The Commission for Economic Development, Industry and Commerce (CDEIC) approved, on June 20, 2017, the Legislative Bill nº 7.060/2016, which modifies Law nº 8.934/1994,  making less bureaucratic the procedure of registration of corporate documents of companies of corporate kind, imposing to Commercial Registries the deadline of 72 (seventy two) hours to grant or deny the registration, provided all required documents were presented.

It is important to mention that the referred deadline does not apply to filing of the corporate documents of Corporations, whether closely-held or in the stock market.

This Legislative Bill shall be submitted to analysis by the Constitution and Justice and Citizenship Commission ("CCJC") of the Chamber of Deputies and, if approved, shall come into force 180 (one hundred and eighty) days after its publication in the Official Gazette.

If approved, the new Law will imply in major improvements in the registration process, and unify deadlines within all Commercial Registries in all Brazilian States, which currently vary greatly.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.