Nikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the Banco Central's authorisation and the CVM registration, including banking and payment rails.
Get an investment license in Brazil.
Brazil licenses investment business twice. The Banco Central do Brasil authorises the corretora or distribuidora - the CTVM or DTVM - under Resolução CMN 5.008/2022 art. 3, and the CVM registers the same firm as an intermediary under Lei 6.385/1976 art. 16 and Resolução CVM 35 art. 3; the CVM alone registers the gestor de recursos, the administrador fiduciário, the consultor, the analista and the assessor de investimento. The fixed capital tiers of R$ 550,000 and R$ 1,500,000 went on 3 November 2025: Resolução Conjunta CMN/BCB 14/2025 now computes the minimum from R$ 2,000,000 per activity category plus a R$ 5,000,000 technology component and activity values from R$ 1,000,000 to R$ 8,000,000, phased in to 1 January 2028. A gestor de recursos needs no capital, and the CVM decides in 60 days with silence counting as approval (Res. CVM 21 art. 7). The market is 214.2 million people; the nominal tax on a corretora is 40%.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
Brazil in brief
Two regulators, one firm, and a formula instead of tiers.
The securities law is Lei 6.385 of 7 December 1976, and it splits the gate. Distribution, buying for resale, brokerage and clearing need the CVM's prior authorisation under art. 16; Resolução CVM 35/2021 art. 3 reserves intermediation to habilitated institutions. The institution - a corretora (CTVM) or distribuidora (DTVM), an S.A. or limitada - operates only with the Banco Central's authorisation under Resolução CMN 5.008/2022 art. 3, granted under Resolução CMN 4.970/2021: lawful origin of the capital, controllers whose means match it, directors resident in Brazil with reputação ilibada (arts 2, 14) and, for a foreign parent, no objection from the home supervisor (art. 5). Beside the intermediary sit the CVM-only registrations: administrador de carteiras under Lei 6.385 art. 23 and Resolução CVM 21, consultor under Resolução 19, analista under Resolução 20, and the assessor de investimento of Resolução 178/2023 - an intermediary's preposto who may not hold client money (art. 25 I).
The capital rule changed on 3 November 2025. Resolução Conjunta CMN/BCB 14/2025 revoked the R$ 550,000 and R$ 1,500,000 tiers of Resolução 5.008 art. 4 and replaced them with a sum: R$ 2,000,000 per activity category communicated to the Banco Central (art. 9 I), R$ 5,000,000 where services depend on data, network and cyber-security infrastructure (art. 9 II), plus the art. 10 activity values - serviços R$ 1,000,000, custódia e administração R$ 3,000,000, intermediação R$ 5,000,000, investment restrita R$ 5,000,000 or livre R$ 8,000,000 - scaled by funding factors of 60% to 200%. An administrador fiduciário holds 0.20% of assets under administration, floor R$ 550,000 (Res. CVM 21 art. 1 § 2 II); a gestor, consultor or assessor holds none. The CVM decides a manager file in 60 days and silence is approval (art. 7). The Banco Central publishes no clock. We build both files from São Paulo.
Two regulators: the Banco Central authorises the CTVM/DTVM (Res. CMN 5.008 art. 3); the CVM registers intermediaries, gestores, consultores and assessores. Fixed tiers went on 3 November 2025 - Res. Conjunta 14/2025 computes capital from R$ 2M per activity; a gestor needs none and gets a 60-day clock.
IRPJ 15% + 10%, CSLL 15% for corretoras - 40% nominal; 10% on dividends abroad from 2026. 214.2 million people. Built from São Paulo.
The two builds
The CVM-only gestor - or the Banco Central's intermediary.
Two regulators, two very different files: the gestor de recursos registers with the CVM alone, with no capital requirement and a 60-day clock; the corretora or distribuidora is authorised by the Banco Central on a computed capital and registered with the CVM on top. We fix the route first, then build once.
The CVM-only gestor - or the Banco Central's CTVM/DTVM.
01 - GESTOR DE RECURSOS · CVM
The CVM-only manager
Discretionary management of securities portfolios under Resolução CVM 21: a registration with the CVM alone, no capital requirement in the resolution, statutory directors for management, compliance and risk (art. 4 §§ 3-5), decided in 60 days with automatic approval on silence (art. 7). The administrador fiduciário category covers the other administration activities at 0.20% of assets under administration, floor R$ 550,000.
Discretionary management of securities portfolios under Resolução CVM 21: a registration with the CVM alone, no capital requirement in the resolution, statutory directors for management, compliance and risk (art. 4 §§ 3-5), decided in 60 days with automatic approval on silence (art. 7). The administrador fiduciário category covers the other administration activities at 0.20% of assets under administration, floor R$ 550,000.
- ✓Gestor de recursos - portfolio management
- ✓No capital requirement - Res. CVM 21
- ✓60 days · silence is approval (art. 7)
- ✓Three statutory directors (art. 4 §§ 3-5)
- ✓Administrador fiduciário - 0.20% of AUM, floor R$ 550,000
- ✓Annual CVM fee R$ 9,519.43 · 25% to register
02 - CTVM / DTVM
Formula capital from R$ 2M per activityThe BCB-authorised intermediary
The full broker-dealer: exchange trading, underwriting, public-offering intermediation, dealing on own account and for clients, custody, fund administration, FX and margin accounts among the 21 activities of Resolução CMN 5.008 art. 2 - authorised by the Banco Central (art. 3), registered with the CVM (Lei 6.385 art. 16), capital computed under Resolução Conjunta 14/2025 and no published decision clock.
The full broker-dealer under the 21 activities of Res. CMN 5.008 art. 2 - Banco Central authorisation, CVM registration, formula capital.
- ✓21 activities - Res. CMN 5.008 art. 2
- ✓BCB authorisation (art. 3) + CVM registration
- ✓S.A. or limitada · resident directors
- ✓R$ 2M per activity category + R$ 5M technology
- ✓Intermediação R$ 5M · custódia R$ 3M activity values
- ✓Two statutory directors - Res. CVM 35 art. 5
Costs and timelines are confirmed for your case before any work begins. CVM fees follow Lei 7.940/1989; the Banco Central prints no decision period and no application fee, and the Anexo I supervision row for intermediaries is confirmed before filing.
Why Brazil
A 214-million market, licensed with candour.
Brazil sells a pool of 214.2 million people behind two regulators that publish their rules and, in the CVM's case, a clock.
✓
214.2 million people
The IBGE estimate at 1 July 2026, published 28 August 2026 - the pool behind B3, and one no offshore licence reaches.IBGE, 1 July 2026.
✓
A manager licence with no capital
The gestor de recursos under Resolução CVM 21 carries no capital requirement, registers with the CVM alone and is decided in 60 days with silence as approval (art. 7).CVM only, 60 days.
✓
A formula you can compute
Resolução Conjunta 14/2025 prints every input: R$ 2M per activity category, R$ 5M for technology, the activity values, funding factors of 60% to 200%. The minimum is arithmetic, not discretion.R$ 2M per activity, printed.
✓
No foreign-ownership cap
A foreign parent needs its home supervisor's non-objection (Res. CMN 4.970 art. 5); the finding of interest to the Brazilian Government is delegated to the Banco Central by Decreto 10.029/2019 art. 1. No percentage limit.Home supervisor's non-objection.
✓
The MRP behind the exchange
BSM's Mecanismo de Ressarcimento de Prejuízos pays up to R$ 200 mil per claim, per investor, per participant (Res. CVM 135 art. 124) - the protection counterparties ask about.R$ 200 mil per claim.
✓
The two clocks, said plainly
The CVM's 60 days is real. The Banco Central publishes no decision period for a CTVM/DTVM and no licensee count - plan the intermediary as an open-ended file.CVM 60 days; BCB none.
How it compares
How Brazil differs from other routes.
The honest comparison: a 214-million market with a two-regulator file - against neighbours that print a clock and a fixed floor.
Brazil vs other jurisdictions
| Feature |  Brazil | Other jurisdictions |
|---|---|---|
| Regime | Lei 6.385 - BCB + CVM | CNBV Mexico · CMF Chile · CNV Argentina |
| Capital | Formula from R$ 2M per activity · gestor none | 6,000 UF Chile · 65,350 UVA AN Argentina |
| Scope | Domestic market, no passport | Domestic only - no passport |
| Timeline | CVM 60 days · BCB no clock found | 30 days Chile · 20 business days Argentina · none found Mexico |
Regime
BrazilLei 6.385 - BCB + CVM
Other jurisdictionsCNBV Mexico · CMF Chile · CNV Argentina
Capital
BrazilFormula from R$ 2M per activity · gestor none
Other jurisdictions6,000 UF Chile · 65,350 UVA AN Argentina
Scope
BrazilDomestic market, no passport
Other jurisdictionsDomestic only - no passport
Timeline
BrazilCVM 60 days · BCB no clock found
Other jurisdictions30 days Chile · 20 business days Argentina · none found Mexico
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Brazil | BCB CTVM/DTVM · CVM gestor | 40% nominal CTVM · 34% general | Formula capital · 60-day CVM clock |
 Mexico | CNBV casa de bolsa · asesor | 30% ISR · 16% IVA | Capital per CUCB · MXN 571,544.81 fee |
 Chile | CMF corredor de bolsa · AGF | 27% · 35% Adicional | 6,000 UF · 4,000 UF guarantee · 30 days |
 Argentina | CNV ALyC · AN · AAGI | 25% / 30% / 35% scale | 470,350 UVA ALyC · 65,350 UVA AN · 20 business days |
BrazilLicense typeBCB CTVM/DTVM · CVM gestor
Taxation40% nominal CTVM · 34% general
RequirementsFormula capital · 60-day CVM clock
MexicoLicense typeCNBV casa de bolsa · asesor
Taxation30% ISR · 16% IVA
RequirementsCapital per CUCB · MXN 571,544.81 fee
ChileLicense typeCMF corredor de bolsa · AGF
Taxation27% · 35% Adicional
Requirements6,000 UF · 4,000 UF guarantee · 30 days
ArgentinaLicense typeCNV ALyC · AN · AAGI
Taxation25% / 30% / 35% scale
Requirements470,350 UVA ALyC · 65,350 UVA AN · 20 business days
Before you apply
Requirements for the Brazilian licence.Requirements for the licence.
Two files that must agree with each other: the Banco Central's under Resolução CMN 4.970 and the CVM's under Resolução 21 or 35. The checklist below is what a passing pair contains.
01
Brazilian entity - a sociedade anônima or limitada with Corretora or Distribuidora de Títulos e Valores Mobiliários in its name (Res. CMN 5.008 art. 3 § 1); individuals may register only as administrador de carteiras, consultor, analista or assessor.
02
Capital under the formula - R$ 2,000,000 per activity category plus R$ 5,000,000 for technology-dependent services (Res. Conjunta 14/2025 art. 9) and the art. 10 activity values, paid in and evidenced.
03
Lawful funds and able controllers - the origin of the paid-in capital and the controllers' economic capacity compatible with it, with a business plan on request (Res. CMN 4.970 art. 2).
04
Resident directors - every director resident in Brazil with reputação ilibada (Res. CMN 4.970 art. 14).
05
Home-supervisor non-objection - a foreign institution's entry as controller, or its subsidiary's operation, is conditioned on no objection from the home supervisor (Res. CMN 4.970 art. 5).
06
Two statutory directors - one responsible for compliance with Resolução CVM 35 and one for internal controls, never the same person (art. 5 I-II, § 2), plus the AML director of Resolução CVM 50/2021.
07
Written rules and controls - adequate, effective and verifiable internal rules and procedures (Res. CVM 35 art. 4), to the minimum content the self-regulator sets (art. 36).
08
Client accounts - a current-account system recording every client movement (art. 33 III), payments only through identified bank accounts in the client's name (arts 8, 27-28), no transfers between clients of different ownership (art. 37 VIII).
09
Manager bench - for an administrador de carteiras, statutory directors for portfolio administration, compliance and, for a gestor, risk management, acting with independence (Res. CVM 21 art. 4 §§ 3-5), on premises segregated from any intermediation business (arts 27-28).
10
Fees - CVM registration at 25% of the annual fee (Lei 7.940/1989 Anexo V): R$ 9,519.43 a year for an administrador de carteiras PJ, R$ 2,538.50 for a consultor, assessor or analista PJ; the intermediary's Anexo I row and any Banco Central charge are confirmed before filing.
01
S.A. or limitada, named right.
02
Formula capital paid.
03
Lawful funds, able controllers.
04
Resident directors.
05
Home supervisor's non-objection.
06
Two statutory directors.
07
Written controls (Res. 35 art. 4).
08
Client accounts identified.
09
Manager bench of three.
10
CVM fee at 25% to register.
Reflects Lei 6.385/1976, Resolução CMN 5.008/2022, Resolução CMN 4.970/2021, Resolução Conjunta CMN/BCB 14/2025 and Resoluções CVM 21 and 35 as of 2026.Lei 6.385 + Res. CMN 5.008, 4.970, Res. Conjunta 14/2025, Res. CVM 21/35, as of 2026.
How it works
From first call to the CVM register.
01
Route and categories
Gestor, administrador fiduciário or CTVM/DTVM - and, for the intermediary, the activity categories communicated under art. 5 that set the capital.Activity list fixed.
02
Company and people
S.A. or limitada, resident directors, the statutory directors named, capital computed and paid.Resident directors named.
03
The filings
Banco Central authorisation under Res. CMN 4.970 and CVM registration under Res. 21 or 35 - complete at submission.Complete at submission.
04
Review
CVM: 60 days, one suspension for exigências, silence is approval (Res. 21 art. 7). Banco Central: no published clock - each exigência answered on its date.CVM 60 days; BCB open.
05
Registered and live
CVM register entry, Banco Central authorisation in hand, exchange access at B3 and bank accounts open.B3 access, live.
Quick facts
RegulatorsBCB · CVM
LawLei 6.385/1976
Capital ruleRes. Conjunta 14/2025
Per activity categoryR$ 2,000,000
Technology componentR$ 5,000,000
Administrador fiduciário0.20% AUM · R$ 550,000 floor
CVM clock60 days · silence approves
Corporate tax40% nominal CTVM/DTVM
Two regulators does not mean two standards; it means two files that must agree. The craft is the activity list: it sets the capital under Res. Conjunta 14/2025 and the scope under Res. CMN 5.008 art. 2, and it is fixed before anyone drafts.
On the ground in Brazil
Run from our São Paulo office.
Prifinance - Brazil
São Paulo · Brazil
São Paulo, Brazil
01
Route and regulator
Gestor at the CVM alone, or CTVM/DTVM at the Banco Central and the CVM - fixed in writing before drafting, with the activity categories that set the capital.Fixed in writing.
02
The two files
The Resolução 4.970 authorisation file for the Banco Central and the CVM registration under Resolução 21 or 35 - drafted in Portuguese to the resolution's own list.Drafted in Portuguese.
03
Directors and bench
Resident directors with reputação ilibada, the two statutory directors of Res. CVM 35 art. 5 or the three of Res. CVM 21 art. 4 - sourced in São Paulo.Sourced in São Paulo.
04
Capital and launch
The Resolução Conjunta 14/2025 computation, the bank account and exchange access at B3 sequenced with the decision.Computed, then paid.
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Good to know
Taxation of investment firms in Brazil.
A layered federal system with a rate of its own for financial institutions - 40% nominal for a corretora - and, since 2026, a withholding on dividends leaving the country.
IRPJ 15% + 10%
Lei 9.249/1995 art. 3: 15% on profit and a 10% additional on the part above R$ 20,000 a month - the same base for every company.Above R$ 20k a month.
CSLL 15% for corretoras
Lei 7.689/1988 art. 3 as redrafted by Lei Complementar 224/2025: 15% for distribuidoras and corretoras, 9% for ordinary companies, 20% for banks.Corretoras; 9% general.
40% nominal
IRPJ 25% plus CSLL 15% for a CTVM/DTVM; 34% for an ordinary company; 45% for a bank. Which list a manager-only entity falls on is confirmed in the quote.For a CTVM/DTVM.
10% on dividends abroad
From 1 January 2026, profits and dividends remitted abroad carry 10% withholding (Lei 9.249 art. 10 § 4, inserted by Lei 15.270/2025); results up to 2025 approved for distribution by 31 December 2025 stay exempt (§ 5).From 1 Jan 2026.
No VAT - PIS/COFINS and ISS
Financial services bear the federal PIS/COFINS contributions and the municipal ISS, being replaced by IBS/CBS under Lei Complementar 214/2025 from 2026; the rates for your model are confirmed in the quote.IBS/CBS from 2026.
CVM taxa de fiscalização
Lei 7.940/1989: R$ 9,519.43 a year for an administrador de carteiras PJ, R$ 2,538.50 for consultores, assessores and analistas PJ, R$ 530.00 for individuals; registration costs 25% of the annual fee.R$ 9,519.43 a year.
Tax summary
IRPJ15% + 10% additional
CSLL15% corretoras · 9% general
Nominal on CTVM/DTVM40%
Dividends abroad10% from 2026
Consumption taxesPIS/COFINS · ISS · IBS/CBS transition
*Figures as of 2026 per Brazilian federal law. Group and founder-level outcomes are modelled per structure.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Brazilian company, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, licensed firm.
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Brazil · CVM · BCB
Launch your investment firm in Brazil with expert support.
Full-service assistance - from the Brazilian company and the activity list to the Banco Central authorisation, the CVM registration, the statutory bench and ongoing compliance - run through our São Paulo office.
Get a consultation →Free legal opinion
Is Brazil the right fit for your project?
Our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.
Written assessment within 2-5 business days
Request a free conclusion →FAQ
The Brazilian investment licence, answered.
Who licenses an investment firm in Brazil?+
Two regulators. The Banco Central do Brasil authorises the corretora or distribuidora (CTVM/DTVM) under Resolução CMN 5.008/2022 art. 3; the CVM authorises intermediation under Lei 6.385 art. 16 and registers portfolio managers, consultants, analysts and investment advisers under its own resolutions.
What is the difference between a gestor and an administrador fiduciário?+
Both are administrador de carteiras registrations under Resolução CVM 21. The gestor de recursos manages securities portfolios and carries no capital requirement; the administrador fiduciário performs every other administration activity and must hold 0.20% of assets under administration, floor R$ 550,000 (art. 1 § 2 II).
What capital does a CTVM/DTVM need?+
Since 3 November 2025, a computed amount under Resolução Conjunta CMN/BCB 14/2025: R$ 2,000,000 per operational activity category, R$ 5,000,000 where services depend on technology infrastructure, plus activity values from R$ 1,000,000 (serviços) to R$ 8,000,000 (investment livre) scaled by funding factors of 60% to 200%. The old R$ 550,000 and R$ 1,500,000 tiers are revoked.
How long does authorisation take?+
The CVM decides an administrador de carteiras registration in 60 days from a complete filing, with one suspension for exigências and automatic approval on silence (Res. CVM 21 art. 7); a consultor's authorisation is automatic on filing (Res. 19 art. 6). The Banco Central publishes no decision period for a CTVM/DTVM.
Can a foreign group own the firm?+
Yes, with no percentage cap in the rules we read. A foreign institution's entry as controller, or its subsidiary's operation, is conditioned on no objection from the home supervisor (Res. CMN 4.970 art. 5), and the finding of interest to the Brazilian Government is delegated to the Banco Central by Decreto 10.029/2019 art. 1.
What people does the regulator require?+
Directors resident in Brazil with reputação ilibada (Res. CMN 4.970 art. 14); for an intermediary, two statutory directors - one for compliance with Resolução CVM 35, one for internal controls - who may not be the same person (art. 5 § 2); for a manager, statutory directors for administration, compliance and risk (Res. CVM 21 art. 4 §§ 3-5).
How are Brazilian investment firms taxed?+
IRPJ at 15% plus 10% on profit above R$ 20,000 a month (Lei 9.249 art. 3), CSLL at 15% for corretoras and distribuidoras against 9% for ordinary companies (Lei 7.689 art. 3) - 40% nominal - and, from 1 January 2026, 10% withholding on dividends remitted abroad (Lei 15.270/2025).
Is there an investor compensation scheme?+
Only the MRP. BSM's Mecanismo de Ressarcimento de Prejuízos under Resolução CVM 135 art. 124 pays up to R$ 200 mil per claim, per investor, per participant for losses caused by exchange participants, in CCP-cleared OTC derivatives and in custody. No general compensation fund exists beyond it.
Brazil or Chile for a new firm?+
Brazil buys a 214.2-million market, a no-capital manager registration and a 60-day CVM clock, at 40% nominal tax; Chile buys a 30-day statutory decision (Ley 18.045 art. 28), floors of 6,000 UF plus a 4,000 UF guarantee, and 27% tax with a 35% Impuesto Adicional on remittances. Chile is simpler to compute and faster to decide; Brazil is the market.
Why Prifinance for Brazil?+
A São Paulo office for the Banco Central and CVM files, the Resolução Conjunta 14/2025 capital computed from your activity list before anyone asks, resident directors and the statutory bench sourced locally, and the CVM's 60-day clock run to the day.
Who licenses?+
BCB and CVM.
Gestor vs fiduciário?+
Capital: none vs 0.20%.
Capital?+
Formula from R$ 2M.
How long?+
CVM 60 days; BCB none.
Foreign owners?+
Yes, no cap found.
People?+
Resident, statutory directors.
Taxes?+
40% nominal + 10% WHT.
Compensation?+
MRP, R$ 200 mil.
Or Chile?+
Market vs 30-day clock.
Why you?+
São Paulo, both files.
Client notes
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Get a free legal opinion on your project - our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.Free legal opinion: which Brazilian route fits your project and what it will cost.
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Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the CVM and the Banco Central do Brasil or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.