For as long as Brazil has been known to Western civilization, the Portuguese have used an interesting expression when referring to very profitable commercial transactions: “negócio da China,” literally meaning a “Chinese deal”. This is due to the fact that the same navigators coming to the then recently 'discovered' South America had also been doing business with China through their presence in Macau. After centuries of trade, Brazil now deals directly with Chinese investors, and on much more than just export/import transactions.

In the last decade, Brazil has been the fourth-largest destination for COI. At the time of Premier Li Keqiang's visit last year, it was announced that Chinese investments may rise to $50 billion for new infrastructure projects—including the railway link from the Atlantic coast of Brazil to the Pacific Coast of Peru—aimed at reducing bilateral trade costs.

It is clear that in the coming years a great deal of attention must be given to the Sino-Brazilian markets and governmental action must be improved, creating more flexible investment mechanisms and attractive reciprocity rules.

These are the existing treaties of an economic nature between the two nations:

• Joint Action Plan (promotion of investment and creation of business opportunities).
• Visa Facilitation Agreement.
• Memorandum of Understanding on Enhancing Bilateral Trade of Iron Ore and Promotion of Joint Exploration of Iron Ore Reserves.
• Agreement on the Avoidance of Double Taxation and Prevention of Fiscal Evasion with Respect to Taxes on Income.
• Trade Agreement and Additional Protocol to the Trade Agreement (import and export, currency, certificate of origin, etc.).
• Commercial Agreement (promotion of the exchange of goods).

These and other treaties may be found at dai-mre.serpro.gov.br/pesquisa_ato_bil.

a. What are the key sectors in Brazil that attract, or to which the government is seeking to attract, China outbound investment (COI)?

Other than certain restricted sectors, all kinds of foreign investments are encouraged in Brazil. Recently, Brazil has sought investments in infrastructure, such as energy, mining, oil, transportation, agriculture and aviation.

b. Is the government generally supportive of COI? Which government, and regional, bodies are responsible for driving COI in Brazil?

The government is very supportive for all kinds of investments. There is not, however, a specific body responsible for driving COI. As the Brazil government is divided into federal, state and municipal levels, many state and city officials have taken the lead in developing investment incentives. Nevertheless, Brazil and China executed 35 cooperation agreements in 2015.

c. What are some notable Chinese investments or M&A that have recently taken place in Brazil?

The most recent and notable Chinese investments in Brazil include:

• China National Petroleum Corp. (CNPC) and CNOOC Ltd.'s acquisition of the concession for the development of Libra pre-salt oil field.
• State Grid Corp.'s auction for the transmission lines of Belo Monte.
• HNA Group Co. Ltd.'s acquisition of an equity interest in the airline company Azul Linhas Aéreas Brasileiras S.A.
• China Three Gorges Corp.'s acquisition of hydropower plants and other electric energy assets, which made the company the second-largest private electric power generator in Brazil.

Our firm assisted China Three Gorges with its most significant investments in Brazil and played an important role in HNA Group's acquisition.

Section 2: Investment vehicles and capital

a. What are the most common legal entities and vehicles used for COI in Brazil? How long do they take to become operational?

The legal entities normally adopted for investments or M&A transactions are the limitada (Ltda., similar to the American partnership), the sociedade anônima (S.A., similar to the American corporation), and investment funds.

The most common form is the limitada, for its less expensive and bureaucratic corporate structure, but depending on the regulatory, tax and/or corporate governance aspects of the deal, an S.A. or an investment fund can be more suitable. Normally, it takes approximately 15 days to obtain a taxpayer registry, after the corporate documents are duly finalized. Certain procedures must be completed beforehand, such as having the foreign investors duly registered with Brazilian authorities, and the timing will depend on the availability of the foreign investor's documents coming from China.

b. What are the key criteria for establishment and operation of these vehicles that are relevant to COI?

There is no minimum amount of capital required for the incorporation of a Brazilian vehicle. In addition to the procedures mentioned in Section 2a, foreign investors must appoint a local attorney-in-fact. Managers of the Brazilian vehicle must be residents in Brazil. After incorporation and fulfilment of other criteria (see Section 5b), foreigners may further request appropriate work visas. Having the headquarters' address in Brazil is also required to incorporate a vehicle. There are companies in Brazil that provide this support (local attorney, local manager and headquarters' address) for foreign investors on a temporary basis.

Section 3: Investment approval

a. What are the processes and timing for foreign investment approval?

There is no approval process for foreign direct investment (FDI) in Brazil. This means that FDI is either allowed or restricted (see Section 3b). However, there are a few exceptions to this, such as the participation of foreign investment in financial institutions. The restrictions that apply to financial institutions may be waived depending on the significance of the investment for the national financial system. In this case, an application must be directed at the Central Bank of Brazil for further approval by the Presidency of the Republic. Other sectors, such as aviation, electricity and mining, may require specific regulatory approvals.

b. What are the investment restrictions for any specially regulated/restricted sectors?

Participation of foreign capital in the following activities is prohibited:

• Nuclear energy.
• Post office and telegraph services.
• The aerospace industry.

There are also specific foreign investment limitations in:

• Ownership of rural lands.
• Business in frontier areas.
• Media companies.
• Financial institutions (see Section 3a).
• Mining.
• Aviation (this is currently under discussion and may be revoked at any time).

c. Which authority oversees competition clearance, when is notification mandatory, and what is the merger control process?

Effective since May 2012, the Brazilian Competition Law introduced several material changes with respect to merger control, in particular through the adoption of a pre-merger review system where approval by the Brazilian competition authority (CADE) is a condition precedent for deal closure.

M&A of direct or indirect control of a stake in a company, and association, consortium or joint venture agreements fall within the meaning of concentrations (mergers), and must be filed for review and approval if they meet specific filing thresholds. A merger filing must be made preferably after signing of a formal binding document and before consummation of any transactional acts.

d. Are there any unique processes that could potentially block a foreign investment?

There are no unique processes that could potentially block foreign investments other than denial by the Brazilian competition authority. There is no requirement for obtaining consent from labor unions or employees before carrying out a certain transaction.

e. Are there approval requirements when a foreign investor increases or exits its investments?

As a general rule, there is no approval requirement in this regard. Approval requirements or authorizations for capital increases or exits may only be necessary within investments in regulated sectors or if they trigger review by the Brazilian competition authority.

Section 4: Tax and grants

a. Are there tax structures and/or favorable intermediary tax jurisdictions that are particularly useful for FDI in Brazil?

Despite its highly complex tax regulations, Brazil also has an extensive network of double tax treaties and agreements. Choosing the best tax structure, however, depends on a case-by-case analysis. Chinese investors typically invest, either directly or indirectly, through one or more levels of special purpose vehicle(s) in different tax-friendly jurisdictions.

b. What are the applicable rates of corporate tax and withholding tax on dividends?

Brazil has three independent tax authorities: federal, state and municipal. Under the Constitution of the Federative Republic of Brazil, each of the authorities are responsible for assessing specific taxes that are due, depending on the economic activity developed by the taxpayer.

The main corporate taxes in Brazil are:

• Corporate income tax (IRPJ) and social contribution on profits (CSL), which are taxes paid on profits at a joint 34% rate.
• Contributions on gross revenues (PIS/COFINS), paid at a combined rate of 9.25%.
• Tax on services (ISS) on rates that vary from 2% to 5%, depending on the type of service and municipality.
• State VAT (ICMS) at rates that vary depending on the product and state.
• Federal VAT (IPI) on manufactured products at rates that vary depending on the product.
• Tax on financial transactions (CPMF), such as foreign exchange and loan transactions, at variable rates.
• Withholding income tax (WHT) on income, capital gains and other earnings paid to a foreign beneficiary at rates varying from 15% (revenues in general, interest and royalties) to 25% (beneficiaries located in tax haven jurisdictions). Certain exemptions or reductions may apply (such as investments on the stock exchange, provided that certain requirements are met). Dividends paid by Brazilian companies out of their profits are exempt from WHT.

c. Does the government have any FDI tax incentive schemes in place?

Although there are no FDI tax incentives schemes in place, there are several situations in which a foreign investor can obtain tax incentives from government agencies. These benefits consist of a continually-changing package of subsidized financing, tax credits and tariff exemptions. They were created to promote the economic development of certain areas in the country and to channel private capital to specific economic activities. Investment projects are approved on a case-by-case basis by the relevant agency, and their approval is usually conditioned to a considerable degree of governmental control over the project. Incentives include an exemption from income tax and other indirect taxes for a certain period of time, subsidized credit from governmental development banks, and the privilege of importing capital goods duty-free, or at sharply-reduced tariff rates.

d. Other than through taxes, does the government provide any other financial support to investors?

In addition to the reduction or exemption of taxes, infrastructure incentives (such as land donation, earthwork and construction work) can also be obtained, depending on negotiations with the authorities.

e. Are there any reciprocal tax arrangements between Brazil and China?

There is currently one double tax treaty (DTT) to avoid double taxation signed between Brazil and China. This DTT generally follows the model of the Organization for Economic Co-operation and Development (OECD) and, on a case-by-case analysis, may provide tax relief for several types of cross-border income (interest, royalties, dividends, etc.).

Section 5: FX controls and local operations

a. What foreign currency or exchange restrictions should investors be aware of?

There are foreign exchange restrictions in Brazil. Investors should be aware that foreign investments must be duly registered with the Central Bank through the Online Registration System: Foreign Direct Investment Mode (RDE-IED). Registration is required for bringing funds into Brazil, remitting profits abroad, repatriating capital and filing reinvestments. Additionally, accounts in currencies other than the Brazilian real are not allowed.

b. Are there any legal restrictions on bringing in foreign workers?

Visitors and workers from China must apply for a visa to enter or render services in Brazil. Temporary visas (for employees) and permanent visas (for managers) are among those most commonly sought after by foreign workers. Obtaining a temporary visa depends on the qualification of the employee and is limited to one-third of the total headcount and total payroll of a Brazilian company, while the permanent visa depends on the amount of foreign investment in the Brazilian company.

c. What are the requirements and process for purchasing commercial property?

The buyer of a commercial property must be enrolled with the Brazilian Taxpayers Registry. Although the basic requirement is to draw up the corresponding public deed of purchase and sale (which must be recorded with a Real Estate Registry Office), practical recommendations include conducting due diligence on the seller and the property. Certain restrictions currently apply to foreign investment in rural property.

Section 6: Dispute resolution

a. Does Brazil have a bilateral investment protection treaty with China or other locations commonly used for investing into the country?

Brazil does not have a bilateral investment protection treaty (BIT) with China.

b. How efficient are local courts' enforcement and dispute resolution proceedings, and are there any procedural features foreign investors must be aware of?

Although decisions are enforceable, Chinese investors must be aware that litigation in Brazil can take several—sometimes more than 10—years to obtain a final and unappealable judgment. Brazil's recently adopted new Civil Code of Procedure may help change this. Nevertheless, considering that many local courts do not have specialized areas, judges may not be as qualified as arbitrators to act on complex corporate disputes. This is a key reason why parties seek the reliability of an arbitration proceeding for significant and complex agreements.

c. Do local courts respect foreign judgments and are international arbitration awards enforceable?

The Brazilian Superior Court of Justice (STJ) is entrusted with recognizing any foreign judgment or arbitration award prior to its enforcement before the Brazilian trial courts. This measure is compulsory regardless of any existence of reciprocity or specific international treaty or convention between Brazil and the country in which the judgment is rendered.

d. Are local judgments and arbitration awards from Brazil generally enforceable in other jurisdictions?

Brazilian judgments and arbitration awards are enforceable in all 156 state members (including China) of the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York, 1958) (New York Convention).

Author biographies

Fernando J. Prado Ferreira

Fernando J. Prado Ferreira is a partner in the corporate department of the firm and has practiced in the São Paulo office for over 30 years. He advises international clients on foreign investments in Brazil, corporate law, M&A, and banking and finance transactions. He holds an LLB degree from the São Paulo Catholic University, a master's degree from the University of São Paulo and an LLM degree from the University of Michigan in the U.S.

Fernando worked as a foreign associate at Sullivan and Cromwell in New York between 1989 and 1990. He acted as chairman of the Portuguese Chamber of Commerce in Brazil (São Paulo) between 1997 and 2005, and since 2006 acts as its legal counsel. He recently received the Leading Lawyer – First Tier award of the Legal500 Latin America (2015).

Fernando Pacheco Di Francesco

Fernando Pacheco Di Francesco has been an associate in the corporate department since 2007. His areas of expertise are foreign investments, corporate law and M&A. He holds an LLB degree from the São Paulo Catholic University (2009) and an LLM degree in Corporate Law from the Institute of Education and Research (2014).

Jenny Lu

Jenny Lu has been an associate in the corporate department since 2014. Her areas of expertise are corporate law, M&A and capital markets. She holds an LLB degree from Mackenzie University (2015). She is fluent in Mandarin.

巴西

Fernando J. Prado Ferreira、

Fernando Pacheco Di Francesco 和 Jenny Lu

Pinheiro Neto Avogados

第一节︰中国境外投资

自从西方世界知道巴西以来，葡萄牙人每每谈到利益不菲的商业交易，就有一句有趣的说法：“negócio da China”，直接翻译过来就是“中国生意”。之所以用中国来形容，是因为那些当时刚刚“发现”南美的航海家们，之前一直在通过其在澳门的机构与中国做生意。几个世纪的贸易交流之后，如今巴西直接与中国投资者交易，这一次可远远不止是进出口贸易了。

近十年来，巴西是中国第四大对外投资目的地。去年李克强总理访问巴西，当时有消息宣布中国对新基础设施项目的投资额或将增至500亿美元——项目包括一条沟通巴西大西洋西岸与秘鲁太平洋东岸的铁路——目标：降低双边贸易成本。

显然，在接下来几年里，中巴市场必将成为关注重点，政府措施亟需改善，创造更为灵活的投资机制，设置具有吸引力的互惠规则。

中巴两国现有经济条约：

• 《中巴联合行动计划》(促进投资，创造商业机会)
• 《签证便利化协议》
• 《关于加强双边铁矿石贸易和促进铁矿石储量联合勘探的谅解备忘录》
• 《关于对所得避免双重征税和防止偷漏税的协定》
• 《贸易协议及贸易协议附加议定书》(进口、出口、货币、原产地证明等)
• 商业协议 (促进商品交换)

以上协议、协定和其他协议、协定都可前往dai-mre.serpro.gov.br/pesquisa_ato_bil查询。

1. 巴西哪些主要行业吸引中国境外投资，或者说政府希望将中国境外投资吸引到哪些主要行业？

除了特定行业受限之外，巴西鼓励各类外国投资。近年来，巴西一直在寻求基础设施投资，欢迎投资者投资能源、矿业、原油、交通运输、农业和航空等行业。

2. 总体来说，政府支持中国境外投资吗？哪个国家或地方机构负责促进中国在巴西的投资？

巴西政府对各类投资都持积极支持态度，但尚未设立特定机构，专门负责推动中国投资。巴西政府分为联邦、省、市三级，很多地方省市官员已牵头制定各类投资激励政策，尽管如此，2015年两国政府已在国家层面签署了35项合作协议。

3. 最近中国在巴西进行了哪些重大的投资或并购交易？

近期值得关注的中国在巴投资项目包括：

• 中国石油天然气集团公司 (中石油) 与中国海洋石油总公司 (中海油) 取得利布拉 (Libra) 盐下油田的开发特许权。
• 国家电网公司中标美丽山(Belo Monte)输电线项目。
• 海航集团收购巴西蔚蓝航空公司(Azul Linhas Aéreas Brasileiras S.A) 股权。
• 中国三峡集团收购水电厂和其他电力能源资产，成为巴西第二大私营发电机构。

本所为中国三峡集团在巴最重要投资项目提供协助，还在海航集团收购交易中起到关键作用。

第二节︰投资工具和资本

1. 中国境外投资在巴西最常用哪些法律实体和工具？要多少时间便可投入运作？

在投资项目或并购交易中，法律实体的常用组织形式是limitada (缩写Ltda.，类似美国合伙企业)、sociedade anônima (缩写S.A.，类似美国股份公司) 以及投资基金。

limitada最为常见，特点是相对经济，并且企业架构官僚度低。不过，根据具体交易的监管、税务或企业治理情况，S.A.或投资基金也可能是更为合适的选择。在正常情况下，在公司文件最终妥为定稿之后，取得纳税人登记大约需要15天时间。某些手续，比如按有关规定向巴西有关当局办理外国投资者登记等，则必须事先完成，具体需时则取决于该外国投资者从中国取得文件的进展。

2. 关于这些投资工具的设立和营运，有哪些主要规定适用于中国境外投资？

设立巴西实体没有最低资本金要求。除了第二节1提及的手续之外，外国投资者还必须指定一名当地代理人。巴西实体的经理必须是巴西境内居民。在设立完成并且满足其他标准 (见第五节2)之后，外籍人士可进一步要求相应的工作签证。将总部地址设在巴西境内也是组建实体的要求之一。有一些巴西公司为外国投资者临时提供支持服务 (当地代理人、当地经理和总部地址)，帮助外国投资者满足这些要求。

第三节︰投资审批

1. 请说明审批外国投资的程序和时间。

外商直接投资没有审批程序，这意味着外商直接投资只有两种可能，要么获批，要么受限（见第三节2）。但也有少数例外情况，比如外商投资金融机构。根据投资对于国家金融体系的重要程度，原本适用于金融机构的限制可获豁免，在这种情况下，必须直接向巴西央行提出申请，由巴西总统下辖机构进一步批准。航空、电力、矿业等其他领域可能会有特定的监管批准要求。

2. 请简单说明一下对任何受特殊监管/限制的领域的投资限制。

外资禁入行业：

• 核能
• 邮政和电报服务
• 航天

以下领域还有特定外商投资限制：

• 农用地所有权
• 边境地区内业务
• 媒体公司
• 金融机构 (见第三节1)
• 矿业
• 航空 (正在讨论，随时可能取消)

3. 哪个机构负责竞争审查？什么情况下必须报告？并购控制程序是怎样的？

巴西竞争法关于并购控制的规定有了几项重大变化，已于2012年5月生效。其中特别需要注意的是，针对并购采取了事前审查制度，完成任何交易的先决条件之一都是要取得巴西竞争主管机构CADE的批准。通过并购直接或间接取得公司股权，以及联营、联合体或合营协议都符合集中 (并购) 的定义等情况，如果达到特定申报标准，就必须提交审批。提交并购申报的时间最好是在正式、有约束力协议签署之后，任何交易行为实施之前。

4. 是否存在任何特别的程序会拦阻外国投资？

除了巴西竞争主管机构不予批准之外，没有其他可能阻止外国投资的特别程序，实施交易也没有规定要事先征得工会或员工同意。

5. 对外国投资者增资或撤资有什么审批要求吗？

一般而言，这方面没有审批要求。只有投资受监管行业，或者投资触发巴西竞争主管机构审查时，增资或退出才有审批或授权要求。

第四节︰税收及补助

1. 有没有一些税务结构或有利的中间税务管辖区，是对外商直接投资巴西尤其有用的？

巴西税务规定极其繁复，但巴西也还有一系列避免双重征税条约与协定。尽管如此，在选择最佳税务架构时，还是要结合具体情况具体分析。选择税务方面比较有利的不同司法管辖区，或者直接投资，或者通过区内一层或多层特殊目的公司间接投资，是中国投资者的典型做法。

2. 企业所得税和股息预提税的适用税率是多少？

巴西有三个独立的税务机关：联邦税务局、州税务局、市税务局。根据巴西联邦共和国宪法，各税务机关都有评核具体应纳税额的责任，具体结果则取决于纳税人的经济活动情况。

巴西的主要企业税：

• 企业所得税 (IRPJ)和基于利润的社会贡献税(CSL)。两项都是利润税，税率合计34%。
• 总收入税 (PIS/COFINS)，合并税率9.25%。
• 服务税 (ISS)，根据服务门类和所在市有所不同，税率2%到5%不等。
• 州增值税 (ICMS)，税率根据产品和所在州有所不同。
• 联邦增值税 (IPI)，针对工业制品征收，税率根据产品有所不同。
• 金融交易税 (CPMF)，交易是指外汇和贷款交易等，采用可变税率。
• 预提所得税(WHT)，应税项目为向外国受益人支付的所得、财产收益和其他收益，税率15% (一般收入、利息和特许权使用费) 到25% (受益人位于税务优惠司法管辖区) 不等。某些情况下 (诸如证券交易所投资，须符合特定要求) 适用豁免或扣减。巴西公司从利润中分派股息的，股息免征预提所得税。

3. 政府是否有实施任何外国直接投资税务激励计划？

虽然目前没有针对外商直接投资的税务激励措施，但在几种情况下，外国投资者可以从政府部门取得税务激励优惠，包括融资补贴、税务抵免和关税豁免等等，具体措施一直在变化。税务激励措施旨在推动巴西国内特定领域的经济发展，将民营资本导向特定经济活动。投资项目需由有关部门逐案审批，是否获批则在相当程度上取决于政府对项目的控制力度。激励措施包括一定时期内所得税和其他间接税豁免，政府开发银行给予的信贷补贴，以及资本货物进口免关税 (或者大幅降低关税税率) 的特权。

4. 除了税务之外，政府对投资者还提供其他财务支持吗？

除税务减免措施之外，根据同政府当局的协商情况，投资者还可能在基础设施 (诸如土地捐赠、土方和建设工程) 方面获得一些激励。

5. 巴西与中国之间是否有任何互惠税务安排？

中巴两国已签署避免双重征税协定(DTT)。协定总体采用经合组织的模式，并可根据具体情况对数类跨境所得 (利息、特许权使用费、股息等) 实施税收减免措施。

第五节︰外汇管制及本地经营

1. 有什么外币或外汇限制是外国投资者需要注意的？

巴西实施外汇管制制度。外国投资必须通过名为“外国直接投资模式 (RDE-IED)”的在线登记系统完成向中央银行妥善登记，这点投资者必须知晓。资金进入巴西、利润汇出巴西、资本汇回本国、申报再投资都需要登记。另外，银行账户必须采用巴西里亚尔账户。

2. 对输入外国劳工有什么法律限制？

来自中国的访问者或劳工必须持签证进入巴西或在巴西提供服务。外籍劳工申请最多的是临时签证 (普通雇员) 和长期签证 (管理人员)。是否签发临时签证取决于雇员资质，限制因素是巴西公司员工总数和薪资总额的三分之一，是否签发长期签证则取决于巴西公司中的外国投资规模。

3. 购置商业物业有什么规定和程序？

商业地产买受人必须向巴西纳税人登记处办理登记。虽然基本要求是起草相应的公开买卖协议 (协议须向房地产登记办公室备案)，但实务角度建议还是包括对卖方和物业开展尽职调查。外商投资农业地产现仍受一些限制。

第六节︰争议解决

1. 巴西是否有和中国或其他地方签订关于投资巴西常用的双边投资保护协定？

中巴两国尚未缔结双边投资保护协定(BIT)。

2. 当地法院的执行和争议解决程序的效率如何？有什么特别的程序是外国投资者必须注意的？

尽管巴西法院裁判具有执行力，但中国投资者必须知晓，在巴西当地参加诉讼可能需要数年——甚至十多年——才能取得最终、不可上诉的判决。巴西最近通过了新的《民事诉讼法》，可能会有助于现状改观。虽然如此，考虑到很多地方法院并无专长领域，在处理复杂的企业纠纷时，法官可能不如仲裁员专业。这也是当事方在重大、复杂协议上倚赖仲裁程序的主要原因。

3. 当地法院尊重外国判决吗？可执行国际仲裁裁决吗？

对于外国判决或仲裁裁决，巴西高级法院(STJ) 受权在巴西初审法院执行前予以承认。这是强制规定，无论巴西与判决作出国之间有无互惠或者专门国际协定或公约。

4. 巴西当地的判决和仲裁裁决一般会在其他司法管辖地执行吗？

巴西判决和仲裁裁决在《承认及执行外国仲裁裁决公约》(1958年《纽约公约》)所有156个缔约国 (包括中国) 都具有执行力。

作者简历

Fernando J. Prado Ferreira

Fernando J. Prado Ferreira 律师是本所公司法律业务部门合伙人，已在圣保罗办公室执业逾30年，就巴西境内外国投资、公司法、并购、银行与融资交易等为国际客户提供法律服务。他具有圣保罗天主教大学法律学士学位，圣保罗大学硕士学位，以及美国密歇根大学法学硕士学位。

Fernando 曾于1989年至1990年在纽约苏利文.克伦威尔律师事务所 (Sullivan and Cromwell) 担任外籍律师，1997年至2005年间担任巴西葡萄牙商会主席 (圣保罗)，自2006年起担任商会法律顾问，2015年荣获《法律500强》杂志拉美版授予的“一流律师”奖。

Fernando Pacheco Di Francesco

Fernando Pacheco Di Francesco律师自2007年以来一直在本所公司法律业务部门担任律师，专长外商投资、公司法律和并购业务。他于2009年从圣保罗天主教大学取得法律学士学位，2014年从教育与研究学院 (Institute of Education and Research) 取得公司法律业务的法学硕士学位。

Jenny Lu

Jenny Lu 律师自2014年进入公司法律业务部门担任律师工作至今，专长公司法律、并购和资本市场业务。她于2015年从巴西麦肯锡大学取得法律学士学位，能用流利的中文普通话工作。

Fernando J. Prado Ferreira,

Fernando Pacheco Di Francesco and Jenny Lu

Pinheiro Neto Avogados

Section 1: China outbound investment

For as long as Brazil has been known to Western civilization, the Portuguese have used an interesting expression when referring to very profitable commercial transactions: “negócio da China,” literally meaning a “Chinese deal”. This is due to the fact that the same navigators coming to the then recently 'discovered' South America had also been doing business with China through their presence in Macau. After centuries of trade, Brazil now deals directly with Chinese investors, and on much more than just export/import transactions.

In the last decade, Brazil has been the fourth-largest destination for COI. At the time of Premier Li Keqiang's visit last year, it was announced that Chinese investments may rise to $50 billion for new infrastructure projects—including the railway link from the Atlantic coast of Brazil to the Pacific Coast of Peru—aimed at reducing bilateral trade costs.

It is clear that in the coming years a great deal of attention must be given to the Sino-Brazilian markets and governmental action must be improved, creating more flexible investment mechanisms and attractive reciprocity rules.

These are the existing treaties of an economic nature between the two nations:

• Joint Action Plan (promotion of investment and creation of business opportunities).
• Visa Facilitation Agreement.
• Memorandum of Understanding on Enhancing Bilateral Trade of Iron Ore and Promotion of Joint Exploration of Iron Ore Reserves.
• Agreement on the Avoidance of Double Taxation and Prevention of Fiscal Evasion with Respect to Taxes on Income.
• Trade Agreement and Additional Protocol to the Trade Agreement (import and export, currency, certificate of origin, etc.).
• Commercial Agreement (promotion of the exchange of goods).

These and other treaties may be found at dai-mre.serpro.gov.br/pesquisa_ato_bil.

a. What are the key sectors in Brazil that attract, or to which the government is seeking to attract, China outbound investment (COI)?

Other than certain restricted sectors, all kinds of foreign investments are encouraged in Brazil. Recently, Brazil has sought investments in infrastructure, such as energy, mining, oil, transportation, agriculture and aviation.

b. Is the government generally supportive of COI? Which government, and regional, bodies are responsible for driving COI in Brazil?

The government is very supportive for all kinds of investments. There is not, however, a specific body responsible for driving COI. As the Brazil government is divided into federal, state and municipal levels, many state and city officials have taken the lead in developing investment incentives. Nevertheless, Brazil and China executed 35 cooperation agreements in 2015.

c. What are some notable Chinese investments or M&A that have recently taken place in Brazil?

The most recent and notable Chinese investments in Brazil include:

• China National Petroleum Corp. (CNPC) and CNOOC Ltd.'s acquisition of the concession for the development of Libra pre-salt oil field.
• State Grid Corp.'s auction for the transmission lines of Belo Monte.
• HNA Group Co. Ltd.'s acquisition of an equity interest in the airline company Azul Linhas Aéreas Brasileiras S.A.
• China Three Gorges Corp.'s acquisition of hydropower plants and other electric energy assets, which made the company the second-largest private electric power generator in Brazil.

Our firm assisted China Three Gorges with its most significant investments in Brazil and played an important role in HNA Group's acquisition.

Section 2: Investment vehicles and capital

a. What are the most common legal entities and vehicles used for COI in Brazil? How long do they take to become operational?

The legal entities normally adopted for investments or M&A transactions are the limitada (Ltda., similar to the American partnership), the sociedade anônima (S.A., similar to the American corporation), and investment funds.

The most common form is the limitada, for its less expensive and bureaucratic corporate structure, but depending on the regulatory, tax and/or corporate governance aspects of the deal, an S.A. or an investment fund can be more suitable. Normally, it takes approximately 15 days to obtain a taxpayer registry, after the corporate documents are duly finalized. Certain procedures must be completed beforehand, such as having the foreign investors duly registered with Brazilian authorities, and the timing will depend on the availability of the foreign investor's documents coming from China.

b. What are the key criteria for establishment and operation of these vehicles that are relevant to COI?

There is no minimum amount of capital required for the incorporation of a Brazilian vehicle. In addition to the procedures mentioned in Section 2a, foreign investors must appoint a local attorney-in-fact. Managers of the Brazilian vehicle must be residents in Brazil. After incorporation and fulfilment of other criteria (see Section 5b), foreigners may further request appropriate work visas. Having the headquarters' address in Brazil is also required to incorporate a vehicle. There are companies in Brazil that provide this support (local attorney, local manager and headquarters' address) for foreign investors on a temporary basis.

Section 3: Investment approval

a. What are the processes and timing for foreign investment approval?

There is no approval process for foreign direct investment (FDI) in Brazil. This means that FDI is either allowed or restricted (see Section 3b). However, there are a few exceptions to this, such as the participation of foreign investment in financial institutions. The restrictions that apply to financial institutions may be waived depending on the significance of the investment for the national financial system. In this case, an application must be directed at the Central Bank of Brazil for further approval by the Presidency of the Republic. Other sectors, such as aviation, electricity and mining, may require specific regulatory approvals.

b. What are the investment restrictions for any specially regulated/restricted sectors?

Participation of foreign capital in the following activities is prohibited:

• Nuclear energy.
• Post office and telegraph services.
• The aerospace industry.

There are also specific foreign investment limitations in:

• Ownership of rural lands.
• Business in frontier areas.
• Media companies.
• Financial institutions (see Section 3a).
• Mining.
• Aviation (this is currently under discussion and may be revoked at any time).

c. Which authority oversees competition clearance, when is notification mandatory, and what is the merger control process?

Effective since May 2012, the Brazilian Competition Law introduced several material changes with respect to merger control, in particular through the adoption of a pre-merger review system where approval by the Brazilian competition authority (CADE) is a condition precedent for deal closure.

M&A of direct or indirect control of a stake in a company, and association, consortium or joint venture agreements fall within the meaning of concentrations (mergers), and must be filed for review and approval if they meet specific filing thresholds. A merger filing must be made preferably after signing of a formal binding document and before consummation of any transactional acts.

d. Are there any unique processes that could potentially block a foreign investment?

There are no unique processes that could potentially block foreign investments other than denial by the Brazilian competition authority. There is no requirement for obtaining consent from labor unions or employees before carrying out a certain transaction.

e. Are there approval requirements when a foreign investor increases or exits its investments?

As a general rule, there is no approval requirement in this regard. Approval requirements or authorizations for capital increases or exits may only be necessary within investments in regulated sectors or if they trigger review by the Brazilian competition authority.

Section 4: Tax and grants

a. Are there tax structures and/or favorable intermediary tax jurisdictions that are particularly useful for FDI in Brazil?

Despite its highly complex tax regulations, Brazil also has an extensive network of double tax treaties and agreements. Choosing the best tax structure, however, depends on a case-by-case analysis. Chinese investors typically invest, either directly or indirectly, through one or more levels of special purpose vehicle(s) in different tax-friendly jurisdictions.

b. What are the applicable rates of corporate tax and withholding tax on dividends?

Brazil has three independent tax authorities: federal, state and municipal. Under the Constitution of the Federative Republic of Brazil, each of the authorities are responsible for assessing specific taxes that are due, depending on the economic activity developed by the taxpayer.

The main corporate taxes in Brazil are:

• Corporate income tax (IRPJ) and social contribution on profits (CSL), which are taxes paid on profits at a joint 34% rate.
• Contributions on gross revenues (PIS/COFINS), paid at a combined rate of 9.25%.
• Tax on services (ISS) on rates that vary from 2% to 5%, depending on the type of service and municipality.
• State VAT (ICMS) at rates that vary depending on the product and state.
• Federal VAT (IPI) on manufactured products at rates that vary depending on the product.
• Tax on financial transactions (CPMF), such as foreign exchange and loan transactions, at variable rates.
• Withholding income tax (WHT) on income, capital gains and other earnings paid to a foreign beneficiary at rates varying from 15% (revenues in general, interest and royalties) to 25% (beneficiaries located in tax haven jurisdictions). Certain exemptions or reductions may apply (such as investments on the stock exchange, provided that certain requirements are met). Dividends paid by Brazilian companies out of their profits are exempt from WHT.

c. Does the government have any FDI tax incentive schemes in place?

Although there are no FDI tax incentives schemes in place, there are several situations in which a foreign investor can obtain tax incentives from government agencies. These benefits consist of a continually-changing package of subsidized financing, tax credits and tariff exemptions. They were created to promote the economic development of certain areas in the country and to channel private capital to specific economic activities. Investment projects are approved on a case-by-case basis by the relevant agency, and their approval is usually conditioned to a considerable degree of governmental control over the project. Incentives include an exemption from income tax and other indirect taxes for a certain period of time, subsidized credit from governmental development banks, and the privilege of importing capital goods duty-free, or at sharply-reduced tariff rates.

d. Other than through taxes, does the government provide any other financial support to investors?

In addition to the reduction or exemption of taxes, infrastructure incentives (such as land donation, earthwork and construction work) can also be obtained, depending on negotiations with the authorities.

e. Are there any reciprocal tax arrangements between Brazil and China?

There is currently one double tax treaty (DTT) to avoid double taxation signed between Brazil and China. This DTT generally follows the model of the Organization for Economic Co-operation and Development (OECD) and, on a case-by-case analysis, may provide tax relief for several types of cross-border income (interest, royalties, dividends, etc.).

Section 5: FX controls and local operations

a. What foreign currency or exchange restrictions should investors be aware of?

There are foreign exchange restrictions in Brazil. Investors should be aware that foreign investments must be duly registered with the Central Bank through the Online Registration System: Foreign Direct Investment Mode (RDE-IED). Registration is required for bringing funds into Brazil, remitting profits abroad, repatriating capital and filing reinvestments. Additionally, accounts in currencies other than the Brazilian real are not allowed.

b. Are there any legal restrictions on bringing in foreign workers?

Visitors and workers from China must apply for a visa to enter or render services in Brazil. Temporary visas (for employees) and permanent visas (for managers) are among those most commonly sought after by foreign workers. Obtaining a temporary visa depends on the qualification of the employee and is limited to one-third of the total headcount and total payroll of a Brazilian company, while the permanent visa depends on the amount of foreign investment in the Brazilian company.

c. What are the requirements and process for purchasing commercial property?

The buyer of a commercial property must be enrolled with the Brazilian Taxpayers Registry. Although the basic requirement is to draw up the corresponding public deed of purchase and sale (which must be recorded with a Real Estate Registry Office), practical recommendations include conducting due diligence on the seller and the property. Certain restrictions currently apply to foreign investment in rural property.

Section 6: Dispute resolution

a. Does Brazil have a bilateral investment protection treaty with China or other locations commonly used for investing into the country?

Brazil does not have a bilateral investment protection treaty (BIT) with China.

b. How efficient are local courts' enforcement and dispute resolution proceedings, and are there any procedural features foreign investors must be aware of?

Although decisions are enforceable, Chinese investors must be aware that litigation in Brazil can take several—sometimes more than 10—years to obtain a final and unappealable judgment. Brazil's recently adopted new Civil Code of Procedure may help change this. Nevertheless, considering that many local courts do not have specialized areas, judges may not be as qualified as arbitrators to act on complex corporate disputes. This is a key reason why parties seek the reliability of an arbitration proceeding for significant and complex agreements.

c. Do local courts respect foreign judgments and are international arbitration awards enforceable?

The Brazilian Superior Court of Justice (STJ) is entrusted with recognizing any foreign judgment or arbitration award prior to its enforcement before the Brazilian trial courts. This measure is compulsory regardless of any existence of reciprocity or specific international treaty or convention between Brazil and the country in which the judgment is rendered.

d. Are local judgments and arbitration awards from Brazil generally enforceable in other jurisdictions?

Brazilian judgments and arbitration awards are enforceable in all 156 state members (including China) of the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York, 1958) (New York Convention).

Author biographies

Fernando J. Prado Ferreira

Fernando J. Prado Ferreira is a partner in the corporate department of the firm and has practiced in the São Paulo office for over 30 years. He advises international clients on foreign investments in Brazil, corporate law, M&A, and banking and finance transactions. He holds an LLB degree from the São Paulo Catholic University, a master's degree from the University of São Paulo and an LLM degree from the University of Michigan in the U.S.

Fernando worked as a foreign associate at Sullivan and Cromwell in New York between 1989 and 1990. He acted as chairman of the Portuguese Chamber of Commerce in Brazil (São Paulo) between 1997 and 2005, and since 2006 acts as its legal counsel. He recently received the Leading Lawyer – First Tier award of the Legal500 Latin America (2015).

Fernando Pacheco Di Francesco

Fernando Pacheco Di Francesco has been an associate in the corporate department since 2007. His areas of expertise are foreign investments, corporate law and M&A. He holds an LLB degree from the São Paulo Catholic University (2009) and an LLM degree in Corporate Law from the Institute of Education and Research (2014).

Jenny Lu

Jenny Lu has been an associate in the corporate department since 2014. Her areas of expertise are corporate law, M&A and capital markets. She holds an LLB degree from Mackenzie University (2015). She is fluent in Mandarin.

巴西

Fernando J. Prado Ferreira、

Fernando Pacheco Di Francesco 和 Jenny Lu

Pinheiro Neto Avogados

第一节︰中国境外投资

自从西方世界知道巴西以来，葡萄牙人每每谈到利益不菲的商业交易，就有一句有趣的说法：“negócio da China”，直接翻译过来就是“中国生意”。之所以用中国来形容，是因为那些当时刚刚“发现”南美的航海家们，之前一直在通过其在澳门的机构与中国做生意。几个世纪的贸易交流之后，如今巴西直接与中国投资者交易，这一次可远远不止是进出口贸易了。

近十年来，巴西是中国第四大对外投资目的地。去年李克强总理访问巴西，当时有消息宣布中国对新基础设施项目的投资额或将增至500亿美元——项目包括一条沟通巴西大西洋西岸与秘鲁太平洋东岸的铁路——目标：降低双边贸易成本。

显然，在接下来几年里，中巴市场必将成为关注重点，政府措施亟需改善，创造更为灵活的投资机制，设置具有吸引力的互惠规则。

中巴两国现有经济条约：

• 《中巴联合行动计划》(促进投资，创造商业机会)
• 《签证便利化协议》
• 《关于加强双边铁矿石贸易和促进铁矿石储量联合勘探的谅解备忘录》
• 《关于对所得避免双重征税和防止偷漏税的协定》
• 《贸易协议及贸易协议附加议定书》(进口、出口、货币、原产地证明等)
• 商业协议 (促进商品交换)

以上协议、协定和其他协议、协定都可前往dai-mre.serpro.gov.br/pesquisa_ato_bil查询。

1. 巴西哪些主要行业吸引中国境外投资，或者说政府希望将中国境外投资吸引到哪些主要行业？

除了特定行业受限之外，巴西鼓励各类外国投资。近年来，巴西一直在寻求基础设施投资，欢迎投资者投资能源、矿业、原油、交通运输、农业和航空等行业。

2. 总体来说，政府支持中国境外投资吗？哪个国家或地方机构负责促进中国在巴西的投资？

巴西政府对各类投资都持积极支持态度，但尚未设立特定机构，专门负责推动中国投资。巴西政府分为联邦、省、市三级，很多地方省市官员已牵头制定各类投资激励政策，尽管如此，2015年两国政府已在国家层面签署了35项合作协议。

3. 最近中国在巴西进行了哪些重大的投资或并购交易？

近期值得关注的中国在巴投资项目包括：

• 中国石油天然气集团公司 (中石油) 与中国海洋石油总公司 (中海油) 取得利布拉 (Libra) 盐下油田的开发特许权。
• 国家电网公司中标美丽山(Belo Monte)输电线项目。
• 海航集团收购巴西蔚蓝航空公司(Azul Linhas Aéreas Brasileiras S.A) 股权。
• 中国三峡集团收购水电厂和其他电力能源资产，成为巴西第二大私营发电机构。

本所为中国三峡集团在巴最重要投资项目提供协助，还在海航集团收购交易中起到关键作用。

第二节︰投资工具和资本

1. 中国境外投资在巴西最常用哪些法律实体和工具？要多少时间便可投入运作？

在投资项目或并购交易中，法律实体的常用组织形式是limitada (缩写Ltda.，类似美国合伙企业)、sociedade anônima (缩写S.A.，类似美国股份公司) 以及投资基金。

limitada最为常见，特点是相对经济，并且企业架构官僚度低。不过，根据具体交易的监管、税务或企业治理情况，S.A.或投资基金也可能是更为合适的选择。在正常情况下，在公司文件最终妥为定稿之后，取得纳税人登记大约需要15天时间。某些手续，比如按有关规定向巴西有关当局办理外国投资者登记等，则必须事先完成，具体需时则取决于该外国投资者从中国取得文件的进展。

2. 关于这些投资工具的设立和营运，有哪些主要规定适用于中国境外投资？

设立巴西实体没有最低资本金要求。除了第二节1提及的手续之外，外国投资者还必须指定一名当地代理人。巴西实体的经理必须是巴西境内居民。在设立完成并且满足其他标准 (见第五节2)之后，外籍人士可进一步要求相应的工作签证。将总部地址设在巴西境内也是组建实体的要求之一。有一些巴西公司为外国投资者临时提供支持服务 (当地代理人、当地经理和总部地址)，帮助外国投资者满足这些要求。

第三节︰投资审批

1. 请说明审批外国投资的程序和时间。

外商直接投资没有审批程序，这意味着外商直接投资只有两种可能，要么获批，要么受限（见第三节2）。但也有少数例外情况，比如外商投资金融机构。根据投资对于国家金融体系的重要程度，原本适用于金融机构的限制可获豁免，在这种情况下，必须直接向巴西央行提出申请，由巴西总统下辖机构进一步批准。航空、电力、矿业等其他领域可能会有特定的监管批准要求。

2. 请简单说明一下对任何受特殊监管/限制的领域的投资限制。

外资禁入行业：

• 核能
• 邮政和电报服务
• 航天

以下领域还有特定外商投资限制：

• 农用地所有权
• 边境地区内业务
• 媒体公司
• 金融机构 (见第三节1)
• 矿业
• 航空 (正在讨论，随时可能取消)

3. 哪个机构负责竞争审查？什么情况下必须报告？并购控制程序是怎样的？

巴西竞争法关于并购控制的规定有了几项重大变化，已于2012年5月生效。其中特别需要注意的是，针对并购采取了事前审查制度，完成任何交易的先决条件之一都是要取得巴西竞争主管机构CADE的批准。通过并购直接或间接取得公司股权，以及联营、联合体或合营协议都符合集中 (并购) 的定义等情况，如果达到特定申报标准，就必须提交审批。提交并购申报的时间最好是在正式、有约束力协议签署之后，任何交易行为实施之前。

4. 是否存在任何特别的程序会拦阻外国投资？

除了巴西竞争主管机构不予批准之外，没有其他可能阻止外国投资的特别程序，实施交易也没有规定要事先征得工会或员工同意。

5. 对外国投资者增资或撤资有什么审批要求吗？

一般而言，这方面没有审批要求。只有投资受监管行业，或者投资触发巴西竞争主管机构审查时，增资或退出才有审批或授权要求。

第四节︰税收及补助

1. 有没有一些税务结构或有利的中间税务管辖区，是对外商直接投资巴西尤其有用的？

巴西税务规定极其繁复，但巴西也还有一系列避免双重征税条约与协定。尽管如此，在选择最佳税务架构时，还是要结合具体情况具体分析。选择税务方面比较有利的不同司法管辖区，或者直接投资，或者通过区内一层或多层特殊目的公司间接投资，是中国投资者的典型做法。

2. 企业所得税和股息预提税的适用税率是多少？

巴西有三个独立的税务机关：联邦税务局、州税务局、市税务局。根据巴西联邦共和国宪法，各税务机关都有评核具体应纳税额的责任，具体结果则取决于纳税人的经济活动情况。

巴西的主要企业税：

• 企业所得税 (IRPJ)和基于利润的社会贡献税(CSL)。两项都是利润税，税率合计34%。
• 总收入税 (PIS/COFINS)，合并税率9.25%。
• 服务税 (ISS)，根据服务门类和所在市有所不同，税率2%到5%不等。
• 州增值税 (ICMS)，税率根据产品和所在州有所不同。
• 联邦增值税 (IPI)，针对工业制品征收，税率根据产品有所不同。
• 金融交易税 (CPMF)，交易是指外汇和贷款交易等，采用可变税率。
• 预提所得税(WHT)，应税项目为向外国受益人支付的所得、财产收益和其他收益，税率15% (一般收入、利息和特许权使用费) 到25% (受益人位于税务优惠司法管辖区) 不等。某些情况下 (诸如证券交易所投资，须符合特定要求) 适用豁免或扣减。巴西公司从利润中分派股息的，股息免征预提所得税。

3. 政府是否有实施任何外国直接投资税务激励计划？

虽然目前没有针对外商直接投资的税务激励措施，但在几种情况下，外国投资者可以从政府部门取得税务激励优惠，包括融资补贴、税务抵免和关税豁免等等，具体措施一直在变化。税务激励措施旨在推动巴西国内特定领域的经济发展，将民营资本导向特定经济活动。投资项目需由有关部门逐案审批，是否获批则在相当程度上取决于政府对项目的控制力度。激励措施包括一定时期内所得税和其他间接税豁免，政府开发银行给予的信贷补贴，以及资本货物进口免关税 (或者大幅降低关税税率) 的特权。

4. 除了税务之外，政府对投资者还提供其他财务支持吗？

除税务减免措施之外，根据同政府当局的协商情况，投资者还可能在基础设施 (诸如土地捐赠、土方和建设工程) 方面获得一些激励。

5. 巴西与中国之间是否有任何互惠税务安排？

中巴两国已签署避免双重征税协定(DTT)。协定总体采用经合组织的模式，并可根据具体情况对数类跨境所得 (利息、特许权使用费、股息等) 实施税收减免措施。

第五节︰外汇管制及本地经营

1. 有什么外币或外汇限制是外国投资者需要注意的？

巴西实施外汇管制制度。外国投资必须通过名为“外国直接投资模式 (RDE-IED)”的在线登记系统完成向中央银行妥善登记，这点投资者必须知晓。资金进入巴西、利润汇出巴西、资本汇回本国、申报再投资都需要登记。另外，银行账户必须采用巴西里亚尔账户。

2. 对输入外国劳工有什么法律限制？

来自中国的访问者或劳工必须持签证进入巴西或在巴西提供服务。外籍劳工申请最多的是临时签证 (普通雇员) 和长期签证 (管理人员)。是否签发临时签证取决于雇员资质，限制因素是巴西公司员工总数和薪资总额的三分之一，是否签发长期签证则取决于巴西公司中的外国投资规模。

3. 购置商业物业有什么规定和程序？

商业地产买受人必须向巴西纳税人登记处办理登记。虽然基本要求是起草相应的公开买卖协议 (协议须向房地产登记办公室备案)，但实务角度建议还是包括对卖方和物业开展尽职调查。外商投资农业地产现仍受一些限制。

第六节︰争议解决

1. 巴西是否有和中国或其他地方签订关于投资巴西常用的双边投资保护协定？

中巴两国尚未缔结双边投资保护协定(BIT)。

2. 当地法院的执行和争议解决程序的效率如何？有什么特别的程序是外国投资者必须注意的？

尽管巴西法院裁判具有执行力，但中国投资者必须知晓，在巴西当地参加诉讼可能需要数年——甚至十多年——才能取得最终、不可上诉的判决。巴西最近通过了新的《民事诉讼法》，可能会有助于现状改观。虽然如此，考虑到很多地方法院并无专长领域，在处理复杂的企业纠纷时，法官可能不如仲裁员专业。这也是当事方在重大、复杂协议上倚赖仲裁程序的主要原因。

3. 当地法院尊重外国判决吗？可执行国际仲裁裁决吗？

对于外国判决或仲裁裁决，巴西高级法院(STJ) 受权在巴西初审法院执行前予以承认。这是强制规定，无论巴西与判决作出国之间有无互惠或者专门国际协定或公约。

4. 巴西当地的判决和仲裁裁决一般会在其他司法管辖地执行吗？

巴西判决和仲裁裁决在《承认及执行外国仲裁裁决公约》(1958年《纽约公约》)所有156个缔约国 (包括中国) 都具有执行力。

作者简历

Fernando J. Prado Ferreira

Fernando J. Prado Ferreira 律师是本所公司法律业务部门合伙人，已在圣保罗办公室执业逾30年，就巴西境内外国投资、公司法、并购、银行与融资交易等为国际客户提供法律服务。他具有圣保罗天主教大学法律学士学位，圣保罗大学硕士学位，以及美国密歇根大学法学硕士学位。

Fernando 曾于1989年至1990年在纽约苏利文.克伦威尔律师事务所 (Sullivan and Cromwell) 担任外籍律师，1997年至2005年间担任巴西葡萄牙商会主席 (圣保罗)，自2006年起担任商会法律顾问，2015年荣获《法律500强》杂志拉美版授予的“一流律师”奖。

Fernando Pacheco Di Francesco

Fernando Pacheco Di Francesco律师自2007年以来一直在本所公司法律业务部门担任律师，专长外商投资、公司法律和并购业务。他于2009年从圣保罗天主教大学取得法律学士学位，2014年从教育与研究学院 (Institute of Education and Research) 取得公司法律业务的法学硕士学位。

Jenny Lu

Jenny Lu 律师自2014年进入公司法律业务部门担任律师工作至今，专长公司法律、并购和资本市场业务。她于2015年从巴西麦肯锡大学取得法律学士学位，能用流利的中文普通话工作。