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Switzerland is a neutral country in the center of Europe, known worldwide for its developed offshore banking sector and the strongest bank secrecy security. But is this the case in reality? How will Swiss banking secrecy evolve into the future?

Setting up a company and doing business in Switzerland

  • A Swiss company is suitable for a specific type of entrepreneur.
  • At the same time, it should be noted that this product is also not intended for everyone.
  • Low tax rates. But don't expect a classic offshore paradise.
  • Legal entities with a registered office or administration in Switzerland are subject to absolute tax liability.
  • Resident companies are subject to income tax on worldwide income with the exception of income from foreign companies or foreign real estate.
  • Business environment with new opportunities for you. The Swiss market is large, rich and has the potential to take your business to a whole new level.
  • The highest possible prestige you can have among your clients and partners.
  • Banking benefits. When you have a company registered in Switzerland, you get a bank account with one of the Swiss banks.

What is happening with the Swiss offshore market these days and what is the outlook for the future

Although the banking sector is one of Switzerland's main and biggest advantages, even the country with the most developed banking infrastructure and characterized by respect for banking secrecy is not able to face international pressure in the long term and is forced to accede to agreements on the exchange of banking information.

In 2013, the affairs of leading American companies such as Google, Starbucks and Apple, which were able to improve their tax situation with the help of an international network of companies, led to an active fight against tax havens and the breaking of bank secrecy. Luxembourg was the first to commit to sharing information about foreign clients' accounts in the country, followed by Switzerland, which decided to provide information to foreign financial authorities in certain cases.

The FATCA package of regulations was already approved in the United States and came into effect on 1st July 2014. Under these regulations, the United States will require information on all foreign bank accounts held for US citizens or companies. Switzerland agreed to these rules in relation to the United States under the threat of sanctions, but it meant the outflow of many clients to more suitable locations.

Currently, an agreement has been established within the Organization for Economic Cooperation and Development (OECD) on the exchange of information on financial accounts as well as other sensitive data, including information on interest, dividends or the performance of certain types of insurance products.

Swiss companies pay federal, cantonal and municipal taxes, which in total vary between 11% and 24% depending on the location. The canton of Zug offers the lowest taxation. At least one of the directors must be a Swiss resident, the shareholder/s can be both natural and legal persons from any country. All companies must keep accounts and file tax returns.

Companies requiring an uncompromising image choose Switzerland as their headquarters. In practice, Switzerland is most often used by holding companies or companies doing business in areas with high added value

Basic information

  • Type of legal entity: GmbH
  • Establishment time: four weeks
  • Number of shareholders: minimum 1, can be any nationality
  • Shareholders: members can be FO or business entities.
  • Share capital: 20000 CHF
  • Shares to bearer: allowed
  • A physical address is required
  • The company secretary is not mandatory
  • Directors: minimum 1, maximum not defined
  • Residence function of the director: the director must be resident in Switzerland

Taxation

  • Corporate income tax 12–24 %
  • Branch tax rate 12–24 %
  • Capital gains are taxed as ordinary business income.
  • Dividends, bank interest 35 %
  • Net operating losses can be carried forward against income for up to 7 years.
  • The state VAT rate is 8 %, reduced rates of 3.8 % (hotel services) and 2.5 % (food, etc.).
  • Double taxation agreements with various countries were applied, determining tax rates on dividends, interest and royalties.
  • Billing and preparation of accounts is required
  • Audit is not required only for large companies and companies that have more than 10 employees
  • Anonymity and privacy. Information about directors (administrators) and shareholders is open in the commercial register.

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