When planning on doing business in Switzerland, one important step in the process is opening a corporate bank account in the country.
Switzerland is renowned for its reliable and stable banking system, which is why opening a bank account in this country is very beneficial. Also, it is essential to initiate the process of opening a Swiss bank account before registering the company with the Trade Registrar.
Whether you’re a Swiss or foreign Company, SME, Trading Business, you can open a bank account for your business and take advantage of Switzerland‘s favorable business climate.
Advantages of opening a Swiss corporate bank account for your business in Switzerland
Opening a corporate bank account for your business in Switzerland offer numerous advantages. Some of these advantages include the following:
- Stable banking system: Switzerland’s s well-established banks offer a range of financial services, which can give businesses peace of mind knowing that their money is in good hands.
- Reputation: the country is also known for being a safe haven for money, which can help build business’s credibility in the eyes of investors, customers, and suppliers.
- Access to financial services: Swiss banks provide a range of financial services, including currency exchange, investment management, and corporate lending. Opening a Swiss corporate bank account can provide businesses with access to these services.
- International business: the country is located in the heart of Europe and has excellent connections with the rest of the world. By opening a Swiss corporate bank account, it’ll be easier to do business internationally.
- Tax benefits: Switzerland provides several tax benefits to businesses, such as competitive corporate tax rates and double taxation agreements with numerous nations.
A guide to opening a corporate bank account in Switzerland
In order to open a corporate bank account in Switzerland, certain crucial documents need to be submitted. These include:
- Certificate of incorporation or articles of association
- Tax identification number
- Certificate of good standing and Certificate of incumbency that’s less than a year old may be required
- ID of the authorized individual opening the account and of all signatories on the account
- Passport, proof of address and the TIN (Tax Identification Number) of the ultimate beneficial owner (UBO)
It’s important to keep in mind that the bank may request additional information such as a business plan or other documents related to the company’s growth and development plans to evaluate the financial stability of the company.
How to open a bank account in Switzerland for a business: The process involved
If you’re looking to open a corporate bank account in Switzerland for your business, you’ll start the process by researching various banks to find the best fit for your needs.
Next, gather the necessary documents, which can vary from bank to bank. You can then fill out an application online or by mail, and deposit the required funds to open the account.
Once approved, you’ll have access to your new Swiss bank account.
Opening a corporate bank account as a non-resident in Switzerland
As a non-resident company owner, you can also open a Swiss corporate bank account in Switzerland. However, it’s worth noting that many banks will require a face-to-face meeting to comply with their legal obligations to verify customer identity.
If you can’t travel to Switzerland to get this done, Damalion experts will facilitate your Swiss bank account opening.
If you’re ready to take the first step towards opening a corporate bank account in Switzerland, contact Damalion today for expert guidance and support.