Bank statement – Census 2011

Olá ,

Always seeking to anticipate the needs of our clients, we would like to bring your attention over a recent determination of the Brazilian Central Bank (“BACEN”) regarding the realization of a Foreign Capitals Census in Brazil, which will end on November 1st, 2011. Considering that your company fits the legal requirements established by BACEN, we kindly ask you to find below our comments and recommendations.

As we have noted in Cerqueira Leite Advogados Associados Newsletter of this month (click here to access the Newsletter of October 2011), at the end of September the Brazilian Central Bank (“BACEN”) has published the Circular No. 3.559, dated of September 19, 2011, informing about the Census of Foreign Capitals in Brazil – 2010 base-year. 

This Census aims to collect statistical information regarding foreign direct investments in Brazil and foreign instruments of credit executed with foreign creditors, in order to assist in the formulation of governmental economic politics and to provide a data source for economic analysts, both national and international.   Pursuant such Circular, the companies which suit one of the following situations are obliged to provide the information required by the Census:  

  • Legal entities headquartered in Brazil with direct participation on its corporate capital, independently of its amount, of non-residing persons and/or companies, in 2010 base-year;
  • Legal entities headquartered in Brazil debtors of credits granted by non-residing persons and/or by c ompanies, independently of the currency involved and if such transaction should or not be registered with BACEN, whose debt balance is equal to or superior to the equivalent of US$ 1,000,000.00 (one million dollars of the United States of America), in the base-year of 2010 (including commercial credits of short term – due within 360 days – or of long term – due after 360 days); and
  • Investment Funds, through its managers, shall inform the total amount of its investments, the respective participation of non-residing persons and/or of companies in the funds’ patrimony, discriminating the non-residing/ non-headquartered which possess, individually, a participation equal to or superior to 10% (ten percent) of the funds’ patrimony.

The declarations of the 2011 Census of Foreign Capitals of BACEN will be received only between 9a.m. of October 3 and 20p.m. of November 1st, 2011, through the electronic system provided for this matter on BACEN’s website (www.cbc.gov.br).  

Therefore, whereas:

(i)  Your company suits the requirements established by BACEN’s Circular and, therefore, are obliged to provide the statements required by the Census; and

(ii)  The fine established by law for non-submission or late submission of such declaration may be up to R$ 250,000.00 (two hundred and fifty thousand reais).      

We would like to call your attention upon the deadline for the submission of the Census declaration, and to inform that we are at your disposal for any guidance or even to draft such declaration, as well as to provide any clarifications that may be needed regarding this topic.

Nossos Endereços
Avenida Engenheiro Luiz Carlos Berrini, 801Mapa
CEP: 04571-010 – São Paulo – SP – Brasil
Telefone: 55 (0xx11) 2884-4878 – Telefax: 55 (0xx11) 2884-4877
E-mail: atendimento@cerqueiraleite.com.br
Rua XV de Novembro, 3213 – Mapa
CEP: 15015-110 – São José do Rio Preto – SP – Brasil
Telefone/Telefax: 55 (0xx17) 3222-6383
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