Switzerland is a unique jurisdiction when coming to regulatory regime for companies engaged in financial services provision.
Under Swiss law, companies providing financial intermediation and asset management services can be supervised by SRO (self-regulating organizations) that are registered with FINMA. Such companies are only supervised in respect to compliance with AML regulations.
According to Swiss federal law on combating money laundering and terrorist financing, AMLA, the following activities are categorized as financial intermediation (article 2, para. 3):
- carry out credit transactions (in particular in relation to consumer loans or mortgages, factoring, commercial financing or financial leasing);
- provide services related to payment transactions, in particular by carrying out electronic transfers on behalf of other persons, or who issue or manage means of payment such as credit cards and travellers' cheques;
- trade for their own account or for the account of others in banknotes and coins, money market instruments, foreign exchange, precious metals, commodities and securities (stocks and shares and value rights) as well as their derivatives;
- manage assets;
- make investments as investment advisers;
- hold securities on deposit or manage securities
In order to satisfy SRO regime, a company must be incorporated in a form of either GmBH (limited liability company) or AG (similar to public limited/joint stock company) with paid up capital of at least 20,000 CHF; have Swiss resident director and compliance officer in place, as well as legal domicile (serviced office).
We will fulfill mentioned requirements, as they are included in our service costs. Please kindly note that share capital is not included in our fees and should be paid directly to special capital contribution account opened in the name of company. After company incorporation share capital will be made freely available for further use.
We will use a fixed-fee model for this project. Our fee is 63,000 EUR and includes:
- incorporation of company in Switzerland
- provision of registered office address (1 year)
- provision of domicile (serviced office) (1 year)
- application for SRO membership, including SRO fees
- provision of Swiss resident director
- provision of compliance officer and prepayment for 12 work hours
- opening of account with EU financial institution
- preparation of AML/KYC policies
- all notarial, courier and other government fees