Which Swiss Bank Is Best For Foreigners part 2 – Cost of Opening a Bank Account

Which Swiss Bank Is Best For Foreigners part 2 – Part one is here.

The Cost of Opening a Swiss Bank Account

As a foreigner wishing to open a bank account in Switzerland, you must get properly introduced. This initial introduction can be done by an agent who will act on your behalf at all future visits with your bank of choice. The standard introduction fee for this service is approximately $1,000.

The Swiss currency is the Swiss Franc (CHF). The currency code for CHF is CHF, and the currency symbol is ƒ or Fr or SFr. Exchange rates are available online through various websites. The minimum opening account balance for a domestic or foreign private individual in Switzerland is 10,000 Swiss francs.

The maximum amount of money that can be kept in a Swiss bank account belonging to a single customer is 500,000 Swiss francs. Customers with a negative balance or who have not traded for five years will be charged an annual fee until the account balance is positive again.

Setting Up a Business in Switzerland (Foreigner)

For foreigners looking to set up a business in Switzerland, some essential steps need to be taken before setting up your company. These processes should be done in the right order and should not be skipped over – otherwise, you risk losing many days or weeks of effort and frustration.

Find the Right Business

Finding the right business in Switzerland shouldn’t be taken lightly. Make sure you know about all the ins and outs of different industries before settling on one that will interest you – you’ll save money in the long run if you do, rather than finding out after setting up your company that it’s not right for you.

Most importantly, make sure that the business you find is one that you are fully knowledgeable about. It’s best to go into a business with extensive knowledge and experience in the field, making it much easier for you to understand suppliers and customers.

Ensure You Have the Right Documents

When you make an application to register your Swiss company, it will be necessary to provide documentation (i.e., authentic copies) of all the information requested on the form, as well as any additional information required by the Commercial Registry Office’s assessment of your application.

As such, you must have these documents together before even applying for a business permit; otherwise, you may miss out on registering your company, and this could be disastrous.

If any of the documents required for your application are not written in German, French or Italian, you’ll need to get them translated by a professional translator before submitting them; otherwise, they may be rejected.

The same goes for letters and official forms from companies that do not use these three languages – even if you don’t speak these three languages, you’ll need to get them translated.

Ensure You Have a Good Business Plan

A business plan is a written document that sets out your business’s mission statement, its goals, the methods it will use to achieve these goals, and its forecasts for success or failure in meeting these targets.

All companies – even established ones – should have a business plan as it provides direction and motivation, as well as ways to measure the effectiveness of your strategies. The quality and detail of your business plan will depend on the type and size of the company you set up, but you must take time to write a thorough and detailed one regardless.

Ensure You Have the Right Company Structure

When setting up a business in Switzerland, you need to make sure that it is structured in the right way. The law will state whether your company should have a corporate or sole trader structure – if one of these structures fits your needs better than the other, you should use this accordingly.

Conclusion

Which Swiss bank is best for foreigners? This question is often asked by foreigners looking into opening an account in Switzerland. As discussed above, the Swiss financial market is very stable, and the Swiss franc has long been seen by many as a haven currency. Nonetheless, refer to this guide to know more.