Switzerland has been named the third best country in Europe for startups in 2020. But Swiss market is not the easiest one to enter due to different canton regulations and 4 language zones; however, it is still a great market to start a business.
We asked Kristina Babina – expert in Swiss Business Development to share 5 tips for those interested in growing business in this country. Kristina is a serial entrepreneur based in Switzerland who has businesses in different industries and is happy to share her experience with other entrepreneurs and support companies who would like to enter a Swiss Market.
5 things to know about Switzerland to start a Business:
- Switzerland has Federal and Canton laws. Canton laws different from one Canton to another. When thinking through you Business development road map make sure that you meet requirements of the cantons that you would like to develop. For some business special Cantonal licences are needed, so also make sure that you add it to your time-line.
2. Switzerland has 4 official languages, depending in what region you would like to start or develop your business make sure that you you have your marketing materials in local language and that it is included into your marketing costs.
3. A successful business needs a good lawyer, accountant and tax specialist from the very beginning. In general Swiss population is quite aware of laws and employees are very well protected. Do not hire your employees or sign contracts with other companies before you consult with a lawyer. Accounting and taxes have to be done correctly from the start, so make sure you get a good consulting on those subjects. The revision organs can go back up to five years to your accounting.
4. Swiss population has high salaries in comparison to many European countries; however, you have to take into account that the cost of living in Switzerland is very high as well. So, luxury products are often created in Switzerland but the country itself is not the biggest sales market for such products.
5. Curious statistics about the market: most people living in Switzerland are either single or couples, families with children are about 30% of population – more than 50% of population is above 50 years old. – 60% of people leaving in Switzerland are expats or people who have received a Swiss nationality. Swiss Population is highly international.
Before opening or developing a business in the Swiss market make sure that you have taken into account the points above, or consulted with an expert or a business owners like Kristina.
What does Kristina offer as an expert in Switzerland:
- Support & advisory on opening and settling down a company (working with reliable bank, notary, lawyers, etc., who have great experience & approach with entrepreneurs and companies)
- Business Plan revision, specifically day to day finance and cost management
- Coaching and development of the idea and its adaptation to the Swiss market and culture.
Industries where Kristina is best at: education, sport & health, beauty, F&B, commercial & fashion.
Kristina consultations are available for independent entrepreneurs as well as for companies development team.
Kristina gives her consultations in English, French & Russian.
For the Leaders First members Kristina is offering in February & March a free of charge 20 minutes clarification call.
Full information & contact details are available on her website www.babinakristina.com