This research investigated factors that either hinder or foster social ties among Brazilian entrepreneurs in Western Australia, as well as trust among these co-ethnic businesses and the community. This is an exploratory qualitative study, based on semi-structured, in-depth interviews with 23 Brazilian entrepreneurs. Findings suggest that there are strong social ties and trust among Brazilian entrepreneurs, but these are sustained because the relationship of reciprocity between the parties is useful for the businesses. Conversely, this study also highlights the existence of ‘bounded mistrust’ in the relationship between the Brazilian entrepreneurs and the Brazilian community. We build on ideas from economic sociology (Portes & Sensenbrenner, 1993; Portes & Zhou, 1992), while also taking into consideration anthropological aspects of the Brazilian culture, to offer not only insights about entrepreneurship within this ethnic community but also a contribution to the conceptualisation of ‘bounded trust’.