Open bank account in Switzerland

Switzerland is one of the most well-known, popular, and reliable jurisdictions for opening bank accounts and closing bank transactions. Opening a Swiss bank account already adds bonuses to business, mainly if the activity is conducted in several jurisdictions, including countries with high business standards. The flip side of the coin is the need to comply with the strict requirements of local legislation in terms of opening bank accounts and confirming the legality of the origin of funds that are spent through the account. Prinfinans lawyers have experience opening accounts in Swiss foreign banks and can help you through the opening procedure the easiest way.

Why is it profitable to open a bank account in Switzerland?

Despite the strict requirements for opening and maintenance, a bank account in Switzerland offers many benefits to owners, including:

• the stable and reliable banking system, but flexible banking standards, which are adapted to the needs of the business;
• the broadest range of banking services;
• developed network of correspondent banks;
• opportunity to simplify business, including on a global scale;
• high standards concerning banking secrecy;
• quick and easy to open a Swiss bank account;
• reliable protection of capital and personal savings;
• relatively low fees and commissions;
• prompt consideration of requests and making decisions after submission of documents for review;
• availability of remote bank account management options via Internet banking.

The benefits available for your business case may vary from bank to bank. Aotopay lawyers are ready to review the issue in detail and select the appropriate options for its objectives.

Questions to be answered

If you plan to open a bank account in Switzerland, you should answer at least the following questions:

• What are the business objectives that require the opening of a bank account in Switzerland?
• What type of bank account must be opened in Switzerland (checking, investment, or savings account)?
• Which banks could potentially meet your business or personal financial needs?
• What documents and data do the Swiss banks require before and after opening an account in the jurisdiction?
• How is the legitimacy of the origin of the funds to be deposited in the bank account confirmed?

This is an essential list of questions that need to be answered before opening a Swiss account. Aotopay lawyers are ready to provide all kinds of support in finding answers to these questions and to accompany the opening process in its entirety.

Opening a Swiss bank account nuances

Opening a Swiss foreign bank account entails high requirements for applicants who open an account and for the documents submitted for consideration. The specific list of data and documents for opening a foreign bank account depends on the selected bank. Of the available items that any Swiss banking institution requires, we note:

• passport and proof of residence address for individuals;
• documents confirming the registration status, constituent documents of the legal entity, as well as documents with specimen signatures of the officials who will be authorized to execute payment documents;
• documents confirming the funds' origin legitimacy to be placed on the bank account and information on types of activities;
• information on beneficiaries of legal entities.

It is important to note that the documents submitted for consideration must be properly executed, including notarization. An Apostille is sufficient on documents for individuals and legal entities, which are residents of countries that are signatories to the 1961 Hague Convention. Still, in other cases, consular legalization is required. Aotopay lawyers are ready to advise in detail on all possible nuances of opening an account in one of the banking institutions of Switzerland and help collect necessary data and documents, drawing them up correctly.

How Aotopay lawyers can help

Suppose you have set yourself the task of opening an account in a Swiss bank. In that case, the Aotopay lawyers are ready to advise in detail on the options for opening an account for your business project and select options within which the chances of success will be the maximum. The lawyers are prepared to take on some activities, including:

• analyze in detail the background of the business case;
• collect the necessary information to open a foreign bank account;
• consider the options for opening an account and shortlist 2-3 banks that can best meet the business needs of the project;
• collect information as well as the documents required to open an account;
• Accompany the process of negotiations with local government agencies as well as bank officials;
• Provide legal assistance in solving possible problematic situations that may arise and be associated with the operations of the account;
• monitor compliance with local legislation, including anti-money laundering and combating the financing of terrorism.

Aotopay lawyers will provide other advice and suggestions for opening and operating a Swiss foreign bank account. Provide introductions for individual recommendations on the issue.