How to Open a Swiss Bank Account for Your New Business: A Complete Guide

Opening a Swiss bank account provides valuable benefits for businesses, especially those with an international outlook. Known for stability, privacy, and extensive financial services, Swiss banking is ideal for securing and managing business assets. However, the process requires careful preparation, particularly for companies with foreign shareholders. This guide covers everything you need to know, from capital contribution accounts to operational fees and tips for ensuring a successful application.

Why Open a Swiss Bank Account for Your Business?

A Swiss bank account offers unique advantages for businesses:

• Financial Stability: Switzerland’s banking system operates within a secure, stable economy, offering peace of mind for business assets.
• Asset Protection: Swiss banks provide robust privacy protections, making them ideal for companies focused on asset security.
• Global Financial Hub: Switzerland’s international banking services, including multi-currency accounts and trade finance, make Swiss banks well-suited for global businesses.

Step 1: Opening a Capital Contribution Account for Swiss Company Formation

As part of forming a Swiss company, shareholders typically need to open a capital contribution account. This account holds the initial share capital necessary for company registration, a critical step in establishing a business presence in Switzerland.

1. Purpose of the Account: The capital contribution account holds the initial capital required for company registration. The funds remain “blocked” in the account until the registration is finalized.
2. Challenges for Foreign Shareholders: Foreign shareholders may face additional compliance checks, but it is possible to open a capital contribution account at several Swiss banks.
3. Costs Involved: Account setup fees vary by bank. For example, CIM Banque typically charges around CHF 1,200 for opening a capital contribution account.

Once the company registration is complete, the funds in the capital contribution account transfer to a current account for daily business transactions.

Types of Swiss Business Bank Accounts

Swiss banks provide a range of account options suited to different business needs:

• Capital Contribution Account: A temporary account for holding the initial capital during company formation.
• Current Account: Used for day-to-day operations, including payroll, payments, and expenses.
• Savings Account: Suitable for funds not needed immediately, allowing for accumulation of reserves.
• Investment Account: Ideal for businesses aiming to grow capital through investments.
• Trade Finance Account: Designed to support import/export businesses with tools like letters of credit.

Key Considerations for Companies with Foreign Shareholders

For foreign-owned businesses, Swiss banks apply additional due diligence. Banks typically require enhanced KYC (Know Your Customer) and AML (Anti-Money Laundering) checks, which often include close transaction monitoring.

Recommended Banks for Foreign-Owned Swiss Companies

These banks are generally more receptive to foreign-owned companies:

• CIM Banque
• M Baer Merchant Bank
• Bendura Bank (Liechtenstein)
• Tradexbank
• Credit Europa Bank

In some cases, cantonal banks or UBS may accept foreign-owned companies if they can demonstrate substantial assets, typically around CHF 20 million or more.

Eligibility and Requirements for Opening a Swiss Business Bank Account

Here are the primary criteria Swiss banks consider:

Accepted Business Structures

Swiss banks typically accept the following structures:

• Corporations
• Limited Liability Companies (LLCs)
• Partnerships
• Sole Proprietorships

Residency Requirements

While Swiss residency is not required for directors or shareholders, foreign ownership can increase scrutiny from banks.

Due Diligence (KYC Requirements)

Swiss banks adhere to strict KYC requirements to meet Swiss and international regulations. Foreign-owned companies may require more in-depth compliance checks to verify the identity of shareholders, directors, and authorized signatories.

Essential Documents for Account Opening

Here’s a checklist of documents typically required to open a Swiss business account:

• Extract from the Trade Register: Proof of the company’s Swiss registration.
• Board Resolution to Open an Account: A document authorizing the account opening, signed by the board of directors.
• Certified Copies of Passports: Certified passport copies for all directors and shareholders.
• Curriculum Vitae (CV) for Each Shareholder: Background and experience details for each shareholder.
• Description of Company Activities: A summary of the business operations and market focus.
• Projected Turnover: Expected annual revenue to help assess the business’s financial scale.
• List of Potential Counterparties and Countries: A list of primary clients, suppliers, and countries for business activities.
• Type of Goods and Services: Detailed information about the goods or services the business provides.

Step-by-Step Guide to Opening a Swiss Business Bank Account

1. Choose a Bank: Research banks that align with your business’s needs. Smaller banks, such as CIM Banque and M Baer Merchant Bank, are often more flexible for foreign-owned companies.
2. Initial Contact: Reach out to the bank to start the application. Initial inquiries can often be done online, though some banks require in-person meetings.
3. Submit the Application and Documents: Complete the application form and submit the necessary documents. Foreign-owned companies may need to provide additional details.
4. Attend an Interview: Many Swiss banks require an interview to verify information and understand the business’s purpose.
5. Transfer Funds to the Capital Contribution Account: After approval, deposit the initial capital into the capital contribution account. Following registration, funds are transferred to the current account.

Fees and Charges for Swiss Business Bank Accounts

Swiss banking fees can vary widely, especially for foreign-owned businesses or high-risk accounts:

• Capital Contribution Account Setup Fee: Typically around CHF 1,200 (e.g., CIM Banque).
• Quarterly Account Maintenance Fees: These fees range between CHF 100 and CHF 500 per quarter.
• Transaction Fees: Standard fees start at CHF 20, but single transfers can cost up to CHF 500, depending on the amount.
• High-Risk Compliance Fees: High-risk accounts may incur additional monitoring fees of up to CHF 500 per quarter.
• Sanctioned Country Transaction Fees: If transactions involve sanctioned countries, banks may apply additional due diligence fees.

Tips for a Smooth Account Opening Process

Navigating Swiss bank account requirements for foreign-owned businesses can be challenging. Here’s how to improve your chances of a successful application:

• Prepare Thoroughly: Organize all required documents, ensuring accuracy and certification.
• Be Transparent: Provide clear, honest information about shareholders, business activities, and transactions.
• Seek Professional Guidance: Engaging a Swiss banking advisor can be invaluable. An advisor can help you identify banks open to foreign-owned businesses and guide you through compliance steps.

Conclusion: Secure Your Business’s Future with Swiss Banking

A Swiss business bank account provides a stable, secure foundation for your business. While foreign-owned companies may face additional compliance requirements, thorough preparation and the right banking partner can make the process smooth and successful.

At BMA Business Solutions, we specialize in supporting new businesses with Swiss account setup, ensuring every step is handled with care and precision. Contact us today to get expert assistance in establishing your Swiss bank account and setting your business on a path to growth and security.