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Business Law

Dec 28, 2018

Deadline for Reporting Final Beneficiary to Brazilian Federal Revenue Ends on December 31

The below post is authored by our friends Ana Carolina Veloso Ferreira and Ana Paula Terra Caldeira at Azevedo Sette Advogados.

Are you a United States entity with significant capital or controlling interest in a Brazilian subsidiary? Year-end reporting requirements are fast approaching.» Read More

Dec 19, 2018

Committee on Foreign Investments in the US (CFIUS) is Fired Up

CFIUS has been around since 1975, when President Gerald Ford, by Executive Order, created the interagency committee to review national security implications of investments by foreigners in U.S. businesses.  For most of the time since its creation, the power of CFIUS was primarily reactive, infrequently addressing pending transactions; even then, CFIUS’s jurisdiction covered only transactions where a foreign person acquired control of a US business.» Read More

Oct 18, 2018

Establishing Bank or Financial Accounts in the US – Consider the Impact of New FinCEN Rules on Beneficiaries

The Customer Due Diligence (“CDD”) regulations issued by the Financial Crimes Enforcement Network (FinCEN) became effective on May 11, 2018.  The regulations enacted under the Bank Secrecy Act clarify customer due diligence requirements for banks and other financial institutions.  These rules are part of an international effort to combat the use of legal entities such as corporations, limited liability companies, and partnerships from financers of terrorism, money launderers, tax evaders, and other financial criminals.» Read More

May 18, 2018

Here Comes The GDPR – US Companies, Make Sure You’ve Got It Covered

Way back on August 17, 2017 (seems like a lifetime ago), we brought you information regarding the European General Data Protection Regulation (“GDPR”) and its impact on those doing business in the EU*.

And now, guess what–the GDPR goes live on May 25, a week from today. » Read More

Feb 26, 2018

Brazilian Corporations and Limited Liability Companies Must Host Shareholders/Quotaholders Annual Meeting By The End Of April

The below post is authored by our friends at Azevedo Sette Advogados.

UNITED STATES BUSINESS ENTITIES OWNING BRAZILIAN CORPORATIONS AND LIMITED LIABILITY COMPANIES MUST CAUSE THEIR BRAZILIAN SUBSIDIARIES TO PERFORM SHAREHOLDERS/ QUOTAHOLDERS ANNUAL MEETING BY THE END OF APRIL

All Brazilian Corporations and Limited Liability Companies must hold a Shareholders Annual Meeting (AGO) or a Quotaholders Meeting (RQ), respectively, for discussion and approval of the four items noted below as required by Article 132 of Brazil Federal Law 6.404/76 and Article 1.078 of the Brazilian Civil Code; those meetings must be held within the four months following the end of the previous fiscal year (April 30 for most companies):

• management’s report, exam, discuss and vote the company financial statements;

• approval of the destination of the net profit and distribution of dividends;

• appointment of directors and the members of the board of auditors, if the case may be; and

• approval of the inflation adjustment of the capital of the company (art.» Read More

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