The #1 alternative
Commenda vs Vistra vs TMF Group
In Brazil a foreign-owned Ltda. needs a resident legal representative. All three set it up. The cost comes after.
Comparison at a glance
Vistra and TMF cover Brazil and many markets through an advisor relationship. Commenda runs four suites across 70+ countries on one platform, so one system takes you from your Brazil entity to a full multi-country group.
Commenda
Global entity management with complete compliance. Sets up your Brazil Sociedade Limitada (Junta Comercial, CNPJ, local director, shareholder reps, fiscal address, Central Bank, bank account) and runs it alongside entities in 70+ countries, with consolidation and transfer pricing.
Vistra
Global corporate-services provider. Brazil entity formation, accounting, tax, payroll, and company secretarial through an advisor relationship. Quote-based. Good for a serviced Brazil entity with a traditional CSP relationship.
TMF Group
Global corporate-services provider, in Brazil since 2006. Accounting, tax, payroll, HR, and entity management across 80+ jurisdictions. Quote-based. Good for an enterprise that wants a serviced, advisor-led footprint.
Feature comparison
Why we do it better
 | Vistra | TMF Group | |
|---|---|---|---|
| Starting price (incorporation) | $5,870 | Quote-based | Quote-based |
| Brazil-resident legal rep (local director) | |||
| Shareholder legal representative | |||
| Fiscal address for CNPJ | |||
| Local licensed accountant (statutory books) | |||
| Central Bank foreign-capital registration | |||
| Local corporate bank account | |||
| Indirect tax (ICMS/ISS/PIS/COFINS) filing | |||
| Ongoing accounting & corporate tax | |||
| Transfer pricing (cross-border + CbCR) | Model-specific | Model-specific | |
| Multi-entity consolidation / audit trail | Model-specific | Model-specific | |
| Software platform (self-serve visibility) | |||
| Manage entities in other countries | |||
| 100+ ERP integration support | |||
| Transparent published pricing |
Built for different buyers
Pricing compared
Advertised rates as of June 2026. Competitor pricing changes often.
Commenda
$5,870one-time + local director $13,200/yr
- Modular: shareholder legal rep $5,940 each, fiscal address $2,640/yr, local accountant $1,200/yr, monthly back office $14,520/yr
- Annual financial compliance $2,460/yr, annual legal compliance $2,200/yr
- Published and itemized pricing, plus transfer pricing and consolidation; customers typically retire 3 to 5 vendors
Vistra
Quoteno public price
- Brazil entity formation, accounting, tax, payroll, company secretarial through an advisor relationship
- Many jurisdictions; scoped per engagement, billed by service
TMF Group
Quoteno public price
- Brazil accounting, tax, payroll, HR, entity management; in Brazil since 2006
- 80+ jurisdictions; scoped per engagement, billed by service
How each model works
What's the difference?
How Vistra and TMF Group stack up against Commenda for entity management in Brazil.
Commenda: Brazil managed as part of your global group, on software
- Sets up the Sociedade Limitada (KYC, Junta Comercial, CNPJ, local director, shareholder reps, fiscal address, Central Bank, bank account)
- Then runs accounting, corporate tax, indirect tax, and transfer pricing
- Consolidates Brazil with your entities in 70+ countries, one audit trail, transparent pricing
Vistra: serviced Brazil entity, advisor-led
- Full CSP service across many markets through an account-managed relationship
- Pricing quoted per engagement rather than published
- Service-led rather than a self-serve software platform with ERP integrations
TMF Group: enterprise CSP footprint, advisor-led
- Accounting, tax, payroll, HR, and entity management since 2006, across 80+ jurisdictions
- Pricing quoted per engagement rather than published
- Service-led rather than a self-serve software platform with ERP integrations
Making a decision
Which one should you choose?
The right fit depends on your footprint and stage in Brazil.
Choose Commenda if…
- You operate in Brazil and at least one other country
- You want Brazil managed alongside the rest of your group, with consolidation and transfer pricing
- You want the local director, shareholder reps, indirect tax, accounting, and corporate tax in one place, with transparent pricing
Choose Vistra if…
- You want a traditional, advisor-led CSP relationship for a serviced Brazil entity
- You are comfortable with quote-based pricing scoped per engagement
Choose TMF Group if…
- You are an enterprise that wants a serviced, advisor-led footprint across many jurisdictions
- You are comfortable with quote-based pricing scoped per engagement
Common questions
Yes. A Sociedade Limitada can be 100% foreign-owned in most sectors, but the company must appoint a Brazil-resident legal representative (a local director) with a CPF, and each foreign shareholder must appoint its own resident representative. Commenda, Vistra, and TMF all provide these.
For a single serviced Brazil engagement, a traditional CSP can quote competitively. Commenda is the better fit for a cross-border group: it manages Brazil alongside entities in other countries on one platform, with transfer pricing, consolidation, transparent pricing, and ERP integrations.
It varies by provider and liability scope. Commenda's Brazil-resident legal representative (local director) is $13,200/year, with each foreign shareholder's representative at $5,940 (one-time). Vistra and TMF quote this per engagement.
Yes. A local corporate bank account is mandatory, and foreign capital must be registered with the Brazilian Central Bank. Commenda coordinates both as part of setup.
About 4 to 8 weeks end-to-end with Commenda (due diligence, power of attorney to the local representative, Junta Comercial registration, CNPJ and municipal registrations, Central Bank registration, then bank account opening), excluding time to gather documents.
100 questions, from real customer calls.
The questions finance teams actually ask about entity management: EINs for non-residents, Delaware vs Wyoming, cleaning up the entities a previous provider left behind, and more. If you're looking for something, you'll find it here.
