Top Business Opportunities in Switzerland for Foreigners

Entrepreneurs looking for business opportunities in Switzerland for foreigners will find a country that embraces innovation. Indeed, the many savvy business people who flock to Switzerland to set up physical and online businesses find an atmosphere that fosters excellent conditions for success.

When considering profitable business ideas in Switzerland, consider being a part of the industries that thrive in this central European nation. These include banking, tourism, and online e-commerce businesses that plan to ship products from Switzerland to other European countries.

Top Business Ideas in Switzerland for Foreign Investors

There is no end to the possibilities Switzerland has to offer entrepreneurs with passion and drive. The following business ideas have great potential:

1. Online Retail Store

One of the main advantages of setting up an online store in Switzerland is your potential reach across many different European countries. Switzerland borders five countries and has close links with other EU countries. Your online business should therefore aim to cater to customers from across the continent.

Setting up an e-commerce shop involves two key steps to ensure you start on the right foot:

Select a Web Hosting Service

Choosing a web hosting service can seem overwhelming as there are so many from which to choose. Some of the most popular include WordPress (with WooCommerce), Shopify, and Squarespace. Each offers its own pros and cons; choose the one that suits your needs and budget and offers e-commerce security features. For example, WooCommerce is PCI-compliant and instals seamlessly on WordPress websites. WordPress also has some of the best protection against hackers, making this a popular choice for businesses of all kinds.

Set Up Payment Processing

Setting up online payment processing is a key step in setting up a business in Switzerland. A global payment gateway will enable you to accept different payment types and currencies. This allows you to appeal to customers from Switzerland’s neighbouring countries and even further across the continent and beyond.

Switzerland has several main payment methods, some of which are exclusive to the country. It’s essential that your business accept these and other payment methods to meet your customers’ demands. Offering modern solutions plus having access to a central dashboard to oversee your transactions will put your business in good stead for success.

3. Tourism-Related Businesses

The tourist industry in Switzerland offers investors many different opportunities. In 2021, tourism generated almost CHF 17 billion and provided the equivalent of over 170,000 full-time jobs.

As the world moves on from the COVID-19 pandemic and tourism returns to normal, Switzerland’s tourist industry will almost certainly continue to thrive. Indeed, 2023 recorded a record number of overnight stays in hotels, with over 40 million overnight stays. This provides a compelling backdrop for entrepreneurs in the tourism sector to stamp their own mark on the industry.

Working within the tourism industry means you can attract customers from all around the world. Be sure to set up your website in different languages and be prepared to deal with customers with different needs, budgets, and expectations as they enjoy their travels in Switzerland.

Ideas to Break into Switzerland’s Tourism Industry

Small businesses that wish to tap into Switzerland’s unique tourist market have various options:

• Hotel or spa: Foreign demand for accommodation increased by 21.8% in 2023 compared with 2022, according to the article linked above. Expertise in the hospitality sector would be required as well as capabilities to market your accommodation online. Make it easy for your guests to book online by creating a search engine-optimised website.
• Travel agency: Consider a niche for your travel agency. There’s a common misconception that Switzerland only caters to wealthy tourists, but this doesn’t have to be the case. Possible niches include adventure tourism, organised hiking holidays, or holidays based on health and wellness. Market your company well to attract visitors from across the globe.
• Restaurant or bar: Switzerland has a well-established gastronomic scene, but one that is also modern and exciting. Offerings in Switzerland’s trendy cities go far beyond raclette and fondue. Experts in the hospitality business could tap into the country’s more innovative culinary trends. Creating restaurants and bars that appeal to locals as well as tourists will help you sustain your business long-term and avoid the dips that affect seasonal businesses. You could also pair a restaurant with a food delivery business to increase your potential sources of revenue.

4. Consultancy Services

Offering your services as a business consultant could be a profitable venture for industry experts who wish to share their experience. As a business hub, Switzerland offers a huge number of possibilities for business consultants who can help different companies grow.

Some of the advantages of starting your own consultancy firm include low overheads, job flexibility, and the chance to make a real difference. Consultants can also take their business online to open the door to clients from all around the world.

Foreign nationals who wish to stand out in the consultancy sector in Switzerland should have a demonstrable wealth of experience in their respective field. They must also have the necessary communication skills to work effectively with others. Consider setting up as a business consultant if you’re an expert in:

• Banking and Finance
• Insurance
• Management and Administration
• Technology and Internet Communications
• Logistics and Strategic Planning
• Human Resources

A consultant who can offer quality service and business solutions and adapt to the Swiss way of conducting business is likely to do well in Switzerland.

5. Start a Recruitment Agency

A recruiting business works as a middleman between companies and potential employees to find the right candidate for each role. Switzerland’s strong jobs market means many roles require highly qualified and skilled workers. Companies may therefore outsource the recruitment process to an agency that can find the perfect candidates.

Placement firms must abide by Switzerland’s business legislation regarding employing European or third-state citizens, as found in the Foreign Nationals and Integration Act. This is because Swiss law allows for the employment of foreigners, but with various caveats. Recruitmentfirms must also follow the rules set out in the Federal Act on Employment Services and the Hiring of Services (AVG). This legislation relates to laws surrounding recruitment.

Reasons to Choose Switzerland for Your Business

Many entrepreneurs decide to set up a business in Switzerland because of its economic strength, favourable tax policies, and reputation as a country at the forefront of innovation. The following are some other reasons for choosing Switzerland:

• Switzerland’s strong and stable economy and political system offer a safe and reliable business environment.
• Its location in central Europe is ideal for national and international businesses. This is especially true for businesses with a merchant services account that can process electronic payments in various currencies and via a range of payment methods.
• Switzerland’s corporate tax rate is lower than that of many European countries. Businesses will pay a 19.7% corporate tax rate in 2024.
• Setting up a Swiss business is a simple process that can be completed online in as little as a few days.

Things to Research Before Setting Up in Switzerland

Switzerland is a wonderful place to start a business, but only if you meet the qualifying conditions to launch a new enterprise in the country. Research how to start a business in Switzerland before you invest. This includes finding out which requirements you’ll need to fulfil to be accepted as a foreign business owner and determining which business structure would be the most appropriate for your idea.

Foreign business owners who can show a detailed and realistic business plan and have the capital to invest shouldn’t have too many problems starting a business in Switzerland. Switzerland topped the list of countries on the 2021 Global Innovation Index partly because of its business-conducive policies.

Set Yourself Up for Success in Switzerland

Opening up a business in Switzerland is not only an exciting prospect but potentially a lucrative one too. With a strong and stable economy, relatively low taxes, and a skilled workforce, the scene is set for new business owners to thrive.

When considering your prospects in Switzerland, take the time to carefully research the legal requirements and necessary paperwork before you invest in your business idea. Businesses that understand the intricacies of the Swiss system and are prepared to adapt to the Swiss way of doing business will be in the best position for success.