How ZEDRA supports clients from CIS with their corporate banking requirements in Switzerland

15 July 2020

For clients of the CIS region, working outside of Eastern Europe can be a challenge. One of the trickiest processes for clients from the region doing business in Switzerland, can be opening of an operational bank account.

ZEDRA’s experience has helped us to understand some of the roadblocks that can be faced by our clients from the CIS region and importantly, the solutions on offer that help keep things running smoothly.

Choosing a Swiss bank

Major Swiss banks don’t always offer accounts to smaller corporate clients with international exposure. For clients from the CIS region, most Swiss banks can hold a certain allure, and they can be disappointed if these aren’t an option for them. Through our trusted, professional network, the ZEDRA team can suggest several different banks and proven payment platforms to clients who can facilitate their needs and who have a track record of working successfully with other clients from the region.

‘Clients from Russia and Ukraine are positively surprised by the excellent service offered by some large and even small private banks that they may not have originally considered for their corporate accounts. The level of care and professionalism offered by these banks is excellent. We also work with banks which do not require larger substance in Switzerland, or assets under management. Due to the fact that ZEDRA is on a short list with most larger banks, onboarding process often goes faster and smoother. Our network and ability to help introduce clients to the right bank is highly valuable,’ says Vadim Neumann, Managing Director, ZEDRA Zürich and Zug.The ZEDRA team also works hard to facilitate the onboarding process with banks and ensure it is as smooth as possible for both parties. ‘We’re able to provide a lot of context to clients from the CIS region and help them understand what’s needed from them by the bank in terms of paperwork and how to compile it to expedite the account opening process. At the centre of our commitment to clients is speed, facilitating the process and keeping clients up to date of every detail. Little touches like these make a big difference,’ says Vadim.

Facilitation of the onboarding process

Clients from Russia and Ukraine have also found it challenging to set up bank accounts for share capital quickly, which can cause delays and frustration, especially if the rest of the process to do business in Switzerland has swiftly progressed.‘We’ve seen that this is a very frustrating process for our clients. By working with specific banks and following a process that meets KYC and legal requirements and regulations, we have found a way to open up bank accounts faster. We’re able to get share bank accounts set up in one day and operational bank accounts in as little as 6-8 weeks.’ says Vadim.

Different approaches

Clients may not know the options available to them when it comes to banks for their corporate account, and when appropriate, the team explains how and what these are.‘In certain cases, clients can choose between multiple banks and simultaneously open multiple corporate accounts. Of course, this only makes sense in certain scenarios, but some of our clients have found it worthwhile and again, wouldn’t necessarily have thought of taking this route themselves,’ says Vadim.

For more information, please contact Vadim Neumann, Managing Director, ZEDRA Zürich and Zug.