Switzerland corporate bank account in 2022
Our experienced Switzerland banking team will prepare all required documentation to support a quality corporate bank account opening for a foreign investor. Where applicable, our team will attend bank interviews on your behalf and assist with applying to the full range of corporate banking services available.
Please read below for further information regarding corporate banking services in Switzerland.
Switzerland banking sector
- Switzerland remains one of the most renowned banking and financial centres of the World. The banking industry represents more than 13% of the country’s economy and over 266 foreign, national and regional banks. However, i) UBS and ii) Credit Suisse represent over 40% of the industry’s total assets;
- A quarter of the cross-border asset management transactions in the World are done through Swiss-based structures;
- The popularity of Switzerland for foreign entrepreneurs has been historically associated with Switzerland’s strong bank secrecy laws. However, this bank secrecy may be halted as the Swiss Government has recently committed to exchanges of tax information under pressure of the United States and Germany;
- Switzerland is a great place to raise loans and capital to finance investment projects: Swiss banks are indeed ranked as the 28th best in the world for the ease of access to loans.
Switzerland corporate bank account
- Many Switzerland banks prefer to operate on referral basis, consequently, we often recommend our foreign Clients to open their Swiss corporate account with a bank with which they already have a bank account in another country, to reduce compliance background checks;
- Important larger Switzerland banks include i) UBS and ii) Credit Suisse while i) Lombard Odier and ii) Julius Baer are excellent choice for private banking and wealth management services in Switzerland;
- Online banks in Switzerland gain popularity among Clients, consequently, Healy Consultants recommends our Clients to open a quality corporate bank account with CIM banque in Lugano. Under our streamlined service, you do not need to travel personally to open such corporate bank account;
- Foreign banks present in Switzerland include i) Citibank, ii) Standard Chartered, iii) Barclays, iv) HSBC and v) BNP Paribas.
- There is a possibility that the Bank will request our Client’s company to appoint a resident bank signatory in case the company has no substance in the jurisdiction in which the company is registered.
Healy Consultants’ Switzerland corporate banking services
Healy Consultants efficiently assists our Clients to open a multicurrency corporate bank account in Switzerland. Please read below for further information:
- To facilitate easy corporate bank account forms opening, project manages this process on the ground without our Client’s travel required. Our Client can expect to receive corporate bank account numbers within 4 weeks and activate internet banking facilities within the subsequent week;
- While our Firm will liaise with the banks from A to Z, actively preventing our Clients from travelling to Switzerland, there is still a 20% chance that the bank’s legal and compliance department may require our Clients to attend a one hour interview in the country. There will be a fee discount if you have to travel;
- Once our Client received confirmation from the Switzerland bank, the latter will directly and independently provide our Client the online banking kit required for initiation of international funds transfers.
Ongoing banking support
If required by our Client, Healy Consultants will also be pleased to communicate and secure additional bank financial support for their projects in Switzerland.
Please read below for further information:
- Healy Consultants may assist our Clients with obtaining corporate finance, including various financial instruments such as: i) bank guarantees; ii) bank card overdraft or extended credit lines or iii) promotional/ preferential credit terms. Please contact our Switzerland Client Relationship Officer for inquiries regarding these services and related fees;
- To support a quality application for various financial instruments, our Client and Healy Consultants will need to prepare i) a quality business-plan, inclusive of a feasibility study; ii) in some cases, availability of collateral assets iii) adequate background of senior management and iv) last 3 years audited financial statements.
Steps required to open a Swiss corporate bank account
In order to open a corporate account on our Client’s behalf, Healy Consultants’ banking team and our Client will follow these steps:
- Before setting up a business in Switzerland, Healy Consultants will discuss and guide our Client towards choosing the best corporate account amongst the different banking options available in Switzerland;
- To support timely company formation, Healy Consultants will initially open a provisional corporate (capital) account at the bank chosen by our Client. The paid-up capital (minimum of US$21,500 ie. CHF20,000 for a limited liability company) will then have to be injected into this account for the bank to provide a certificate of deposit, required to complete incorporation procedures;
- After company incorporation, Healy Consultants converts the provisional account into a permanent, multicurrency corporate bank account;
- Once the permanent corporate bank account is approved, Healy Consultants liaises with the Switzerland bank to secure timely activation of internet banking facilities in Switzerland and then courier to our Client the bank tokens, cheque books and other bank account documents.
Exchange controls and other regulation
- Switzerland does not implement exchange controls, except notification will still be provided by the bank to the Swiss National Bank for monetary transfers over CHF10,000;
- Both residents and non-residents in Switzerland are allowed to open bank accounts in foreign currencies, including CHF, €, US$ and £;
- There are no restrictions on the amount of foreign currency that residents may hold in their bank accounts.