Bolsonaro sanctions the law with veto to facilitate the opening of companies

President Jair Bolsonaro has sanctioned the law which aims to reduce bureaucracy when starting a business. Photo: Alan Santos / RP

President Jair Bolsonaro sanctioned by veto this Thursday (26) the law which intends to reduce bureaucracy in the opening and management of businesses. The text comes from provisional measure (MP) 1040/2021, which had been edited in March by Bolsonaro and was already in force. According to the general secretariat of the presidency, the deputy has “the objective of modernizing the national business environment, as a post-pandemic economic recovery strategy”.

According to the note published by the government, the law sets up: the CNPJ as the sole tax registration number for companies; amend the company law to increase the decision-making power of shareholders, including minority shareholders; the prohibition of the combination of functions between the principal director of the company and the chairman of the board of directors; the creation of an electronic one-stop-shop for foreign trade operators in order to simplify the payment of fees.

In addition, it provides for the regulation of the professions of public translator and commercial interpreter; authorizes the Executive to set up the Integrated Asset Recovery System (SIRA), with the aim of reducing the transaction cost of granting credit by increasing the efficiency of credit recovery prosecutions; and the creation of a positive tax register.

Bolsonaro has vetoed the waiver of issuing a Technical Responsibility Note (ART) or an equivalent document in the work essential to obtaining electricity; also the proposal for the extinction of the simple company, and the change in the nomenclature of Autonomous Investment Agents.

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