Nationality or residency requirements for shareholders, directors and officers
Brazil
Limited liability company (Sociedade Limitada)
Under Brazilian Law, all foreign quotaholders (legal entities or individuals) must constitute an attorney-in-fact resident in Brazil with powers to receive service of process on their behalf, to be empowered to manage their assets in Brazil and to represent them with tax authorities. Also, the quotaholders must be registered with the Corporate Taxpayer Roll (CNPJ/ME).
Due to a recent change in the applicable legislation, managers of a Sociedade Limitada are no longer are required to be resident in Brazil, but managers who do not reside in Brazil must constitute an attorney-in-fact resident in Brazil with powers to receive service of process on their behalf..
Corporation (Sociedade Anônima)
Under Brazilian Law, all shareholders (legal entities or individuals) that are not Brazilian residents must constitute an attorney-in-fact resident in Brazil with powers to receive service of process on their behalf, to be empowered to manage their assets in Brazil and to represent then with tax authorities. Also, the shareholders must be registered with the Corporate Taxpayer Roll (CNPJ/ME).
Directors who do not reside in Brazil must constitute an attorney-in-fact resident in Brazil with powers to receive service of process on their behalf.
Due to a recent change in the applicable legislation, officers no longer are required to be resident in Brazil, but officers who do not reside in Brazil must constitute an attorney-in-fact resident in Brazil with powers to receive service of process on their behalf..