Do you want to start a company in Switzerland? Then, you’ll need to familiarize yourself with relevant laws and regulations. One important piece of legislation you need to be aware of specifies that any company in Switzerland must have at least one person who’s a resident. So, unless one of your business partners is a Swiss resident, the only other way to be in compliance with this law is by engaging Swiss nominee director services.
This legislation places a barrier to foreign entrepreneurs wanting to set up shop in Switzerland, but that does not mean you need to give up on your venture. You have the option of hiring a fiduciary company that works with trustworthy, professional, and skillful trustees.
The trustees should meet the legal criteria of being a resident in Switzerland. Further, they should have high professional qualification standards to assume the role of the Swiss nominee director. The local Swiss director plays the role of a trustee on a fiduciary basis in your firm. They follow your instructions to protect the interests of the company and those of its shareholders.
The following are the primary roles of Swiss nominee director services:
Management and Administration of Your Firm
The local nominee directors are responsible for bookkeeping. They ensure the firm is compliant with tax declarations and employees reporting obligations in Switzerland. The duties of directors also include the following:
- Offering legal services
- Accounting and auditing
- Taxes, statements, and advice
- Human resource management
- Recording and keeping minutes
- Preparing for annual general meetings
- Negotiating with creditors
- Maintaining a register of shareholders
Winding Up Your Company
Like all other good things, your company might come to an end at some point. The reasons for winding up will vary, including completion of your mission, among other factors.
At this point, you need a local nominee director to protect the interests of your shareholders. They’ll do this by supervising the winding-up procedures of your company.
Winding up a company isn’t an easy task. It requires a regulated process that needs to be followed. As such, you need someone who knows the legal, tax, and accounting details in this exercise. For instance, when liquidating assets, the director ensures compliance cancellation formalities by a tax registry.
Outsourcing this service to local directors saves you time and money. It ensures the exercise is done professionally in an efficient manner.
Opening and Managing Bank Accounts
Are you planning to incorporate a company in Switzerland? Then, you’ll have to open a bank account in the country.
Switzerland is known for its legal stability and top-quality banking system. All this is evident in the discreet banking services and access to high-performance fiscal products and payment conditions.
But how you do go about choosing the right bank? If you’re new to the country, and don’t know the different banks and their reputations, it might take you time to understand the ideal bank product for your company. Don’t let this hamper the operations of your firm.
Engaging a local director service can help you make the right decisions regarding banking. As managers and administrators, they have experience in the industry. Further, they have a vibrant network of different banks in the country. They’ll use this to introduce you to a financial institution whose mission matches the goals and needs of your company. Seize the opportunity to grow and expand your firm.
Representation Before Creditors and Authorities
Incorporating a company is one thing, but making it successful is another. For the latter to happen, you need to engage other stakeholders in the market. These include government authorities, financial institutions, and other lenders.
Once your company becomes operational, it’ll interact with Swiss bodies at the communal, cantonal, and federal levels. You’ll need the best representation here. But don’t worry, your Swiss nominee director should sort out these issues. As experts, they have in-depth knowledge and expertise on the economy and administrative fabric. They’ll use this experience when representing your business before banks and tax authorities.
As a company, your business is an entity capable of suing or being sued. If this happens, your directors should mount a strong case or defense to help you win.
In all these interactions, the nominee directors should offer a sound and efficient representation of your company. That’s the only way to promote the interests of your company and its shareholders.
Conclusion
Do you want to start a company or open a subsidiary branch in Switzerland? The law requires you to have at least one director with signatory powers residing in Switzerland.
Hiring such an expert can be challenging. A Swiss nominee director service can help you to fulfill the legal requirement and professionally manage your assets.
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