How to open a bank account in Switzerland for your business: a complete guide

Switzerland is known worldwide for its stable and reliable banking system. Swiss and foreign companies can also take advantage of this system by opening a Swiss bank account for their business. In this comprehensive guide, My Swiss Company fiduciary services provider in Switzerland will explain the steps to follow to open a Swiss bank account for your business.

Why open a Swiss bank account for your business?

There are many reasons why a business might want to open a bank account in Switzerland. Here are some of the most common reasons:

1. The stability of the Swiss banking system: The Swiss banking system is one of the most stable and reliable in the world. Swiss banks are strictly regulated, which means that clients’ funds are protected.

2. Confidentiality: Swiss banks are known for their tradition of banking confidentiality.

3. Quality of banking services: Swiss banks offer a range of high quality banking services, including online services and customer support in several languages.

4. Switzerland’s economic and political stability: Switzerland is an economically and politically stable country, which can be reassuring for companies looking to invest in a safe and stable environment.

How to open a bank account in Switzerland for your business?

Here are the steps to follow to open a bank account in Switzerland for your company:

1. Choose a bank: There are many banks in Switzerland, so it is important to do your research to find the right one for your business. Some banks specialise in certain types of clients or offer particular services. It may be useful to contact several banks to compare services and costs.

2. Gather the necessary documents: The documents needed to open a bank account in Switzerland may vary between banks. In general, you will need the following documents:

– A copy of your passport or identity card
– Proof of residence, such as a recent utility bill
– Information about your company, such as its tax identification number and registered address
– Proof of business ownership, such as the company’s articles of association

3. Fill in an application to open an account: Most Swiss banks allow you to fill out an account application online or by mail. Make sure you provide all the required information and read the terms and conditions carefully. Your signature will also need to be legalised in Switzerland or from abroad.

4. Depositing funds: Swiss banks often require a minimum management deposit to open a bank account for foreign companies. The amount of this deposit varies between banks and the risk of the business activity. Be sure to check the deposit requirements with your chosen bank before depositing funds. This deposit of funds is generally not necessary for Swiss companies.

5. Send the required documents: To open a bank account in Switzerland, you will need to provide documents such as your certificate of incorporation, articles of association, personal identification documents, bank references, a business plan and an organisational chart of your structure down to the final beneficial owners. Document requirements may vary from bank to bank, so be sure to check with your bank what documents you need.

6. Wait for approval: After submitting all the required documents and depositing the necessary funds, you will have to wait for the bank’s approval to open your account. The waiting time may vary depending on the bank, but it may take several days or even weeks. You should also expect to be asked questions about your company’s activity, the names of your customers, the names of your suppliers, the number of incoming and outgoing transactions, and where the funds come from and where they go.

7. Accessing your bank account: Once your bank account is opened, you will be able to access your account online, via a mobile application or in person at the bank. You will be able to make transactions, view your balances and transaction history, and perform other routine banking operations.

Opening a bank account in Switzerland for your business can be a wise decision because of Switzerland’s reputation for privacy and banking security. However, the process can be complex and requires careful planning to ensure the account is opened. In addition, depending on the residence of the directors and shareholders and the activity of the company, the bank may refuse to open the account for regulatory or compliance reasons. It is therefore important to ensure that the company and its directors comply with all Swiss legal and regulatory requirements before opening the bank account.

It is also important to note that Swiss banks are required to comply with high standards of due diligence in relation to anti-money laundering and countering the financing of terrorism. Therefore, banks will conduct a thorough background check on the company and its management before opening a bank account. This may take time and delay the account opening process.

Finally, it is important to choose a bank that suits the company’s needs. Swiss banks offer a wide range of banking services for companies, including CHF, EUR and USD accounts, credit cards, loans, currency exchange services, online banking, etc. It is important to consider the specific needs of the company and find a bank that offers the services it needs.

In conclusion, opening a bank account in Switzerland for a company can offer many advantages, such as financial stability, confidentiality and an international brand image.

However, the process can be complex and requires careful planning to ensure a successful account opening. It’s important to get a professional to help you navigate the process and choose a bank that meets your specific needs.

Contact us to start your initial consultation now. We would be delighted to get to know you and work with you to define the next steps in your plan to establish a company in Switzerland.

Fill out our contact form or call us at +41(0)41 566 76 46