We consider an emulsion formed by two newtonian fluids, one being dispersed in the other under the form of droplets, in the presence of surface tension. We investigate the dilute case where the droplet size aɛ is much smaller than the distance e between the droplets’ centers. We prove that the limit behavior when $ɛ → 0$ is described by the unperturbed Stokes flow and estimate the order of convergence rate of the velocity to be $a_n/2^ɛ$. We improve the convergence result and determine the first corrector in the velocity expansion. Taylor’s and Einstein’s viscosity formulas are recovered.