I want to open a Money Exchange counter

Forget the idea completely. Currency Exchanges are all regulated by the Central Bank and subject to all the same rules as banks.

You'd be looking at years and years of bureaucracy and red tape, plus an capitalization of millions of dollars. I had a student who was the Brazilian president of one of South Korea's oldest and most prestigeous banks and it took them nearly 4 years in order to obtain approval to operate in Brazil.

There's much much more involved in operating a Currency Exchange in this country than just swapping Reais, for dollars, euros, pounds or yen... believe me.

Cheers,
James
expat.com Experts Team

Thank you James. It was so nice of you.

Well ! Can you advise if a Casino can be opened in Brazil. Is it allowed. I want to open it in Brasilia or in Sao Paulo.

Currently such things as casinos, bingos and even video slot machines in bars are completely illegal.

Cheers,
James
expat.com Experts Team

Shahbaz,

I'm curious as to why you'd want to invest your money in opening a Currency Exchange or Casino in Brazil, ventures that are so tightly regulated and steeped in mountains of bureaucracy???

If your intention is solely to obtain a VIPER Permanent Visa for Investors then there are much easier ways to go about it. You could invest in buying out an existing business or start up a business of your own.

Sorry to sound cynical, but it sounds to me more like your intention is to set up some means of moving large sums of money in and out of this country. If that's really the case, then you can forget the whole idea now. New laws require banks to report directly to the Receita Federal (Brazil's Tax Agency) all bank transactions over R$2000 (US $558) for individuals or R$6000 (US $1674) for businesses.

Also transferring money into or out of Brazil can only be done through a Casa de Cambio (Currency Exchange) or a bank that operates a Cambio and involves a great deal of paperwork, and any such transfers equal to or greater than R$10000 (US $2791) must be reported to the Receita Federal, and justified by the individual sending or receiving those funds.

Cheers,
James
expat.com Experts Team

Yes James thank you!

Europe and US also have become difficult for investment. Brazil looked better to me as there is no as such feeling of being an expatriate in Brazil and suffer feeling disheartened with racial , regional or religious descrimination.

I am certainly going to open a business in Brazil but on a very safe side. I am intending now to invest in opening an Italian-Indian Restaurant in Brazil. Please suggest which would be the best city and area to establish to earn and live comfortably. I do not want the down town and poorly established areas . It must be a poshed area with a filtered public but again having  commercial movements.

Once again thank you;

Regards,

Shahbaz

Well, restaurants are a very competative and risky business in Brazil, since Brazilians are not famous for experimenting with exotic foods. Italian restaurants are very common here so unless you've got some 'catch' on the menu that will draw diners into your establishment as opposed to others it might be difficult to make a profit. (catch = unique dish nobody else serves)

Indian restaurants are not as common, and since Brazilians do enjoy experimenting with Indian cuisine, it would probably be a safer bet provided that you've got a good Indian chef and are offering authentic dishes.

If you do open an Indian restaurant I'd say the best locations would be São Paulo, Rio, Brasília, or Belo Horizonte.

That said, don't forget that restaurants are risky. Here about 15% fail within the first year, and very few ever make it beyond 5 years before they fail.

Cheers,
James
expat.com Experts Team

Dear Sir,

I am searching cooks specialists , qualified and well trained to work in a restaurant in a shopping centre in Belo Horizonte,  yet to be installed. The cooks should be smart, having specialities in Indian, Pakistani, Italian and Brazilian cousine. We have three posts vacant in this respect. Each one will be paid 2000 Brazilian Reais . Will work from 6 p.m. in the evenining till the sitting of last client at night.

We have also posts for the bearers to serve dinners at the table . Must be qualified and experienced . We will pay Brazilian Reais 1200 per person with all fringe benefits as per government labour laws.

Qualified persons may send their CV as soon as possible.

Regards,

Shahbaz
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