Submitting Financial Statements in Switzerland
Submitting Financial Statements in SwitzerlandUpdated on Thursday 25th August 2016
Rate this article
based on 1 reviews.
based on 1 reviews.
Businessmen interested to open a company in Switzerland have to follow a certain procedure for the incorporation of the respective business, including registering for taxation purposes. Later on, after the company starts its operations, the investors will be required to submit the financial statements of the business following a certain procedure which is imposed in accordance with the legal entity of the company and with the period since the company was registered. Our team of Swiss lawyers can offer more details on how to submit the financial documents of a company set up in Switzerland.
Small companies – submitting financial papers in Switzerland
According to the applicable law in Switzerland, not all legal entities are required to submit their financial statements. For example, the very small companies, which can be represented by sole traders, general partnerships and limited liability partnerships, are not required to file their financial statements.
One of the main reasons referring to this matter is that such entities have to use a very simplified accounting system, which does not prescribe the use of double entry accounting. However, the regulation is applicable only in the situation in which these companies have a turnover of maximum EUR 500,000; our team of Swiss attorneys can offer more details on this matter.
Submitting financial statements as a large corporation in Switzerland
The Swiss legislation prescribes that a legal entity becomes a large corporation if it meets the following criteria:
• the total number of employees is above 100 persons;
• the company meets at least two of the next requirements – minimum workforce of 50 persons, the total assets have a value of minimum EUR 3,650,000 or the annual turnover is of EUR 7,300,000.
Such companies are required to keep the books of accounting following the procedures of the double entry accounting, as prescribed in the Accounting Law.
Companies are required to keep the general ledger, which provides details on the sales and purchases carried out throughout the year as well as on the cash books. They also have to keep an inventory book, which registers details on the assets and liabilities of the respective company.
Businessmen interested in receiving more details on the financial statements of a Swiss company can address to our law firm in Switzerland for legal assistance.