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Brazil organising an investment the economist Brazil organising an investment the economist Document Transcript

  • TMOrganising an investment in BrazilPrepare for opportunityA practical guide from the Economist Intelligence Unit www.eiu.com
  • Organising an investment in Brazil Prepare for opportunity Basic investment approval The process of organising new investments in Brazil continues to be cumbersome and bureaucratic. It is especially difficult to start and close a business there because of the many procedures required and high cost involved in doing so. According the World Bank’s Doing Business 2011 survey, Brazil ranked in 127th place among 183 economies in terms of the overall ease of doing business; this compares with a ranking of 129 in 2010. Besides the rigidity involved in opening and closing businesses, companies in Brazil typically incur a high tax burden (see Corporate taxes). Labour laws also make the hiring and firing of employees difficult (see Human resources). A foreign company requires no special government authorisation to organise a local business, though some restrictions apply in certain industries (see Foreign investment). Circular 3,280 of March 2005 requires investors to register all incoming foreign investment with the central bank (Banco Central do Brasil—BCB) within 30 days. The process can be completed online, via the BCB’s electronic system. Foreign investments have expanded beyond the traditional centres of São Paulo, Rio de Janeiro and Minas Gerais to other centres such as Bahia, Goiás, Mato Grosso do Sul, Mato Grosso, Paraná and Santa Catarina. To identify the most advantageous site, companies frequently work with consultants or the commercial services of their home-country embassies. Important contacts for organising investments include the following: the BCB, for registering capital; the Ministry of Development, Industry and Trade (Ministério do Desenvolvimento, Indústria e Comércio Exterior), which oversees foreign-trade policies and offers information; and the Ministry of Science and Technology (Ministério da Ciência e Tecnologia), for information about investments in computer- and technology-related sectors. The National Bank for Economic and Social Development (Banco Nacional de Desenvolvimento Econômico e Social), Brazil’s main development bank, is another major source of information and financing for foreign companies. Registration with the BCB is necessary to repatriate capital and remit dividends and fees. Remittances sent abroad may be subject to special controls—such as previous registration before the National Institute of Industrial Property (Instituto Nacional da Propiedade Industrial)—especially for payment transfers related to foreign technology and patent and trademark licensing. Acquisition of an existing firm Brazilian law allows mergers, acquisitions and corporate re-organisations. No special restrictions apply to foreigners, except in those sectors in which foreign investment is limited by law (see Foreign investment). The central bank (Banco Central do Brasil) examines and authorises mergers and acquisitions (M&As) in the financial-services sector. Other regulatory agencies are entitled to authorise M&As, depending on the sectors involved (such as telecommunications and insurance, among others). According to KPMG, an international accountancy, 726 M&A deals were completed in 2010, up from 454 in 2009 and 663 in 2008. © The Economist Intelligence Unit Limited 2012
  • Organising an investment in Brazil Prepare for opportunity Acquisitions are reviewed for their potential anti-competitive implications. Antitrust Law 8,884 of June 11th 1994 (and amendments) empowers the Administrative Council for Economic Defence (Conselho Administrativo de Defesa Econômica—CADE) to identify sectors where one company or a group of companies holds a dominant position. CADE is a semiautonomous agency of the Ministry of Justice. Legislation authorises the council to take punitive action if it determines that a company or group of companies has been engaging in unjustifiable price mark-ups as a result of a dominant position in the market. The antitrust law defines market dominance as the control by any one company of a market share of 20% or more. A company can also be considered to hold a dominant position in the market if it generates gross annual income exceeding R400m. The law gives companies 15 business days to submit any M&A plan that would exceed these thresholds to CADE for analysis and approval. An investor can purchase an existing company by buying its shares or even incorporating a new company to which the shares will be transferred. Although no rules absolutely prohibit a foreign takeover, such a manoeuvre may not be via a share purchase on the stockmarket, the BM&FBovespa, without prior authorisation from governmental bodies regulating the respective sector of the market. Either way, complete due diligence is recommended to avoid undisclosed liabilities. For a merger or consolidation, the successor company inherits (i) the tax attributes of the absorbed company except for its tax losses, which cease to exist; and (ii) liabilities arising thereof, including tax, labour, environmental and civil contingencies and on-going administrative proceedings and judicial lawsuits. Hence, there is no tax-loss carry-forward in these transactions at the level of the merger company. A corporate entity selling its shares may be taxed on capital gains earned according to the corporate income tax and social contribution on net profits rates. An assets sale is also subject to taxation, including value-added taxes. Brazilian companies are now at the forefront of emerging-market multinationals. Many of the larger Brazilian companies are internationalising by acquiring foreign assets, which also is driving new M&A activity. Vale in January 2010 purchased the fertiliser assets of Bunge (US) for more than US$3bn in cash. Brazilian banks have also started to expand abroad, acquiring banking assets in Latin America and South Africa. Investment-approval checklist To register a limited-liability company (sociedade limitada—Ltda) in Brazil, the following steps should be taken: l If the company is funded by foreign capital, remit capital and register it with the central bank (Banco Central do Brasil) within 30 days. l Register the company with the state where the company’s principal office will be located. Pay registration fees and obtain an identification number. l Register with the Secretariat of Federal Revenue (Receita Federal do Brasil) for federal- and state- © The Economist Intelligence Unit Limited 2012
  • Organising an investment in Brazil Prepare for opportunity tax purposes. Obtain a company number (known locally as the CNPJ), confirm taxpayer enrolment and obtain inspection of state taxes. l Obtain permission from the respective state-level Ministry of Economy (Secretaría da Fazenda Estadual) to print receipts and invoices. l Apply for an operations permit with respective municipality. l Register company’s employees in social integration programme (contribuição para o programa de integração social—PIS). l Open a bank account for the Length of Service Guarantee Fund (Fundo de Garantia por Tempo de Serviço—FGTS) unemployment account. l Request permission from the Ministry of Labour and Employment (Ministério do Trabalho e Emprego) for the limited number of expatriate employees who need to be hired. l Register with the Employees Union and Patronal Union. Source: Economist Intelligence Unit and World Bank Doing Business 2011. Setting up a new business (score; 5=low regulation) Latin America (av) Brazil 5.0 4.0 3.0 2.0 1.0 0.0 2006 07 08 09 10 11 12 Source: Economist Intelligence Unit. Building and related permits Before starting a construction project, refurbishment, remodelling or other modifications in land and/or existent buildings, the owner of the real property must apply for a building permit at the respective municipality’s building department. There are different levels of permits, beginning with those related to project approval, construction approval and the completion of construction. Sewer and water connections must conform to local sanitation codes, and zoning laws regulate construction in most cities. Investors should discuss construction projects in detail with the appropriate municipal authorities since codes are sometimes anachronistic and may conflict with construction specifications. Codes © The Economist Intelligence Unit Limited 2012
  • Organising an investment in Brazil Prepare for opportunity usually regulate the height, area and number of floors a building can have in each neighbourhood. Consultation can prevent costly delays over minor details. According to the World Bank’s Doing Business 2011 survey, obtaining building permits can take up to 411 days in Brazil (unchanged from 2010), compared with an average of 220 days for the Latin America and Caribbean region. Environmental law The Ministry of the Environment (Ministério do Meio Ambiente) is the federal agency that oversees environmental regulations, but state and municipal authorities set most rules. Awareness of corporate social responsibility is growing stronger, especially among the multinational companies and local businesses in the larger states. Projects in the Amazon and other less-developed regions are coming under greater scrutiny for their effects on the environment. Hence, compliance with environmental laws is continuing to increase and slowly becoming a standard practice of larger businesses. In early December 2008, Brazil enacted Law 12127 establishing the National Plan for Climate Change (Plano Nacional de Mudança Climática—PNMC). The plan includes ambitious targets for reducing deforestation, Brazil’s main source of greenhouse-gas emissions. PNMC foresees a reduction of 36.1–38.9% in deforestation in the Amazon by 2020. However, there is general scepticism as to the viability of these goals, given the limited enforceability and effectiveness of environmental laws and policies in Brazil. Previous governmental efforts to address environmental concerns include Law 9605, of February 12th 1998. This law stiffened regulations and defined environmental “crimes” punishable with fines of up to R50m and prison terms of up to five years. The southern states, industrialised São Paulo and Rio de Janeiro in particular, now apply fairly rigorous anti-pollution codes and heavy fines for infractions. Environmental-impact assessments (relatórios de impacto ao meio ambiente—RIMAs) must be prepared and licences obtained from the environmental agencies of most states before undertaking a project. These are required for the approval of large construction projects. Depending on the particular state, licensing procedures can be rigorous and time-consuming. Industrial zoning, mandatory in cities and other areas where pollution is severe, has the following three categories: Zone 1, comprising mainly outlying industrial parks, is for plants emitting hazardous waste or creating objectionable noise; Zone 2, comprising various urban and suburban locales, applies to operations causing lesser damage or discomfort; and Zone 3, comprising residential areas, applies to industries that complement surrounding economic activities (such as canning factories) if they do not pose health hazards or create undue disturbances. Federal banks started applying environmental criteria (the so-called Green Protocol) to their financing decisions in 1995. (Federal banks include Banco do Brasil, Banco Nacional de Desenvolvimento Econômico e Social, Caixa Econômica Federal Banco da Amazônia and Banco do Nordeste do Brasil.) Brazil’s government also encourages companies to apply for environmental- © The Economist Intelligence Unit Limited 2012
  • Organising an investment in Brazil Prepare for opportunity quality certificates (ISO14000) from the International Standards Organisation. Brazil ratified the Kyoto Protocol, a UN-sponsored agreement to reduce emissions of greenhouse gases in industrialised nations, in August 2002. The protocol establishes targets that correspond to an average reduction of about 5% in the amount of gases emitted since 1990 on a country-by-country basis, but developing countries like Brazil need not meet these goals. The protocol also aims to establish a sustainable development model for emerging countries. Brazil held its first auction to sell carbon credits in September 2007, with the Brazilian Mercantile and Futures Exchange (BM&F) in charge of the public auction. Fortis Bank (Netherlands) paid about R33m for some 808 tonnes of carbon credits sold by the municipality of São Paulo. The municipality of São Paulo sold a second batch of credits in September 2008 to Mercuria Energy Trading of Switzerland, for about R37m. Developments in this area in Brazil have since been limited since global talks on measures to reduce global warming (and adopt a carbon-credit scheme) had not reached consensus as at September 2011. Acquisition of real estate The purchase of properties by foreign individuals and companies is restricted under the provisions of Law 5709 (October 1971) and Law 6634 (May 1979) and must comply with regulations in Decree 74965 of November 1974. As a means of curtailing the foreign acquisition of land by sovereign wealth funds and speculators, in August 2010 the government approved and published in the Official Gazette of the Union (Diário Oficial da União) a reinterpretation of Brazil’s primary land ownership law (Law 5709). Issued as a Legal Opinion by the Attorney-General of the Union (Advocacia Geral da União—AGU), the new interpretation was implemented through presidential order. According to the AGU’s Legal Opinion, foreign resident individuals and legal entities (including foreign branches and local companies that are foreign controlled) may not own property within 150 km of Brazil’s national borders, directly on its coasts, or in any other geographical areas designated and defined as “sensitive” for national-security purposes. Foreign resident individuals and legal entities are also prohibited from owning rural lands that exceed a threshold of 25% of the municipality area. Foreign resident individuals and legal entities require government approval to purchase rural land exceeding three units of “undefined exploration modules” (módulos de exploração indefinida—MIEs), where one MIE is equivalent to a plot of land sufficient for subsistence production. MIEs vary in measurement by region. Foreign purchases of rural land under 50 MIEs require approval from the National Institute of Colonisation and Agrarian Reform (Instituto Nacional de Colonização e Reforma Agrária—INCRA); very large acquisitions (exceeding 100 MIEs) may require approval from Brazil’s Congress. Non-resident foreigners are barred from acquiring rural property except in cases of inheritance. Foreign-controlled companies or individual residents may acquire rural land only for specified agricultural, livestock-raising and industrial projects that conform to their normal businesses. © The Economist Intelligence Unit Limited 2012
  • Organising an investment in Brazil Prepare for opportunity Approval for such projects from the Ministry of Agriculture, Livestock and Supply (Ministério da Agricultura, Pecuária e Abastecimento) and INCRA is mandatory. According the World Bank’s Doing Business 2011 survey, 14 steps completed over 42 days are required on average in order to register property in Brazil. This compares with 7 steps over 69 days for the Latin America and Caribbean region, and 4.7 steps over 33 days for OECD-member countries. Establishing a local company The most common business entities in Brazil are the corporation (sociedade anônima—SA) and the limited-liability company (sociedade limitada—Ltda). The sociedade anônima is comparable to a US corporation or British public limited company and must comply with specific requirements. It has more extensive requirements than the sociedade limitada in terms of disclosure policies, corporate meetings and financial statements. Capital stock is divided into shares, which may be traded on the stockmarket. There are several types of shares, such as common or preferred shares, all of which have different rights and restrictions. A company organised as an SA may be set up as either a closed company (companhia fechada) or an open company (companhia aberta). Open companies are those whose shares are traded publicly either on the stockmarkets or over the counter and must be registered before the Brazilian Securities Comission (Comissão de Valores Mobiliários—CVM). The CVM is the body in charge of regulating and monitoring the stock exchange in Brazil. The shares of a closed company are not available to general public. The sociedade limitada is the most popular corporate structure since it is easier to set up and has fewer public-disclosure requirements than any other corporate legal forms. The capital of a limitada is divided into quotas (the amount to which each partner limits his liability). The limitada is formed through a similar but simpler procedure than the sociedade anônima and involves the same taxes; expenses are generally lower, however, since the limitada does not require external auditing. Moreover, little disclosure is required; limitadas rarely reveal basic financial information, such as operating expenses or year-end profits. It is not necessary to register a limitada on a stock exchange, and no minimum amount of capital must be deposited in a bank. A member may not sell a stake in the company (called quotas) without the consent of all other members. It takes about two weeks to establish a limitada, which may not issue preferred shares or debentures. The present body of legislation governing the formation of companies (including Company Law 6404 passed in 1976, Company Law 9457 passed in 1997 and Company Law 11638 passed in December 2007) was designed to protect minority shareholders, strengthen capital markets and facilitate the formation of conglomerates. The 1976 and 1997 laws introduced new corporate concepts to Brazil, including those of a controlling shareholder and the mandatory distribution of dividends. Law 11638 seeks to modernise these concepts. The law takes into account market changes that have taken place since the original law passed in 1976, and it requires the adoption of internationally accepted accounting norms. © The Economist Intelligence Unit Limited 2012
  • Organising an investment in Brazil Prepare for opportunity Establishing a branch A company may organise as a branch in Brazil. However, unless there is a substantial tax advantage in the investor’s home country (such as deduction of exchange losses from the parent’s taxable income), doing so can be cumbersome and costly. For example, there is heavy bureaucracy involved in establishing a branch. On average, this takes about six months, and its costs are just as great as for other business forms. But branch profits, whether remitted to a parent company or not, have been exempt from withholding tax since 1996. Establishing a branch of a foreign company requires authorisation by presidential decree, which usually involves lengthy delays. The company must operate in Brazil under the same name as in the country of origin (it may add the words do Brasil or para o Brasil), and it must retain and register the name of a permanent, fully responsible representative (of no particular nationality). To obtain the necessary government authorisation, a foreign company must submit documentary evidence of its legal existence, a copy of the articles of incorporation, a list of shareholders, its most recent balance sheet and a copy of the resolution to open a branch in Brazil. It must allocate a certain amount of capital to the branch and appoint a legal representative. All documents must be properly notarised, certified by a Brazilian consul and then officially translated. A branch may not function until it has been registered and its authorisation and documentary evidence published in the Diário Oficial and a local newspaper. It must maintain accounts similar to those of a corporation (sociedade anônima) and must publish its annual financial data. No annual meeting is required. Requirements of a sociedade anonima and a limitada Capital. Sociedade anônima (SA): No minimum or maximum. Capital must be totally subscribed and at least 10% deposited in a bank. It may be paid in cash or in kind (the latter must be appraised by shareholders after appraisal by three experts appointed by shareholders). At least 5% of annual net income must be set aside in a legal reserve until it reaches 20% of capital. Limitada (Ltda): No minimum or maximum; capital may be changed by simply revising founding deed. No legal reserve requirement. Founders, shareholders. SA: A minimum of two founders, who do not need to have a direct interest in the venture. No nationality or residence requirements, but foreign shareholders must maintain legal representatives in Brazil. Limitada: Minimum of two; neither one needs to be a Brazilian resident to qualify as managing shareholder. © The Economist Intelligence Unit Limited 2012
  • Organising an investment in Brazil Prepare for opportunity Directors. SA: Minimum of two, who must be residents. Limitada: Minimum of one. Management. SA: An administrative council is mandatory for listed companies only. The board must have at least three members who are legal residents in Brazil. Executive directorate must have at least two individuals, resident in Brazil. Members elected for up to three years by shareholders. Council elects and can dismiss board members and sets members’ duties. Up to one-third of members may also be directors. Limitada: None. Labour. SA: Labour need not be represented in management. Limitada: Same. Disclosure. SA: Only open companies must have outside auditors and publish annual account reports. A fiscal council that examines the accounts every three months and issues a statement at the end of the fiscal year is mandatory. Annual reports, balance sheets, income statements and minutes of annual meetings must be published in the Diario Oficial and another well-known newspaper. Limitada: No disclosure or fiscal-council requirements. Taxes and fees on incorporation. SA: An employer union tax, based on capital, must be paid on incorporation, and some states levy a business tax on the establishment, based on the rental value of the premises. Industrial companies must obtain a municipal licence and pay a nominal fee for it. Other expenses include dues for registration (with the Commercial Registry (Registro Mercantil) and the National Institute of Industrial Property (Instituto Nacional da Propiedade Industrial—INPI) and legal and notary fees that vary with the complexity and capital involved. Limitada: Costs of trademark registration, if the company decides to protect its brand, and legal and notary fees. Types of shares. SA: Shares need not have a par value; if they do, they may not be issued at discount. Corporations may issue common, preferred, convertible preferred and founders’ shares. Voting shares are called ordinárias, and non-voting, preferenciais. All common shares have equal voting power. There may be various classes of preferred shares. Non-voting shares may not represent more than two-thirds of total capital and generally acquire voting rights if dividends are missed for three consecutive years. Founders’ shares (partes beneficiarias) are given in return for services and intangible contributions, have no par value and do not form part of capital. They may carry rights to up to 10% of profits. For SAs incorporated after October 31st 2001, the number of preferred shares may not exceed 50% of the total number of issued shares. The same limit also applies to an existing privately held SA that goes public after October 31st 2001. Public corporations established before October 31st 2001 may keep the existing ratio between preferred shares and voting shares. A public share offering must be made in a takeover bid, and prior approval from the Securities Commission (Comissão de Valores Mobiliários— CVM) is required to acquire an open company’s shares by a companhia coligada—defined as a company © The Economist Intelligence Unit Limited 2012
  • Organising an investment in Brazil Prepare for opportunity holding at least 10% but not a controlling interest in the concern. A shareholder whose shares represent at least 5% of an open company’s capital can demand disclosure of information. Limitada: Capital is divided into quotas (the amount to which each partner limits his liability). Members may not sell quotas without the consent of all the other members. Control. SA: Minority groups do not have representation on the board unless the charter provides for it. When an administrative council is required, a 20% minority of shareholders is entitled to elect one member. Shareholders representing 10% of the capital have the right to elect one member of the fiscal council, if one exists. Shareholders with small stakes can control the company’s management through a shareholders agreement. Limitada: No special provisions except as contained in the company’s founding deed. Key contacts l Administrative Council for Economic Defence (Conselho Administrativo de Defesa Econômica— CADE), Setor Comercial Norte, SCN-Quadra 2, Projeção C, 70712-902, Brasília, DF; Tel: (55.61) 3221– 8599; Internet: http://www.cade .gov.br (Portuguese only). l Amazon Development Superintendency (Superintendencia de Desenvolvimento da Amazônia— SUDAM), Avenida Almirante Barroso, 426, 66090-900, Belém, PA; Tel: (55.91) 4008–5442/5443; Fax: (55.91) 4008–5456; Internet: http://www.sudam.gov.br (Portuguese only). l Banco do Brasil, Setor Bancário Sul, Quadro 1, Bloco C, Edifício Sede 3, 70073-901, Brasília, DF; Tel: (55.61) 3310–5920; Fax: (55.61) 3310–3735; Internet: http://www.bb.com.br. The bank operates an Export Finance Programme (Programa de Financiamento às Exportações—Proex); Internet: http:// www.bb.com.br/. l BM&FBovespa (formerly Bolsa de Valores de São Paulo—Bovespa), Praça Antonio Prado, 48, 01013- 001, São Paulo, SP; Tel: (55.11) 2565–4000; Internet: http://www.bovespa.com.br/. l Brazilian Association of Listed Companies (Associação Brasileira das Companhias Abertas— Abrasca), Rua Boa Vista 63, 01014-001, São Paulo, SP; Tel: (55.11) 3107–5557; Internet: http://www. abrasca.org.br (Portuguese only). l Brazilian Export Credit Insurer (Seguradora Brasileira de Crédito à Exportação—SBCE), Rua Senador Dantas, No. 74, 20031-205, Rio de Janeiro, RJ; Tel: (55.21) 2510–5000; Fax: (55.21) 2262–8672; Internet: http://www.sbce.com.br/ us/index.asp. l Brazilian Foreign Trade Association (Associação de Comércio Exterior do Brasil—AEB), Avenida General Justo, 335, 20021-130, Rio de Janeiro, RJ; Tel: (55.21) 2544–0048; Fax: (55.21) 2544–0577; Internet: http://www.aeb.org.br/home.htm (Portuguese only). l Brazilian Franchising Association (Associação Brasileira de Franchising—ABF), Avenida das © The Economist Intelligence Unit Limited 2012
  • Organising an investment in Brazil Prepare for opportunity Nações Unidas, 10989, 04578-000, São Paulo, SP; Tel: (55.11) 3020–8800; Internet: http://www. portaldofranchising.com.br (Portuguese only). l Brazilian Small Enterprise Assistance Service (Serviço Brasileiro de Apoio ás Micro e Pequenas Empresas—Sebrae), SEPN, Quadra 515, Bloco C, Loja 32, 70770-530, Brasília, DF; Tel: (55.61) 3348– 7128; Internet: http://www.sebrae. com.br/customizado/sebrae/institucional/sebrae-in-english. l Central Bank of Brazil (Banco Central do Brasil), Edifício Sede Banco Central, Setor Bancário Sul, Quadra 3, Bloco B, 70074-900, Brasília, DF; Tel: (55.61) 3414–2401 thru 2406; Fax: (55.61) 3414–2553; Internet: http://www.bcb.gov.br/?english. l Corrêa Meyer e Nastromagario Law Firm, Rua Fradique Coutinho, 1271, 05416-011, São Paulo; Tel: (55.11) 3011–0700; Fax: (55.11) 3031–6261; Internet: http://www.cmnadvogados.com. l Ernst & Young Terco São Paulo, Avenida Presidente Juscelino Kubitschek, 1.830, Floors 5–8, 04543- 900, São Paulo; Tel: (55.11) 2573-3000; Internet: http://www.ey.com.br. l Federal Revenue Service of Brazil (Receita Federal do Brasil), Esplanada dos Ministérios, Ministério da Fazenda, Edifício Sede, Bloco P, 70048-900, Brasília, DF; Tel: (55.61) 3412–2000/3000; Internet: http://www.receita.fazenda.gov.br/ (Portuguese only). l Investment Promotion and Technology Transfer System (Sistema de Promoção de Investimentos e Transferência de Tecnologia para Empresas—Sipri), Ministry of External Relations, Trade Promotion Dept, Esplanada dos Ministérios, Bloco H, Anexo I, Sala 528, 71070–900, Brasília, DF; Tel: (55.61) 3411–6392; Fax: (55.61) 3322–0827; Internet: http://www.brasilglobalnet.gov.br/Investimentos/P/ sipri.aspx. l IRB-Brasil Resseguros, Avenida Marechal Câmara, 171, 20020-901, Rio de Janeiro, RJ; Tel: (55.21) 2272–0200; Fax: (55.21) 2272–2800; Internet: http://www2.irb-brasilre.com.br/site/ (Portuguese only). l Ministry of Agriculture, Livestock and Supply (Ministério da Agricultura, Pecuária e Abastecimento), Esplanada dos Ministérios, Bloco D, 70043-900, Brasília, DF; Tel: (55.61) 3218–2828; Internet: http:// www.agricultura.gov.br (Portuguese only). l Ministry of Development, Industry and Commerce (Ministério do Desenvolvimento Indústria e Comércio Exterior—MDIC), Espl dos Ministérios, Bloco J, 70053-900, Brasília, DF; Tel: (55.61) 2109– 7000; Internet: http://www.mdic.gov.br/ (Portuguese only). This ministry houses the Foreign Trade Chamber (Câmara de Comércio Exterior—Camex). l Ministry of External Relations (Ministério das Relações Exteriores), Trade Promotion Dept, Esplanada dos Ministérios, Bloco H, 70170-900, Brasília, DF; Tel: (55.61) 3411–6778/6313; Fax: (55.61) 3411– 6900; Internet: http://www.mre.gov.br/. l Ministry of Finance (Ministério da Fazenda), Esplanada dos Ministérios, Bloco P, 70048-900, Brasília, DF; Tel: (55.61) 3412–2000/3000; Fax: (55.61) 3226–9084; Internet: http://www.fazenda. gov.br (Portuguese only).10 © The Economist Intelligence Unit Limited 2012
  • Organising an investment in Brazil Prepare for opportunity l Ministry of Justice (Ministério da Justiça—MJ), Esplanada dos Ministérios, Bloco T, 70064-900, Brasília, DF; Tel: (55.61) 2025–3587; Internet: http://www.mj.gov.br (Portuguese only). l Ministry of Labour and Employment (Ministério do Trabalho e Emprego—MTE), Esplanada dos Ministérios, Bloco F, 70059-900, Brasília, DF; Tel: (55.61) 3317–6000; Internet: http://www.mte.gov. br/trab_estrang_ing/default.asp. l Ministry of Mines and Energy (Ministério de Minas e Energia—MME), Esplanada dos Ministérios, Bloco U, 70065-900, Brasília, DF; Tel: (55.61) 3319–5555; Internet: http://www.mme.gov.br (Portuguese only). l Ministry of Science and Technology (Ministério da Ciência e Tecnologia—MCT), Esplanada dos Ministérios, Bloco E, 70067-900, Brasília, DF; Tel: (55.61) 3317–7500; Internet: http://www.mct.gov. br (Portuguese only). l Ministry of the Environment (Ministério do Meio Ambiente—MMA), Esplanada dos Ministérios, Bloco B, 70068-900, Brasília, DF; Tel: (55.61) 3317–1000; Internet: http://www.meioambiente.gov.br/sitio/ en/. l National Association of Vehicle Manufacturers, (Associação Nacional dos Fabricantes de Veículos Automotores—Anfavea), Avenida Indianópolis, 496, 04062-900, São Paulo, SP; Tel: (55.11) 2193– 7800; Fax: (55.11) 2193–7825; Internet: http://www.anfavea.com.br (Portuguese only). l National Bank for Economic and Social Development (Banco Nacional de Desenvolvimento Econômico e Social—BNDES), Avenida República de Chile, 100, 20031-917, Rio de Janeiro, RJ; Tel: (55.21) 2172–7447; Internet: http://www.bndes.gov.br/SiteBNDES/bndes/bndes_en/. l National Confederation of Industry (Confederação Nacional da Indústria—CNI), Edifício Roberto Simonsen, Setor Bancário Norte, Quadra 1, Bloco C, 70040-903, Brasília, DF; Tel: (55.61) 3317– 9989/9993; Fax: (55.61) 3317–9994; Internet: http://www.cni.org.br/ (Portuguese only). l National Institute of Industrial Property (Instituto Nacional da Propiedade Industrial—INPI), Praça Mauá, 7, 20081-240, Rio de Janeiro, RJ; Tel: (55.21) 2139–3000; Internet: http://www.inpi.gov.br/ (Portuguese only). l National Petroleum, Natural Gas and Biofuels Agency (Agência Nacional do Petróleo, Gás Natural e Biocombustíveis—ANP), Avenida Rio Branco, 65, 20090-004, Rio de Janeiro, RJ; Tel: (55.21) 2112– 8100; Fax: (55.21) 2112–8129/39/49; Internet: http://www.anp.gov.br/ (Portuguese only). l National Telecommunications Agency (Agência Nacional de Telecomunicações—Anatel), SAUS, Quadra 6, Blocos C, E, F and Bloco H, 70070-940, Brasília, DF; Tel: (55.61) 2312–2000; Fax: (55.61) 2312–2002; Internet: http://www.anatel.gov.br (Portuguese only). l North-east Development Superintendency (Superintendencia de Desenvolvimento do Nordeste— Sudene), Praça Ministro João Gonçalves de Souza, 50670-900, Recife, PE; Tel: (55.81) 2102– 2830/2818/2114; Internet: http://www.sudene.gov.br/site/index.php?idioma=ptbr (Portuguese only).11 © The Economist Intelligence Unit Limited 2012
  • Organising an investment in Brazil Prepare for opportunity l São Paulo State Federation of Industry (Federação das Indústrias do Estado de São Paulo—FIESP), Av Paulista, 1313, 01311-923, São Paulo, SP; Tel: (55.11) 3549–4499; Internet: http://www.fiesp.com. br/ (Portuguese only). l Secretariat of Economic Law (Secretaria de Direito Econômico—SDE), Ed Palácio da Justiça, Esplanada dos Ministérios, Bloco T, 70064-900, Brasília, DF; Tel: (55.61) 3429–3112/3409; Internet: http://www.mj.gov.br/sde (Portuguese only). l Secretariat for Economic Monitoring (Secretaria de Acompanhamento Econômico—SEAE), Esplanada dos Ministérios, Bloco P, 70048-900, Brasília, DF; Tel: (55.61) 3412–2360; Fax: (55.61) 3225–0971; Internet: http://www.seae.fazenda. gov.br/?set_language=en. l Securities Commission (Comissão de Valores Mobiliários—CVM), Rua Sete de Setembro 111, 20050- 901, Rio de Janeiro, RJ; Tel: (55.21) 3554–8686; Internet: http://www.cvm.gov.br/ingl/indexing.asp. l Superintendency of the Manaus Free-Trade Zone (Superintendência da Zona Franca de Manaus— Suframa), Avenida Ministro Mario Andreazza, 1424, Distrito Industrial, 69075-830, Manaus, AM; Tel: (55.92) 3321–7000; Fax: (55.92) 3237–6549; Internet: http://www.suframa.gov.br (Portuguese only). l US Foreign Commercial Service, US Consulate in Rio de Janeiro, Av Presidente Wilson, 147, 20030- 020, Rio de Janeiro, RJ; Tel: (55.21) 3823–2000; Fax: (55.21) 3823–2003; Internet: http://www. embaixadaamericana.org.br. The commercial service in São Paulo is at Rua Thomas Deloney 381, 04710-110, São Paulo, SP; Tel: (55.11) 5186–7390; Fax: (55.11) 5186–7399; Internet: http://www. focusbrazil.org.br/siteUSA/index.htm.12 © The Economist Intelligence Unit Limited 2012
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