Article by Luciana Felisbino and Victor B. Martinelli*
1. On June 25th, 2012 the Central Bank of Brazil (BCB) issued Circular No. 3,602/2012 which created the Annual Census of Foreign Capitals in Brazil ("Annual Census"), by means of an annual declaration to be provided to BCB based on the information related to the reference date of December 31st of the precedent year.
2. Pursuant to Circular No. 3,602/2012, the following entities have to file the Annual Census declaration: (i) the companies headquartered in Brazil with direct investment of foreign investors in its corporate capital at any amount and net worth equal to or greater than one hundred million US dollars (US$ 100,000,000.00); (ii) the companies headquartered in Brazil, debtors of short-term (due within 360 days) commercial credits, whose total outstanding balance is equal to or exceeds ten million US dollars (US$ 10,000,000.00).
3. The investment funds must inform, by their administrators, the total of their investments and their foreign investor participation in the fund's assets, identifying foreign investors who individually hold interest equal to or greater than 10% of the funds' assets, provided that the minimum amount of one hundred million US dollars (US$ 100,000,000.00) is invested in the country on the reference date.
4. Those responsible for the filling of the Annual Census shall keep the respective support documentation for five years counted from the reference date of the declaration.
5. In relation to the reference date of December 31st, 2014, pursuant to Circular Letter No. 3,603, as of June 27th, 2013, the period to file the Annual Census declaration is from July 1st, 2015 at 18:00 pm on August 17th, 2015.
6. Fines up to R$ 250,000.00 apply to the late submission of the Annual Census, the lack of filling of the declaration and the provision of inaccurate, incomplete or false information, as provided in Resolution No. 4.104, as of June 28th, 2012.
* Luciana Felisbino and Victor B. Martinelli are members of the Corporate and Contract area at Machado Associados
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