Brazil's government has unveiled a plan to shorten the time required to open a new business, which would be reduced from five months to five days.

The plan, which mainly involves trimming bureaucratic red tape, was announced after a meeting of an inter-ministerial committee charged with evaluating the tax regime applicable to small business, known as Simple Nacional.

The meeting was chaired by President Dilma Rousseff.

Whereas the current time-consuming process of opening a new business requires in-person visits to multiple government offices, the plan unveiled Wednesday would enable people to complete the entire process online at the RedeSim portal.

Those interested in opening a business via the portal would only need to provide their company's ID number, known as CNPJ, Micro and Small Enterprise Minister Guilherme Afif Domingos told reporters.

Before the initiative can take effect, Congress will first need to pass complementary legislation, Domingos said.

The government expects the portal to be up and running by the end of 2014.

It currently takes 150 days, or roughly five months, for an individual to obtain the necessary permits to open a new business, the minister said. EFE