S.A. is the most common legal entity form in Brazil, and also the most popular. It can be composed of at least one shareholder 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. does not need to appoint a legal representative, but must have a company secretary. The minimum registered capital is 10,000 Brazilian reais, and no capital verification is required. S.A. is typically used for large enterprises because it has flexible equity structure and the advantage of participating in the public market.