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General Information

Financial Center Switzerland

In the Swiss economy, one in ten francs is earned in the financial sector. With gross value created totaling CHF 63 billion, banks and insurance companies are among the most important sectors. More than 210,000 people – 6% of all employees – work in the financial sector.

The Financial Center as Employer

In 2014, there were approximately 210,000 full-time positions occupied in the financial sector. This represents six percent of total employment in the secondary and tertiary sectors. The financial center also generates jobs through direct, indirect, and induced effects in the Swiss economy.

Source: SIF 2015

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Support for SMEs

 

Loans are important for many SMEs in order to finance their operations. If companies are unable to furnish securities for this purpose, banks can issue unsecured loans. Credit Suisse is one of the top providers of unsecured loans, thus evidencing its risk tolerance.

 

Other banking services that are available to SMEs include company formation, payment products, special financing products (e.g. leasing, factoring, interest-rate hedging, structured finance), foreign exchange transactions, trade finance, export finance, pension solutions, and succession planning.  Banks also offer SMEs products that can be used to invest non-operational assets. The options depend on the period for which the assets will be available and the level of risk that the business wants to take on.

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Federal Tax Contributors

The tax contribution of the financial sector in favor of the federal government, cantons, and municipalities consists of direct effects from the taxation of income and profits, indirect effects from upstream value creation levels and employee consumption, as well as the taxation of financial services. This includes value added tax, stamp tax, and unclaimed withholding tax.

 

The total tax effect related to financial services and transactions has been estimated at CHF 18.3 billion for 2013. This represents approx. 14 percent of the total tax income of the federal government, cantons, and municipalities.

Source: BAKBASEL 2014

[1] Includes employee income tax and corporate income tax and tax on capital
[2] BAKBASEL estimates
[3] On the basis of the VAT statistics for 2012, extrapolation for 2013

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