Offshore FinTech License in Switzerland

Offshore FinTech License in Switzerland

Switzerland is one of the lucrative financial grounds at a global level. With a strong background in finance and tech, the ground has been attracting numerous business investors to come forward and invest.

The nation has levelled up as one of the best offshore tax-haven as it provides numerous business establishment grounds to business investors and owners.

The ground holds a firm grip when it comes to the financial aspects, and thus, plays a significant role in uplifting the fintech industry.

Holding a fintech license comes with a lot of benefits that one can think of, and proceeding ahead with it turns out to be a great boon for business investors.

This guide will help you to understand the complete process that one needs to know before proceeding ahead with an offshore company formation in Switzerland.

What is the Swiss FinTech License?

The introduction of a Swiss FinTech License is a significant step imitated by the governed Authority (FINMA), to boost the financial scenario under the Banking Act (Article 1b), which allows the institutions to accept the public deposits of up to CHF 100 million.

This step was initiated to enable new business models when it comes to the fintech industry. The FinTech license holders hold the flexibility to accept deposits on commercial grounds, an activity that was initially limited to banks.

However, they are not obliged to pay interest on the deposits or investing them. This helps them to earn a higher amount of profit as compared to the banking institutions.

Pre-Requisites of Holding a FinTech License in Switzerland

Some of the features of a FinTech license are highlighted below:

  • The license holder is permitted to accept and hold for an unlimited period deposits
  • The maximum amount allowed on a commercial basis is CHF 100 million
  • License holders are prohibited from investing in deposits or paying interests
  • The company holding the license must be located in Switzerland
  • The company must hold one of the business structures:
    • A company limited by shares
    • Partnership company limited by shares
    • Limited liability company

How to Obtain a FinTech License in Switzerland?

As per the Swiss Financial Market Supervisory Authority (FINMA), absolute essentials are to be met accordingly to obtain the FinTech license.

  • A fully paid-up capital of CHF 300,000
  • A well-drafted business plan highlighting the capital adequacy and risk diversification
  • Submit the essential set of documents that includes:
    • Articles of Association (AOA)
    • Partnership Agreement
    • Geographical description of the business
  • Effective risk management with proper identification and monitoring of settlement
  • A well-built effective internal control system to perform the internal audit function
  • Must hold proper business conduct
  • A well-planned and straightforward anti-money laundering setup

Now, once the essentials are in place, the next steps that need to be followed are:

  1. Consult a business expert: Certified consultants like Business Setup Worldwide can help you to grab the license at ease
  2. Submit the essentials: You need to submit the required company documents to the business advisor
  3. Upon submission, the documents will undergo a verification process, which will be initiated by the governed Authority (FINMA)
  4. During the process, FINMA can request a licensing audit report from the applicant that needs to be met accordingly.
  5. Once verified and cleared, the dedicated business license will be issued accordingly.

Thus, you can see that the obtainment process turns out to be simple, but yet, it is complicated. One must be aware and well-versed with the rules stated by the governed authority to proceed ahead. To complete the process without any hindrance, it is recommended to proceed ahead with professional experts.

Why Avail Professional Services?

By proceeding ahead with business experts, the business owner holds the flexibility to avail the following benefits:

1. Highly Knowledgeable

Certified business experts are well-versed with the offshore company incorporation process and can help you to align the relevant processes properly. Starting from the company formation to obtaining a license and opening an offshore bank account, they can assist you in the complete process. Thus, seeking advice from them turns out to be beneficial for the business owners and investors.

2. A license can be Acquired at a Faster Pace

Professionals deal with license obtainment daily, and thus, they hold a good network with the government authorities, which helps them to grab the license at a faster pace. This might turn out to be an investor who is not well-equipped with the relevant process.

3. Legal Proceedings becomes Easy

Now, if you proceed alone towards obtaining a license or forming an offshore company, it might turn out to be difficult for you as you may not be aware of the legal proceedings that need to be met. On the other hand, if you outsource the relevant tasks to an external party, who is a pro, things will turn out to be more streamlined and can be completed within a short duration.

4. Less Burden

Now, as the points mentioned above get in place in a definite structure and in a definite time, your burden decreases to a great extent. This helps you to stay more focused and well-aligned with the forthcoming business moves.

Thus, you have seen that the decision to avail of professional services turns out to be a boon as you can utilize your time most productively. To get better clarity on this, read our latest blog on how an offshore business consultant can help you to start your business.

How Can We Help?

Business Setup Worldwide has been standing as one of the top business consultants in Dubai. Over the years, we have been helping many business minds to shape their business ideas into reality. Our business advisors are well-versed with the offshore incorporation proceedings and the relevant needs. With a team of experts, we take the initiative of understanding your business requirements and meet them accordingly by providing tailored solutions. If you are looking forward to grabbing an offshore fintech license in Switzerland, then feel free to have a word with our experts. Contact us today-we’d be glad to assist.

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