Limited Liability Company (LTDA):

a) Issue of a power of attorney to a person domiciled in Brazil. Such document must receive the recognition of a public notary and must be registered at the nearest Brazilian consulate abroad. In Brazil, it will have to be officially translated into Portuguese and registered;

b) Determine the corporate name and research at the Trade Board if the name has already been registered;

c) Search of a manager who lives in Brazil and of a headquarter;

d) Registry of the foreign legal entity or the foreign person before the Federal Tax Authorities;

e) Drafting of the Limitada Articles of Association;

f) Filing with the Trade Board (Junta Comercial);

g) Filing with the Federal Ministry of Finance (CNPJ - Cadastro Nacional de Pessoas Jurídicas);

h) Filing with the State authorities (Inscrição Estadual);

i) Filing with the Council authorities (CCM - Cadastro de Contribuintes

Mobiliários.Corporation:

a) Statutes of Incorporation must specify the exact number of shares, in which the capital is divided and must declare if shares have or not par value. The initial subscribers must be at least two partners that will be the founders.

b) Initial payment of at least 10% of the issue price of the shares subscribed in cash unless specific legislation requires a higher percentage. This payment must be kept on deposit with authorized bank until approved by the Commercial Registry.

60 days

Limited Liability Company (LTDA):

a) There is no requirement for a minimum capital amount and type are not specific requirements to constitute this kind of company;

b) The liability of each partner is limited to the amount of each partner's participation.

Corporation:

a) There is no requirement for a minimum capital for a Corporation, except for insurance and financial institutions, utility and export trading companies;

b) The liability of shareholders is limited to the issued share capital subscribed or acquired by them.

Limited Liability Company (LTDA):

The manager may be one of the partners, some of them or all partners or a hired manager. Manager must be resident in Brazil.

Corporation:

It may be managed by a Board of Directors and an Administrative Council or only by a Board of Directors.

Limited Liability Company (LTDA):

No publicity apart from the registered data is required.

Corporation:

The publication of the annual accounts and minutes of shareholders' meetings is generally required.