We have all considered the idea of setting up our own business, but have you ever thought to set up a business in a country other than your own? It can be a bit daunting thinking about opening a business in another country, as you don’t understand the business laws there and whether or not you would be protected or not. One such country that is proving to be popular to set up business in, is Switzerland and although it has fairly strict rules in relation to foreign workers moving to Switzerland, it has more favourable options open to those that want to start a new business there. There are some areas that you need to be aware of, like the Swiss legal system and the kinds of business that you can set up there.
How To Begin.
Before you even begin to start thinking about a business there, you need to think about whether or not your business idea will work there. You may think that it’s a good idea, but there might already be businesses in that particular sector of the market. Do your research and be sure to pick the right Swiss legal structure for that business. If you want to start a business in Switzerland, then you need to be a resident there or have a Swiss legal entity or partner like a husband or wife who is a resident.
What You Need.
Before setting up business in Switzerland, you need to ascertain if the people living there are going to buy your product or service. Figure out who will be your direct competitors and if there is enough room in the market for one more. You need to think about how you will protect your idea and intellectual property rights and will your product or service, bring something new to the market. The most important thing to consider is if you have the necessary finances to make a success of it.
What Business Structure.
What kid of business structure will you choose to use? Do you want to be a sole trader, be in a partnership or set up your own company? There are seven different types of companies to choose from when setting up business there and they are all very different. You have the sole trader, partnership, limited partnership, corporation, limited liability company, subsidiary and the branch. You must also keep proper books of accounts and keep all records for up to ten years. Swiss law states that you must do a statutory audit and depending on your threshold you may require an ordinary audit or a limited statutory examination.
Duration For Set Up And Costs.
After you have set up your business plan, your legal structure and provided your company name to the residence permits and financing office, you are able to launch your new company. The costs and timelines involved can be found out by looking up the details held by the World Bank. You must ensure that you pay the necessary and relevant Swiss taxes but you will avail of the many tax breaks offered there.
