Among the legal obligations applicable to the Brazilian companies that receive foreign investment, we highlight the financial-economic statements to be submitted to the Brazilian Central Bank and their specific deadlines:
- Brazilian companies with foreign direct investment which assets or net equity are lower than R$ 250 million on the base-date of December 31, 2021, shall update information related to their foreign investment before the Brazilian Central Bank until March 31st, 2022.
- Brazilian companies with foreign direct investment which assets or net equity are equal or higher than R$250 million are required to provide quarterly financial-economic statements to the Brazilian Central Bank, in compliance with the following criteria and deadlines:
(i) until March 31st, 2022 (related to the basis-date of December 31st, 2021);
(ii) until June 30th, 2022 (related to the basis-date of March 31st, 2022);
(iii) until September 30, 2022 (related to the basis-date of June 30th, 2022);
(iv) until December 31st, 2022 (related to the basis-date of September 30th, 2022).
Default in providing the information, its late submission, the submission of false, incomplete or incorrect information subject the company to penalties.
Furthermore, the fulfillment of obligations in this year (or quarter) does not exempt that they should have been provided in the previous years or quarters to the Brazilian Central Bank, if at the time they were required they were not provided.
SAEKI ADVOGADOS team is at your disposal for all necessary legal assistance.