Setting up your company's legal structure shouldn't be rocket science – we've prepared a checklist with all of the documents and pieces of information you need to get started.
Getting started checklist
- Company name
You can always change it later, but you'd have to pay for an additional filing. Make sure to check the name compatibility on the Delaware website before you settle for a name.
- Company address
You can use your residential address in the operating country, but note that it will be made public info, so take the exposure into consideration. Alternatively, you can opt in for a virtual office service with our partners at BHub, which provides you with a business address – you'll see the option during your onboarding.
- SQL number
Can be found under the name "número do contribuinte" or “número do cadastro do imóvel" on your company address's IPTU statement, like so: ㅤ
- Equity distribution for founding team
We will need the amount of shares/percentage of ownership each founder holds.
- Stock Option Pool
Define the percentage allocated to the option pool with your co-founders, investors and lawyers. They typically range from 10% to 20% depending on company size and stage. Learn more about ESOPs.
- Proof of ID for every founder
It can be any ID document like an RG/CRNM/RNE, a driver’s license or a passport. If the founder is a US tax resident, we'll also need their Social Security Number (SSN).
- Proof of residence for every founder
An electronically issued utility bill (e.g. internet, water, electricity) or bank statement. Pictures or digitized versions of hard copies are not accepted. The document needs to be under the founder’s own name – bills under a spouse or parent's name are not accepted.
- List of directors (Cayman holding company)
Directors have the power and responsibility to issue shares and options, sign board resolutions, enter into contracts on behalf of the company, create bank accounts and manage cash flow. They hold high authority at the Cayman level of your company structure, and you will need to appoint who they are.
- List of administrators (Brazilian operating company)
Administrators have signatory power on behalf of a company, and can create bank accounts and manage cash flow. In Brazil, owners are the one with these powers by default but, since the only shareholder of your local entity is technically the Delaware LLC, you need individuals to be granted the administrative role so they can get things done. Note that if someone is an administrator, their proof of ID document will need to be their RG or driver's license.
Got any questions?
Reach out to our team at formation@latitud.com and we'll be happy to answer them!