Brazil is a country on the rise, in almost every sense. Economically, even before the latest oil boom, Brazil was one of the most exciting places to be. Stable, democratic, and friendly to foreign investment, there is a lot to be excited about when it comes to investing in Brazil. But Brazil can be a challenge in many ways. Corruption is often cited as a key problem and hidden cost of doing business in Brazil.
Yet even if you stick to the right side of the law it can be a frustrating – and costly – place to do business. According to Forbes magazine, businesses must spend an average of 108 calendar days on recording, calculating, and paying taxes in Brazil. That’s an enormous amount of time, made necessary by the Byzantine and complicated laws that many native Brazilians don’t even understand!
Still, the opportunities for investing in Brazil are very real and potentially very impressive. So if you’re determined to dive in and grab your share, here are a few tips that might help you make your way through the economic jungle that is Brazil.
Be Prepared with Legal Advice
The best money you’ll spend before your business is even up and running will be for professional legal advice. The laws in Brazil are difficult to parse and can often even seem contradictory. There are online resources to help guide you, but many are Portuguese-only, leaving you at the mercy of inaccurate translation engines. Hire a good lawyer. It’ll be money well spent.
Connect with Local Businesses
It takes a village. The small businesses that are already investing in Brazil have solved many of your problems. So reach out to The Brazilian Service of Support for Micro and Small Enterprises, a.k.a. SEBRAE. SEBRAE is a network of over 9,000 small businesses, workers, and consultants.
Get Online
Even if you don’t speak Portuguese, start interacting with blogs like Saiadolugar and Blog dos Empreendedores (among many others). People will respond in English, and since Brazil is a very online, Internet-focused society, establishing yourself in the “blogosphere” is an absolute must.
Read the Right Resources
Learn from the experts about investing in Brazil. Abilio Diniz is the 10th richest man in Brazil and the epitome of success. His book Smart Choices for a Successful Life has sold over 200,000 copies in Brazil and is filled with useful information about doing business in Brazil.
