Sponsored by XMTORCH Management Committee and co-organized by Xiamen High-tech Innovation Center and Xiamen Victwo BizTech Co., Ltd. (Xiamen BRICS+ Technology Accelerator), the "BRICS Plus Seminar on Expanding Business into Brazil" kicked off on the morning of December 26, 2023 in the BRICS Conference Room of XMTORCH Huizhi Space in a bid to support the construction of Xiamen BRICS PartNIR Innovation Center and to assist XMTORCH-based companies in gaining a comprehensive understanding of the Brazilian market. The event featured the presence of Dr. CAI Kunhai, Deputy Director of the Innovation and Entrepreneurship Department of XMTORCH Management Committee, and Ms. YAO Minxian, Deputy Manager of the Enterprise Service Department of Xiamen High-tech Innovation Center, along with other officials.
During the seminar, we had the privilege of inviting Mr. CHEN Jinyuan, Director of Overseas Business at Xiamen Vangenes Biotechnology Co., Ltd., a XMTORCH-based company, to share his experiences in expanding operations into the Brazilian market. With the guidance and assistance from XMTORCH, Office of Xiamen Leadership Group for BRICS PartNIR Innovation Center, and Xiamen BRICS+ Technology Accelerator, and especially through the company's own unyielding efforts, Vangenes successfully established its presence in Brazil in 2023, and soon achieved profitability within three months of securing its first business deal. By far, Vangenes has employed six Brazilian employees and is doubling down on its investment to set up a laboratory in Sao Paulo.
Mr. CHEN, drawing from his personal experiences in Brazil, provided a firsthand account, detailing the challenges encountered during Vangenes's investment and business development in Brazil and the corresponding solutions and key considerations. He mentioned a multitude of challenges such as language barrier, geographical distance, visa application, company registration, personnel recruitment, office leasing, long-term accommodation for expatriate employees, bank account opening, import procedures and related regulations, complex local tax and financial policies, steps to obtain relevant business qualifications and permits, employment-related regulations and welfare expenses, cultural and operational differences between China and Brazil, and the construction of a localized team. Mr. CHEN's insights into the potential challenges faced during the establishment of a Brazilian company, coupled with the solutions and key considerations he had shared, provided tangible guidance for XMTORCH-based companies seeking to push into the Brazilian market. His philosophy, which emphasized sincerity, respect, inclusiveness, communication, participation, positivity, and risk-awareness, left a profound impression on the entrepreneurs in the audience.
After Mr. CHEN had provided a valuable perspective on Vangenes's expansion into Brazil, Mr. Edward Yang, Chairman of Xiamen BRICS+ Technology Accelerator, addressed the audience with the theme of "Going Global Together and Expanding Global Footprint." He expounded on the overseas market resources and the all-encompassing services that Xiamen BRICS+ Technology Accelerator can readily offer to XMTORCH-based companies at different stages, including pre-expansion, landing in foreign markets, and post-expansion support. Mr. YANG emphasized that China is entering a new era of B2B enterprises rushing for global expansion, adding that Xiamen BRICS+ Technology Accelerator will leverage a business model inspired by both Regus and McKinsey and harness the opportunities presented by Xiamen's resolve to build the "BRICS PartNIR Innovation Center" and the "China-BRICS Science and Innovation Incubation Park for the New Era" to further empower Victwo.cn, a comprehensive service platform for Chinese technology companies going global, and to facilitate the safe and efficient international expansion of B2B enterprises from China.
After the seminar, participants actively engaged with Mr. CHEN and Mr. YANG, seeking insights into challenges related to expanding into Brazil and other international markets. Both experts patiently addressed each query, providing valuable guidance.
The event was a tangible sharing of on-the-ground practical experiences and received unanimous praise from attendees, who expressed a sense of reassurance after hearing the insights from Mr. CHEN and Mr. YANG, as well as their commitment to meticulously crafting their business expansion plans in light of the potential challenges in expanding into countries such as Brazil.
