You've decided on a business idea, chosen a company name, and maybe already have your first customers. Now comes an important step: opening a business account. It’s often by this point that the same questions arise: What documents are required? Is an extract from the commercial register needed? Does a capital payment account first have to be opened for a limited liability company (GmbH) or private limited company (AG)? And how long does it take to open an account? This guide shows you how to prepare step by step and what you should watch out for when opening a business account.
The key points at a glance
Do I even need a business account?
Whether you need a separate business account depends on your company's legal form and business model. In practice, a business account is standard for limited liability companies and private limited companies because an account is required for business payment transactions after the company has been founded. For sole proprietorships, a separate business account is not generally required. However, it’s usually sensible to manage business income and expenses via a separate account from the start.
A separate business account makes it easier for you to handle bookkeeping, coordinate with fiduciaries, and track incoming and outgoing payments. It also looks professional to customers and business partners. Using a personal account for business purposes can raise additional questions in day-to-day banking, such as when the number or amount of transactions no longer aligns with typical personal usage behaviour. It’s therefore advisable to clearly separate your private and business finances.
What are the differences in opening an account for the various legal forms?
The procedure and requirements for opening an account differ depending on the legal form. When setting up a new limited liability company or private limited company, a capital payment account is required before the entry in the commercial register. However, existing limited liability companies and private limited companies can open a business account directly. The table below summarizes the main differences between sole proprietorships, limited liability companies (GmbHs) and private limited companies (AGs).
How to open a business account in Switzerland
Depending on the bank, you can open a business account in a consultation, online or via a combination of both. If you prepare well, you can avoid further enquiries and plan the next steps efficiently. The following ten points will take you from your initial enquiries to opening your business account.
Checklist: opening a business account
This checklist focuses on setting up new sole proprietorships, limited liability companies and private limited companies. Use the overview to clarify the most important questions in advance. The individual steps are then explained in detail.
☐ 1. Determine the legal form
☐ 2. Prepare identity documents
☐ 3. Compile company details
☐ 4. Check commercial register entry
☐ 5. Set up a capital payment account (when founding a limited liability company or private limited company)
☐ 6. Determine authorized signatories
☐ 7. Check company headquarters and residency requirements
☐ 8. Plan identity check
☐ 9. Plan payment transactions and digital solutions
☐ 10. Consider future growth
1. Which legal form is most suitable for my company?
Before you open a business account, you should decide upon the appropriate legal form for your company. This affects liability and the tax framework as well as the process for opening an account. A sole proprietorship does not require any minimum capital. A limited liability company requires share capital of 20,000 francs and a private limited company requires share capital of 100,000 francs, of which at least 50,000 francs must be paid up.
The necessary documents and the procedure for opening an account also vary depending on the legal form. When founding a limited liability company or private limited company, an additional step is needed before the actual account can be opened: opening a capital payment account (see step 5). If you’re still unsure about which legal form is best suited to your company, you need to clarify this issue early on.
Find out more in the article “How to find the right legal form for my company?”
2. What identity documents do I need?
To open a business account or capital payment account, the bank requires valid identification documents for the persons involved.
In the case of a sole proprietorship, this usually concerns the owner. When founding a limited liability company or private limited company, the bank requires the identity of the founders or persons representing the company in dealings with the bank to be verified. If a new company is being founded, the definitive signing rights are often not determined until after the entry in the commercial register.
This means you should prepare the necessary identity documents early on. Complete and valid identity documents help avoid delays when opening a capital payment account or business account.
3. What information about the company does the bank need?
Besides the personal documents, the bank requires information about the company itself. This includes information on the business purpose, planned business activities and purpose of the account.
Information on the beneficial owners, in other words the people who own or control the company, is also important. Depending on the legal form and company situation, additional documents may be required, such as incorporation documents, evidence of business operations, or additional information regarding the company's structure. The more complete the information is when the account is opened, the quicker the bank can check the application.
4. Do I need an entry in the commercial register?
The legal form determines whether an entry in the commercial register is required.
For a limited liability company or private limited company, an entry in the commercial register is a mandatory part of the founding process. However, before an entry is made in the commercial register, the starting capital is first paid into a capital payment account. The company can only be entered in the commercial register once confirmation of the capital payment has been provided.
For a sole proprietorship, an entry in the commercial register isn’t required from the start. As a rule, registration is only mandatory if the annual sales revenue exceeds 100,000 francs. Many banks allow the opening of a business account for sole proprietorships without a commercial register entry, but require other evidence of business activity.
5. When do I need a capital payment account?
You only need a capital payment account when setting up a limited liability company or private limited company. The statutory share capital or share capital is paid into this account.
The bank then creates a confirmation of the capital payment, which is required for the entry in the commercial register. Once the company has been founded and entered in the commercial register, the capital is released. Depending on the bank, the capital payment account is then converted directly into a business account or the capital is transferred to a newly opened business account.
For a sole proprietorship, this step is omitted as there is no statutory minimum capital requirement.
6. Who can access the business account?
The legal form and organization of the company determines who has access to the business account.
For a sole proprietorship, this is usually the owner themselves. For a limited liability company or private limited company, you should clarify responsibilities during the founding process. Specify who is permitted to represent the company in dealings with the bank and whether an individual or collective signature is provided for.
These rules are subsequently entered in the commercial register or in dealings with the bank and determine who can open and use the account.
7. What are the company headquarters and residency requirements?
Find out in good time about the selected bank's requirements. Whether companies not headquartered in Switzerland can open a business account depends on the provider.
Company law requirements also apply to Swiss limited liability companies and private limited companies. It must be possible for the company to be represented by a person domiciled in Switzerland. If you check these requirements early on, you can avoid unnecessary delays when setting up a company and opening an account.
8. How does the identity check work?
Before a business account is opened, the bank checks the identity of the persons involved and the documents submitted.
Depending on the bank, their identity can be verified in person at a branch, during a consultation or digitally. The persons to be identified depend on various factors including the company’s legal form and corporate structure.
If all the information is complete and the documents needed are available, this step can usually be completed quickly. Incomplete documents are one of the most common reasons for delays when opening an account.
9. What other payment solutions do I need?
Think about your company’s payment transaction requirements before you open an account. These include e-banking, QR-bills, card payments and online retail solutions.
Depending on the business model, other services may be useful, such as accounts receivable and payable solutions, foreign currency accounts, business cards or interfaces to accounting systems. If you define these requirements early on, you can choose the right account solution right from the start.
10. Will the business account also be suitable for future growth?
When choosing a business account, don’t just think about your company’s current needs, but also the coming years. As growth increases, you may need additional user access, further accounts, foreign currencies, card payment solutions or additional financial services.
That’s why it’s important that founders don’t just look at the current situation. A business account should also support your company if you add new employees, open up further markets or need additional financial solutions. If you see the business account as the basis for your financial processes, you can avoid changes later on and create a stable base for your company’s growth from the beginning.
How long does it take to open a business account in Switzerland?
The time it takes to open an account depends on the bank, your company's legal structure, and whether the documents you submit are complete. If you’ve provided all the necessary documents, many banks open a business account within a few working days. Complex ownership relationships, foreign parties or additional clarifications can extend the processing time.
If you prepare well and submit all documents in full, you can avoid further enquiries and speed up the account opening process.
Practical tip: One of the most common reasons for delays when opening an account is incomplete documents or missing information about the company. If you prepare for the consultation and have all the documents ready, you’ll save time and avoid further questions.
To prepare for the account opening meeting, PostFinance provides additional information to companies for the discussion.
Preparing for your discussion about opening an account for your business | PostFinance
Well prepared for opening an account
By preparing well, you can create the best conditions for opening your account smoothly. Decide upon the appropriate legal form, compile all the necessary documents and find out in good time about your selected bank's requirements. This will avoid delays and allow you to use your business account for business payment transactions more quickly. PostFinance supports company founders and SMEs with one-stop financial solutions, from business accounts and capital payment accounts to business payment transaction solutions. Company founders also benefit from the startup package with attractive discounts on their business account and other selected solutions.
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