Law no. 13,818 was published on April 25th, 2019, which amends articles 289 and 294 of Law no. 6,404/76 (Brazilian Corporation Law). Among these alterations, it is identified the exemption of the publication of notice of convocation for the annual general meeting and the documents identified in art. 133 of the same law, by the Corporation which is closely held, whose net equity is less than R$ 10 million and which has less than 20 shareholders in its corporate structure.
Considering that, previously, the value of the net equity imposed in the law was 1 million reais, it is correct to affirm that the intention of the lawmaker was to exempt more companies of the ancillary obligation in question.
In addition, another important modification introduced by Law no. 13,818 of April 24th, 2019, is related to the waiver of the publications in the Official Daily Gazette. In this way, publications, when mandatory, can be made briefly in a newspaper of great circulation in the place where the headquarters of the company is located and completely in the online page of the same newspaper through digital certification. It is noteworthy that this amedment comes into force as of January 1st, 2022, giving the companies time to adapt to the new text of the Law.
Therefore, we identified as a very positive change for the market, since both modifications on the publications provided for in Law no. 6,404 seek to simplify the operations of closely held corporations, considering the reduction of the bureaucracy and maintenance costs of corporate governance related to publications in printed newspapers.