Foreign companies appear to have an increasing interest in setting up their business in Switzerland. From regulatory licenses to pertinent collaborations, the bandwidth is wide when it comes to challenges that need to be approached proficiently.
First of all, the business model needs to be identified, and based on that the respective License Type needs to be selected. It is crucial that the client defines the relevant target markets as well as target clients, so that a focused and plausible business model can be introduced to FINMA.
Before the actual licensing process can be started, certain crucial points need to be addressed:
1 - Selection of a custodian bank. It is from the utmost importance to find the right business partner (e.g. due to cost structure);
2 - Hiring of talent with the required know-how and experience. It can be difficult to find suitable talent within a short timeframe if required;
3 - Selection of appropriate service providers such as IT, Risk & Compliance and more. It is crucial to have fitting outsourcing partners which match the setup as well as the culture of the applicant;
4 - Paperwork and Documentation. Numerous forms and documents must be submitted to FINMA, and the creation and obtention of such documents can be time-consuming and should not be underestimated.
In summary, delicate issues need to be addressed in an adequate way in order to facilitate the setup in this demanding, yet charming country.
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