This article discusses the internationalization of GOL Transportes Aéreos S/A in South America, identifies viable alternatives at the time (2005), and explores the adaptation of the strategy used, in confrontation with its essential competencies, thus obtaining sustainable competitive advantages, which can explain the success reached in a short period of time. GOL’s international expansion made in the period included Argentina (Buenos Aires, Cordoba and Rosario), Bolivia (Santa Cruz de la Sierra), Paraguay (Asunción) and Uruguay (Montevideo). Its success came from the predominance of end line flights, which allow costs calculations to be based only upon variable costs. In these conditions, the company could offer very competitive fares, driven to very price sensitive consumers. In its competitive positioning, its B-737 aircraft fleet has been an essential element, particularly adjusted to the high level of daily utilization. Fundamental elements in the strategic articulation were the company creativity, the broad knowledge of the existing legal instruments, as well as its flexibility, getting adapted to several dominant environmental conditions.