Question: Why is this film called Brazil?
Question: What is the relevence of the time 8:49pm that appears at the start of the film?
Answer: I don't think the time is particularly relevant, except that its exactness is in stark contrast to the temporal and locational vagueness of the next statement which is "...Somewhere in the 20th century".
Chosen answer: Because of the reoccurring use of the song "Aquarela do Brasil" by Ary Barroso. The song's common English title is "Brazil". And at the end, when Sam is sitting in the chair, he starts to sing "Brazil".
Bishop73