Opening a Bank Account in Switzerland: An Overview
Switzerland is one of the most renowned banking and financial centres in the world. The banking industry represents over 266 foreign, national, and regional banks, along with being a phenomenal place for raising loans and capital in order to finance investment projects. Many Switzerland banks prefer to operate on a referral basis. Consequently, due to a corporate account being available right after the formation of a Swiss company, it is often recommended that foreign clients open a corporate bank account in Switzerland for reducing the compliance background check. This destination 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.
Different Benefits of Opening a Bank Account in Switzerland
Some of the benefits of opening a bank account in Switzerland are -
Stable banking system
The Swiss banking system is one of the most stable and reliable worldwide. Swiss banks are strictly regulated, implying that the funds of the clients are protected.
Swiss banks are known for their tradition of banking confidentiality, which makes the client's information completely safe
Quality of banking services
Swiss banks offer a range of high-quality banking services, such as online services and customer support in several languages apart from traditional services.
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.
Documents Required for Opening a Bank Account in Switzerland
The entrepreneur must arrange the below-mentioned documents for opening a bank account in Switzerland.
- A copy of the passport or identity card
- Residence Proof, such as a recent utility bill
- Information about the company, such as its tax identification number
- Registered Address
- Proof of business ownership, such as the company’s articles of association
Procedure for Opening a Bank Account in Switzerland
The detailed procedure for opening a bank account in Switzerland is discussed herein under
Choose a bank
There are various banks in Switzerland; therefore, it becomes important for the entrepreneur to conduct thorough research to find the right one for his 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.
Arrange the Necessary Documents
The documents required to open a bank account in Switzerland may vary between banks. However, the entrepreneur must arrange the basic documents discussed above.
Fill in an Application to open an Account
The entrepreneur must fill out the application in the prescribed manner and ensure to provide all the required information along with carefully going through the terms and conditions. The signature of the entrepreneur must be legalised in Switzerland or from abroad.
Deposit the Funds
Swiss banks often require a minimum management deposit for opening a bank account for foreign companies. The amount of this deposit shall vary between banks and the risk of the business activity. The entrepreneur must ensure to check the deposit requirements with the chosen bank before depositing funds.
Send the Required Documents
In order to open a bank account in Switzerland, the entrepreneur must provide documents such as the certificate of incorporation, articles of association, personal identification documents, bank references, a business plan and an organisational chart of the structure down to the final beneficial owners. Document requirements may vary from bank to bank, so the entrepreneur must be aware of the requisite documents.
Wait for Approval
Post the submission of all the required documents and deposit of the necessary funds, the entrepreneur must wait for the bank’s approval for opening the account. The waiting time may vary depending on the bank, but it may take several days or even weeks. Be prepared to be asked questions about the company’s activity, the names of the customers, the names of your suppliers, the number of incoming and outgoing transactions, and the funds' source of funds.
Access the bank account
Subsequent to the opening of a bank account in Switzerland, the entrepreneur will be able to access hisaccount online, via a mobile application or in person at the bank. He shall be able to make transactions and view his balances and transaction history, followed by performing other routine banking operations.