As an entrepreneur and a business-minded person, location is vital when setting up any business. Switzerland stands out as a strategic business destination for its many favorable factors such as low taxes, transparency that does not accord for corruption, etc.
However, to maximize more on profits in any business, professionalism is necessary.
Basics of starting a business
- Business plan; This is a vital requirement that gives you a sense of direction and focus. There is a range of opportunities available in business that you can venture into, but in all of them, a business plan is required.
- Capital; Different businesses require different capital to start and keep the business running smoothly. As stipulated in the Switzerland constitution of article 718 Swiss Code of Obligation, a business must have a minimum capital requirement. For example, a Limited Liability Company must have a minimum paid-up capital of CHF 20,000.
The types of business ventures include SMEs (sole proprietorship), SA (Limited companies), SARL (Limited Liability Companies), and others.
The creation and administrative structure
Before commencement of the business, it is recommendable to get professional expertise from a renowned team, like the Swiss Financial Company & Trust Ltd. They will handle all the legal processes required by the law—for instance, getting the work permit, the residential permit, and the Swiss resident director (fiscal representation) when you are a foreign investor or entrepreneur.
In Switzerland, the rules apply uniformly to both local and foreign investors. However, a foreign investor must first have a valid C permit from a third-party Country, a spouse to the C permit holder, or a spouse to a Swiss resident and a renewable B permit.
All businesses also require at least one nominee from the board of directors to be from Swiss residents. The board appoints the resident director/Swiss resident director to act as the shield of the business shareholders and directors, and finding the right person for this post is vital. If wrongly and carelessly assigned, the amount of responsibilities and power that comes with the position jeopardizes the company. Such roles include;
- He/she acts in the best interests of the company
- He/she is representative of the company before third parties like banks
- In charge of all administrative and accounting functions of the company
Some of the essential administrative duties include;
- Handle all matters that deal with payroll.
- Proper documentation of all business files.
- The managing of work and residence permits.
- Preparing the general meetings and recording minutes.
A well-structured and organized business setup requires a good accounting system. The positions shoulder significant responsibilities that are key to business stability. They include;
- Managing of accounts.
- Declaration of the VAT.
- Taxation policies in business in regards to Switzerland laws.
- Oversee the preparation of the annual financial statement to be submitted to the Swiss authority.
The above responsibilities trigger business success. Nevertheless, you have the Swiss Financial Company & Trust Ltd. to walk with you throughout your business journey and make your dreams a reality of success. Having a professional working team makes your life in business much easier. They go through all legal matters, work diligently and professionally, and offer accurate and proper accounting. Reach out to them and scale up your business to the next level with a great profession.
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