Brazil is not only the largest country in both Latin America and South America, it is also the fifth largest country by area and sixth largest by population in the world. Brazil is also the ninth largest economy in the world in terms of nominal GDP (as of 2016). By 2010, Brazil was considered one of the fastest growing major economies in the world and gained new international influence and recognition due to its economic reforms. Its diversified economy includes industry, agriculture and various services.

Brazilian economy
Industry, including steel and petrochemicals, automobiles, computers, and aircraft and consumer durables, accounted for 30.8% of GDP and is heavily concentrated in Rio de Janeiro, São Paulo, Porto Alegre, Campinas and Belo Horizonte. Tourism is a growing sector in Brazil and a key industry for several regions. The most popular tourism product is natural areas for ecotourism combined with leisure and recreation. Brazil is also one of the largest producers of coffee, oranges, sugar cane, as well as soybeans and papaya.

Surely such a country attracts foreign entrepreneurs to expand their businesses in the local market or they might even choose to start a business in Brazil as a base to reach all of Latin America. If you too have decided to start your business in Brazil, there are a few things to discuss and consider so that your business is successful from day one.

Doing business in Brazil
The business environment in Brazil has its own set of rules and peculiarities linked to the culture and history of Brazil. In case you don't have a good knowledge of Brazilian customs or a local agent to guide you through them, you can consider incorporating your company in São Paulo as it is the most internationally oriented city in Brazil and the business there usually in more ' western than in other cities. The further north you go in Brazil, the more conservative the business mentality becomes.

In general, a large part of the Brazilian economy is made up of family businesses, which are more patriarchal and formally organized than Western companies. A decent family background is an important factor when evaluating a potential business partner. Brazilian companies are organized vertically and all business matters are discussed and decided by superiors. Good manners and dress code are a must, you should show an intellectual interest in Brazilian music, literature and history. If you want to be taken seriously in Brazil, don't try to skimp on a cheap hotel - opt for a first-class hotel and receive your business partners in style.

Business meetings
Before doing business in Brazil, it is very important to establish good personal relationships. Brazilians do not go straight to business, they first want to get to know you better personally. Therefore it helps if you are introduced by a mutual acquaintance or someone respected by your business partner. The same as your Brazilian counterparts will want to get to know you better, you are also expected to show genuine interest in them. Due to the personal relationship in business, it will take some time to rebuild the cooperation if a local sales representative or other personnel is replaced.

Often, business meetings start later than planned and take longer than expected – you should keep this in mind if several meetings are planned for one day. You should arrange a business meeting around two weeks in advance and confirm it two days before the meeting. It is highly inappropriate to visit a company without an appointment.

Other tips when incorporating a company in Brazil:

If you want to succeed in Brazil, you will have to learn Portuguese;
Never offer bribes to get around the bureaucracy – foreign entrepreneurs in Brazil are being watched closely;
Consider hiring a local agent to deal with all the bureaucratic hurdles;
It takes a relatively long time to achieve something in Brazil – be patient and adjust your plans and budgets accordingly;
Look straight in your business partner's eyes, otherwise it might be interpreted that you are hiding something.