KYC Requirements for a Swiss Company

KYC Requirements for a Swiss Company: Everything You Need to Know

Know Your Customer checks are an unavoidable reality for every Swiss company. Whether you are forming a GmbH, opening a bank account, engaging a fiduciary, or signing a domiciliation agreement, you will be asked to provide identity documentation, prove your source of funds, and explain your business model. Switzerland’s AML framework is one of the most rigorous in the world. Swiss law makes financial intermediaries personally liable if they fail to conduct adequate due diligence.

This guide explains exactly what Swiss KYC involves, why it matters, what documents you will need to prepare, and how to make the process as smooth as possible.

The Legal Framework: Why KYC Is Mandatory in Switzerland

Swiss KYC requirements are grounded in the Federal Act on Combating Money Laundering and Terrorist Financing, first enacted in 1998 and regularly updated. The AMLA requires all financial intermediaries, a broad category that includes banks, fiduciaries, lawyers, notaries, and anyone providing professional domiciliation services, to conduct due diligence on their clients.

The due diligence requirements are tiered based on risk. Standard clients require basic identity verification. Clients with higher risk profiles including politically exposed persons, clients from high-risk countries, and unusual business models require enhanced due diligence. The criteria are set in FINMA’s Anti-Money Laundering Ordinance.

Since 2023, Switzerland has further aligned its framework with FATF Recommendation 24 on beneficial ownership transparency. Swiss companies must now file their beneficial ownership data with the Handelsregister in more detail, and professional intermediaries must maintain updated UBO records.

Who Qualifies as a Beneficial Owner?

Under Swiss law, a beneficial owner is the natural person who ultimately owns or controls a company. Swiss KYC rules require identifying any natural person who:

• Directly or indirectly owns 25% or more of the company’s share capital or voting rights
• Exercises equivalent control through contractual arrangements or board control
• Is the controlling person if no individual meets the 25% threshold

UBO in Holding Structures

When a Swiss company is owned by a foreign holding company, common in Swiss holding structures, the KYC obligation runs through the chain to the ultimate natural person at the top. A Swiss bank or fiduciary cannot accept a BVI company as the shareholder as a final answer. They need to know who owns that company, and who owns the layer above that, until they reach natural persons.

Documents Required for Swiss Company KYC

For Individual Beneficial Owners

• Certified passport copy: A notarised or fiduciary-certified copy of your passport, dated within 3 months
• Proof of residence: A utility bill, bank statement, or official registration document showing your current home address, dated within 3 months
• Source of wealth declaration: A written explanation of how the funds being contributed to the Swiss company were earned. Supporting documents such as tax returns, payslips, or sale agreements strengthen the declaration.
• Source of funds declaration: For large capital contributions or specific high-value transactions, a declaration specific to those funds is required.

For the Swiss Company

• Handelsregisterauszug, certified and dated within 3 months, for existing companies
• Articles of association, certified copy
• Shareholder list
• Business description: nature of activities, client profile, revenue model
• Expected account or service usage: transaction volumes, currencies, counterparty countries
• Last 2 years of audited financial statements for established companies

Enhanced Due Diligence Documents for High-Risk Profiles

• PEP declaration confirming whether any UBO or key person is a Politically Exposed Person
• Criminal record certificate from your country of residence
• Detailed source of wealth substantiation
• Business plan or investor pitch deck
• Reference letters from regulated financial institutions

The KYC Process at Different Stages

Practical Tips for Passing Swiss KYC Checks

1. Prepare a professional KYC package upfront. A well-organised folder with all certified documents and a clear source of funds letter will impress Swiss intermediaries.
2. Use a fiduciary as your intermediary. A licensed Swiss fiduciary who already knows you can pre-validate your KYC before submitting to banks.
3. Be honest and complete. Swiss compliance officers are trained to detect inconsistencies. Providing accurate, complete information is always better than trying to simplify in ways that create discrepancies.
4. Explain unusual structures proactively. If you have a multi-layer holding structure, address it upfront with a clear ownership diagram.
5. Keep documents current. Swiss KYC certification dates matter. Documents older than 3 months are typically rejected.

VOZ prepares professional KYC packages for our domiciliation clients as part of the PROFESSIONAL and CORPORATE plans. This includes a certified document checklist, fiduciary certification, and introduction letters to Swiss banks.

Frequently Asked Questions