RESTRICTED  WORLD TRADE  
ORGANIZATION  TN/S/O/BRA 
21 July 2004  
 
(04-3160) 
Council for Trade in Services 
Special Session Original:   English 
 
 
 
BRAZIL 
 
Initial Offer  
  
 The following communication, dated 20 July 2004, from the delegation of Brazil, is being 
circulated to the Members of th e Council for Trade in Services. 
 
_______________ 
 
 
 Pursuant to paragraphs 15, 47 and 49 of the Doha Ministerial Declaration, and taking into 
account in particular the need to secure an overa ll balance in the outcome of all WTO negotiations 
pursued under the Ministerial Declaration of 14 November 2001, Brazil subm its herewith its initial 
offer in the framework of the ongoing services negotiations.   This offer is conditional on:   
a) other WTO Members making substantive and satisfact ory offers in areas of interest to Brazil 
in the Doha Work Programme, particularly in agriculture, as well as in sectors and modes of supply in the GATS negotiations  where Brazil has indicated its interests; and 
 
b) the outcome of the negotiations on rule -making under GATS Article VI:4 (Domestic 
Regulation); Article X (Emergency Safeguard  Measures); and Article XV (Subsidies).  
 
 This offer cannot be construed as offering in an y way the privatization of public undertakings 
or as preventing Brazil from regulating public and private services in order to meet national policy 
objectives.    
 Brazil reserves its right to modify, extend, reduce or withdraw, in whole or in part, this offer 
at any time prior to the conclusion of the current  services negotiations.  Brazil further reserves the 
right to make technical amendments to this o ffer and make corrections to rectify any errors, 
omissions, or inaccuracies in this offer as well as to clarify and interpret the terms and conditions of 
this offer.     
 This offer is based on the consolidated sche duled of Brazil (S/DCS/W/BRA). The individual 
sectors and sub-sectors are identified in accordan ce with the classification list in Document 
MTN.GNS/W/120 and corresponding CPC numbers wherever possible.    TN/S/O/BRA 
Page 2  
 
 The editorial conventions used in this initia l offer follow the guidelines established by the 
WTO Secretariat in JOB(02)/88, i.e.:   BOLD  – New text 
STRIKE OUT
 – Deleted text 
ITALICS  – Where any new or deleted text constitutes merely a technical refinement that does not 
alter the scope or substance of an existing commitment.   
_______________ 
 
    TN/S/O/BRA
 Page 3BRAZIL – INITIAL OFFER 
 
Modes of supply:      1) Cross-Border supply           2) Consumption abroad        3) Commercial presence        4) Presence o f natural persons 
Sector or sub-sector Limitations on  market access Limitations on nation al treatment Additional commitments 
I. HORIZONTAL COMMITMENTS 
 
ALL SECTORS INCLUDED IN 
THIS SCHEDULE  
 Investment  
 
3) In accordance with laws and regulations that 
rule governing  foreign investments in Brazil, 
all foreign capital invested in Brazil must be 
registered with the Central Bank of Brazil to be 
eligible for remittances. The Central Bank 
establishes procedures related to the remittances and transfers of funds abroad.  
 
 Foreign service suppliers wishing to supply a 
service as a juridical person must be organized 
as a legal entity foreseen by the Brazilian law. 
The Brazilian law establishes for juridical persons a separate existence from the person of 
its holders, thus granting the juridical person 
with individual existence. Consequently, a juridical person has full title and responsibility 
for its patrimonial rights and obligations.  
  
 
 
3) None  
  
  Commercial presence  
 
 An entity earns the condition of private law 
juridical person when the correspondent incorporation act (By-Laws and/or Articles of 
Association) is duly filed with the appropriate 
Entities’ Public Registry (EPR).  
 It is mandatory that the EPR records contain the 
following data on the juridical person: 
(i) its denomination, purpose and location of 
head offices;    TN/S/O/BRA 
Page 4 
Modes of supply:      1) Cross-Border supply           2) Consumption abroad        3) Commercial presence        4) Presence o f natural persons 
Sector or sub-sector Limitations on  market access Limitations on nation al treatment Additional commitments 
 (ii) the description of its management, including 
active and passive, judicial and extra-judicial 
representation; 
(iii)  the process of amendment of the management provisions; 
(iv)  the provisions regarding the liability of the 
officers for its acts; and  (v)  the provisions concerning its termination, 
including the destination of its assets. The 
juridical persons referred as "sole 
proprietorship" and "partnership" (in article 
XXVIII, item (l) of the Gene ral Agreement on 
Trade in Services)  are not considered as such 
under Brazilian law.   
   
  A joint venture may be accomplished by a 
capital association through the formation of any type of business organisation as set forth in the 
Brazilian law (usually a Private Limited 
Liability Company ⎯ “Limitada” ⎯ or a 
Corporation ⎯ “Sociedade Anônima”). A joint 
venture may also be carried out through a 
“consórcio”, which is neither a juridical person nor a form of capital association. A “consórcio” 
is used mainly with major contracts for 
rendering of services. It is a contract of two or more enterprises for a joint accomplishment of 
one specific undertaking.  Each associate in a 
“consórcio” maintains its respective organisational structure. 
 
 Movement of Natural Pers
ons 
     TN/S/O/BRA
 Page 5Modes of supply:      1) Cross-Border supply           2) Consumption abroad        3) Commercial presence        4) Presence o f natural persons 
Sector or sub-sector Limitations on  market access Limitations on nation al treatment Additional commitments 
 4) Unbound, except for measures related to  
specialized technician s, highly qualified 
professionals, managers and directors. Foreign 
specialised technicians and highly qualified professionals may work under a temporary 
contract with legal entities, whether of national 
or foreign capital, established in Brazil.  The pertinent contract must be approved by the 
Ministry of Labour. Approval of contracts of 
specialised technicians and highly qualified 
professionals takes into account the 
compatibility of their qualifications with the area of business in which the company is 
engaged. The company must  justify the need to 
contract such professionals and technicians in relation to similar professionals and technicians 
available in Brazil. Juridical persons must obey 
the proportionality of at least two Brazilians for three employees, when engaged in the 
following activities listed in this offer: 
communications; land transportation; commercial stores in general; commercial 
offices; insurance; advertising; hotel and 
restaurants. Managers and Directors appointed to affiliates of foreign companies established in 
Brazil will be granted access under the 
following conditions: designation to a position with full decision-making power; vacancy of 
such position; existence of associate link 
between the service supplier  provider
 in the 
Brazilian territory and its headquarters abroad; 
proof by the service supplier  provider   in Brazil 
that the manager or director is performing his 
duties after receiving the visa.   4) Unbound, except as indicated in the market 
access column 
   TN/S/O/BRA 
Page 6 
Modes of supply:      1) Cross-Border supply           2) Consumption abroad        3) Commercial presence        4) Presence o f natural persons 
Sector or sub-sector Limitations on  market access Limitations on nation al treatment Additional commitments 
  Appointment of such Managers or Directors 
must be related to the provision of new 
technology, increase in productivity or the 
foreign company must have invested a minimum amount of US$ 200,000.00 (amount 
may be adjusted in the future to a 
corresponding US$ value of 1993) in Brazil. All other requirements, laws and regulations 
regarding the entry, stay and work shall 
continue to apply. 
   
  Subsidies  
 
1), 2), 3) and 4) Unbound Subsidies  
 
1), 2), 3) and 4) Unbound for subsidies for Research and Development  
II. SECTOR SPECIFIC COMMITMENTS  
 
1. BUSINESS SERVICES   
A. Professional Services
  
 
(b) Accounting, auditing and 
 book-keeping (CPC 862) 
 
  
  
 
  
1) Unbound, except that a foreign service supplier  
provi
der may cede its name to Brazilian 
professionals  
2) Unbound 
3) Participation of non-residents in juridical 
persons controlled by Brazilian nationals is not 
allowed. A foreign service supplier shall not  
use its foreign name, but may cede it to 
 Brazilian professionals who will constitute 
and exercise full participation in a new juridical person within Brazil. 
4) Unbound, except as indicated in the horizontal  
section 
  
  
 
  
1) Unbound 
  
2) Unbound 
3) Special registration requirements for 
accountants who wish to audit such 
companies as financial institutions and 
savings and loans associations.  Brazilian 
accounting and auditing standards must be 
followed. 
 
4) Unbound except as indicated in the 
horizontal Section 
    TN/S/O/BRA
 Page 7Modes of supply:      1) Cross-Border supply           2) Consumption abroad        3) Commercial presence        4) Presence o f natural persons 
Sector or sub-sector Limitations on  market access Limitations on nation al treatment Additional commitments 
(d) Architectural services 
 (CPC 8671) 
 1) Unbound 
2) Unbound 
3) Foreign service suppliers must join Brazilian 
service suppliers in the form of a “consórcio” 
in which the Brazilian partner maintains the 
leadership . in a specific type of legal entity 
(consórcio) the Brazilian partner shall maintain 
the leadership. The cont ract establishing the 
consórcio must clearly define its objective.   
4) Unbound, except as indicated in the horizontal 
section 
 1) Unbound 
2) Unbound 
3) None 
  
 
  
 
4) Unbound, except as indicated in the 
horizontal section 
  
(e) Engineering services 
 (CPC 86721, 86722, 
 86723, 86724, 86725, 
 86729) 
 
Advisory and consultative  
engineering services (CPC 
86721)  
 1) Unbound  
2) Unbound  
3) Foreign service suppliers must join Brazilian 
service suppliers in the form of a “consórcio”, 
in which the Brazilian partner maintains the 
leadership . 
4) Unbound, except as indicated in the horizontal 
section. 
 1) Unbound 
2) Unbound 
3) None  
 
  
4) Unbound, except as indicated in the 
horizontal section. 
  
Engineering design  
 (CPC 86722, CPC  86723,  
CPC 86724) 
Industrial engineering  
  1)
 Unbound  
2) Unbound  
3) Same conditions as in Architectural services  
4) Unbound except as indicated in the horizontal  
 section  
 1) Unbound  
2) Unbound  
3) None  
4) Unbound except as indicated in the horizontal 
 section  
  
(CPC 86725)  
Other engineering services 
(CPC 86729 ) 
 1) Unbound  
2) Unbound  
3) Same conditions as in Architectural services  
4) Unbound except as indicated in the horizontal  
 section  
 1) Unbound  
2) Unbound  
3) None  
4) Unbound except as indicated in the horizontal 
 section  
   TN/S/O/BRA 
Page 8 
Modes of supply:      1) Cross-Border supply           2) Consumption abroad        3) Commercial presence        4) Presence o f natural persons 
Sector or sub-sector Limitations on  market access Limitations on nation al treatment Additional commitments 
 1)  Unbound  
2) Unbound  
3) Same conditions as in Architectural services  
4) Unbound except as indicated in the horizontal  
 section  
 1) Unbound  
2) Unbound  
3) None  
4) Unbound except as indicated in the horizontal 
 section  
  
 1)  Unbound  
2) Unbou nd 
3) Same conditions as in Architectural services  
4) Unbound except as indicated in the horizontal  
 section  
 1) Unbound  
2) Unbound  
3) None  
4) Unbound except as indicated in the horizontal 
 section  
  
(g) Urban planning and 
 landscape architectural  services (CPC 8674) 
 1) Unbound  
2) Unbound 3) Foreign service suppliers must join Brazilian 
service suppliers in the form of a “consórcio”, 
in which the Brazilian partner maintains the 
leadership.  Same conditions as in Architectural 
services  
4) Unbound, except as indicated in the horizontal 
section  
 1) Unbound 
2 Unbound 3) None 
 
  
 
4) Unbound, except as indicated in the 
horizontal section 
  
(i) Veterinary services 
 (CPC 932) 
 
 1) None  
2) None  
3) None  
4) Unbound, except as indicated in the 
horizontal section. 
 1) None  
2) None 
3) None 
4) Unbound, except as indicated in the 
horizontal section. 
    TN/S/O/BRA
 Page 9Modes of supply:      1) Cross-Border supply           2) Consumption abroad        3) Commercial presence        4) Presence o f natural persons 
Sector or sub-sector Limitations on  market access Limitations on nation al treatment Additional commitments 
A. Other Business Services  
 
(a) Advertising services 
 (CPC 871) 
  
 
1) Foreign participation in the production is 
limited to 1/3 of the footage of advertising films. Larger participation is conditional on use 
of Brazilian talent and production house.  
Advertising films must be spoken in Portuguese, unless the use of a foreign language 
is required by the subject of the film. 
2) Unbound 
3) In addition to the conditions above (1), foreign 
participation is limited to 49 per cent of the capital of companies established in Brazil. 
Leadership must remain with Brazilian 
partners.  Professionals are subject to the Brazilian Code of Ethics of Advertising 
Professionals. 
4) Unbound except as indicated in the horizontal 
section. 
  
 
1) Unbound 
  
 
  
 
2) Unbound 
3) Foreign producers must live at least 3 years 
in Brazil before being authorised to produce films. 
 
  
 
4) Unbound except as indicated in the 
horizontal section. 
  
(b) Market research and 
 public opinion polling 
 services  (CPC 864) 
 
 1) Unbound   
2) None Unbound  
3) None 4) Unbound, except as indicated in the horizontal 
section 
 1) Unbound   
2) None  Unbound
 
3) None 4) Unbound, except as indicated in the 
horizontal section  
(c) Management consulting 
 service (CPC 865) 
 1) Unbound  
2) None Unbound  
3) None 
4) Unbound, except as indicated in the horizontal 
section. 1) Unbound 
2) None  Unbound  
3) None 
4) Unbound, except as indicated in the 
horizontal section. 
   TN/S/O/BRA 
Page 10 
Modes of supply:      1) Cross-Border supply           2) Consumption abroad        3) Commercial presence        4) Presence o f natural persons 
Sector or sub-sector Limitations on  market access Limitations on nation al treatment Additional commitments 
(d) Services related to 
 management consulting  
Project Management  
  (CPC 86601) 
 1) Unbound  
2) None Unbound  
3) None Companies must be registered with the 
Regional Council of Administrators  
4) Unbound, except as indicated in the horizontal 
section. 
 1) Unbound 
2) None  Unbound  
3) None 
 4) Unbound, except as indicated in the 
horizontal section. 
  
(e) Technical testing and 
 analysis services (CPC 
 8676) 
 
 
(g) Services incidental to 
 fishing (CPC 882)  
 Does not include the 
 property of fishing boats  
 
 1)  Unbound   
2)  Unbound 
3)  None 
4)  Unbound, except as indicated in the 
horizontal section. 
 
1) Unbound*  2) Unbound 
3) None 
4) Unbound, except as indicated in the 
horizontal section 
 1) Unbound   
2)  Unbound 
3)  None 
4)  Unbound, except as indicated in the 
horizontal section. 
 
1) Unbound*  2) Unbound 
3) None 
4) Unbound, except as indicated in the 
horizontal section 
  
(k) Placement and supply 
 services of personnel  
 (CPC 872) 
 
 
 
(I) Investigation and   security (CPC 873, 
 except 87309) 
 
 1) Unbound*  
2) Unbound  
3) None 
4)  Unbound, except as indicated in the 
horizontal section. 
 
1) Unbound 2) Unbound 
3) The property and administration of 
specialised suppliers of investigation and 
security services is forbidden to foreigners. 
4)  Unbound, except as indicated in the 
horizontal section 
 1)  Unbound*  
2)  Unbound 
3)  None 
4)  Unbound, except as indicated in the 
horizontal section. 
 
1) Unbound 2) Unbound 
3) None 
 
 
4)  Unbound, except as indicated in the 
horizontal section 
    TN/S/O/BRA
 Page 11Modes of supply:      1) Cross-Border supply           2) Consumption abroad        3) Commercial presence        4) Presence o f natural persons 
Sector or sub-sector Limitations on  market access Limitations on nation al treatment Additional commitments 
(n) Maintenance and repair 
 of equipment (not 
 including maritime 
 vessels, aircraft or other  transport equipment) 
 (CPC 633 + 8861 + 8862 
 + 8863 + 8864 + 8865+  8866, except 63309) 
 
(o) Building-cleaning services  
 (CPC 874) 
 1) Unbound * 
2) Unbound 
3) None 
4) Unbound, except as indicated in the 
horizontal section.  
 
  
 
1) Unbound *  
2) None Unbound
 
3) None 4) Unbound, except as indicated in the horizontal 
section 
 1)  Unbound * 
2)  Unbound 
3)  None 
4)  Unbound, except as indicated in the 
horizontal section. 
 
  
 
1) Unbound * 
2) None Unbound
 
3) None 4) Unbound, except as indicated in the 
horizontal section 
  
(p) Photographic services 
 (CPC 87501, 87502,  87503, 87505, 87506, 
 87507 ) 
 
 
(q) Packaging services (CPC 
 876)  
 1) Unbound 
2) Unbound 3) None 
4) Unbound, except as indicated in the 
horizontal section   
 
1) Unbound * 
2) Unbound 3) None 
4) Unbound, except as indicated in the 
horizontal section 
 1) Unbound 
2) Unbound 3) None 
4) Unbound, except as indicated in the 
horizontal section 
 
1) Unbound * 
2) Unbound 3) None 
4) Unbound, except as indicated in the 
horizontal section  
   TN/S/O/BRA 
Page 12 
Modes of supply:      1) Cross-Border supply           2) Consumption abroad        3) Commercial presence        4) Presence o f natural persons 
Sector or sub-sector Limitations on  market access Limitations on nation al treatment Additional commitments 
(s) Convention services 
 (CPC 87909) 
 
 
 
 
(t) Other  Translation and 
 interpretation services 
 ( except excluding 
official 
 translators) (CPC 87905) 1) Unbound   
2) Unbound 
3) None   
4) Unbound, except as indicated in the 
horizontal section 
 
1) Unbound 
2) Unbound 
3) None 
4) Unbound, except as indicated in the horizontal 
section. 
 1)  Unbound   
2) Unbound 
3)  None   
4)  Unbound, except as indicated in the 
horizontal section 
 
1) Unbound 2) Unbound 
3) None 
4) Unbound, except as indicated in the 
horizontal section.  
2. COMMUNICATION 
SERVICES 
 
B. Courier Services  
(CPC 75121) 
 
 Pick-up, transport and 
delivery of letters, postcards and grouped correspondence, 
as well as issuance of stamps 
and  other postage payments are not included 
  
  
 
  
 
1) None 2) Unbound 
3) None 
4) Unbound, except as indicated in the horizontal 
section  
  
 
  
 
1) None 2) Unbound 
3) None 
4) Unbound, except as indicated in the 
horizontal section  
3. CONSTRUCTION AND 
RELATED ENGINEERING 
SERVICES  
 
A. General construction work for 
buildings  
(CPC 512) 
 
B. General construction work for 
civil engineering  
 (CPC 513)  
 
 
1) Unbound* 
2) Unbound  
3) Access will be granted 5 years after entering 
into for of Agreement establishing the World 
Trade Organization. No lim itations after that 
date.  None  
4) Unbound, except as indicated in the 
horizontal section.   
 
 
1) Unbound * 
2) Unbound  
3) None  
 
 
 4) Unbound, except as indicated in the 
horizontal section     TN/S/O/BRA
 Page 13Modes of supply:      1) Cross-Border supply           2) Consumption abroad        3) Commercial presence        4) Presence o f natural persons 
Sector or sub-sector Limitations on  market access Limitations on nation al treatment Additional commitments 
C. Installation and assembly work 
and maintenance and repair of 
fixed structures  
(CPC 514 + 516) 
 
D. Building completion and 
finishing work  
(CPC 517, except 5179) 
 
E. Other  
(CPC 511) 
 1) Unbound  
2) Unbound  
3) Access will be granted 5 years after entering  
 into force of Agreement establishing the 
World  Trade Organizatio n.  No limitations 
after that  date.  
4) Unbound except as indicated in the horizontal   section. 
 
1)
 Unbound  
2) Unbound  
3) Access will be granted 5 years after entering 
into force of Agreement establishing the 
World  Trade Organization.  No limitations 
after that  date.  
4) Unbound except as indicat ed in the horizontal 
section  1) Unbound  
2) Unbound  
3) None  
  
 
4)
 Unbound except as indicated in the 
horizontal section.  
 
1) Unbound  
2) Unbound  
3) None  
 
 
 4)
 Unbound except as indicated in the 
horizontal section.  
  
4.  DISTRIBUTION SERVICES 
A. Commission agents' services 
(CPC 621, except 62118) 
 
  
B. Wholesale trade services 
 
(CPC 622, except CPC 62271)   
 
 Excluding CPC 62271 – 
 Wholesale trade services of 
solid, liquid and gaseous fuels 
and related products  
  
 
1) Unbound 
2) Unbound 
3) None 4) Unbound, except as indicated in the 
horizontal section 
 
 
1) Unbound 
2) Unbound 
3) None 
4) Unbound, except as indicated in the horizontal 
section. 
  
 
1) Unbound 
2) Unbound 
3) None 4) Unbound, except as indicated in the 
horizontal section 
 
 
1) Unbound 
2)  Unbound 
3) None 
4)  Unbound, except as indicated in the 
horizontal section 
   TN/S/O/BRA 
Page 14 
Modes of supply:      1) Cross-Border supply           2) Consumption abroad        3) Commercial presence        4) Presence o f natural persons 
Sector or sub-sector Limitations on  market access Limitations on nation al treatment Additional commitments 
C. Retailing services   
(CPC 631 + 632)  
 
  
D. Franchising
 
(CPC 8929) 
 
 1) Unbound 
2) Unbound 
3) None 
4) Unbound, except as indicated in the horizontal 
section. 
 
1) Franchise contracts must be in conformity 
with the Industrial Property Code to be 
eligible for payment of royalties. 
2) Unbound 
3) None 
4) Unbound, except as indicated in the horizontal 
section. 
 1) Unbound 
2) Unbound 
3) None 
4) Unbound, except as indicated in the 
horizontal section. 
 
1) Unbound  
 
2) Unbound 
3) None 
4) Unbound, except as indicated in the 
horizontal section.  
7. FINANCIAL  SERVICES 
 
A. All insurance and insurance  
 related services  
 
 Insurance on freight  (CPC 81293) 
 
  
 
  
 
1) Imports can only be insured with established 
companies 
2) Unbound 
3) Specific type of legal entity 
(SociedadeAnômima - S.A.) required.  Foreign 
participation is limited to 50 per cent of the 
capital of a company and to 1/3 of its voting stock. 
4) Unbound except as indicated in the horizontal 
section. 
  
 
  
 
1) Unbound  
2) Unbound 
3) None  
 
  
4) Unbound except as indicated in the 
horizontal section. 
  
   TN/S/O/BRA
 Page 15Modes of supply:      1) Cross-Border supply           2) Consumption abroad        3) Commercial presence        4) Presence o f natural persons 
Sector or sub-sector Limitations on  market access Limitations on nation al treatment Additional commitments 
 Life insurance 
 (CPC 81211) 
 
  
 
 Medical care  (CPC 81291) 
 1) Unbound 
2) Unbound 
3) Same conditions as in Insurance on Freight. 
4) Unbound except as indicated in the horizontal 
section. 
 
1) Unbound 2) Unbound 
3) Same conditions as in Insurance on Freight 
4) Unbound except as indicated in the horizontal 
section. 
 1) Unbound 
2) Unbound 
3) None 
4) Unbound except as indicated in the 
horizontal section. 
 
1) Unbound 2) Unbound 
3) None 
4) Unbound except as indicated in the 
horizontal section. 
  
 Property Insurance 
 (CPC 81292, CPC 81294,  CPC 81295, CPC 81296) 
 
 1) Unbound 
2) Unbound 3) Same conditions as in Insurance on Freight 
4) Unbound except as indicated in the horizontal 
section  
 1) Unbound 
2) Unbound 3) None 
4) Unbound except as indicated in the 
horizontal section.  
  
 Liability Insurance 
 (CPC 81297)  1) Unbound 
2) Unbound 3) Same conditions as in Insurance on Freight 
4) Unbound except as indicated in the horizontal 
section.  
 1) Unbound 
2) Unbound 3) None 
4) Unbound except as indicated in the 
horizontal section. 
   TN/S/O/BRA 
Page 16 
Modes of supply:      1) Cross-Border supply           2) Consumption abroad        3) Commercial presence        4) Presence o f natural persons 
Sector or sub-sector Limitations on  market access Limitations on nation al treatment Additional commitments 
 Auxiliary services - agencies 
and brokers  
(CPC 81401) 
  
 
 Auxiliary services -   consultancy, actuarial and 
surveys  
(CPC 81402, 81404) 
 
 1) Unbound 
2) Unbound 
3) Natural persons only 
4) Unbound, except as indicated in the horizontal 
section. 
 
1) None 2) None 
3) None 
4) Unbound, except as indicated in the horizontal 
section 
  
1) Unbound 
2) Unbound 
3) None 4) Unbound, except as indicated in the 
horizontal section. 
 1) None 
2) None 
3) None 
4) Unbound, except as indicated in the 
horizontal section 
  
A. Banking and other financial services  
 
Financial institutions subject to this commitment are classified as commercial bank, investment bank, consumer finance company,  housing finance company, financial leasing 
company, brokers and dealers, and each may perform only those act ivities permitted by the Banco Central do Brasil or by the Con selho Monetário Nacional. Multiple banks may be 
formed with a minimum of any two of the following portfolios, each corresponding to a commercial bank, investment bank, consume r finance company or a housing finance 
company. 
 
 - Acceptance of the following 
funds from the public: 
 (i) demand deposits  (ii) time deposits 
 (iii)  financing of commercial 
  transactions  
- Lending of all types, 
including: 
 (i) consumer credit 
 (ii) mortgage credit  (iii)  financing of commercial 
 transactions 
  
1) Unbound 
2) Unbound 
3) The establishment of new branches and 
subsidiaries of foreign financial institutions as 
well as increases in the percentage of the 
participation of foreign persons and firms in the capital stock of Brazilian financial 
institutions is not permitted.  The number of 
branches in Brazil of each foreign bank is 
limited to the number existing on October 5th 
1988. 
  
1) Unbound 
2) Unbound 
3) An individual network for Automatic Teller 
Machines (ATMs) may only be set up by 
Brazilian banks for use of clients of that 
bank.  Banks controlled by foreign capital and branches of foreign banks may share 
facilities with other banks on a minority 
basis. Minimum requirements for paid-in 
capital and net worth applicable to branches 
of foreign banks as well as to commercial banks and commercial banks portfolios of 
multiple banks controlled by foreign capital 
are twice those established for Brazilian banks.  
  
 
 
  
 
  
 
 
 
   TN/S/O/BRA
 Page 17Modes of supply:      1) Cross-Border supply           2) Consumption abroad        3) Commercial presence        4) Presence o f natural persons 
Sector or sub-sector Limitations on  market access Limitations on nation al treatment Additional commitments 
- Financial leasing 
- Payment and money 
transmission services carried 
out by financial institutions 
 
- Guarantees and commitments 
- Trading for own account or 
for account of customers, 
whether on an exchange or in 
an over-the-counter market, 
including: 
 (i) money market instruments  (ii) foreign exchange  
 (iii) futures and options 
 (iv) exchange rate and interest  rate instruments 
 (v) transferab le securities 
 (vi) other negotiable  instruments and financial 
 assets, including bullion. 
  
 
 
  
 
4) Unbound except as indicated in the horizontal 
section 
  Permission for a service supplier of another 
Member to expand existing operations or 
conduct new activities may be denied by the 
Banco Central do Brasil or authorised on terms and conditions less favourable than 
those applied to Brazilian service suppliers. 
4) Unbound except as indicated in the 
horizontal section   TN/S/O/BRA 
Page 18 
Modes of supply:      1) Cross-Border supply           2) Consumption abroad        3) Commercial presence        4) Presence o f natural persons 
Sector or sub-sector Limitations on  market access Limitations on nation al treatment Additional commitments 
- Participation in public issues 
of all kinds of securities, 
including underwriting and 
placement as agent, and provision of services related 
to such issues 
 - Brokerage of foreign 
exchange 
 
- Portfolio management and 
custodial and depository services 
 
- Investment and portfolio 
research and advice 
 1) Unbound 
2) Unbound 
3) The establishment of new branches and 
subsidiaries of foreign financial institutions as 
 
  
 
  
 
  
 
 
 
  
 
 
 
4) Unbound except as indicated in the horizontal 
section 1) Unbound 
2) Unbound 
3) An individual network for Automatic Teller 
Machines (ATMs) may only be set up by Brazilian banks for use of clients of that 
bank.  Banks controlled by foreign capital 
and branches of foreign banks may share facilities with other banks on a minority 
basis. Minimum requirements for paid-in 
capital and  net worth a pplicable to branches 
of foreign banks as well as to commercial 
banks and commercial  banks portfolios of multiple banks controlled by  foreign capital 
are twice those established for Brazilian 
banks.  Permission for a service supplier of another Member to expand existing 
operations or conduct new activities may be 
denied by the Banco Central do Brasil or authorized on terms and conditions less 
favourable than those applied to Brazilian 
service suppliers. 
4) Unbound except as indicated in the 
horizontal section 
  
9. TOURISM AND TRAVEL 
RELATED SERVICES 
A. Hotels and restaurants   
(incl. catering) (CPC 641 + 
642)  
  - Hotels (CPC 641)  
 
 
 
  
 
1) Unbound 
2) Unbound 
3) None 
 
  
 
 4) Unbound, except as indicated in the horizontal 
section   
 
1) Unbound 
2) Unbound 
3) Brazilian services suppliers  firms
 operating 
in the Amazon and North-Eastern  regions 
benefit from certain tax credit incentives. Other incentives are limited to firms with 
majority of capital held by Brazilian 
citizens or legal entities 
4) Unbound, except as indicated in the 
horizontal section  
  
   TN/S/O/BRA
 Page 19Modes of supply:      1) Cross-Border supply           2) Consumption abroad        3) Commercial presence        4) Presence o f natural persons 
Sector or sub-sector Limitations on  market access Limitations on nation al treatment Additional commitments 
   Restaurants (CPC 642)  
 
 1) Unbound  
2) Unbound  
3) None  
  
 
  
4)
 Unbound, except as indicated in the horizontal 
section  
 1) Unbound  
2) Unbound  
3) Brazilian   firms operating in the Amazon 
and North -Eastern  regions benefit from 
certain tax credit incentives. Other 
incentives are limited to firms with 
majority of capital held by Brazilian 
citizens or legal entities  
4) Unbound, except as indicated in the 
horizo ntal section   
  
B. Travel agencies and tour 
operators   
(CPC 7471) 
 
 
 C. Tour Guide Services
  
(CPC 7472) 
 
 1) Unbound 
2) Unbound 
3) None 4) Unbound, except as indicated in the 
horizontal section 
 1) Unbound* 
2) Unbound 
3) None 4) Unbound, except as indicated in the 
horizontal section 
  
1) Unbound 
2) Unbound 3) None 
4) Unbound, except as indicated in the 
horizontal section 
 
1) Unbound* 
2) Unbound 3) None 
4) Unbound, except as indicated in the 
horizontal section 
  
10.  RECREATIONAL, 
CULTURAL AND SPORTING SERVICES 
(other than audiovisual 
services) 
 
D. Sporting services
  
(CPC 9641, except  CPC 
96419) 
  
  
 
 
 
1) Unbound 2) Unbound 
3) None 
4) Unbound, except as indicated in the 
horizontal section 
  
  
 
 
 
1) Unbound 2) Unbound 
3) None 
4) Unbound, except as indicated in the 
horizontal section 
   TN/S/O/BRA 
Page 20 
Modes of supply:      1) Cross-Border supply           2) Consumption abroad        3) Commercial presence        4) Presence o f natural persons 
Sector or sub-sector Limitations on  market access Limitations on nation al treatment Additional commitments 
11. TRANSPORT SERVICES 
 
E. Rail Transport Services  
  Rail Freight
 Freight 
transportation  (CPC 71121, 
CPC 71123, CPC 71129) 
  
 
1) Unbound 
2) Unbound 3) Governmental authorisation required.  The 
granting of new authorisations is discretionary.  
The number of service suppliers may be limited. 
4) Unbound except as indicated in the horizontal 
section.  
  
 
1) Unbound  
2) Unbound 3) None  
 
  
4) Unbound, except as indicated in the 
horizontal section. 
  
 
F.  Road Transport Services   
Road Freight  Freight 
transportation  (CPC 71231, 
CPC 71233, CPC 71234) 
 1) Unbound 
2) Unbound 
3) Foreign participation is limited to 1/5 of the 
voting shares of Brazilian companies engaged 
in this activity 
4) Unbound, except as indicated in the horizontal 
section 
 1) Unbound 
2) Unbound 
3) None  
 
4) Unbound, except as indicated in the 
horizontal section 
  
G.  Pipeline Transport  
Transportation of other goods   
(CPC 7139 excluding 
hydrocarbon products) 
 1) Unbound 
2) Unbound 
3) None 
4) Unbound, except as indicated in the horizontal 
section 
 1) Unbound 
2) Unbound 
3) None 
4) Unbound, except as indicated in the 
horizontal section 
  
H. Services auxiliary to all modes 
of transport   
 
(a) Cargo-handling services   
(CPC 741) 
 (b) 
Storage and warehousing  
Storage and warehouse 
services  (CPC 742) 
 1) Unbound 
2) Unbound 
3) None 
4) Unbound, except as indicated in the horizontal 
section 
 1)
 Unbound  
2) Unbound  
3) None  
4) Unbound, except as indicated in the horizontal 
section  1) Unbound 
2) Unbound 
3) None 
4) Unbound, except as indicated in the 
horizontal section 
 1)
 Unbound  
2) Unbound  
3) None  
4) Unbound, except as indicated in the 
horizontal section   
__________