KYC Requirements for a Swiss Company
“KYC” is used as a catch-all term. In practice, it refers to specific document lists with a defined sequence. This article covers exactly what a Swiss bank or fiduciary requests, in what order, and what causes delays — so you can prepare a complete dossier before your first submission.
For the regulatory framework behind these requirements — AMLA, GwG, FINMA circulars — see the companion article: Swiss AML and KYC Requirements: The Regulatory Framework.
The Two KYC Moments for a Swiss Company
Company formation and bank account opening involve two separate KYC processes, conducted by different parties at different stages.
Formation KYC (fiduciary / notary): Conducted before or during incorporation. The notary and fiduciary must verify the identity of all shareholders and beneficial owners under the Anti-Money Laundering Act (AMLA). This is lighter than bank KYC — focused on who owns the company and confirming the source of share capital.
Bank account KYC: Conducted after commercial register entry, when the company applies to open its operational business account. Banks apply their own due diligence standards, which are more extensive than formation KYC. They assess not just who you are, but what your business does, where money comes from, and who your counterparties will be.
These two processes are sequential. The bank will not open an account before the company exists in the register. The notary will not file registration before the capital deposit is received. The order matters.
Document Checklist — Formation KYC (Notary / Fiduciary)
For each shareholder and each director, you will need:
- Valid passport or national ID — copy accepted; must be currently valid
- Proof of personal residential address — utility bill or bank statement, less than 3 months old, in your name, at your home address (any country)
- UBO declaration (Form A) — identifies the beneficial owner(s) of the company; required for all Swiss banks and notaries under AMLA
- Source of share capital statement — brief written explanation of where the share capital comes from (savings, business income, loan, investment proceeds)
- 3 company name choices — in order of preference; the notary or fiduciary checks ZEFIX availability
- Share distribution plan — percentage allocation among all shareholders
- One-page business description — what the company will do, in which markets, with which types of clients
If a shareholder is itself a company (corporate shareholder), the chain of ownership must be documented up to the natural person beneficial owner — articles of association, commercial register extract, and UBO declaration for the parent entity are typically required.
Document Checklist — Bank Account KYC
Standard Swiss Bank (UBS, Valiant)
In addition to all formation documents, a business bank account application at a standard Swiss bank requires:
- Commercial register extract — certified, dated within the last 3 months
- Specimen signatures — for all authorised signatories on the account
- Business plan or revenue projection — typically 12 months forward; the bank wants to understand expected revenue, main clients, and geography of transactions
- Description of expected transaction flows — countries involved, approximate monthly volumes, frequency, and type of counterparties (B2B, B2C, institutional)
- Source of wealth statement — personal, not just company-level; banks apply this to the beneficial owner(s), not only to the business
- Professional reference letter — required by some banks, particularly for non-resident founders without prior Swiss banking history
Digital and Neobank Options (Neon Business, Revolut Business CH)
Digital banks offer a lighter onboarding process — typically an app-based flow without a relationship manager. Requirements include commercial register extract, UBO declaration, and a description of business activity. The application is faster, but:
- Certain activity types are routinely declined: crypto, forex trading, offshore consulting without Swiss substance, high-cash businesses
- Transaction limits are lower than standard banks
- Digital banks do not participate in the capital deposit account process — they cannot be used for share capital deposit during formation
The Sequence That Determines Your Timeline
Each step depends on the previous one. Preparing everything in parallel and submitting in the right order eliminates the most common delays.
- Passport + proof of address ready → prerequisite for engaging the notary
- Business description + share plan confirmed → notary drafts articles of association
- Articles signed remotely → notary instructs UBS to open the capital deposit account
- Share capital transferred to deposit account → UBS issues the capital certificate (2–3 business days)
- Notary submits to commercial register → register entry confirmed — processing time depends on the authorities
- Commercial register extract available → business bank account application submitted
- Bank KYC review and account opening → 48 hours (UBS via notary partnership) to 4 weeks (standard application)
What Causes Delays — and How to Avoid Them
Expired or inconsistent ID documents. A passport expired even one day before submission results in immediate rejection. The name on your passport must match your address proof exactly — middle names, transliterations, and titles are common mismatch sources.
Vague source of funds statements. “Business income” is not sufficient. Banks want: what business, where, over what period. A two-paragraph explanation with approximate amounts reduces follow-up questions significantly.
High-risk activity classification. Crypto, forex, financial services, and holding companies without Swiss operational substance attract enhanced due diligence. This does not mean rejection — but it means a longer review, more documentation, and in some cases a face-to-face or video interview.
Shareholders from FATF grey-listed countries. FATF currently monitors a list of jurisdictions with strategic AML deficiencies. Shareholders with citizenship or residence in those jurisdictions will trigger additional checks. This is documented procedure, not discretionary.
Incomplete dossier on first submission. Submitting an incomplete file and then adding documents reactively extends timelines significantly. Prepare the full dossier before the first submission.
What VOZ and the Notary Handle vs What You Provide
| Step | VOZ / Notary / UBS handles | You provide |
|---|---|---|
| Company naming | ZEFIX name availability check | 3 name choices, in order of preference |
| Articles of association | Drafted by notary, sent by email | Review and sign remotely |
| Capital deposit account | UBS opens the account (notary coordination) | Transfer of share capital |
| Commercial register filing | Notary submits the réquisition d’inscription | Nothing after signing |
| Registered address in Switzerland | VOZ provides the legal domicile | Nothing |
| Swiss resident director (if needed) | VOZ provides the director service | Nothing, or appoint your own |
| Passport / national ID | Nothing — verified by notary | Valid copy for each shareholder + director |
| Personal proof of residential address | Nothing | Utility bill or bank statement <3 months, per person |
| UBO declaration | Form provided by notary or bank | Completed and signed by beneficial owner(s) |
| Business description / source of funds | Nothing | Written by you, submitted with the dossier |
Related: Swiss AML and KYC Requirements: The Regulatory Framework | How to Open a Swiss Bank Account for Your Company | Can a Foreigner Open a Swiss Company? | Non-Resident Swiss Company Formation | Swiss Banking Partnerships
Get Your Swiss Company Documentation Right from Day One
We prepare articles of association, beneficial ownership register, and UBO declarations to Swiss banking standards.
Frequently Asked Questions
Is KYC the same for a GmbH and an AG?
The document requirements are identical. Both structures require passport, proof of address, UBO declaration, and source of funds for all shareholders and directors. The difference in share capital (CHF 20,000 for GmbH vs CHF 100,000 for AG) affects the capital deposit step but not the identity verification documents.
How long does bank KYC typically take in Switzerland?
Via the UBS notary partnership: account opening typically within 48 hours of commercial register entry. For a standard bank application submitted independently: 1–4 weeks depending on the bank, the business activity, and whether the dossier is complete on first submission. Digital banks can be faster but have higher rejection rates for certain activity types.
Do I need to provide KYC documents in French, German, or Italian, or is English accepted?
Swiss notaries and banks routinely accept documents in English. Passports, utility bills, and bank statements in English are standard. If a document is in another language, a certified translation may be required — the notary or bank will advise if this applies.
What happens if my bank KYC is rejected?
Rejection is not permanent. A bank can refuse to open an account without giving a detailed reason. You can apply to another bank — each institution applies its own risk criteria independently. A clearer business description, stronger Swiss substance (resident director, Swiss clients, Swiss revenue), or a different bank category (cantonal bank vs private bank vs neobank) can change the outcome.
Does the VOZ address satisfy the “proof of Swiss address” requirement in company KYC?
For the company itself: yes. The VOZ registered address satisfies the commercial register’s domicile requirement and is accepted by banks as the company’s legal address in Switzerland when opening a business account.
For individual shareholders and directors: no. Banks and fiduciaries require personal proof of residential address — a utility bill or bank statement in the individual’s name at their personal home address. The VOZ company address cannot be used as a personal residential address for individual KYC purposes. Each shareholder and director must provide their own personal proof of address, which may be anywhere in the world.
