São Paulo – Brazil’s president Jair Bolsonaro signed on Monday, 29, a provisional measure to modernize the business environment in Brazil. It provides for simplifying starting a business, protecting minority investors and facilitating trade of goods and services. The government aims at increasing Brazil’s position in the World Bank’s Doing Business ranking in 191 countries.
As per information made public by the General Secretariat of the Presidency, the initiative brings about changes and cuts the red tape in starting businesses, providing for the unification of the federal, state and city registration at the National Registry of Legal Entities (CNPJ in Portuguese), eliminating viability analysis – which only exist in Brazil – and automating checking business names in seconds.
The provisional measure offers protection to minority investors by changing the Anonymous Society Law. The changes will increase the shareholders’ decision-making power by extending the reservation time for sending information to be used in assemblies and will forbid the accumulation of duties between the company’s main leader and the chairperson, among other measures.
As for the foreign trade, the provisional measure brings about changes to facilitate transactions, for example ensuring that any requirements based on the characteristics of the goods are imposed only by law. It also regulates the profession of public translator and interpreter, thus reducing the bureaucracy for the profession. It also features measures for debt recovery, electricity supply, legal certainty, and others.
Pictured above, Bolsonaro (C) and his government team.
Translated by Guilherme Miranda
