BRAZILIAN LAW OF ECONOMIC FREEDOM IS SANCTIONED BY THE PRESIDENT

/> </p> <h2>NEWS</h2> <p>On September 20, the Brazilian President Jair Bolsonaro sanctioned Law no. 13,874 (“<u>Law of Economic Freedom</u>”), which main purpose is to simplify bureaucratic procedures for the development of economic activities in Brazil. The main points of this new law are:</p> <ul> <li>The possibility of forming limited liability companies with only one partner;</li> <li>Limitation of the responsibility of quotaholders of investment fund;</li> <li>Creation of more specific rules for lifting the corporate veil of Brazilian entities;</li> <li>Waiver of permits and licenses for companies that develop low risk activities;</li> <li>Tacit approval/emission of permits and licenses by public agencies that fail to meet the deadlines set for their review/emission;</li> <li>Digital documents will have the same validity as paper documents;</li> <li>Flexibilization of the employee electronic timecard control and implementation of the digital work card;</li> <li>Creation of deadlines for the automatic filling of corporate acts; and</li> <li>Possibility of companies to complain to regulatory authorities if they exceed legal limits when imposing requirements for the release of activities.</li> </ul> <p>The Law of Economic Freedom is in force since last Friday, September 20, 2019.</p> <h2>COMPARTILHE</h2> <p> <a href=
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