Today, the Brazilian government makes it even easier to set up a business in the country. Vaccination efforts could stall over a lack of inputs, dropping GDP growth predictions.
Brazil to make life easier for entrepreneurs
The Economy Ministry launched its “Balcão Único” (Single Counter) initiative on Wednesday, hoping to make the process of opening a new company “simpler and more automatic, reducing time and costs for doing business in Brazil,” according to the government. The system centralizes all requirements for anyone setting up a new business into a single digital form.
- Due to its simplicity, the initiative is set to have a major impact on entrepreneurs’ lives. The time frame for opening a company in sectors of low and medium risk (which require less regulation) should drop from 17 days to just one day.
- The number of required procedures will drop from 11 (spread across different departments) to no more than three.
- Paying municipal, state, and federal taxes will also be made simpler.
Why it matters. Per the National Department of Registry of Commerce, excessive bureaucracy can generate costs that equate to 4.2 percent of Brazil’s per capita income.
Doing business. The project is part of the Economy Ministry’s...