepage ( and choose. If doubts call extension 8801 and What is SPED? SPED stands for Digital Public Digital Bookkeeping, which is a new type of digital validation of books in the Boards of Trade. If doubts call extension 8868 and It allows the Boards of Trade to receive commercial books for validation through the Internet, replacing the paper Record Books, already in use by the Boards of Trade. What is the deadline for the process approval within JCDF/DNRC? A single decision process: constitution, amendment and termination of LLP and Cooperative have a deadline of 03 (three) working days. A collegiate decision process: constitution, amendment and termination of Corporation; conversion, demerger, merger, joint ventures of Consortium or Joint Ventures have deadline of 10 (ten) business days. Where can I obtain a process cover, the request form for a copy of the process and the request form for the simplified certificate? Forms (process cover and requests) and the DARF are distributed free of charge at the information desk of JCDF. What are the working hours of Banco do Brasil at the JCDF and what are the services provided to clients from JCDF/DNRC? From 12:00pm to 16:00pm to pay the DARF. Where do I file a complaint regarding the services provided by JCDF/DNRC? At the General-Secretariat from JCDF. Where can I request further information regarding the process requirements? At the information desk. Should it not be answered, please refer to the General- Secretariat. How do I perform a Business Name Search? Click on the option name search on the JCDF homepage ( You will receive a protocol number to monitor your search when you will fill in all required data.

13 Table of costs of the main services provided by the JCDF: SERVICE Cost R$ Simplified and specific certificates 10,00 Full certificate (copy of acts) of LLP; price per act. 20,00 Full certificate (copy of acts) of Corporation and 27,00 Cooperative; price per act. Full certificate (copy of acts) of Sole Proprietorship; price 10,00 per act. Registration/amendment/termination of LLP 55,00 Registration/amendment/termination of Sole 30,00 Proprietorship Registration/minutes/termination of Corporation/ 85,00 Cooperative/ Consortium Bookepping registration; per book. 10,00 Conversion of LLP into Sole Proprietorship 55, ,00 PS: Before conversion should make an amendment changing it the LLP to a single shareholder. Should be submitted on a separate process cover. Conversion of LLP into Corporation. 55, ,00 Conversion of Sole Proprietorship into LLP. 30, ,00 PS: Should be submitted on a separate process cover. Registration/amendment/termination/conversion of LLC 55,00 Opening/amendment of subsidiary from another state 22, ,00 (no matter the nature of the company). Document registration/termination of subsidiary from another state (no matter the nature of the company). What is the CGSIM? per subsidiary 22,00 The Management Committee of Redesim was established by Law /2007 in order to enforce and manage the Redesim, and it has been running since the creation of the Management Committee of Redesim, established by Decree No from 25/06/2009. The National Trade Register Office is one of the agencies from CGSIM, being the responsible body for its Executive Secretariat. What is the Gerimagem? Gerimagem stand for Image Manager System, an integrated application to the computerized systems of the Boards of Trade, which allows previewing scanned images of archived documents from the Boards of Trade related to opening, amendment and termination processes. What is the CNE? The National Register of Commerce aims at providing information to assist on public policy formulation and business planning.

14 What is the SIARCO? The Digital Integrated Register of Commerce combines and provides information from all Brazilian Boards of Trade to the National Register of Commerce, connecting nowadays 24 Brazilian states. My documents were (Stolen, Shoplifted, Misplaced, Defrauded). How do I prevent these documents of being misused to start a business on my behalf? You should request for these documents to be cancelled at National Trade Register Office, at address SAS Qd 02 Lote 1ª Brasília/DF CEP (beside the INSS building) or through the DNRC@mdic.gov.br. All cancellation requests must contain the applicant s details: full name, RG, CPF and address as well as a copy of the Police Report.

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