The Normative Resolution No. 95 of the Brazilian National Immigration Council, published on August 19, 2011 ("RN 95/11″), modified certain conditions for granting work permits and visas to foreigners for purposes related to the administration, management or board of Brazilian Companies.
The most relevant change brought by RN 95/11 is the modification of the minimum investment of foreign capital to be made in a Brazilian Company for a non-resident to be appointed administrator, manager or executive. Upon the RN 95/11, the following requirements shall be evidenced before the Ministry of Labor and Employment:
(a) capital investment by foreign shareholders (legal entities) in the Brazilian Company, in foreign currency, equal to or greater than R$ 600,000.00 (six hundred thousand reais) on behalf of each non-resident appointed in the Brazilian Company. Prior to the RN 95/11, the minimum investment was R$ 200,000.00 (two hundred thousand reais); or
(b) capital investment by foreign shareholders (individuals) in the Brazilian Company, in foreign currency, equal to or greater than R$ 150,000.00 (one hundred and fifty thousand dollars) for each non-resident appointed in the Brazilian Company and also to generate, at least, ten new jobs during the period of two years from the formation of the Brazilian Company or from the entry into the country of the non-resident with its permanent visa duly granted.
RN 95/11 became effective on the date of its publication. The new rules mentioned above do not apply to applications submitted before the publication of RN 95/11.
The law firm Barbosa, Raimundo, Gontijo, Câmara e Horta Advogados remains available for further information about it.
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.
