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Neela, a Brazilian wealth management company, announced an innovation that promises to transform the process of opening offshore companies. Through a partnership with tokenizer SV Standard, Neela launched a digital blockchain identity. This new approach aims to speed up and make it cheaper to open offshore companies, which are companies opened abroad in regulated locations with tax incentives.

Neela’s proposal is to revolutionize the linking of resources abroad. Traditionally, this process is carried out through banks and legal representatives, which involves bureaucracy and high costs. Now, with tokenization, all personal data is entered into the blockchain, resulting in a non-transferable token upon approval.

Edrey Pierre, CEO and founder of Neela, explained that the objective is to facilitate the opening of offshore companies for individuals with large resources, but little liquidity.

Furthermore, the new process can save up to US$5,000 upon opening and more than US$3,000 annually in maintaining the company abroad. The traditional method, which includes hiring law firms and translating documents, can take up to 45 days. Meanwhile, Neela’s tokenized model promises to reduce this time to just 10 days.

Platform operation and regulatory approval

The operation of the new platform is simple. Token generation requires the insertion of documents such as CPF, ID, proof of address and income tax declaration in the company’s application. After submission, Neela’s team in the Bahamas analyzes the information, checking the criteria for preventing money laundering and combating the financing of terrorism.

The platform has already undergone seven months of testing and received approval from the government of the Bahamas, where the structure is based. Pierre highlighted that this model eliminates the costs of opening and maintaining an account. However, interested parties still only need to pay an administration fee that varies between 1% and 2%, depending on the volume of the assets.

According to Pierre, they identified the opportunity after discovering that 800,000 Brazilians own offshore companies. This motivated the company to begin negotiations with the Bahamian government in 2020.

With the blockchain account, token owners comply with the regulations for digital assets provided for in the Offshore Law. This law, which received approval at the end of last year, provides for a 15% tax on profits. Furthermore, the token facilitates the reduction of bureaucracy in traditional means, allowing taxation only in the case of movement.

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