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Swiss Company Formation: From AG vs GmbH to the Canton Choice
With its non-EU status and dramatic variation in tax burden across cantons, Switzerland — properly structured — remains one of the most efficient low-tax jurisdictions in the world. This guide walks international founders through the decision between AG (Aktiengesellschaft) and GmbH (Gesellschaft mit beschränkter Haftung), the Zug vs Geneva canton comparison, the Handelsregister filing process, opening business banking at UBS/Raiffeisen/PostFinance, and the NeueAktiengesellschaftRecht reform that came into force on 1 January 2023.
Legal Form Comparison: AG, GmbH, Einzelfirma
| Form | Min. Capital | Paid-In | Notary | Anonymity | Typical Use |
|---|---|---|---|---|---|
| AG | CHF 100,000 | 50% (CHF 50,000) | Required | High | Holding, luxury, fintech |
| GmbH | CHF 20,000 | 100% | Required | Low (partners in HR) | SME, services |
| Einzelfirma | None | None | No | None | Freelance, micro |
| KlG/KmG | None | None | Optional | Limited | Family + partnership |
Practical guidance for international founders: if you expect annual turnover below CHF 1M, choose GmbH (low capital, fast formation, easier bank approval). If you plan to raise external investment, build a holding structure, or operate in regulated finance, choose AG.
Canton Selection: Zug vs Geneva vs Zürich vs Schwyz
The Swiss tax system has three layers: federal (flat 8.5% corporate), cantonal (variable 5-21%), municipal (cantonal × multiplier). Effective combined rates range from Zug 11.85% to Bern 21%. Low-tax cantons: Zug, Schwyz, Nidwalden, Lucerne, Obwalden. Zug is the global "Crypto Valley" with blockchain and fintech density; Geneva dominates commodity trading + private banking + luxury; Zürich runs general finance + insurance + tech; Basel is pharma (Roche + Novartis); Lugano is Italian-speaking finance.
| Canton | Effective Corporate Tax | Strong Sector | Bank Onboarding Difficulty |
|---|---|---|---|
| Zug | 11.85% | Crypto, holding, trading | Medium (UBS/Raiffeisen) |
| Schwyz | 11.85-13% | Funds, holding | Medium |
| Lucerne | 12.32% | General, tourism | Low |
| Zürich | 19.65% | Finance, tech, insurance | Medium-Low |
| Geneva | 14% | Commodity, private banking | High |
| Bern | 21% | Federal institutions | Low |
Handelsregister: The Cantonal Commercial Register
Switzerland has no central register — each canton runs its own Handelsregister (HR-Kanton Zug, HR-Kanton Zürich, etc.). The filing window is 6-8 business days, fees vary CHF 600-1,200 by canton. Documents needed: notarised Stiftungsurkunde (deed of formation), Statuten (articles of association), Bestätigung der Kapitaleinlage (capital deposit confirmation from blocked account), board appointment, auditor appointment for larger companies or formal opting-out for small GmbH.
Notarial Process and the 2023 Aktienrechtsreform
A Notar must sign the founding act for AG and GmbH. Notarial fees scale with capital (typically CHF 1,500-5,000). The Aktienrechtsreform effective 1 January 2023 introduced:
- Kapitalband — capital may move down to half or up to double without a shareholder meeting.
- Foreign currency capital — EUR, USD, GBP, JPY are now accepted as AG capital.
- Virtual shareholder meeting — fully online meetings are formally recognised.
- Gender quota — AGs with 100+ employees and CHF 30M+ revenue must target 30% women on boards.
- Transparency — additional reporting in the commodities sector.
Business Banking: UBS, Raiffeisen, PostFinance
Capital is deposited into a Sperrkonto (blocked account) BEFORE formation; once formation completes the account becomes operational. For international founders banking is the critical bottleneck:
| Bank | Foreign-Director Tolerance | Onboarding Time | Monthly Fee | e-Banking API |
|---|---|---|---|---|
| UBS | Medium | 4-8 weeks | CHF 25-45 | UBS API + SwissBanking |
| Raiffeisen | Low (regional bias) | 2-4 weeks | CHF 15-25 | Limited |
| PostFinance | Medium-High | 3-5 weeks | CHF 5-15 | Strong PostFinance API |
| ZKB | High (Zurich canton) | 3-5 weeks | CHF 20-35 | ZKB API + eBill |
MWST Registration and Social Security (AHV/IV/EO)
Annual turnover above CHF 100,000 triggers mandatory MWST registration with ESTV. Within 30 days of formation register with AHV/IV/EO; if you employ staff add BVG (occupational pension), UVG (accident insurance) and KTG (sick-day benefit). Employer-side contributions add roughly 15-22% on top of gross salary.
Zunapro Company Formation Service
The Zunapro Swiss formation package: canton + form advisory, notarial and Handelsregister process management (Zug/Zürich/Schwyz/Lucerne preferred), parallel bank applications with two banks, MWST + AHV registrations, virtual office (Rechtsadresse) + domicile, first-year accounting on Bexio or Abacus, and a revDSG compliance file. Formation timeline 4-8 weeks, price CHF 4,500 - 12,000 (capital excluded).