How to open a Swiss bank account

How do you choose and open your own Swiss bank account? This is the question that arises in the mind of anyone who is planning to develop his/her business in Switzerland. For a long time, Swiss stability and reliability, recognized by all foreign businessmen, has fostered a positive and fruitful environment in which the banking sector is able to develop rapidly. Accounts in Swiss banks are considered to be one of the most protected in the whole world because the privacy of clients is a priority for all the banks in this European country. This is the reason why the question of how to choose and open a new Swiss bank account is relevant for the owners of foreign and even Swiss businesses.

How to open a Swiss bank account: types of accounts

In Switzerland banks are offering a wide range of accounts and are providing all possible kinds of services for different types of clients. These services include general operations such as depositing money and more complex processes, such as financial analysis and due diligence.

You can choose a bank account in accordance with your purposes. The most popular are the following:

• Current account
• Savings account
• Custody account
• Special account
• Numbered account
• Special account for legal bodies

For Swiss residents, current accounts are helpful for daily personal financial management, but profit is comparable to that of bond markets. Moreover, savings accounts usually offer higher interest, but can't be used in many transactions. Nonresidents' questions over which new Swiss bank accounts to open may be answered by their need for new investment opportunities and a high level of privacy.

When answering queries about how to choose and open a new Swiss bank account, consultants from Goldblum and Partners will offer you several steps.

Before opening a new account, banks usually require:

• Personal information of the future depositor, including personal data: name, address, profession, date of birth and detailed contact information
• Passport-sized photo
• Financial documents (they depend on the profession and usually contain documents proving the funds' origin)

In order to apply for opening an account on behalf of a legal body, a client is to provide the bank with following:

• Copies of all essential documentation of your company
• One copy of the passports of all the shareholders
• One copy of the director's passport
• All required additional documents

The minimal deposit is 300,000 Swiss Francs. The opening procedure takes from between one day to one month (this depends on the sum and other circumstances).

Opening a new account is rather difficult for non-residents, however, foreigners residing in a country like Switzerland can navigate the process easily. Goldblum and Partners can provide full juridical and informational support concerning opening a new account.

Protecting confidentiality is a fundamental principle in Switzerland. Confidentiality protection between banks and depositors is similar to the confidentiality between lawyers and their clients. Each account is linked to a definite individual who can be identified. The vital importance of the Swiss banking sphere is significant for the state and for the global financial community. The financial climate therefore is stable and predictable, as Swiss financial management is conservative and prudent.