How to open an account in Switzerland?
Opening an account in a Swiss bank is possible for both for a residents and non-residents of Switzerland. The difference lies in the complexity of the background checks that a particular Swiss bank conducts before opening an account for an individual.
If you are going to open a Swiss bank account for an individual, you should be prepared for a variety of questions that will relate to the details of the source of origin of your funds, especially if you do not reside in Switzerland.
Before opening a Swiss bank account for a non-resident, the bank compliance service checks all information provided by such a non-resident for compliance with the rules of local banking legislation.
VigoLex team is ready to help you in this matter, suggest how to open a Swiss bank account for a Ukrainian citizen and explain other features of how to open a Swiss bank account in 2021.
Corporate or personal account: what’s the difference?
Prior opening an account in a Swiss bank, you need to decide for what purpose you need such an account – for personal purposes (for example, keeping savings) or for conducting business.
If you need an account for personal purposes, you should open a personal account in Switzerland: this is an individual’s account in a Swiss bank, which enables its owner to manage personal funds.
If you need a bank account for conducting business, then we are talking about a corporate account. You can open a corporate account in Switzerland on the name of a company, such an account can be used for conducting business activities.
In any case, before deciding whether to open a corporate account in Switzerland or not, VigoLex recommends that you consult with lawyers about this.
Also, you should be prepared for the fact that in order to open an account in a Swiss bank, a citizen of Ukraine will most likely need to make a personal visit to Switzerland to meet with the bank representatives. At the same time, all the details of this process, including a personal meeting with a bank representative, must be planned in advance.
Documents for an account opening
Depending on a particular bank, in order to open an account in a Swiss bank for a citizen of Ukraine, different banks may require a different list of documents/information. Basically, the documents required in order to open a Swiss bank account for an individual are as follows:
- international passport;
- proof of residence address – this can be a copy of the page with the registration of the internal passport or a certificate from a governmental institution confirming the residence address;
- proof of the legality of the funds’ origin;
- a reference from 1-2 banks (preferably from EU).
- application for opening an account.
The bank does not fully check the information in the document, but only confirms the fact of its authenticity.
Before opening an account in Switzerland for a company, the bank may require you to provide the following information:
- documents proving the account beneficiary’s identity;
- copies of the constituent documents of the company;
- documents confirming that the company has an officially registered legal address;
- if there are the requirements for obtaining permits/licenses for the conduct of the company activities – copies of such licenses or permits;
- power of attorney – if a representative acts on behalf of a legal entity when opening a bank account.
If you need to open a Swiss bank account for an individual or a company, VigoLex recommends that you entrust the process of collecting and preparing the necessary documentation to specialists.
List of banks
Before opening a Swiss bank account in 2021, it is very important to choose a bank that has the most loyal approach to the account opening requirements. When opening a bank account in Switzerland, you can use the services of the following banks:
- CIM Banque;
- Credit Suisse;
- AP Anlage & Privatbank;
- PKB Privatbank;
- EFG Bank AG;
- VP Bank;
- Julius Baer.
When opening an account, VigoLex advises to pay attention to the complexity and the duration of the beneficiary’s verification procedure, which will be carried out before opening a Swiss bank account for a non-resident. This is due to the fact that for some time now Swiss banks have been playing the role of regulatory authorities that check the legality of the funds origin of each potential bank client, so, they conduct an especially thorough KYC check. Therefore, one should be not only morally, but also documentary ready to explain the legality of the origin of every penny.
One more thing. Do not be surprised that you will have to pay for opening a deposit account. That is, in Switzerland, it is possible that the client does not receive an interest from the bank for the fact that the money is on the deposit and the bank can use it, but on the contrary – the client pays for the fact that his or her money is in a Swiss bank.
Open an account quickly and easily with VigoLex
The specialists of VigoLex team have extensive experience in opening bank accounts for individuals and companies in different jurisdictions, including Switzerland, and help clients open a Swiss bank account from Ukraine.
Our specialists will explain to you and help you understand how to open an account in a Swiss bank for a Ukrainian, what is the procedure for opening an account, they will advise you on what is the most optimal course of action in order to open an account in a Swiss bank in Ukraine and will advise you on the cost and the approximate terms of such a service.