Who is able to be a representative of foreign Quotaholders?

Foreign entities or individuals holding shares or quotas in Brazilian companies must maintain a legal representative (attorney-in-fact). Residents in Brazil need to have powers to receive service of process in legal actions involving their holdings of shares or quotas, as well as be enrolled in the Brazilian Internal Revenue Service Agency. However, if one of the Quotaholders/Partners (foreign natural person) applies for a permanent investor visa after an R$ 600k direct investment in the company, this foreign shareholder will be able to manage the company and revoke the power-of-attorney to his former legal representative.