Brazilian Law Of Economic Freedom Is Sanctioned By The President

Author:Koury Lopes Advogados
Profession:Koury Lopes Advogados

On September 20, the Brazilian President Jair Bolsonaro sanctioned Law no. 13,874 (“Law of Economic Freedom”), which main purpose is to simplify bureaucratic procedures for the development of economic activities in Brazil. The main points of this new law are:

The possibility of forming limited liability companies with only one partner; Limitation of the responsibility of quotaholders of investment fund; Creation of more specific rules for lifting the corporate veil of Brazilian entities; Waiver of permits and licenses for companies that develop low risk activities; Tacit approval/emission of permits and licenses by public agencies that fail to meet the deadlines set for their review/emission; Digital documents will have the same validity as paper documents...

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