Opening a Corporate Bank Account in Brazil as a Foreign-Owned Company

A new Brazilian subsidiary cannot receive its capital, pay salaries or collect from customers until it has a local bank account. For a company owned by a foreign group, opening that account usually takes longer than registering the company itself, because the bank must identify everyone in the ownership chain up to the individuals who ultimately own or control it. This guide explains what Brazilian banking rules require, what banks ask for in practice, and the options for foreign currency that changed in October 2026.

What the rules require

Opening a deposit account in Brazil is governed by National Monetary Council Resolution 4,753/2019, which requires banks to verify and validate the identity and qualification of the account holder and its representatives. Accounts can be opened through any channel, including digital ones. Since December 2025, banks must also check a Central Bank fraud-prevention database before opening an account.

Anti-money laundering rules (Central Bank Circular 3,978/2020) add the part that matters most for foreign groups: the bank must identify the beneficial owners, analyzing the ownership chain until it reaches the natural persons who own or control the company. Each bank sets its own minimum ownership percentage for this purpose, which cannot be higher than 25%, combining direct and indirect holdings; anyone who exercises control in fact is also a beneficial owner. Politically exposed persons, Brazilian or foreign, trigger enhanced checks.

For a subsidiary owned through several layers of holding companies, this means preparing an ownership chart that ends with named individuals, or with a listed company where that is the case, together with evidence for each layer.

What banks ask for in practice

The rules set the objective; each bank defines its own document list. Typically, a bank will ask for:

• the company’s CNPJ registration and its articles of association registered with the Commercial Registry;
• proof of the company’s address;
• identification and CPF (Brazilian individual tax number) of the administrators and of anyone who will operate the account;
• the foreign parent’s corporate documents and proof of the powers of its signatories, apostilled and with sworn translation (see apostille and sworn translation for parent company documents);
• an ownership chart down to the beneficial owners, with supporting documents;
• information on the expected activity, volumes and countries the company will deal with.

When the administrators live abroad, banks usually require a CPF for each of them and may require a local attorney-in-fact. Some banks can rely on information from a group entity of the same bank abroad, where the rules allow it, which can shorten the process for groups that already bank with the same institution.

Receiving the capital

The first inflow from the parent is usually the capital contribution. It is received through a foreign exchange contract with a bank authorized by the Central Bank. For transfers of US$100,000 or more related to foreign direct investment, the contract must carry the subsidiary’s SCE-IED code, and the subsidiary itself, not the bank, is responsible for its Central Bank declarations (see SCE-IED foreign direct investment reporting). Opening the account and registering in SCE-IED should be planned together, so that the capital can arrive on time.

Foreign currency accounts in Brazil: new options since October 2026

Brazilian companies traditionally could not hold foreign currency accounts in Brazil, except in specific cases. Central Bank Resolution 575/2026, in force since October 1, 2026, expanded the list of permitted holders. It now includes, among others:

• exporters of goods, for export revenue and other funds received from abroad;
• Brazilian companies with debts under foreign loans;
• companies in Brazil with direct participation of a non-resident in their capital, which covers the typical foreign-owned subsidiary;
• non-resident creditors of foreign loans and non-residents with direct participation in Brazilian companies.

For the foreign investment and foreign loan cases, the holder must have foreign direct investment or a foreign loan in force and confirm to the bank that its SCE-IED or SCE-Crédito information is declared and up to date. Conversion into reais still takes place through a foreign exchange transaction. Groups should check with their bank how these accounts work in practice and what they may be used for.

Banks or payment institutions

Besides banks, Brazil has a large market of payment institutions offering digital accounts, regulated by Law 12,865/2013. Funds held in a payment account are segregated from the institution’s own assets. Deposit insurance from the Credit Guarantee Fund (FGC), which covers up to R$250,000 per depositor per institution or conglomerate, applies to deposits in covered institutions. Subsidiaries that need foreign exchange, credit lines or more complex services usually keep at least one account with a full-service bank.

Payments in Brazil: Pix and boletos

Once the account is open, the subsidiary will pay and receive mainly through Pix, the Central Bank’s instant payment system, available 24/7, and through boletos, bank payment slips widely used for business-to-business invoices. Treasury routines, approval workflows and reconciliations should be designed around them (see cash flow management for Brazilian subsidiaries).

A checklist to avoid delays

1. Prepare the ownership chart down to the beneficial owners before approaching the bank.
2. Obtain CPFs for all administrators and signatories early.
3. Have the parent’s documents apostilled and translated in one batch, for the Commercial Registry, the Federal Revenue and the bank.
4. Ask the bank for its document list and expected timeline in writing.
5. Coordinate the account opening with the SCE-IED registration and the first capital transfer.
6. Define who approves payments and with what limits, and configure the bank’s access profiles accordingly.

How Solidy can help

Solidy already serves subsidiaries of multinational companies in Brazil. We help prepare the documentation for bank onboarding, coordinate the first capital inflow with the Central Bank records and, through our finance operations team, run payments and reconciliations on the subsidiary’s accounts with headquarters’ approval. Talk to our market entry team or read how to set up a subsidiary in Brazil.