Corporate Banking in Switzerland: Opening a Business Account, Payment Infrastructure, and SIC/euroSIC

A Swiss corporate bank account is a foundational requirement for any company operating in the Canton of Zug. Without it, the company cannot receive revenue, pay employees, settle social security contributions, pay rent, or conduct basic commercial operations. Yet opening a Swiss corporate bank account — particularly for companies in the blockchain and crypto sector — remains one of the most frustrating and time-consuming steps in establishing a Swiss business presence.

This article addresses the practical reality of corporate banking in Switzerland: what banks require, how long the process takes, what payment infrastructure is available, and what options exist for companies that find the traditional banking channel closed to them.

The Swiss Banking Landscape

Switzerland hosts approximately 235 banks as of 2025, supervised by FINMA (Swiss Financial Market Supervisory Authority). The landscape includes:

Major Universal Banks

UBS Group AG and Julius Baer dominate the Swiss universal banking market following the Credit Suisse acquisition by UBS in 2023. UBS serves corporate clients across all sectors but maintains stringent onboarding criteria for crypto-adjacent businesses.

Zürcher Kantonalbank (ZKB) is the largest cantonal bank and a significant corporate banking provider. Cantonal banks (Kantonalbanken) are state-guaranteed institutions owned by their respective cantons. The Zuger Kantonalbank serves the Canton of Zug specifically and is often the first banking relationship for newly formed Zug companies.

Cantonal Banks Relevant to Zug

Zuger Kantonalbank is the natural banking partner for Zug-based companies. It offers standard corporate banking services — current accounts, payment processing, credit facilities, and treasury management — and has developed familiarity with the Crypto Valley ecosystem through a decade of serving Zug-based tech companies.

Other cantonal banks (Luzerner Kantonalbank, Schwyzer Kantonalbank) may serve companies in the greater Zug area but typically prefer clients with operations in their own cantons.

Crypto-Specialised Banks

Switzerland is home to two FINMA-licensed banks specifically focused on the digital asset sector:

Sygnum Bank AG (Zurich), licensed in 2019, provides banking services for institutional and corporate clients in the digital asset space, including crypto custody, tokenisation, and fiat banking.

AMINA Bank AG (formerly SEBA Bank AG, Zug), also licensed in 2019, offers integrated fiat and crypto banking services for institutional clients.

These banks serve a critical gap for blockchain companies that cannot obtain accounts at traditional banks. However, their services are typically oriented toward institutional clients with significant assets, and their fee structures reflect the specialised nature of their offering.

Additional Banking Options

PostFinance AG provides basic payment account services to Swiss companies but has historically been cautious about crypto-related businesses.

Hypothekarbank Lenzburg was an early mover in providing banking services to blockchain companies and fintech startups, earning a reputation as one of the more innovation-friendly Swiss banks.

Various private banks (Vontobel, Maerki Baumann, Bank Frick in Liechtenstein with Swiss access) serve selected crypto and blockchain clients, typically at the higher end of the market.

Opening a Swiss Corporate Bank Account

Eligibility and Prerequisites

Before approaching a bank, the company must typically have:

1. Commercial register entry. Banks require a valid commercial register extract (Handelsregisterauszug) confirming the company’s legal existence, registered office, purpose, and authorised signatories. For newly formed companies, the bank may accept a provisional capital deposit arrangement pending registration.

2. Articles of incorporation. The company’s articles of incorporation (Statuten for an AG; Statuten for a GmbH) or the foundation deed for a Stiftung.

3. Board and management documentation. Identification of all board members and persons with signatory authority, including passport copies, proof of residence, and CVs.

4. Beneficial ownership documentation. Identification of all beneficial owners holding 25% or more of the company’s shares or voting rights, in accordance with FINMA’s Anti-Money Laundering Ordinance (GwV-FINMA) and the AMLA (Geldwäschereigesetz, GwG).

5. Business plan or activity description. A description of the company’s business activities, expected transaction volumes, source of funds, and client base.

The KYC Process

Swiss banks are subject to comprehensive KYC (Know Your Customer) obligations under:

• Federal Act on Combating Money Laundering and Terrorist Financing (GwG/AMLA): The primary anti-money laundering statute.
• FINMA Anti-Money Laundering Ordinance (GwV-FINMA): Detailed implementation rules for FINMA-supervised institutions.
• Agreement on the Swiss banks’ code of conduct with regard to the exercise of due diligence (CDB 20): The self-regulatory standard of the Swiss Bankers Association (SBA), which establishes detailed KYC procedures.

The KYC process for a corporate account includes:

Identification of the contracting party. The bank must verify the identity of the legal entity opening the account, including its legal form, registered office, and the persons authorised to act on its behalf.

Identification of beneficial owners. The bank must identify all natural persons who are the beneficial owners of the company. For AGs, this means shareholders holding 25% or more. For GmbHs, quota holders. For foundations, the founder and members of the foundation board. The beneficial owner identification is documented through Form A (CDB 20), signed by an authorised representative of the company.

Background checks. The bank conducts background checks on the company, its beneficial owners, directors, and authorised signatories. These checks include sanctions screening (EU, UN, OFAC, Swiss SECO lists), adverse media screening, and PEP (Politically Exposed Person) checks.

Source of funds and source of wealth. The bank must understand and document the origin of the funds that will flow through the account. For crypto companies, this means explaining token sale proceeds, investment funding, revenue sources, and the conversion of crypto assets to fiat currency. Banks may require proof of the legitimate origin of crypto assets, including blockchain analytics reports from providers such as Chainalysis, Elliptic, or Crystal.

Transaction monitoring profile. The bank establishes an expected transaction profile — anticipated volumes, currencies, counterparties, geographic distribution — and monitors actual transactions against this profile. Material deviations trigger enhanced due diligence reviews.

The Crypto Challenge

The most significant challenge for blockchain and crypto companies seeking Swiss corporate banking is the sector-specific risk perception. Despite Switzerland’s reputation as a crypto-friendly jurisdiction, many Swiss banks remain reluctant to bank crypto companies for several reasons:

Compliance cost. The enhanced due diligence required for crypto clients — blockchain analytics, source-of-funds verification for crypto assets, ongoing transaction monitoring of mixed fiat/crypto flows — is significantly more expensive than standard corporate KYC. Many banks have concluded that the compliance cost exceeds the revenue from these accounts.

Reputational risk. Banks remain concerned about association with crypto-related fraud, hacks, and sanctions evasion, despite the industry’s maturation. A single high-profile incident involving a banked crypto client can generate negative media attention and regulatory scrutiny.

Regulatory uncertainty. While FINMA has provided significant guidance on the regulatory treatment of crypto assets, the regulatory landscape continues to evolve. Banks managing balance sheet risk prefer clients in sectors with stable, well-understood regulatory frameworks.

Practical banking challenges. Crypto companies often present banking patterns that are atypical for traditional corporate clients: large, irregular inflows from token sales; multi-currency operations across numerous jurisdictions; transfers to and from crypto exchanges; and rapid growth in transaction volumes that outpace the bank’s initial risk assessment.

For companies facing banking difficulties, the dedicated article on banking for crypto companies provides detailed strategies for obtaining and maintaining Swiss banking relationships.

Timeline and Costs

Timeline. The account opening process typically takes:

• Standard corporate client: 2-6 weeks
• Crypto/blockchain company: 4-16 weeks (or longer, with possible rejections)
• Regulated entities (banks, securities firms): aligned with FINMA licensing timeline

Costs. Swiss corporate bank accounts typically involve:

• Account opening fee: CHF 0-500
• Annual account maintenance fee: CHF 200-2,000 (depending on the bank and account type)
• Transaction fees: variable, depending on transaction type and volume
• Minimum balance requirements: CHF 0-50,000 (some banks require significant minimum balances for crypto clients)

Swiss Payment Infrastructure: SIC and euroSIC

SIC (Swiss Interbank Clearing)

The SIC (Swiss Interbank Clearing) system is Switzerland’s real-time gross settlement (RTGS) system for CHF payments. Operated by SIX Interbank Clearing AG (a subsidiary of SIX Group), the SIC system processes all interbank CHF payments in Switzerland.

Key characteristics:

• Real-time settlement. SIC settles payments individually and in real time, with immediate finality. Once a payment is settled in SIC, it is irrevocable.
• Central bank money. SIC payments are settled in central bank money (SNB accounts), eliminating counterparty risk between the sending and receiving banks.
• Transaction volume. SIC processes approximately 700,000-800,000 transactions per day, with a daily value of approximately CHF 150-200 billion.
• Operating hours. SIC operates from approximately 5:00 to 16:15 CET on business days (exact times vary by transaction type).

For corporate clients, SIC settlement means that CHF transfers between Swiss banks are processed same-day with immediate finality — a significant advantage over the multi-day settlement common in many other banking systems.

euroSIC

euroSIC is the EUR payment system for Swiss banks, also operated by SIX Interbank Clearing AG. It enables Swiss banks to process EUR payments through the TARGET2 system of the European Central Bank.

Key characteristics:

• EUR payments in Switzerland. euroSIC allows Swiss companies to make and receive EUR payments through Swiss bank accounts, without needing a bank account in the eurozone.
• SEPA access. Through euroSIC, Swiss banks can participate in the Single Euro Payments Area (SEPA), enabling standardised EUR credit transfers and direct debits to and from eurozone counterparties.
• Settlement. euroSIC settles in commercial bank money (EUR nostro accounts), unlike the central bank money settlement of SIC.

SWIFT

For international payments in currencies other than CHF and EUR, Swiss banks use the SWIFT (Society for Worldwide Interbank Financial Telecommunication) messaging network. SWIFT is a messaging standard, not a settlement system — actual settlement occurs through correspondent banking relationships.

Swiss corporate bank accounts typically include SWIFT access for international payments, with fees varying by currency, destination country, and urgency (standard vs. urgent/same-day).

Swiss IBAN Structure

Swiss bank accounts are identified by IBANs (International Bank Account Numbers) conforming to the ISO 13616 standard. The Swiss IBAN format is:

CH + 2 check digits + 5-digit bank clearing number + 12-digit account number = 21 characters total

Example: CH93 0076 2011 6238 5295 7

The bank clearing number (Bankenclearing-Nummer, BC-Nr.) identifies the bank and branch. The full list of Swiss bank clearing numbers is maintained by SIX Interbank Clearing AG.

For companies with euro accounts at Swiss banks, the IBAN may use the same Swiss format (CH prefix) or, in some cases, a Liechtenstein IBAN (LI prefix) if the EUR account is technically held at a Liechtenstein branch.

Multi-Currency Accounts

Swiss banks routinely offer multi-currency corporate accounts, allowing companies to hold balances and transact in multiple currencies from a single banking relationship. The most common currencies for Zug-based tech companies:

• CHF — for Swiss domestic operations (salaries, rent, Swiss suppliers, tax payments)
• EUR — for European business relationships and EU client invoicing
• USD — for US-dollar-denominated transactions (common in the crypto industry)
• GBP — for UK business relationships

Multi-currency accounts avoid the need for currency conversion on every transaction, reducing FX costs and providing natural hedging for companies with revenues and expenses in different currencies.

FX Considerations

Foreign exchange is a meaningful cost for internationally operating companies. Swiss banks typically offer:

• Spot FX transactions at quoted rates (which include a bank margin over the interbank rate)
• Forward FX contracts for hedging future currency exposures
• Standing FX orders for automatic conversion at specified rates

For companies with significant FX volumes, negotiating competitive FX rates and margins is an important part of the banking relationship. The difference between a bank’s standard FX margin and a negotiated institutional rate can be substantial — 50-100 basis points or more on each transaction.

Payment Solutions for E-Commerce and SaaS

Zug-based tech companies operating online platforms or SaaS businesses typically need payment processing capabilities beyond traditional bank transfers:

Swiss Payment Methods

• Twint — Switzerland’s mobile payment system, widely adopted for consumer payments
• PostFinance e-payment — payment processing through PostFinance
• LSV+ / Lastschriftverfahren — Swiss direct debit system for recurring payments

International Payment Processing

• Credit/debit card processing through acquirers such as SIX Payment Services (Worldline), Adyen, Stripe (available in Switzerland), or other payment service providers
• SEPA Direct Debit for EUR recurring payments from eurozone customers
• Crypto payment processing through providers such as Bitcoin Suisse, Bity, or other Swiss-based crypto payment processors

These payment processing services are typically provided by specialised payment service providers rather than the company’s primary bank, though some banks offer integrated payment processing solutions.

Treasury Management

For companies with significant cash balances — common in the blockchain sector following token sales or funding rounds — Swiss banks offer treasury management services including:

• Time deposits (Festgelder) — fixed-term deposits with agreed interest rates
• Money market funds — pooled investment vehicles for short-term cash management
• Treasury management accounts — accounts with tiered interest rates based on balance
• Cash pooling — for groups with multiple entities, centralising cash management across the group

Treasury management is particularly important for Swiss foundations holding token treasuries, which are subject to ESA supervisory expectations regarding asset management and diversification.

Regulatory Framework for Banking Relationships

Bank Client Confidentiality

Swiss banking secrecy (Bankgeheimnis), codified in Article 47 of the Banking Act (BankG), protects the confidentiality of the banking relationship. Banks and their employees are prohibited from disclosing client information to third parties, with exceptions for:

• Legal obligations (court orders, tax treaty requests, anti-money laundering reporting)
• Client consent
• Inheritance proceedings
• Debt collection and bankruptcy proceedings

Banking secrecy has been significantly eroded in the international context by the Automatic Exchange of Information (AEOI) under the Common Reporting Standard (CRS), which requires Swiss banks to report financial account information of foreign tax residents to the ESTV for exchange with the account holder’s country of tax residence. For corporate accounts, CRS reporting applies to the company and its controlling persons.

Negative Interest and Fee Environment

The Swiss National Bank (SNB) maintained negative interest rates from 2015 to 2022, creating an environment where banks charged corporate clients for holding CHF deposits. The SNB returned to positive rates in 2022 and has maintained a positive policy rate since then. However, the legacy of negative rates reshaped Swiss corporate banking fee structures, and many fees introduced during the negative rate period have been retained.

Companies should carefully review the fee schedule of any prospective banking relationship, including:

• Account maintenance fees
• Transaction fees (domestic and international)
• FX margins
• Minimum balance requirements
• Fees for additional services (trade finance, documentary credits, guarantees)

Practical Recommendations for Zug Companies

1. Start early. Begin the banking relationship process as soon as the company formation is initiated — ideally in parallel with the commercial register filing. Banking delays are the single most common reason for delayed operational launch.

2. Prepare documentation thoroughly. Incomplete KYC documentation is the primary cause of delays. Prepare all corporate documents, beneficial ownership information, business descriptions, and source-of-funds documentation before the first meeting with the bank.

3. Consider multiple banks. Approach two or three banks simultaneously. Not all banks serve all sectors, and rejection at one bank does not preclude acceptance at another.

4. Engage a corporate services provider. Swiss corporate services firms with established banking relationships can facilitate introductions and help prepare documentation in the format that specific banks expect.

5. Be transparent about crypto activities. Banks that do serve crypto companies expect full transparency. Attempting to obscure or minimise the crypto nature of the business is counterproductive and may result in account closure if discovered later.

6. Plan for growth. Ensure the initial banking setup can accommodate growth in transaction volumes, additional currencies, and expanded payment processing needs. Changing banks is disruptive and time-consuming.

The Swiss banking system provides world-class payment infrastructure, comprehensive multi-currency capabilities, and the security of one of the most stable and well-regulated financial systems in the world. Accessing that system requires preparation, patience, and persistence — particularly for companies in the blockchain and crypto sector. But once established, a Swiss banking relationship provides the operational foundation for sustainable business growth in the Canton of Zug and beyond.