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Conducting business in Brazil necessitates a thorough understanding of its bureaucracy, which is among the world's most complex.
Fremont, CA: Given the complexity of Brazilian capital controls, e-commerce companies and other exporters have had difficulty doing business in Brazil. B2B Pay has now created a one-of-a-kind product to help international companies resolve this issue through virtual banking technology.
Brazil is one of the world's fastest-growing e-commerce markets, making it a desirable international player. However, conducting business in Brazil necessitates a thorough understanding of its bureaucracy, which is among the world's most complex. Foreign companies that wish to open a local bank account must first create a local legal entity and then register it with the appropriate government agencies, which can be a complex and time-consuming procedure.
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Apart from the complexity of administrative requirements for registering a company to open a local bank account, capital controls make sending money outside of Brazil extremely difficult and costly. The government levies a high tax on all business transactions, rapidly depleting any benefit. There are currently a few private money transfer options to and from Brazil, such as Transferwise, but this is not a choice for companies.
So far, simple and/or inexpensive choices for those who already have customers in Brazil or want to start doing business in Brazil have been virtually non-existent. By offering a segregated local bank account that can be accessed via API, B2B Pay is revolutionizing and democratizing the financial market for international companies operating or wishing to operate in Brazil. The account can be used to receive and send payments in the local currency through bank transfer (BRL). BRL may also be converted to EUR or USD and sent to any account in the world at the mid-market exchange rate.
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