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(e) estimate (f) forecast Comparative Economic Indicators - 2007
* 2008 estimates Credit and CollectionsDomestic and international payments are commonly made by bank transfer, especially via the SWIFT electronic network to which the major Swiss banks are connected and which provides speedy and efficient processing of payments at low cost. Bills of exchange and checks are not commonly used owing to prohibitive banking and tax charges Overseas Press & Consultants (OP&C) Evaluation
Legal ActionSpecific rules for legal procedure prevail in each canton (there are 26 different codes of civil procedure), which sometimes vary greatly depending on the legal doctrine that has inspired them. As such, before instigating actions, plaintiffs should ensure that their counsel is familiar with the law of the concerned jurisdiction as well as the language to be used before the court (French, German or Italian). Risk AssessmentCoface Country Risk Rating: A1 -- The political and economic situation is very good. A quality business environment has a positive influence on corporate payment behavior. Corporate default probability is very low on average. Ducroire Delcredere Political Risk Rating: 1 – lowest risk Business ClimateSwitzerland has liberal investment and trade policies, political and social stability, quality financial services, and a moderate tax system. Switzerland was ranked as the second most competitive economy in the World Economic Forum's 2008-2009 Global Competitiveness Report, reflecting the country's sound institutional environment, excellent infrastructure, efficient markets, competent macroeconomic management, world-class educational attainment, and high levels of technological innovation. Business activity benefits from a well-developed institutional framework, characterized by the rule of law, an efficient judicial system, and high levels of transparency and accountability within public institutions. The Swiss in recent years have brought their economic practices largely into conformity with the EU's to enhance their international competitiveness. Switzerland remains a safe haven for investors, because it has maintained a degree of bank secrecy and has kept up the franc's long-term external value. Economic Freedom: Switzerland's economy is 79.7 percent free, according to the 2008 Index of Economic Freedom, which makes it the world's 9th freest economy. Business ProtocolSwiss business culture is very hierarchical. Although those in senior positions will come across as modest there exist very clear lines of authority that are not crossed. Only the highest individuals in authority make final decisions even if others disagree with it.
Business Attire: All clothes for both men and women should be subdued in appearance, and more subdued in the German north than in the French and Italian speaking regions. Standard attire for men includes finely tailored wool suits, white cotton shirts and plain silk ties, with highly polished black leather shoes. Standard attire for women includes suits or skirts of a conservative length. Trouser-suits, in classic styles, are also acceptable. You should dress well, but modestly. The Swiss dislike ostentatious displays of wealth and appreciate clothing that is simply clean, well pressed, and in perfect condition. Names and Titles: Swiss society is rather formal and people tend to address each other by their surname. In German-speaking Switzerland, use the courtesy titles "Herr" and "Frau"; in French-speaking areas, use "Monsieur" and "Madame"; in Italian-speaking areas, use "Sigñore" and "Sigñora". Appointments: Meetings are always by appointment. The Swiss are perhaps the most punctual people on earth. You should arrive for any engagement at precisely the appointed time, not early or late. Conversation: The Swiss are a very private people, so you should avoid asking personal questions. For example, refrain from inquiries concerning their occupation, age, marital status, religion, and related matters. Gifts: In Swiss business culture, propriety is considered more important than gestures of affection such as gifts. The best policy is to wait until the conclusion of negotiations before presenting any gift and you should really allow your contact to give the first gift so that you can reciprocate. Meetings and Negotiations: The Swiss are known for getting the best possible deal in negotiations without ever appearing aggressive or demanding. Through quiet self-confidence and a no-nonsense approach to business they sidestep 'hard-sell' and other high-pressure tactics. In addition they will refuse to rush a decision until they have properly examined all the facts and information and reported these to the decision maker(s). Acceptable Public Conduct: Any visitor to Switzerland should make the effort to say grüezi in the German-speaking areas, bonjour in the French-speaking areas, and buon giorno in the Italian-speaking areas when meeting someone for the first time. The Swiss are probably the most law-abiding people on earth and bad behavior, even if it is not strictly illegal, is likely to cause offense so, for example: do not drop litter; do not walk against a red light. Sources for further information on doing business in SwitzerlandDoing Business in Switzerland, U.S. Commercial Service Doing Business in Switzerland, Ernst & Young Swiss Embassy in Washington, DC United States Embassy, Bern, Switzerland ***** Subscribe to the Credit-to-Cash Advisor This information is provided by ABC-Amega Inc. Providing international receivable management and debt collection services for exporters to more than 200 countries including Switzerland. For further information, contact info@abc-amega.com. This report represents a compilation of information from a wide variety of reputable sources. Economic Indicators: Variety of sources including the CIA World Factbook, Coface Country Rating, Economist Country Briefings, Federation of International Trade Associations (FITA) Country Profiles. Risk Assessment information: Provided with permission by Coface Country Rating. Also Belgian credit insurance company Ducroire Delcredere Information on credit terms and the probability of prompt payment are provided, with permission, from Overseas Press and Consultants (OP&C) as published in IOMA's Report on "Managing Credit, Receivables & Collections," August 2008. Historical Exchange Rates: OANDA.com The Currency Site. |
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Official Name: Swiss Confederation
The Swiss franc is one of the world's soundest currencies, and the country is known for its high standard of banking and financial services. Switzerland's machinery, metals, electronics, and chemicals sectors are world-renowned for precision and quality. Together they account for well over half of Swiss export revenues. In agriculture, Switzerland is about 60% self-sufficient. Swiss farmers are one of the most highly protected and subsidized producer groups in the world. OECD estimates show that Switzerland is subsidizing more than 70% of its agriculture, compared to 35% in the EU.
Business Cards: Ensure that you bring a plentiful supply of business cards. Business cards in English are acceptable since most Swiss will speak or, at least, understand English.