A formal process of raising capital in the capital markets through the issuance of debt securities (debentures and commercial notes) or shares, which under the FÁCIL Regime is designed for SMEs with annual revenue of up to R$500 million.
When deciding to go public, companies can choose from three issuance models available at BEE4:
BEE4 Traction
The company goes public to issue debt (debentures or commercial notes), benefiting from costs, timelines, and processes tailored to SME needs.
TYPE OF OFFERING
CVM REGISTRATION CATEGORY
or A, if the company is already registered in this category or intends to prepare for future equity issuances.TARGET AUDIENCE
KEY FEATURES
PROCEDURE
BEE4 Direct
The company goes public to issue debt or shares through a simpler process, negotiating directly with its investors.
TYPE OF OFFERING
CVM REGISTRATION CATEGORY
TARGET AUDIENCE
KEY FEATURES
PROCEDURE
BEE4 Classic
The company goes public to issue debt or shares, following a structure closer to the traditional capital markets model.
TYPE OF OFFERING
CVM REGISTRATION CATEGORY
TARGET AUDIENCE
KEY FEATURES
PROCEDURE
Explore our guide with all the instructions for listing under the CVM’s FÁCIL Regime
SECURITIES ISSUANCE
Understand the differences between BEE4 market offering types
A debt security (fixed income) issued by limited liability companies or corporations (S.A.) to raise short- or medium-term funds from investors. It involves simpler documentation and is typically structured more quickly, allowing for different remuneration conditions.
A debt security (fixed income) issued by corporations (S.A.) to raise funds from investors, usually with medium- or long-term maturities. It is a more structured transaction, involving a formal indenture and potentially different types of guarantees and remuneration structures.
An equity security issued by corporations (S.A.) representing a portion of the company’s share capital. By issuing shares, the company raises funds from investors who become shareholders, participating in results through dividends and benefiting from the company’s long-term value appreciation.
Annual gross revenue of up to R$500 million
Organized as a corporation (S.A.) conforme a Lei nº 6.404/76
Must be a Brazilian company, as the FÁCIL Regime applies exclusively to domestic issuers
Financial statements for the latest fiscal year audited by a CVM-accredited independent auditor, with no modified opinion
Offering
Issuer’s Listing Application, signed by the Investor Relations Officer (IRO), indicating the intended registration category with the CVM;
Appointment of the Investor Relations Officer (IRO), responsible for information and representing the company before investors and regulators;
Minutes of the general meeting or corporate resolution approving the Listing Application;
Consolidated and updated bylaws, accompanied by a document proving shareholder approval; prior approval or ratification by the competent regulatory authority;
Registration form in accordance with CVM Resolution No. 80;
FÁCIL Form or Reference Form, depending on the intended registration, accompanied by the statements of the CEO and the Investor Relations Officer (IRO) or, where applicable, the Offeror, duly signed in accordance with current regulations;
Audited financial statements for the last fiscal year or the most recent date that adequately reflects the issuer's financial position, subject to regulatory deadlines;
Quarterly Financial Information Form (ITR) or Semiannual Financial Information (ISEM), as applicable, for the required periods, provided that more than 60 days have elapsed since the end of the quarter or semester;
Copies of shareholders' agreements or other corporate pacts;
Regulatory Waiver Form;
Agreement Granting the Right of Access as an Issuer.
Our experts will guide you along the best path for your decision-making.
Companies with annual gross revenue of up to R$500 million, incorporated as corporations (S.A.), and with financial statements audited by CVM-accredited independent auditors.
Companies listed on BEE4 can issue debt securities, such as commercial notes and debentures, or shares, depending on the chosen CVM category. These assets can be publicly offered and traded on BEE4’s secondary market, according to each issuer’s fundraising and growth strategy.
In force since March 2026, the FÁCIL Regime is a new CVM regulation that allows companies with annual revenue of up to R$500 million to carry out public offerings in the capital markets, accessing investor capital under significantly simplified requirements compared to the traditional model. With rules better suited to SMEs, the costs of going public and issuing debt or equity have become viable for smaller companies.
In practice, listing a company means becoming a public company registered with the CVM under Category A or B. This enables the company to raise funds from investors through public offerings, including debt securities (such as debentures and commercial notes) or shares. To do so, companies must meet regulatory requirements and adopt strong governance and transparency practices. In return, they gain access to investors in a broad, structured, secure, and transparent way.
BEE4 Go is perfect for SMEs that do not want to go public.
BEE4 Go
A gateway to the capital markets, allowing SMEs to issue debt securities without having to become a public company.
TYPE OF OFFERING
CVM REGISTRATION CATEGORY
TARGET AUDIENCE
KEY FEATURES
PROCEDURE
Inside BEE4 Go
See the differences between the debt securities that can be issued through BEE4 Go.
A debt security (fixed income) issued by limited liability companies or corporations (S.A.) to raise short- or medium-term funds from investors. It involves simpler documentation and is typically structured more quickly, allowing for different remuneration conditions.
A debt security (fixed income) issued by corporations (S.A.) to raise funds from investors, usually with medium- or long-term maturities. It is a more structured transaction, involving a formal indenture and potentially different types of guarantees and remuneration structures.
OFFERING
Listing an SME through BEE4 Go is very simple. The company only needs to submit the following documents: BEE4 registration form;
Consolidated and updated bylaws, accompanied by a document proving shareholder approval of the Listing Application with BEE4; and
Agreement Granting the Right of Access as an Issuer.
Consolidated annual gross revenue of up to R$500 million.
Organized as a corporation (S.A.).
Must be a Brazilian company, as the FÁCIL Regime is intended exclusively for domestic companies and does not apply to foreign issuers.
Financial statements for the latest fiscal year audited by a CVM-accredited independent auditor, with no modified opinion in the report.
Our experts will guide you to the best path for your decision-making.
A professional investor is an investor category defined by the CVM as one who possesses greater financial capacity and/or expertise to operate in the capital markets.
According to regulations, professional investors include, among others: financial institutions, insurance companies, investment funds, pension entities, endowment funds, as well as individuals or legal entities holding financial investments exceeding R$10 million who formally declare this status.
In practice, professional investors conduct deeper analyses before investing, demand higher levels of transparency, governance, and predictability from companies, and tend to operate with a more structured, long-term vision. For issuing companies, this investor profile helps bring greater credibility to the fundraising process in the capital markets.
Automatic issuer registration is a mechanism under the FÁCIL Regime through which a company that has its listing approved by BEE4 automatically obtains its registration as a public company issuer with the CVM.
This differs from the traditional market, where a specific application must be filed with the regulator to initiate the process. This model is more agile, reducing bureaucracy and costs for SMEs entering the capital markets.
Also referred to as a small and medium-sized enterprise (SME), a CMP is a corporation (S.A.) that, under the FÁCIL Regime, has a consolidated annual gross revenue of less than R$500 million, as determined based on the financial statements of the latest fiscal year.
The classification as a CMP allows the company to access a regulatory framework that is more proportional to its size, providing specific waivers for certain obligations without removing essential requirements for transparency and investor protection.
The CVM (Brazilian Securities and Exchange Commission) is a federal agency under the Ministry of Finance, established in 1976. The CVM has administrative independence to regulate, supervise, and develop the securities market in Brazil, protecting investors and ensuring corporate transparency. The agency consists of a chairperson and four directors, appointed by the President of the Republic.
As such, the CVM supervises:
Debentures and commercial notes;
Shares and subscription warrants;
Coupons, rights, subscription receipts, and split certificates;
Securities depositary certificates;
Quotas of securities investment funds or investment clubs;
Futures, options, and other derivative contracts;
Collective investment bonds or contracts.