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That is not the first time I see one of your stories and it always brings me a smile to see your new ideas and how implement them. It also amazes me how some c

by irae 5y ago

That is not the first time I see one of your stories and it always brings me a smile to see your new ideas and how implement them. It also amazes me how some countries make it so easy to open a business. Doing so in Brazil would be a legal nightmare. Your projects are super inspiring and I always have a mind to leave my job and start doing the same. I should probably move to the US or Canada first, otherwise it might not be possible for me.

TekMol 5y ago
Why would it be a legal nightmare in Brazil?
- irae 5y ago
  Just for starters, every company is a liability for you as a person. Your "equivalent of credit score" will be forever impacted by each legal entity you start. A company in Brazil needs to fit into categories. So if you have an e-commerce company that sells food, you can't use the same entity to provide a service, for example, the email provider with emojis the original poster did previously. You need a new legal entity for that. If you have one of the companies not pay by itself, closing it is a nightmare. I have a company that is closed, not debts, not a single problem, for 15 years already inactive. That company is considered a liability for my current company and me as a person. Once you have 3 companies in your name, you start having trouble in Brazil, as you fall into "risk" territory for taking credit, opening accounts, renting offices or apartments, etc. And if one company wants to receive payment in foreign currency, you also have to generate quarterly financial reports, and all sorts of bureaucracy. Each step of the way you find new problems. The rules are so extensive and so hard to navigate that you can't be the only person working on that. If you want to be like the original poster, you need an accountant that will charge you per company a fair amount of money, and it will still give you a lot of work to communicate with your accountant about each of the issues. Yes, it is OK for someone that was always an employee to open a restaurant and have a living from that afterwards. Specially since it is a well stablished business category. But serially opening companies in Brazil is not a good time at all. Disclaimer: I am not a professional in this area, I am a software engineer and I do have 2 companies in Brazil, one operating and one closed. Most of my knowledge is either self-taught or learning through my business accountant.
- bananamerica 5y ago
  Brazil is bureaucratic by default.
forinti 5y ago
It's not hard at all to open a business in Brazil, unless you work with things that require safety inspections (food, health, chemicals, etc). Closing a business is a bit of a bother, but it is mostly a question of waiting.
- irae 5y ago
  No it is not. You might find it simple, if you don't compare to places that are easier. First you need to file all the paperwork. Then you wait. Once you get approvals, you can't do anything without a bank account, and opening the bank account is a lot of trouble too, because they want to triple check everything. From zero to operational is a long way, and with lots of legal liability along the way. I have a company closed for 15 years that still counts as a liability to me when I try to do anything, like renting an apartment. You might be right in "opening" paperwork only being kinda OK. But you certainly can't do it like the original poster, that codes for a week or two, opens a new business and move on to new projects in series. (Yeah, not every project of his is a new company, but IIRC the larger ones become new companies).
  - beambot 5y ago
    Stripe's Atlas program seems to be available in Brazil? https://stripe.com/atlas https://stripe.com/atlas
    - ffhhj 5y ago
      He would still need to pay taxes in Brazil, and explain why it's not international money laundering. Same if the money touches the US, will have to pay taxes there too, then transfer it to Brazil for more taxes and paperwork.
      - irae 5y ago
        I haven't heard of Stripe Atlas. And it actually sounds like a good idea. I'll take a deeper look, but you could have a company in Brazil that interfaces with the company you create with Atlas. In none of my comments in this thread I am trying to aviod taxes BTW. Would be great, sure, but not the objective. I am impressed by the lifestyle the original poster, it inspires me, to the point I would like to be able to do it. Taxes need to be part of the equation, but being viable and practical would be the main issue.

by irae 5y ago

TekMol 5y ago

Why would it be a legal nightmare in Brazil?

irae 5y ago
Just for starters, every company is a liability for you as a person. Your "equivalent of credit score" will be forever impacted by each legal entity you start. A company in Brazil needs to fit into categories. So if you have an e-commerce company that sells food, you can't use the same entity to provide a service, for example, the email provider with emojis the original poster did previously. You need a new legal entity for that. If you have one of the companies not pay by itself, closing it is a nightmare. I have a company that is closed, not debts, not a single problem, for 15 years already inactive. That company is considered a liability for my current company and me as a person. Once you have 3 companies in your name, you start having trouble in Brazil, as you fall into "risk" territory for taking credit, opening accounts, renting offices or apartments, etc. And if one company wants to receive payment in foreign currency, you also have to generate quarterly financial reports, and all sorts of bureaucracy. Each step of the way you find new problems. The rules are so extensive and so hard to navigate that you can't be the only person working on that. If you want to be like the original poster, you need an accountant that will charge you per company a fair amount of money, and it will still give you a lot of work to communicate with your accountant about each of the issues. Yes, it is OK for someone that was always an employee to open a restaurant and have a living from that afterwards. Specially since it is a well stablished business category. But serially opening companies in Brazil is not a good time at all. Disclaimer: I am not a professional in this area, I am a software engineer and I do have 2 companies in Brazil, one operating and one closed. Most of my knowledge is either self-taught or learning through my business accountant.
bananamerica 5y ago
Brazil is bureaucratic by default.

forinti 5y ago

It's not hard at all to open a business in Brazil, unless you work with things that require safety inspections (food, health, chemicals, etc). Closing a business is a bit of a bother, but it is mostly a question of waiting.

irae 5y ago
No it is not. You might find it simple, if you don't compare to places that are easier. First you need to file all the paperwork. Then you wait. Once you get approvals, you can't do anything without a bank account, and opening the bank account is a lot of trouble too, because they want to triple check everything. From zero to operational is a long way, and with lots of legal liability along the way. I have a company closed for 15 years that still counts as a liability to me when I try to do anything, like renting an apartment. You might be right in "opening" paperwork only being kinda OK. But you certainly can't do it like the original poster, that codes for a week or two, opens a new business and move on to new projects in series. (Yeah, not every project of his is a new company, but IIRC the larger ones become new companies).
- beambot 5y ago
  Stripe's Atlas program seems to be available in Brazil? https://stripe.com/atlas https://stripe.com/atlas
  - ffhhj 5y ago
    He would still need to pay taxes in Brazil, and explain why it's not international money laundering. Same if the money touches the US, will have to pay taxes there too, then transfer it to Brazil for more taxes and paperwork.
    - irae 5y ago
      I haven't heard of Stripe Atlas. And it actually sounds like a good idea. I'll take a deeper look, but you could have a company in Brazil that interfaces with the company you create with Atlas. In none of my comments in this thread I am trying to aviod taxes BTW. Would be great, sure, but not the objective. I am impressed by the lifestyle the original poster, it inspires me, to the point I would like to be able to do it. Taxes need to be part of the equation, but being viable and practical would be the main issue.