“All truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident.”
– Arthur Schopenhauer (1788-1860)
Switzerland is hosting one of the most vibrant fintech communities in the world. The startup community in the Crypto Valley of Zug has the support of both the government and the Swiss National Bank and works hand in hand with the more established financial market participants to provide cutting-edge digital services based on Blockchain technology. The government has designed a tailor-made law regulating this promising industry and has introduced a so-called fintech license to help along with further innovation on digital ledger technology. Under the new law, which was adopted in 2019, licensed fintech companies can receive deposits of as much as 100 million Swiss francs to grow their business and develop their services. The license helps companies to directly interact with the central bank and take part in the Swiss Interbank Clearance system (SIC).
Legal Entities and Taxation
Digitalisation is a major challenge for companies across the world. The Organisation for Economic Co-operation and Development (OECD) in 2019 took the lead to develop an action plan to tackle the taxation-related challenges emerging from the digitalisation of our economy. The OECD is looking to find global support for a tax system that defines where a company should pay its taxes irrespective of where a business is based. Switzerland is an active participant in the deliberations and has pursued its objective of finding a consensual and mutually acceptable solution. The Swiss government doesn’t however plan to introduce a digital tax or similar interim solution as has been proposed by the EU. It seeks to actively defend the interests of corporate Switzerland in the ongoing international negotiations about a new tax regime.
Company Constitution and Legal Requirements
At Constance Grimaud SA, we have the expertise to assist entrepreneurs from the new and exciting fintech industry set up corporate structures and fulfil their legal and administrative requirements. Our experts are dedicated to providing entrepreneurs with tailor-made solutions for their startup companies.
We are keeping abreast of the developments on the global stage in regard to taxation and legal requirements in the digital age. Based on our expertise in legal and tax matters, we find solutions that fit the individual requirements our corporate clients.
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