PRIVATE EQUITY MANAGER

SWITZERLAND: HOME OF A WELL ESTABLISHED, ATTRACTIVE INDUSTRY

A streamlined regulatory framework, business-friendly taxation and a socio-economic context at the highest level all make Switzerland one of the most attractive countries for investors. The investment volume over the last ten years has more than quadrupled and is now approximately 1.5 billion francs. Certainly the presence of a highly competitive industrial sector, concentrated on innovative fields with a high growth rate, is a further strength, and this holds true in the private equity industry as well. Given that Switzerland is above the European average for venture capital investments, it is no accident that it has one of the most extensive market shares in this market.

SWISS PRIVATE EQUITY & CORPORATE FINANCE ASSOCIATION (SECA)

EUROPEAN PRIVATE EQUITY & VENTURE CAPITAL ASSOCIATION

SECA YEARBOOK 2013

THE GLOBAL VENTURE CAPITAL AND PRIVATE EQUITY COUNTRY ATTRACTIVENESS INDEX 2013

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The Swiss regulatory context when it comes to alternative fund management is in line with and comparable with the European and US contexts, both structurally and in terms of content

All operators have to carry out their activities in accordance with the reference law for fund managers, that being the Federal Law on Collective Investment Schemes (LICol) and the related Order on Collective Investment Schemes (OICol). These are supplemented by the Federal Anti-Money-Laundering Law (LRD).

LiCol

OlCol

LRD

Anyone who manages, maintains or distributes collective investment schemes to non-qualified investors needs to have an authorisation from FINMA. This does not include managers whose investors are qualified and who manage assets worth less than 100 million francs (in the case of liquid assets inclusive of leveraging) or 500 million francs (in the case of liquid assets excluding leveraging).

Foreign collective investment schemes distributed solely to qualified investors do not require approval, but must comply with certain requirements. Distribution of foreign collective investment schemes in Switzerland or from Switzerland to non-qualified investors requires FINMA’s prior approval.

The tax regime applicable to a private equity fund manager varies depending on the legal structure of their business. The extensive flexibility of the “Ticino System” allows the new taxpayer to get in contact with the Tax Authority and assess their tax position, reaching an ad hoc solution by agreement between the parties.

WHY TICINO?

A pool of professionals and infrastructure to support business

The stability of the financial sector in Ticino has encouraged the development of a substantial pool of operators offering legal, tax, insurance and ICT services, accompanied by the availability of an airport only 15 minutes from the centre of Lugano and a highly efficient rail network.

Niches of excellence

Over the years, the “historic” sectors of electronics, mechanical engineering and life sciences have been joined by emerging new sectors such as fashion and renewable energies thanks to the major multinational businesses that have established a base in Ticino, making it an international reference point.

One of the most substantial business fabrics in Europe

Ticino is home to around 20,000 businesses, in addition to the 800,000 present in Lombardy: these numbers bear witness to the vibrancy of the local business system and the opportunity to identify businesses with high growth potential.