Igor Cornelsen is one of Brazil’s top bankers. He managed some of the biggest banks in Brazil and a massive percentage of the country’s gross economy. After he retired from being a banker went off his dream of being an inventor. He also spends time working with the Bainbridge Group investing in the stock market as he is quite good at making strong profits. Today, we will look at Igor’s tips for those who want to start a business in Brazil’s roaring economy.
As a country, Brazil has a lot of scandals; however, it is really attractive to investors. This is because it is a huge market for more than 200 million consumes and is also one of the top food suppliers in the world. Being the largest country in South America, it is one of the targets for infrastructure development. More and more people are thinking of starting a business or investing in this country because of these defining reasons.
Cornelsen Tips for Starting a Business in Brazil
Connect with Natives
Networking and relationships affect business and finance in Brazil greatly. Cornelsen thinks that it is not difficult to find Facebook connections in Brazil and this is because a lot of people there are entrepreneurs. Socially, Brazilians tend to be welcome when you want to talk to them. They will give you advice based on their experiences, so that would be really useful for you.
Prepare for Red Tape
Igor Cornelsen advises to be prepared for regulations when you are entering the Brazilian market, and this is because there are a lot of regulations. As investors in this country, you will face things like regulatory complexity, pervasive bureaucracy, restrictive labor market rigidity and high taxes. Cornelsen stated that if you make informed decisions and put the work in, you will get to see big payoffs in the end.
Be Aware of Foreign-Currency Restrictions
Lastly, Cornelsen stated that it is important to find an authorized bank to deal with foreign exchanges and hold the local currency if you and your business are non-residential because foreign-currency transactions are controlled strictly. Don’t forget that there is no single exchange rate for foreign currencies. Most transactions use the official commercial rate; however, the central bank can intervene and control the rate at will. This can be profitable when you know what you are doing.
Those are some tips for those of you who want to start investing or creating a business in Brazil from Igor Cornelsen. By following the tips given by the top banker and investor, you will be able to be successful in Brazil. Being successful might be a little tricky, but as Cornelsen stated, it’s possible if you keep making informed decisions.