Key takeaways of this article:

• Switzerland remains one of the most attractive banking places globally
• The complexity of opening a banking relationship has increased in recent years
• Choosing the right bank for your endeavor and appropriate documentation is crucial

Opening a numbered bank account in Switzerland within minutes used to be a popular theme in movies for decades. However, those days are clearly over.

Still, many worldwide continue to prefer Switzerland and its financial services sector for their business and personal matters. Not only the political and economic stability of Switzerland but also the world-class expertise in the financial sector are often decisive factors when it comes to choosing a banking place. With its over 270 banks Switzerland is a global wealth management leader.

This short article will outlay what is essential and why an adequately set up bank account can be a necessary foundation for both business and private. And why working with a partner like Dr. J. Bollag & Cie. AG can make life easier and less costly.

Every bank appears nicer than the previous one – or is it?
Despite rounds or consolidations, Switzerland still prides itself on its sprawling banking sector. One can spend days reading through fancy websites and glitzy brochures, only to emerge none the wiser. So should one choose the big international brand name, or rather the small, personal, and (hopefully) nimble regional bank?

Most institutions will welcome you to an initial discussion with open arms and pamper you with impressive offices and the occasional drink. And then, with the account opening forms filed, things come to a grinding halt. The friendly client relations executive is replaced by the compliance officer, who repeatedly appears with additional documentation requests.

Opening a Swiss bank account – done right
The above happens more often than expected. And it is the reason Dr. J. Bollag & Cie. AG has been successfully establishing banking relationships for businesses and private individuals for decades, despite all the talk of online account openings in minutes.

Over the decades, our firm has worked with numerous Swiss banks on various transactions and established deep personal relationships. While the latter will not move mountains, we have, over the years, accumulated valuable insights into who to partner with for what endeavour. For example, some institutions are happy to provide excellent individual service but struggle to be a competent partner in commercial banking capabilities. And vice versa.

We know what type of documentation (such as the level of detail of a business plan) submitted in what sequence will lead to the smoothest banking relationship. And the sheer volume of business we bring to banks puts us in a solid position to negotiate attractive terms on behalf of our clients. Additionally, we are known for bridging both language and cultural differences.

Banking beyond Switzerland
In addition to being a reliable and competent partner when it comes to Swiss banking relationships, our expertise spans the globe. Having been a key player in global business transactions, we are a reliable port of call when deciding on a jurisdiction for the next business venture. Our non-exhaustive list of jurisdictions with deep relationships includes Hong Kong, Singapore, the United States, the UK, Israel, and selected offshore destinations.