Enactment Of Provisional Measure To Expedite The Process For The Opening Of Companies

Corporate Law

The Provisional Measure No. 876 (MP 876), enacted on March 13, 2019, establishes the automatic registration of the acts of incorporation of all companies subject to registration with the Boards of Trade, except for the corporations, consortiums and groups of companies, if the following requirements are fulfilled: (i) approval of the prior consultation of the viability of the company name and viability of location; and (ii) the use, by the applicant, of the standard instrument established by the National Department of Business Registration and Integration of the Digital Government Secretariat of the Special Secretariat for Debureaucratization, Management and Digital Government of the Ministry of Economy.

Another innovation brought by MP 876 relates to the analysis of the documents submitted to the Boards of Trade for the incorporation of the companies, which will be performed after the respective automatic registration within two business days counted from the date of its receipt. However, if an incurable vice is identified, the registration will be canceled. Otherwise, the process will follow its normal course as currently existing for the correction of the vice, without there being any prejudice to the automatic granting of the registration.

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