swiss banking for international business

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  • SWISS BANKING FOR

    INTERNATIONAL BUSINESS

  • Changed regulatory environment

    Automatic Exchange of Information (AEOI) beginning in September 2018 in Switzerland, based on data collection in 2017 (banks are subject to AEOI, bilateral agreement between Switzerland and Russia not signed yet)

    OECD Council accepted the Common reporting Standard (CRS) in 2014, 118 countries have committed

    FATF Standards - definition of controlling person, guidance on transparency and beneficial ownership

    Improving Global AML/CFT Compliance: on-going process

    New legislations regarding offshore entities in several countries, for example Controlled foreign company (CFC) rules including Voluntary Disclosure Programme (VDP) in Russia

    Currency Control rules in some countries (e.g. Russia, etc.) become more controlled using AEOI

  • Switzerland competitive advantages

    Stable, consensus-based, governance system designed to cultivate direct democracy

    Peaceful, prosperous and modern market economy with a per capita GDP among the highest in the world, stable currency and low inflation, Monetary Policy and Interest Rate Stability

    Internationally recognized standards of law

    Data security and stability of the infrastructure

    First-class, innovative and sustainable ICT (Information and Communication Technology)

    High quality of life that attracts qualified professionals

    Internationally known favourable tax environment

    New companies, especially if active in the field of innovative technologies, are supported at both the federal and the cantonal levels through a vast number of available incentives and subsidies

  • Main competences of SwissbankingPrivacy & Legal Security - legal protection and confidentiality is provided through federal laws and regulations for the clients of Swiss banks (Bank Confidentiality remains on the same level. Exchange of the tax related data beginning in September 2018, based on data collection in 2017. Protection of financial privacy of law-abiding customers will continue to be ensured)

    Technical Innovation & Efficiency in banking operations and managing corporate and individual assets using the most modern methods of information processing and communication systems

    Reliability - social political and financial stability along with sustainability of fundamental banking principles

    Professionalism - multilingual staff permanently trained in order to meet requirements of the comprehensive and demanding system of Swiss Banking standard

    Networking - access to the global capital markets, financial and industry professionals, and service providers

  • Main obstacles for corporate accounts

    Primarily private banking orientation of nearly all Swissbanks

    Corporate banking usually is offered from top big banks only (UBS, CS) and cantonal banks

    Banks prefer banking with Swiss companies, Swiss Ultimate Beneficial Owner (UBO) and Swiss Source of Wealth for equity and debt capital

    Banks expects assets for Wealth Management purposes beginning from CHF 1-5 m (case by case) or equivalent in other currencies for non-Swiss companies

    The volume of Assets under Management is not a key criteria for the banks but proper due diligence, clear picture about source of wealth and final UBO (physical person) according to the FATF standards

    Even Swiss companies with an EU shareholder and/or UBO have difficulties opening corporate accounts at Swissbanks

    Usually High transactional and administrational costs for accounts of non-Swiss companies are applicable

  • Tailor-made solutions

    There are only few banks who may and are willing, under particular circumstances offer corporate banking for international corporate clients without expectations of assets for Wealth Management

    Due diligence and compliance should be prepared according to regulatory framework

    Account opening process needs to be moderated corresponding to the compliance expertise by sophisticated experienced professionals

  • Corporate account at a Swissbank

    Full transparency about Ultimate

    Beneficial Owner (UBO) of both company and

    expected assets according to the FATF standards

    Swiss entities, foreign entities from non black

    listed jurisdictions with actual

    package of correct corporate

    documents

    Right choice of the right bank(s) for specific needs &

    and approved contacts

    (people make the difference)

    Tax and legal advice from proven international and

    local experts ensuring legal and

    compliant structuring

    Business plan and cash flow forecast including detailed information about senders, receivers

    and economic reason of expected

    flows

    SOPHISTICATED DUE DILIGENCE IS THE KEY

  • Your trusted partner in Switzerland

    Gouzel Moussina

    VIRTUE AG

    www.virtue.ch

    gouzel.moussina@virtue.ch

    + 41 41 500 16 10

    + 41 79 794 82 80

    http://www.virtue.ch/mailto:gouzel.moussina@virtue.ch

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