Transfero holds an event next Tuesday (12/11) at the Official Residence of the Consul of Switzerland in Brazil, in São Paulo. One of the guests for the event is the head of Swiss Business Hub Brazil, Philippe Praz, who spoke with PanoramaCrypto about the business environment in Switzerland.
The Swiss Business Hub is the first point of contact for companies interested in opening a structure in Switzerland. The agency linked to the Swiss government supports investors and provides follow up to Brazilian companies, making the interface with the Swiss government.
Read below some excerpts from the interview:
Brazilian companies in Switzerland
The main Brazilian companies that choose Switzerland as a place of business belong to the innovation segment. Among those are several fintechs and in this environment, some blockchain companies as well. Fintechs have begun to have more interest in the federation over the last two years. Recently, the Consulate organized a mission of blockchain companies to meet the business environment in that country.
Main challenges of Brazilian companies
The main challenges of Brazilian companies in Switzerland depend heavily on the type of business. The executive states that it is important that interested companies have a well-structured business model and their own or third-party resources sufficient to keep the business. In addition, the cantons are usually partners of companies, assisting in the business establishment.
Difficulties with banks
The executive acknowledges that foreign fintechs often have difficulty opening bank accounts in Switzerland. According to him, it is necessary to convince banks that the fintechs and companies that work with crypto are a trend of the future. Recently, two crypto banks have received regulatory licenses in Switzerland and this should facilitate the relationship with fintechs.
Switzerland’s choice as the headquarters of the association of companies that will launch the Libra stablecoin is yet another boost to the development of the crypto environment in the European country, but there are still many regulatory challenges to be overcome. Finma, equivalent of the Brazilian CVM, will follow the company’s roadmap and resistance still must be faced within the Swiss government as well as in Europe as a whole. In turn, the company will have to adapt to the regulation if it wants to move on.
The interest of Brazilian blockchain fintechs in Switzerland grew sharply in 2017 and 2018. Last year, the Swiss Business Hub Brazil received around 20 inquiries from companies interested in settling in Switzerland. In 2019, that number has stabilized. This can be explained by the most favorable environment in Brazil itself, with the MP (Provisory Measure) of Economic Freedom and the announcement of the creation of a regulatory sandbox.