If you are reading this article, it is because you intend to choose fiduciary services in Switzerland over another country.
What you may not yet be sure of is why to do it and especially how best to do it, so as not to incur any mistakes or worse penalties.
In this regard GROThe will be happy to satisfy all your doubts, simply by taking contact here!
But let us explain more about fiduciary services in Switzerland and how they differ perhaps from those in Italy.
1.What fiduciary services are used for in Switzerland.
3.The main differences with trusts in Italy.
Things to know about trust services in Switzerland
If you are reading this article as we were saying, it is because you have decided to open or even moving your business to Switzerland.
There are several reasons why trust services are usually used in Switzerland.
As you know, this country is famous for its banking services, for professional secrecy and undoubtedly for its commercial competence.
For this reason, you need to know about trust services in Switzerland.
What fiduciary services are used for in Switzerland
By fiduciary services in Switzerland we mean a company, such as GROTwhich is in charge of managing a company's accounts, administering assets and physically representing account holders and other financial products.
In order for a trust to operate, it is essential to draw up a contract, which is called fiduciary mandate.
Here, the fiduciary service company in Switzerland undertakes to administer assets, represent it as a holder of shares and financial investments and manage the company's accounts.
However, ownership of the assets always remains with the company that decides to purchase fiduciary services in Switzerland.
There are, of course, different types of trusts, let us take a closer look at them:
- Fiduciary accountant (Art. 3 FLid): this type of trustee manages the accounts, for tax advice;
- Real estate trustee (Art. 4 LFid): administers buildings or real estate companies and also carries out real estate mediation activities;
- Cambista (Art. 5 para. 2 LFid): deals with activities in bureaux de change.
You should know that there are always an increasing number of trust companies in the canton of Ticino because more entrepreneurs often decide to open companies in this canton.
To do this, they rely on companies such as GROT to manage their accounts and to safeguard their assets by managing them in the best possible way.
What are the requirements?
Let us now see what requirements trustee services in Switzerland have to meet.
Thus, we can say that for the ordinary application to be accepted, the applicant under Art. 8 LFid must meet the following requirements:
- have an appropriate qualification as referred to in Art. 11 LFid;
- have at least two years' work experience in a trust company in the specific field in Switzerland;
- enjoy an excellent reputation and guarantee irreproachable activity;
- not to be insolvent, not to have a shortage of assets;
- have civil liability insurance cover professional.
You should know that as of 1 January 2020, the Federal Law on Financial Services (LSerFi) and that on Financial Institutions (LISFI).
As you can also see from the Federal Financial Services Act, the requirements one has to have in order to be able to exercise this type of service are very clear and precise.
We are in fact sure that GROTwith its team of professionals will lead you step by step into Swiss business with its trust services in Switzerland.
The main differences with trusts in Italy
The last paragraph of this article on trust services in Switzerland concerns the difference between Italy and Switzerland.
In this regard, we can say, in general terms, that Italian trusts are divided into two different types.
The first is called static trustee and does not use products or goods received from customers.
It is simply limited to handling the accounting part and representing the client administratively.
The second type of Italian trustee is the dynamic trusteewhich, compared to its predecessor, manages products and assets received, re-investing them on behalf of and at the request of the customer.
In Italy, moreover, trust companies have very stringent procedures and bureaucratic regulations, which is not the case for Swiss trust companies.
The Swiss trust certainly ensures greater impenetrability and secrecy, as well as a much simpler bureaucracy.
These are undoubtedly the main differences between fiduciary services in Switzerland and those in Italy, where we know that bureaucracy has always been a problem for any business.
Conclusions
Concluding our article on fiduciary services in Switzerland, we can say that there are three types of fiduciaries: accountant, real estate and foreign exchange.
Companies decide to rely on competent companies such as GROTthrough a fiduciary mandate in which they stipulate the role and actions to be performed by the trust company in Switzerland.
The fiduciary service company in Switzerland undertakes to administer assets, represent it as a holder of shares and financial investments, and manage its corporate accounts.
In this regard, there are, as we said, highly professional realities such as GROT that are right for you.
All you have to do is request tax or accounting advice through an interview, by clicking hereto realise that they are just the thing for you!
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