“ASPECTOS LEGALES Y GOBIERNO CORPORATIVO” LEGAL ASPECTS OF SERVICES RENDERING IN BRAZIL October 14, 2010.

“ASPECTOS LEGALES Y GOBIERNO CORPORATIVO”

LEGAL ASPECTS OFSERVICES RENDERING IN BRAZIL

October 14, 2010

LEGAL ASPECTS OFRENDERING SERVICES IN BRAZIL

Presentation summary• Services rendering in Brazil

o Restrictions on foreign investmento Branch of a foreign entityo Incorporation of a company in Brazil

Sociedade Limitada (Limited Liability Company) Socieade Anônima (Corporation) Taxation: services in Brazil and remittance of dividends

o Entity providing services from Chile Taxation of cross-border services in Brazil

• Labor aspects: overviewo Local employeeso Expatriates from Chile working in Brazil: visa issues

• Intellectual Property

Restrictions on Foreign Investment

Restrictions on Foreign Investment

There are restrictions for participation of foreign capital in the following activities, for example:

• health services (prohibited)

• aerospace industry (limit of 20% of voting capital)

• newspapers, magazines and other periodicals, as well as in radio and television networks (limit of 30% of voting capital)

Branch of a foreign entity in Brazil

Branch of a foreign entity in Brazil

Rendering services through a branch of a foreign entity

• A foreign company may open a branch in Brazil.• Approval must be granted via Federal decree.• The foreign company must appoint a representative resident in Brazil.• The Branch is ruled by Brazilian Law and must allocate capital to the

operation in Brazil.• The branch is not a entity independent from the foreign company.• Foreign investment trough a branch is not common in Brazil: the approval

process is heavily bureaucratic and time consuming.• As it will be indicated in the following slides, the most widely used entities

in Brazil are the Sociedade Limitada (Limited Liability Company) and Sociedade Anônima (Corporation).

Incorporation of a company in Brazil


Introduction

• Foreign companies are allowed to open branches and incorporate subsidiaries in Brazil, provided that requirements established by Brazilian law are accomplished.

• All foreign investments must be registered with the Central Bank of Brazil; said registration is essential for offshore remittances, capital repatriation and registration of profit reinvestment.

• Foreign investors must appoint representatives in Brazil.


Rendering services through a subsidiary incorporated in Brazil

• Brazilian law provides for the following types of entities: sociedade simples, sociedade em nome coletivo, sociedade em comandita simples, sociedade limitada, sociedade anônima and sociedade em comandita por ações.

• Brazilian companies acquire corporate status after registration with the competent pubic registry office, becoming legal entities with assets separated from those of their partners and different levels of responsibility.

• Organizing a company in Brazil is the most common strategy for a foreign investor to do business in Brazil. The most usual companies are sociedade limitada and sociedade anônima.


Sociedade limitada (Limited liability company)

• Ruled by articles 1.052 to 1.087 of the Civil Code. It may adopt the form of sociedade simples or sociedade empresária, according to the corporate purpose, as well as, its definition of business company.

• Organized through the Articles of Association and has limited liability quotaholders.

• Since every quotaholder has its responsibility limited to the value of their quotas, all of them are jointly liable for the payment of the capital stock.


Sociedade limitada

• Sociedade limitada has an organic structure, whose corporate bodies are the Meeting of Quotaholders, the Management and the Audit Committee all of them fixed by the quotaholders in the articles of association themselves.

• The Meeting of Quotaholders is the collegiate decision-making body comprised by the corporate chart, which must always meet whenever the law or the articles so require.

• The management shall be carried out by one or more individuals, quotaholders or not, indicated in the articles of association, whereupon the term, established or not for the mandate will be set forth.


Sociedade limitada

• The capital stock is divided into quotas. The quota represents the amount in money, credits, rights or assets by which the quotaholder contributes for the formation of the company’s capital. The quotas must be registered and are not represented by credit securities.

• As the ownership and the number of quotas are defined by the Articles of Association, any transfer of title over the quotas will require an amendment to such Articles.

• At the meetings of quotaholders, changes that result in modification to the articles of association or reorganization act, the corporate status of the company will depend on favorable votes comprising three fourths (3/4), at least, in the capital stock.


Sociedade anônima or companhia (Corporation)

• Ruled by article 1088 of the Brazilian Civil Code and Law no 6.404/76, partially amended by Law no 9.457/97, and by Law no 10.303/01 is fundamentally a business corporation by legal definition, with its capital represented by previously outstanding shares. It is, in itself, a business corporation having as purpose to earn profits to be distributed to its shareholders.

• Sociedade anônima is identified by a name, and the chosen name must be succeeded by the expression “Sociedade Anônima”, extended or abridged (S/A), or preceded by the word “Companhia”, extended, or “Cia.”, abridged.


Sociedade anônima or companhia

• Two kinds: a publicly-held company which obtains funds through public offers and subscriptions and is supervised by the Brazilian Securities Commission (CVM), and a closed company which obtains capital from its own shareholders or subscribers, having the option of a simpler accounting and administration system.

• The capital stock is represented by securities called shares. Depending on the rights or advantages conferred to their holders, the shares may be common, preferred or fruition shares.



• Shareholders’ Agreement: the shareholders can enter into an agreement among themselves as regards the purchase and sale of their shares, to establish pre-emptive rights for their acquisition, and also as to the manner in which they exercise their voting rights. The obligations set forth in the Shareholders Agreement are enforceable by specific performance and must be respected by the Company.

• Sociedade Anônima may be managed by a Board of Directors and by a Management Board or only by a Management Board, depending on what law or the By-laws determine.



• The Board of Directors is a collegiate decision-making body which is mandatory in publicly held and authorized capital corporations and optional in closed corporations and must be comprised of at least three (3) members, which must be shareholders, individuals, residing or not in Brazil.

• Non-resident directors must appoint a representative who is resident in Brazil to receive service of process in legal proceedings based on Brazilian companies legislation.

• The Management Board is the executive body of the sociedade anônima. Its responsibility is to represent the company and to practice all such acts as are necessary for its regular operation. It is composed of at least two officers, who may or may not be shareholders, and who must be individuals, necessarily residing in the country, and who may be elected for a maximum term of three years.



• The shareholders are entitled to perform the inspection through an Audit Committee: the body which polices the company’s accounts and administration.

• Audit Committee´s operation may be permanent or temporary. Its installation is based on the need of the company to establish a rigorous control over the actions of the administration. Whenever installed, it is composed of at least three and, at most, five members, with an equal number of substitutes, who may be shareholders or not, elected by the General Meeting. In special cases, there may be specific representations for a certain type of shareholders.


Publicly-held company

• Law no 6.404/76 makes a distinction between “closed” and “open” companies. Open (or publicly-held) companies must necessarily take the form of a corporation and their securities are admitted for trading on the securities market, allowing them to raise funds from the public.

• Since publicly-held companies are permitted to raise funds through public offerings of their securities, they are subject to a series of specific obligations imposed by law and by regulations issued principally by the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários – CVM).



• One of the CVM’s purposes is to protect investors. Protection of investors, through various control and supervisory mechanisms, is ultimately aimed at stimulating investment of savings in stocks and the financial markets.

• Publicly-held companies must be registered with the CVM in order to have their securities admitted for trading on the stock exchange or on the over-the counter market, in addition to meeting the registration requirements imposed by the stock exchange or over-the-counter institutions.

• Only publicly-held companies may issue depositary receipts (DRs), which are certificates representing shares in the company. DRs are traded on foreign markets, enabling the company to raise funds outside Brazil.



• Publicly-held companies are required to have a two-tiered management structure, composed of a Management Board and a Board of Directors.

• The Board of Directors must have at least three directors elected at the general annual meeting of the shareholders of the company. Directors may be non-residents, but must be shareholders of the company. Non-resident directors must appoint a representative who is resident in Brazil to receive service of process in legal proceedings based on Brazilian companies legislation.



• In order to have their securities traded in the stock exchanges, publicly-held companies must have, in addition to a board of directors, an investor relations officer to be responsible for providing information to members of the public who have invested in the company, to the CVM and, if the company is registered with the stock exchanges or organized over-the-counter market, to those entities, in addition to ensuring that the company’s registration is up to date, in accordance with CVM regulations.



• BOVESPA’s “Differentiated Levels of Corporate Governance” are a set of rules of conduct for companies, their managements and their controlling shareholders that BOVESPA considers important for increasing the value of shares and other assets issued by publicly-held companies.



• There are currently three special listing segments on BOVESPA for securities issued by publicly-held companies. The listing level depends on the issuing company’s adherence to the “Differentiated Levels of Corporate Governance”: I - Level 1 Corporate Governance;II - Level 2 Corporate Governance;III - BOVESPA’s New Market.



• Voluntary adherence by a company to these rules, and the consequent adoption of corporate governance practices in addition to those applicable to all companies by law, allows the company to be listed on Level 1, Level 2 or the New Market, depending on the degree of its commitment to BOVESPA.



• A publicly-held company may enter any of the BOVESPA listing levels by signing a contract that binds it to comply with the set of corporate governance rules for the selected level, which are contained in regulations issued by BOVESPA (the Differentiated Levels of Corporate Governance Regulations, in the case of Levels 1 and 2, and the New Market Listing Regulations).

Incorporation of a company in BrazilTax Aspects


Tax AspectsTaxation on services rendered in Brazil (taxpayer based in Brazil)

• Corporate Income Tax (IRPJ): 15% + 10% = 25%

• Social Contribution on Net Profits (CSLL): 9%

• Contributions PIS and COFINS: 1,65% + 7,6% = 9,25% (non-cumulative)

• Services Tax (ISS): 2% - 5%


Tax AspectsRemittance of dividends abroad

• There are normally no restrictions on the distribution of dividends abroad.

• Dividends payment is exempt from withholding income tax (IRF).

• Brazil has signed a double taxation treaty with Chile.

Entity providing services from Chile


Cross border services Chile - Brazil• As a general rule, entities based in Chile are able to render services in

Brazil.

• Some activities may be subject to restrictions, for example, legal services:

Normative Ruling (Provimento) n. 91/2000 – Brazilian Bar (OAB).

Foreign Law Firms are allowed only to provide legal advice on foreign law, but may work “in cooperation” with Brazilian law firms.

Entity providing services from ChileTax Aspects


Taxation of cross-border services in Brazil

• Withholding Income Tax (IRF): 25% or 15% (with CIDE assessment)

• CIDE: 10%

• Contributions PIS and COFINS Services Import: 1,65% + 7,6% = 9,25%

• Services Tax (ISS): 2% - 5%

• Gross-up: high cost!

Labor AspectsLocal employees

Labor Aspects - Local employees

Labor rights

• The Consolidation of the Brazilian Labor Laws (CLT), the primary legal system that rules labor relationships, accounts for more than 900 articles.

• The labor rights provided for by the Federal Constitution, the CLT, and specific labor laws are the following:o minimal salary;o 44-hour weekly working hours;o salaries not decreased;o unemployment insurance;


Labor rights (cont.)

o 13th salary;o profit sharing;o additional pay for overtime;o annual vacations;o maternity leave;o paternity leave;o prior notice;



o approval of collective norms;o employment-related accident insurance;o transport pass;o food voucher;o children’s aid;o unhealthy work-conditions allowance;o risk premium;o night premium;



o transfer allowance;o paid weekly rest; ando employment record in Work Booklet.

Labor AspectsVisas

Labor Aspects - Visas

Individuals from Chile working in Brazil: visa issues

• The law establishes 7 (seven) categories of visas:• Transit• Tourist• Temporary• Permanent• Courtesy• Official and• Diplomat

• The most commonly used categories of visas are the tourist, temporary and permanent visas.


Temporary work visas

• For individuals coming to Brazil on a temporary basis for working purposes, there are several types of visas that may be applicable according to each specific situation or circumstance:

(a) Professionals with Employment Contract with Brazilian Entity• This visa is eligible to individuals coming to Brazil to work for a temporary

period employed at a Brazilian company in a position requiring special knowledge.

• The visa may be valid for no longer than 2 years initially, and may be renewed for an additional 2 year period.


(a) Professionals with Employment Contract with Brazilian Entity (cont.) • This type of visa will require proof that the candidate has at least 1 (one)

year experience in the activity he/she will perform in Brazil if he/she has a college degree, or 3 year experience if he/she does not have a college degree.

• The foreign national must evidence a degree of proprietary knowledge, specialized skills, distinguished professional experience or managerial/executive level skill that are not readily available within Brazil’s domestic labor market.


(a) Professionals with Employment Contract with Brazilian Entity (cont.) • The Brazilian company must meet the “2/3 rule”, by which 2/3 of total

number of workers of the company and equivalent salary shall belong to Brazilian citizens, and shall present also information regarding the Brazilian company, including the company’s salary structure, as well as regarding the candidate’s salary abroad and in Brazil, which shall be approximately 25% higher than his/her last salary abroad, provided that he/she shall receive at least part of the salary in Brazil.


(b) Technicians without Employment Contract with Brazilian Entity• This visa is eligible to individuals coming to Brazil to render technical

assistance services or transfer of technology, according to a Technical Assistance or Transfer of Technology Agreement executed by a foreign company and a Brazilian company.

• Technical visas are not appropriate for foreign nationals coming to the country to develop managing, administrative and financial activities. In case the companies are not affiliated, the Agreement must be registered before the INPI – Brazilian Patent and Trademark Office prior to the visa applications. In this case, the technicians shall not be employed by the Brazilian company and shall receive his/her entire remuneration exclusively from a source abroad.


(b) Technicians without Employment Contract with Brazilian Entity (cont.)• The sponsoring company shall be responsible for all medical expenses of

the candidate as well as for his/her dependants while the candidate works in Brazil.

• Work permit granted on such grounds may be valid for 1 (one) year and may be extended for another year, provided that the required conditions for the visa extension are met. In case of emergency, this visa may be granted by the Brazilian Consulate with jurisdiction over the individual’s residence for a non-extendable period of 30 (thirty) days respected a 90 day grace period for a second application.

• Emergency is defined as fortuitous situations that bring imminent risks to life, environment, assets or that may generate production or service rendering interruption for the Brazilian company.


(c) Artist and Sports persons• The request for this visa must be submitted in Brazil to the Brazilian Labor

Ministry by the Brazilian organization, which is sponsoring the event for which the individual’s services will be required. Visa application requires information about the event and respective contract.

(d) Foreign Journalists• This visa is eligible for foreign journalist working on a temporary basis in

Brazil as the correspondent of a foreign communication company, which will support the visa application. The candidate must not receive his/her salary in Brazil. The visa should be requested directly at the Brazilian Consulate abroad with jurisdiction over the individual’s residence.

Labor Aspects - Visas(e) Crew Members under charter, service rendering contracts and lease

agreements• Visa application requires authorization of the ship to operate under national

waters, and report from the Marine Department. Copy of the respective contract. Part of the crew shall be formed by Brazilian nationals.

(f) Research Scientists• This visa is eligible to foreign professors, technicians, scientists and

researchers that intend to perform its activities in a public or private school or university or a research entity. Visa application requires Admission Term or Labor Contract with the school, university or research entity.

(g) Social Assistance


Other temporary visas

• There are other types of visas applicable to foreigners coming to Brazil for purposes other than work.

• Note that the following visas do not allow its bearer to work in Brazil or receive any remuneration from a Brazilian source: Mission of Studies and Religious Mission; Student; Trainees; Internship Programs; Health Treatment.


Permanent Employment Visa

• The Permanent visa may be issued, basically, under four circumstances:

(a) Family Reunion• In case the candidate is married to a Brazilian citizen or has a Brazilian

child he/she shall be eligible for applying for a permanent visa at the Brazilian Consulate abroad, before coming into the country, or at the Ministry of Justice if the candidate is already in the country. In this case, the candidate shall be allowed to work in Brazil.


(b) Retirement• The permanent visa is also eligible for individuals that have already

retired in his/her home country and intend to transfer his/her permanent residence to Brazil. The individual must provide evidence that he/she may transfer to Brazil at least US$ 2,000.00 on a monthly basis.

(c) Foreign Officers• The permanent visa may also be issued in the case of a foreign company

that has a branch or subsidiary in Brazil, and wishes to transfer an officer to the Brazilian company. Therefore, individuals who will be permanently transferred to Brazil to work for a subsidiary or branch of a foreign-owned company in the capacity of officer may apply for a permanent employment visa.


• To apply for a permanent visa for its officer, the foreign company must have, at least, US$ 200,000 invested in Brazil, for each foreign officer, provided that such investment must be registered with the Central Bank of Brazil; or at least US$ 50,000.00 and the commitment to hire, within the 2 (two) following years, at least 10 new Brazilian employees for the Brazilian company.

• Also, the individual must be appointed to a position in the Brazilian Company’s bylaws, conditioned to the visa approval, and shall be confirmed in the position once he/she is granted with the visa. If the foreigner is appointed to act as an officer in more than one company of the same economic group or conglomerate, he/she shall be previously authorized by the Ministry of Labor.


(d) Foreign investor - individual• The permanent visa may also be granted to individuals who invest, at

least, US$ 50,000.00 (fifty thousand north American dollars) in a Brazilian company, either existing or recently formed. Exceptionally, the Ministry of Labor may grant a permanent visa to the individual who invests an amount lower than US$ 50,000.00 (fifty thousand dollars), provided that he/she presents a business plan, for the 5 (five) following years, committing the Brazilian company to create, at least, 10 (ten) new job positions for Brazilian nationals.


• In addition, persons who have been employed in Brazil in a temporary capacity (regardless of whether the company is Brazilian or foreign owned) for a period of four years, may apply to convert their status to permanent. To obtain permanent employment authorization for an individual working in Brazil on a temporary basis for four years, application must first be made to the Ministry of Justice at least 30 (thirty) days prior to the completion of the four-year term.

Intellectual Property


Introduction

• As a member of the Stockholm Convention of 14th July 1967 (under which the World Intellectual Property Organization – WIPO was set up), Brazil subscribes to both the Paris Convention (for protection of industrial property) and the Bern Convention (for protection of literary and artistic works).

• Intellectual property is the genus of which copyright and associated rights are species; in Brazil, they are governed under Law no 9.610/98, which seeks to protect literary, scientific and artistic works, as well as industrial property rights, addressed to industrial and commercial utilization of inventions, trademarks, patents and industrial designs.


• On 5.14.97 a new Industrial Property Code – Law no 9.279 was enacted, covering utility models, industrial design, manufacturers’ brands, trademarks and service marks that are distinctive and indicate the origin and source of the relevant products. The new law further provides on crimes against industrial property. On 2.14.2001 Law no 10.196 was published to amend and introduce certain provisions to Law no 9.279/96.

• The National Institute of Industrial Property (INPI) is the government entity in charge of industrial property rights, and the formal examination of requests for the granting of patents and registration of trademarks.


Patents

• Patents may be granted for the protection of inventions, utility models, and industrial designs. The protection granted by a patent extends for 20 years for inventions, 15 years for utility models and 10 years, extendable for three 5 year period for designs, all of them counted as from the date the request for protection is lodge at INPI. It was created the Certification of Addition, where it could be protected the improvements introduced in a patent invention. As an accessory of the patent application, it will have the same term of it.

• Proceedings for the granting of a patent are lengthy and time-consuming.


Trademarks

• Application for a trademark may be either as a foreign or a Brazilian trademark.

• A foreign trademark is registered under the terms of the Paris Convention, which establishes an exclusive priority term of six months from the date of the application in the country of origin for its owner to apply for registration of this same trademark in other countries which are signatories to this convention.


• In order to file this application in Brazil, it is necessary to submit a certified copy of the trademark application in the country of origin or the certificate of registration to INPI.

• The principal objective in registering a trademark within the period of priority to the convention – apart from securing protection – is to enable the trademark to be licensed or transferred in return for a royalty payment.

• Any interested party may apply for registration of a Brazilian trademark, whether Brazilian or foreign. Application and registration of this trademark must follow the provisions of the Brazilian Industrial Property Code.


• If a trademark is applied for in Brazil by a foreign party without the priority claim established in the Paris Convention, it is considered a Brazilian trademark, and therefore the convention benefit will not be afforded.

• Pursuant to Brazilian law and regulations, royalties cannot be charged for trademark or patent license agreements in the following cases:o if the trademark or the patent is not duly registered/ granted in Brazil;o if the trademark or the patent was not filed in Brazil within the priority term,

as mentioned above;o if the registration of the trademark has not been renewed;o if the trademark registration has been extinguishes or is in nullity or

cancellation proceedings;o if the license agreement is executed between the foreign parent company

and its Brazilian branch; oro in the case of transfer, if the owner was not entitled to remuneration.


• Brazilian law requires that the owner of the trademark exercises licit and effectively the activity for which it is claimed protection for the goods or services covered by such trademark. In order to apply for registration of a trademark in Brazil, evidence that the applicant is a company is a good standing under the laws of its country and of the company’s field of business is required.

• Trademark registration affords protection for ten years. This period may be extended for successive ten years period.

• Actual use for a trademark is essential to this protection in Brazil which registration might lapse if it is not used within five years from the date of its concession or if its use interrupted for more than five consecutive years.


• The owner of the trademark in Brazil can provide proof of use, or by the license that actually uses it.

• With respect to the Madrid Protocol, signed in 1999 with a view at updating the contents of the Madrid Treaty, its main focus in the matter of international trademark registration is to concentrate trademark registration in a one place, therefore allowing a company to seek, with a single international application, registration of its product trademarks in every country that currently integrates the system.


Technology transfer agreements

• Technology transfers involving Brazilian parties or industrial property rights registered in Brazil are governed by the provisions of Ato Normativo [Normative Act] INPI n. 135, de 15.5.1997.

• The aforesaid Normative Act 135/97 is intended to regulate annotation and registration of contract that contain provisions relating to technology transfer, patent and trademark licensing, supply of technology, technical and scientific assistance and franchise agreements.


• Such contracts must be registered with the INPI in order for them to generate effects not only between the parties but also to be binding on third parties, as well as for currency exchange and tax deduction, for purposes of remittance of payments abroad.

• Other valid documents capable of demonstrating technology transfer and the conditions that regulate it (such as, for instance, operational expenses) must be submitted to the INPI’s approval, therefore allowing for tax deduction of the transfer-related payments.

• Technology transfer agreements must clearly specify their purposes, consideration, term and means of execution, apart from other industrial property rights involved.


• Such agreements must set forth the actual conditions for commercial exploitation of patents applied for and granted in Brazil; licensing of trademarks applied for the granted in Brazil; acquisition of know-how and technology not protected under industrial property rights; and techniques, planning methods programming, research, surveys and projects for execution or provisions of specialized services.

• Although that is not an express requirement, it is advisable to indicate whether licensing or commercial exploitation is made on an exclusive basis, and whether subcontracting is permitted. The term of the agreement should not exceed that of registration of the relevant trademark or patent.


• Technology transfer agreements may contain confidentiality clauses and provisions pertaining to unavailability of the technology to be assigned. Such agreements may also contain provisions on liability of the parties regarding tax liabilities arising from the transfer at hand. It is incumbent upon the assignor to provide the assignee with all relevant technical information, as well as technical assistance required for actual assimilation of the transferred technology

• Technical and scientific service agreements must refer to the time span required for provision of such specialized services, the number of technicians required, their specialization programs and training, as well as their consideration.


• With respect to consideration to technology intended for transfer, it may be in any of the following formats: pre-established, a fixed price for each item sold; a percentage of the profit or percentage of the net sales price, net of taxes, duties and other expenses previously agreed between the parties. INPI shall take into account the domestic and international price levels for similar operations for determination of the relevant consideration.

• With respect to tax deductibility, it is crucial to point out that only royalties for technical assistance up to the limit of 5% calculated on the net income of production will be allowed deduction from the gross profit. Such coefficient may be reduced in accordance with the degree of relevance of the productive industry, that is, the higher the importance of that industry for the economy, the higher the coefficient used for calculation of the applicable tax deduction.


• Royalties for use of patents shall not be deductible whenever they are paid by a Brazilian subsidiary for or to a company headquartered abroad, to the benefit of its parent company.

• With respect to payments to legal entities for technical assistance, they may only be deducted in the first five years of introduction of the technology at hand, which term may be extended to a like period as long as its need may be demonstrated, at the discretion of the Conselho Monetário Nacional [National Monetary Council].


• Application for approval must be submitted by means of a specific form to the INPI, supported by the original contract or equivalent documentation, translation – whenever drafted in a foreign language. In addition, an explanatory letter justifying the contracting, data sheet of the technology assignee or franchisee and such other documents as the parties may see fit, apart from evidence of collection of the appropriate fees and power of attorney pursuant to the provisions of articles 216 and 217 of Law no 9.279/96.

• The INPI may, at its discretion, require submission of additional documentation.


• The INPI’s decision regarding approval or refusal of registration shall be entered within 30 days counted as of its actual admissibility at the Diretoria de Transferência de Tecnologia [Technology Transfer Board], at which point it will be assigned a system number.

• Should the INPI make any requirement regarding additional documentation, the party will have 60 days to submit it, failing which the application will be cancelled.

• Upon submission of the required documents, the INPI will review the application within the terms set forth above. The INPI’s failure to enter approval of an agreement in a timely manner will entail automatic approval of the contract or equivalent document.

• The INPI may, at its sole discretion, follow-up and oversee the technology transfer procedure.

Rodrigo Monteiro de Castro - [email protected]

Pedro Miranda Roquim - [email protected]

Guedes Nunes, Oliveira e Roquim – Sociedade de AdvogadosRua Leopoldo Couto de Magalhães Júnior, 146, 12° andar

04542-000 - São Paulo – SP – Brazil+ 55 11 2856-6226www.gnor.com.br

mailto:[email protected]

mailto:[email protected]

http://www.gnor.com.br/

Copyright © 2010 Guedes Nunes, Oliveira & Roquim Sociedade de Advogados. All rights reserved.

Acknowledgement: the publication “Legal Guide for the Foreign Investor in Brazil”, published by the Brazilian Foreign Relations Ministry (2006) was the source of some information included in this presentation.

“ASPECTOS LEGALES Y GOBIERNO CORPORATIVO” LEGAL ASPECTS OF SERVICES RENDERING IN BRAZIL October 14, 2010.

Documents

brazil slide

foreign company

brazil rendering services

brazil o restrictions

brazil brazilian law

foreign investment slide

brazil labor aspects

central bank of brazil