Brazil (BR)

Jurisdiction Overview

472 *LO Update: Is the update of information on the identity of legal owners mandatory? No, because bearer shares are available/circulating/not registered with a public authority (see below).
 Data Date: 2018


According to the Global Forum: "The Civil Code requires all 'business entities', being those that carry on a business or are holding companies, to be registered with the trade registrar and to maintain updated information identifying their owners. Tax law requires all entities, including tax immune, exempt or inactive entities, to file up to date ownership information with the RFB [Federal Revenue of Brazil] on a yearly basis and this obligation is practically enforced through the RFB’s compliance activities" (GF 2018: 34; [TJN-Note]). However, given that there are still unregistered bearer shares (GF 2018: 36), the identity of the shareholders can not be guaranteed (see note below on bearer shares).


GF 2018: 33-36
GF 2018: 36