Brazil S.A.

S.A. is Brazil's company form with capital divided into shares; the limited company (Ltda) is far more common. It must have at least two shareholders (one only if the sole shareholder is a Brazilian company) and one director, and can participate in the public market. Shareholders of S.A. can be individuals or legal entities, and their liability is limited to their capital contribution. Directors can be Brazilian or foreigners, but there must be at least one Brazilian resident. S.A. is represented by its executive officers (diretoria) and does not need a company secretary. There is no statutory minimum registered capital (some regulated sectors set one), and at least 10% of the issue price of the shares subscribed in cash must be paid in and deposited at an authorised bank before registration. S.A. is typically used for large enterprises because it has flexible equity structure and the advantage of participating in the public market.