Switzerland is one of the top European business destinations for investors. It comes with a stable political atmosphere and consistent economic growth. The government has also continually made policies enabling businesses to prosper.
While most European countries are known to restrict foreigners from starting businesses in their countries, Switzerland is an exception. All you need to start a business in the country is a work permit, which is also quite easy to obtain.
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Reasons to Start a Business in Switzerland
- Available Workforce
To grow your company, you need a continuous supply of well trained and motivated workforce. With one of the most developed education systems in the world, the country provides a constant flow of some of the best talents. The several world-class universities have produced brains leading the technological and other advancements in the world. Switzerland also has a high-level secondary education for talent acquisition from a young age.
The country is also a top destination for world talent due to competitive salaries, low taxes, and low unemployment rates. Partner with local businesses to hire a Swiss director of GmbH/Sàrl to help you manage the local unit.
- Available Market
Market remains the top factor for any business. Even though the population of Switzerland is quite smaller compared to other European countries, people have spending power. Most home-grown companies have grown due to their loyalty and liking for local products. Starting your business in the country allows you to tap into the market.
- Funding Options
Starting a business requires a lot of money. It gets work if its in a foreign land. However, when it comes to Switzerland, lacking enough money must not hinder your dreams. Several local investors are willing to partner with other foreign investors to set up businesses.
- Government Support
Starting a successful business in a foreign land requires government support. The government of Switzerland has made it easy for foreign investors to acquire work permits to run businesses. It also collects less tax that makes it a top destination for most foreign investors.
Steps to Opening Up a Business in Switzerland
Now that you understand why Switzerland is a top destination for investors, it is high time you realized how to go about opening the business.
- Research
Like any other place, you have to research before you set up a business in Switzerland. You have to establish the gaps in the market, your competition, and potential clients. This is also the point of coming up with your business name. Your business success depends on how much you research.
- Name Search
Once you are sure that your business is full proof, the next step is to register your business name. It is at this point where you determine the type of business you want to operate. You can run a sole proprietorship, general partnership, and limited partnership and limited liability company.
The commercial registry must approve your details. The process also requires you to include essential information like banking, insurance, and scope of work.
- Business Registration
Now that you have the business and know the type of business structure, you are running proceed to register the company. Ensure your submission meets all the Switzerland business registration provisions.
The registration involves filling an application form and providing all the necessary documents. You will enter your tax details, employees, and publications.
- Register for Tax
Any business generating income in Switzerland is subject to tax. You can only start operating once you have applied for the federal tax.
Working with Local Networks in Switzerland
While setting up a business in Switzerland sounds easy and straightforward, you can manage it by yourself. You need a partner who understands the local regulations, markets, and how to run the business. That is where business support comes in. Working with a partner gives you a soft landing. They come with experience in the formation, administration, and running of the businesses.
Some of the services of business support involve general administration where they handle accounting, tax administration, and declaration. The partner also comes in handy in hiring the human resource, work and residence permit application, and insurance management.
The digital space of Switzerland is also entirely enhanced, such that you need a local partner. The partner will provide all the digital services like developing a mobile app, cloud services, and secure online storage. They also ensure safe digital operations and data inheritance.
In Conclusion
If you are considering starting a business in any foreign country, then Switzerland is your best bet. To help you through the process, you need a local partner like Swiss Financial Company & Trust Ltd to help you with the preliminary stages of setting up. The partner sorts out your name and tax application and generally helps you learn the local culture and market. Besides, it is a government provision that you must have a Swiss as part of your board.
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