The largest economy in Latin America isn’t just attractive because of its business potential for foreign investors; it’s also a country of vibrant culture and unbridled fun that will appeal to adventurous entrepreneurs with a gregarious streak. In order to expand or set up in Brazil – especially in the import/export industry – it’s important to be aware of some of the country’s unique aspects that make it a business environment quite unique from those of Europe, America, Canada and other established world-leading economies. Here are some tips to help with your delve into the jewel of the South American continent.
Get to Grips with Portuguese
Brazil is a fabulous country to travel in, not least because of the huge Amazonian wilderness that’s home to some of the unique creatures on earth. The myriad tribes that exist in the thick of the jungle still retain their indigenous languages, but when it comes to business, it’s Portuguese that’ll get you places. Be aware on arrival in Sao Paolo or Rio de Janeiro that English is not spoken as widely as in other developing countries; you’ll have to get some of the local lingo under your belt to excel in Brazil.
Whether you’re working a job in the US or you’re a globe-trotting entrepreneur, learning Portuguese as simple as using language-learning apps, taking night classes, or even going the traditional route of living in Portugal or Brazil to slowly pick up the dialect. Bear in mind that Brazilian Portuguese is distinct from its European derivative so that you may find yourself struggling with regional accents if you do happen to have experience in talking in Portugal.
Understand the Culture
Although Brazil has some acute issues when it comes to societal inequality, the business environment in the country is comparable to those that you’ll be more familiar with, though of course, it comes with its regional flavors.
Getting to grips with the general and the business cultures of Brazil is best-achieved through exposure to the country itself, perhaps on a long prospective tourist trip during which you see some of the main sights while establishing your first contacts in this marvelous country of contrasts, carnivals, and Catholicism. The more you learn, the more context you’ll have to approach business deals with a regional knowledge that’ll gain you trust in the local individuals and will ultimately single you out as an investor who’s interested not only in making money but in the country as a whole.
Prepare for Business
There’s a set number of objectives you’ll have to achieve when working with Brazilian partners in business. For one, you’ll need to ensure you’re on the correct visa when visiting the country; this can be researched on the relevant immigration websites. You will likely need to set up a local bank account that’s operational throughout Latin America, and you’ll do well to be aware of the financial services at your disposal so that you’re able to be agile and knowledgeable come to the ups and downs of setting up shop in a new country.
This site, for instance, offers small to large personal loans from an online platform for those in need of a quick boost to their cash flow. Moreover, homespun financial technologies and institutions are gaining global recognition as important players in greasing the wheels of Latin American business, and having the wherewithal to harness these powerful tools will give you some extra support when it’s needed. Finally, you’ll want to find some office space or an address in the country to call your own for various reasons – it might be required for setting up a bank account, and it’s certainly required for receiving the post.
Don’t Just Stick to Rio
Glamorous and swelteringly passionate, Rio de Janeiro is a wonderful city to base yourself in when conducting business in Brazil. It’s for this reason, though, that there’s already a fairly well-established international business crowd in the city who are likely cutting into the markets you’re seeking to invest in. Looking beyond Rio to Brazil’s myriad other cities might prove to be a savvy early maneuver in your Latin American business adventure, exposing you to fruitful markets – again, especially for import/export – that are as yet untapped.
Sao Paolo has roughly double the urban population of Rio de Janeiro and is home to over 15 universities and colleges, marking it out as an exceptional place to hire staff, whereas smaller provincial cities such as Salvador, Brasilia, and Belo Horizonte are all positioned in unique cultural and climatic regions with their own unique people and economies that you should research and visit on your fact-finding trip to Brazil. Always listen to local knowledge and advice, as Brazilians are unfailingly happy to help.
Rely on Strong Contacts
With an understanding of both Brazilian culture and the Portuguese language under your belt, making those all-important contacts is the most vital aspect of setting up in Brazil. Friends in high places will protect you from governmental intrusion and corruption, expose you to further contacts who’ll be able to help you, and will be able to school you on any unique regional caveats you’re likely to encounter.
Beyond business, Brazilian friends are unfailingly upbeat and fun and will support you in your transition to move or live in Brazil, introducing you to the roots of Brazilian society that tourists and travelers are unable to scratch the surface of. When setting up business in Brazil, never forget to have fun and live well in the Brazilian formulation – it’s a different society from the US or the UK – more open, taking itself less seriously – and you may well find that joining in on this spirit with new friends helps you settle in to your new business.
Brazil possesses a huge and promising economy that adventurous entrepreneurs should seize with both hands in order to conduct successful business in a uniquely fun and stimulating environment; follow these tips to assist with your set-up in Latin America.
