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Setting up a Business in Switzerland |
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| About
Switzerland - Economy |
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Switzerland’s
gross domestic product (GDP) is estimated to be CHF 322.3
billion (2005 estimation) with CHF 28,165 of the GDP per capita.
A high degree of political and monetary stability as well
the central location of the country are the major factors
of the economical appeal of Switzerland whose economy is on
of the most productive in the world. The political system
of the country is free of bureaucracy. The labour force of
the country is highly educated and dynamic.
Switzerland is one of the world’s major financial centres.
Swiss banking network is one of the most highly developed
in the world. In 1998, around 3.9% of the economically active
population in Switzerland was working in the finance and banking
industry. The Electronic Stock Exchange in Zurich is Europe's
third largest, based on the value of equity trading.
An important aspect of the Swiss banking system is its tradition
of banking secrecy, which is protected by law. Any violation
of bank secrecy automatically gives rise to criminal proceedings.
Bank secrecy is an expression of the importance given to the
protection of the individual’s private affairs. Consequently,
as a rule, banks are not required nor are they permitted to
give any information to the tax authorities. However, banking
secrecy is not absolute as it can in particular be lifted
in the scope of criminal proceedings.
The main strength of the Swiss finance centre is the asset
management and investment advisory services. The total funds
under management in Switzerland currently amount to roughly
2.800 billion Swiss Francs. About 50 % of that impressive
sum is owned by foreign clients.
In addition, Switzerland is highly industrial country with
the following major industries: machinery, pharmaceutics,
chemical manufacture, high-technology and precision instruments.
The freight forwarding, insurance and tourism are another
significant part of the country’s economy.
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