Starting a Business in Switzerland
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Why Start A Business In Switzerland?
The Swiss economic policy is based on the principle of free trade and industry guaranteed by the Federal Constitution, with low import duties and only a few import quotas, which are mainly restricted to the heavily regulated agricultural sector. Switzerland has virtually no natural resources and only a limited surface area. It has therefore, been forced to build its wealth on foreign trade. Compared to other countries, Switzerland maintains a very high export rate in terms of percentage of its gross domestic product. Due to its relatively small domestic market - with a total population of approximately 8.5 million - Swiss manufacturers depend on foreign markets in order to make investments in research and development worthwhile.
Due to its geographic location, the German-speaking, French and Italian cultures meet in Switzerland. The diversity of cultures, languages, religions and the large number of foreign residents, especially in the financial centres of Zurich and Geneva, usually serve as an incentive for foreign companies and international organisations to establish a domicile in Switzerland.
What is the population?
The population of Switzerland is approximately 8.5 million
A stable, modern economy - one of the most capitalist economies in the world - welcome anyone setting up a business in Switzerland. It has the 2nd highest European rating after Ireland in the Index of Economic Freedom (2008). The World Economic Forum's Global Competitiveness Report currently ranks Switzerland's economy as the second most competitive in the world. Switzerland has overwhelmingly private sector economy and low tax rates by Western standards, in fact, overall taxation is one of the smallest of all developed countries.
Switzerland's most important industries are Chemicals, health and pharmaceutical, Measuring instruments, Musical instruments, real estate, banking, insurance, tourism, and international organizations.
Switzerland's main exports are machinery, chemicals, metals, watches, agricultural products, and services. The largest exported goods are chemicals (34%), machines/electronics (20.9%), and instruments/watches (16.9%). Exported services amount to a third of exported goods. The main export partners are Germany (21.9%), Italy (8.4%), France (8.3%), US (8.3%), UK (5.2%) and Austria (4.4%). The country's main imports are machinery, chemicals, vehicles, agricultural products, metals, and textiles. The main import partners are Germany (28.3%), Italy (10.4%), US (9.6%), France (8%), Belgium (4.2%) and the UK (4%).
Switzerland, although politically neutral, has strong ties with the EU through bilateral agreements. Internally, Swiss policy is conducted through a system of national referendums, and the country is divided into 26 cantons which have a high degree of independence in terms of policy and law-making.
What are the essentials to know?
In Switzerland a company can be established in the form of a corporation or a limited liability company. A company does not need a license to do business in Switzerland, except in circumstances where the business is subject to licensing requirements.
The shareholders of a Swiss company do not need to be Swiss citizens or Swiss companies.
Business Hours - Business hours are 8:00-12:00 and 14:00-17:00, Monday to Friday.
Working Hours - The maximum legal working hours is 45 hours per week.
Minimum Wage in Switzerland - There is no statutory minimum wage in place in Switzerland, however, some general labour agreements stipulate minimum wages for certain sectors.
Holiday's - Holiday leave is usually 4 weeks for employees aged over 20.
- The handshake is the customary form of greeting with every person that you meet
- Swiss society is very formal and people tend to address each other by their surname
- Romansch is spoken by 1% of the population in the eastern part of the country and Swiss-German is spoken in all the German-speaking cantons
- The Swiss are known for getting the best possible deal in negotiations through quiet self-confidence and a no-nonsense approach, avoiding hard-selling and high- pressure tactics
- Businesspeople are expected to wear suits
- Business cards are given out at every business meeting
The following overseas contacts will provide you with very useful information about setting up a business in Switzerland:
British Embassy, Berne
CH - 3005 Berne
Tel: +41 31 359 7700
Fax: +41 31 359 7701
British Consulate General
Trade & Investment Section
Avenue Louis Casa 58
P.O. Box 6 1216
Tel: +41 22 918 2478
Fax: +41 22 918 2322
Organisations that can assist with Starting a Business
Welcome to BSC & Associates We are specialists in the provision of high-quality shelf company solutions, possessing a diverse portfolio of companies with a wide range of age, from 1 up to 20 years old!
Specialists in Swiss Company Formation and Administration
PEO Worldwide is an international PEO offering employer of record, payroll, employee benefits management, HR and compliance services throughout the world.
Simplified Global Payroll Managing payroll in multiple countries is complicated with different systems, deadlines, and languages in each country, lack of reporting, and constantly changing laws and regulations. Trying to manage global payroll via fax and email with excel spreadsheets leads to data security issues, fines, and penalties for non-compliance. Blue Marble has solved global payroll challenges with cloud-based technology, customized aggregated monthly reporting, and a hybrid service model in 145+ countries around the world.
GTP cross cultural trainings and intercultural workshops help global companies in improving their communication, efficiency and profitability when doing business across cultures.
Sovereign offers a range of advisory and support services to assist companies of all sizes to establish successful business operations in foreign markets.