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General
Type of Company	AG	GmbH
Average timeframe to set up a new company	2 - 3 weeks	2 - 3 weeks
Average timeframe to activate shelf company	N/A	N/A
Migration of domicile possible?	Yes	Yes
Corporate Requirements
Standard authorised share capital	CHF 100,000	CHF 20,000
Bearer shares allowed?	Yes if share capital fully paid up	No
Minimum number of shareholders	Three	Two
Minimum number of directors	One	One
Corporate directors permitted?	No	No
Local directors required?	Yes	Yes
Local meeting required?	Yes	Yes
Company secretary required?	No	No
Taxation
Corporate tax rate	variable (approx. 3.9% to 25%)4)
Ordinary tax base	worldwide income
Tax exemptions	special tax status may be negotiated for certain types of activity
Withholding tax on dividends - tax rate	35%
Withholding tax on interest - tax rate	35%
Withholding tax on licence fees and royalties	None
Double taxation treaties	more than 70
Value Added Tax rate	7.5%
Disclosure and Reporting Requirements
Disclosure of beneficial owner	No	No
Government register of directors	Yes	Yes
Government register of shareholders	No	Yes
Annual return	Yes	Yes
Submission of accounts	Yes	Yes
Audit required?	Yes	No

Incorporation and 1st Year Fees and Taxes			Annual Maintenance Fees and Taxes
Type of company	AG	GmbH		AG	GmbH
Incorporation Fee1)	4,500	4,500
Government Tax	variable	variable	Government Tax	variable	variable
Domicile Fee	1,500	1,500	Domicile Fee	1,500	1,500
Annual Administration2)	2,500	2,500	Annual Administration2)	2,500	2,500
Annual Tax Return2)	2,500	2,500	Annual Tax Return2)	2,500	2,500
			Annual Audit2)	2,500	2,500
Total 1st Year1) CHF	11,000	11,000	Total Annual Maintenance1) CHF	9,000	9,0001)
Nominee Shareholder	300	300	Nominee Shareholder	300	300
Director's Fee3)	5,000	5,000	Director's Fee3)	5,000	5,000

Note: all fees are quoted in Swiss Franks (CHF). Currency Converter 1) Does not include registry of commerce fees and fees for notarisation of documents (approximately CHF 1,700 when incorporating with the minimum share capital of CHF 100,000). 2) Estimated minimum fees - there is no actual minimum fee as these fees are entirely time-based. Local VAT at a rate of 7.5% applies. 3) Minimum fee for a Swiss resident professional director - annual fee will depend on the work involved. For a stock corporation (AG), a majority of directors have to be Swiss citizens resident in Switzerland. For a Limited Liability Company (GmbH), there must be at least one Swiss citizen director resident in Switzerland with full signatory power. 4) As an example, we have calculated the cantonal and federal taxes for a tax-privileged company domiciled in the Canton of Zug under following assumptions: - total equity capitalup to CHF 10'000'000 - quota of foreign income100% (for example income from trading outside Switzerland) - taxable profit before taxes   CHF 750'000 (= profit after taxes is about CHF 668'400) Cantonal and communal profit taxes = CHF   8'500   =1.14% after-tax rate (of CHF 750'000) Cantonal and communal capital taxes = CHF   1'000   =0.14% after-tax rate (of CHF 750'000) Federal taxes= CHF 58'000    =7.74% after-tax rate (of CHF 750'000) Total                                                   = CHF 67'500    =        9.02% Kirchgasse 22   8001 Zurich Telephone +41 44 266 22 22   Facsimile +41 44 266 22 23 Poststrasse 6   6300 Zug Telephone +41 41 729 63 63   Facsimile +41 41 729 63 64 Offices and Representatives Worldwide