Brazilian companies that receive direct foreign investment in their capital in any amount must update their corporate and net equity information with the Central Bank of Brazil ("BACEN"), until March 31, 2020.
The required updates comprise:
- provide the detailed Economic-Financial Report with respect to December 31, 2019 base-date, if the company has assets or net equity in an amount equal to or greater than BRL 250 million; or
- update information regarding their net equity and corporate share capital allocation with BACEN as of December 31, 2019, in all other cases.
Failure to register, late registration of required information with the Central Bank of Brazil, or providing false, incomplete or incorrect information, may subject the Brazilian company to penalties imposed by the Central Bank of Brazil, in accordance with the provisions of Resolution No. 3,857/2017, of the National Monetary Council.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.