In accordance with the Central Bank of Brazil’s (“BACEN”) Resolution No. 3,689/2013, duly amended by Resolutions No. 3,814/2016 and 3,822/2017, the Brazilian entities receivers of foreign investments registered at BACEN have until March 31, 2018 to update at SISBACEN the information related to the company’s equity, the fully paid-up corporate capital and the corporate capital paid‑up by each quotaholder for the fiscal year ended on December 31, 2017.
Brazilian companies that have a foreign direct investment in assets or an equity equal to or higher than R$ 250,000,000.00 (two hundred and fifty million Reais), must present four (4) financial-economic statements throughout the year, as provided in a separate calendar provided in the abovementioned resolution.
Accordingly to article 60 of BACEN Resolution No. 3,857/2017, provides that if the companies do not deliver the information requested hereinabove, or provide false, incomplete or incorrect information, or do not provide information within the deadline established and in the conditions required by applicable law, they will be prone to a one percent (1%) to ten percent (10%) fine based on the amount subject to registration limited between R$ 25,000.00 (twenty-five thousand Reais) to R$ 250,000.00 (two hundred and fifty thousand Reais) depending on the type of infringement, this penalty may also be reduced or increased, as provided in the abovementioned Resolution.
The Corporate Law Department of Kestener, Granja & Vieira Advogados is available to provide any further information required on this subject.
Fabio Alonso Vieira
Phone: +55 11 3149-6111
This article is intended exclusively to provide information and does not contain any opinion, recommendation or legal advice from KGV Advogados in relation to the matters herein addressed. Copyrights are reserved to Kestener, Granja & Vieira Advogados.
