DOCSLIB.ORG

Doing Business in Switzerland

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Doing Business in Switzerland Independent legal & accounting firms Doing Business in Switzerland Edition No. 1 / February 2019 Photo credit: Shutterstock MSI Global Alliance Doing business in Switzerland MSI’s guide on Doing Business in Switzerland provides current information about the financial, regulatory and legal considerations that could affect business dealings within Switzerland. For further assistance please contact our MSI member firms in Switzerland. Country overview Bern, Luzern, St Gallen and Lugano. agreements with the European Union, allowing to bridge the differences and to Population Currency protect its businesses. Switzerland is a Switzerland has a total population of The national currency is the Swiss Franc destination of choice for entrepreneurs 8.5 million inhabitants. (CHF). and companies, due to its tax attractiveness and the high flexibility of Government Economic summary its legal system. Despite its official name, the Helvetic GDP: CHF 659 billion Confederation is a federation of Income per capita: CHF 78,700 Setting up a business sovereign states named cantons. Inflation: 0.84% There are 26 cantons, and each of Switzerland represents a highly them is composed of many Main sectors of the economy competitive and innovative business municipalities. The Swiss economy is amongst the most environment. Swiss corporate law prosperous and developed in the world, provides a flexible and a wide range of Switzerland is governed at three despite the lack of raw material and options in designing business entities. If levels: federal, cantonal and access to sea. The unemployment rate is several individuals join together to municipal. The federal capital is structurally low (3.2% in 2017). establish a company, they are obliged to Bern. The economic capital of the Switzerland is a leading exporter and is adopt one of the legal forms as outlined country, also the core of the mostly focused on products and services by Swiss company law. The financial system, is Zurich. Geneva, with high added value. establishment or transfer of a company the second largest city in the country to Switzerland in a foreign legal form is with 202,527 inhabitants (September The political economy of Switzerland is therefore not permitted. Within the 2017), is home to numerous characterised by a non-interventionist permitted legal form, the founder/s have international organisations, NGO, liberalism, which leads to a defence of substantial freedom to structure the private banks and horology the free trade system and the absence of company's internal setup. manufacture. Geneva and Zürich are government-subsidized sectors, with the world-class cities. important exception of agriculture and Legal types of business entities transports. Personal companies: the focus is on the Federal law rules most of private personal commitment of the partners: law. In public and tax law, cantons Today, the main sectors of Swiss have a wide freedom of economy are in the tertiary sector 1. Simple Partnership organization, within the frame of (tourism, banks, raw material trade, 2. General Partnership federal law. The competence of the retail trade, media, engineering), even if 3. Limited Partnership municipalities is governed by the secondary sector remains strong cantonal law. Thus, applicable law in (chemical and pharmaceutical industries, Capital companies: the focus is on the Switzerland may vary from a canton precision mechanics and office capital investment of the shareholders: to another, and, in a less important machines, horology). measure, from a municipality to 4. Company Limited by Shares (AG) another. Non-EU and its impact on businesses and 5. Limited Liability Company (GmbH) investors Languages Switzerland is located in the middle of Other legal forms: The national languages are French, the European Union without being a German, Italian and Romansh member. It is a member of the European 6. Association depending on each canton. Free Trade Association (EFTA). 7. Foundation However, most people speak 8. Cooperation English, especially in the big cities Switzerland uses its central position to like Zurich, Geneva, Basel, Lausanne, set up a large number of bilateral Switzerland | 2 MSI Global Alliance The main characteristic of a capital Accounting and auditing company does not require an audit company is that it is an association of Every business is obliged to maintain (opting-out). persons with its own separate legal accounting records and to prepare a personality and independent of the balance sheet and income statement in Economic and fiscal incentives change of members. In contrast, the every calendar year (except in the year of As part of the regional policy, the Swiss personal company is characterized as an formation). Confederation supports efforts to association of certain mutually obligated strengthen the competitiveness of persons without an own separate legal There are different accounting standards individual regions and increase their personality. If a business entity has legal applicable to small, medium and large added value. Based on the Federal Act personality, the entrepreneur cannot be entities. Those accounting standards on Regional Policy, tax relief may be held liable for more than the sum it generally apply to all entities with the granted to industrial companies and contributed to the company’s capital. exception of the rules of small entities service providers with close production which apply to sole proprietorships and links. The Confederation is thus able to For internationally active business partnerships only, and as well to support the creation and realignment of entities, the company limited by shares associations and foundations not jobs in structurally weak regional (AG) and the limited liability company registered nor subject to audits. centres. (GmbH) are most commonly used. Both legal types of business entities may be Small entities with a turnover of less established by one or more natural than CHF 500k must prepare an income Taxation person(s) or legal entity or another and expense statement without the commercial enterprise. In addition, at need of preparing a balance sheet. The Swiss tax system is characterized by least one person with residence in However, they also must accrue for various levels of direct taxation: direct Switzerland must have legal capacity to income and expense allocation to the federal tax, cantonal tax and municipal act on the company's behalf without any respective accounting period. Micro- tax. Furthermore, the tax legislations in restrictions. The nominal capital must entities with a turnover of less than CHF the individual cantons are often very amount to at least CHF 100,000 for the 100k may prepare their income different from one another. Important company limited by shares and to at statement based on a pure cash basis. areas, such as the powers to set tax least CHF 20,000 for the limited liability rates and tax scales, continue to be company. Medium and larger entities are required exercised by the cantons. to prepare financial statements Furthermore, foreign companies may according to the standards as set out by In order to avoid a duplication of taxes, establish subsidiaries or branch offices the Swiss Code of Obligations (Swiss Switzerland has signed double taxation in Switzerland. The establishment of a GAAP). The financial statements include treaties with most industrialized nations subsidiary is chosen more frequently. also notes to the financial statements. (more than 100). These DTTs cover, in However, the subsidiary must be However, the accounting standards can particular, the following aspects of tax: established in accordance with Swiss also be based on any internationally company law and therefore in the form accepted standard (Swiss GAAP/FER, • exemption of profits from branches of one of the legal types of business IFRS or US-GAAP) and in any currency. in the partner nation; entities (see above). On the contrary, For tax purposes the financial • reclaiming of source taxes; legally, the branch remains part of the statements have to be prepared • taxation of royalties and license fee parent company as a whole. This legal according to Swiss GAAP, in CHF. The dependence and the lack of legal financial statements of non-listed Foreign business and property income is personality distinguish the branch from companies are only submitted to the tax generally exempt from tax in Switzerland the subsidiary in particular. Setting up a authorities and not open for disclosure. under progression proviso. subsidiary or branch is generally more time-consuming and requires more When is a statutory audit required? An documentation than when founding a ordinary audit is required when two of VAT new Swiss company. the following thresholds in two A VAT rate of 7.7% applies to most goods consecutive fiscal years are exceeded: and services. A reduced rate of 2.5% Financial year of taxes and applies to certain everyday consumer financial accounts 1. Annual turnover > CHF 40 million; goods such as foods, non-alcoholic Generally, the financial year is equal to 2. Total assets > CHF 20 million; beverages, books, newspapers, the calendar year. However, legal entities 3. Number of employees > 250 fulltime magazines and medicines. Overnight may determine a different financial year equivalent stays in hotels (incl. breakfast) are taxed for direct tax purposes. Corporate at a special rate of 3.7%. entities as well as Swiss branches of If the above requirements are not met, foreign entities are subject to the company is subject to a limited audit. corporation income and capital taxes. With less than 10 fulltime equivalents a Switzerland | 3 MSI Global Alliance Income tax qualifying dividends less related HR/ Labour Law Individuals are liable for direct federal administration and financing costs and tax levied on their income and for any depreciation of the participation that Employment law cantonal and municipal taxes levied both is linked to the dividend distribution. In An employment agreement may be on their income and their net wealth. As most cases, the participation exemption agreed for an indefinite or fixed period a matter of principle, partners in results in a full exemption of participation of time.
Load more

Recommended publications
  • IZA Discussion Paper No. 154 May 2000
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Lechner, Michael; Gerfin, Michael Working Paper Microeconometric Evaluation of the Active Labour Market Policy in Switzerland IZA Discussion Papers, No. 154 Provided in Cooperation with: IZA – Institute of Labor Economics Suggested Citation: Lechner, Michael; Gerfin, Michael (2000) : Microeconometric Evaluation of the Active Labour Market Policy in Switzerland, IZA Discussion Papers, No. 154, Institute for the Study of Labor (IZA), Bonn This Version is available at: http://hdl.handle.net/10419/20997 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially
    [Show full text]
  • Regional Analysis of Tourism. Central and Eastern Europe
    Knowledge Horizons - Economics Volume 10, No. 2, pp. 46 – 58 , © 2018 Pro Universitaria “Dimitrie Cantemir” Christian University Knowledge Horizons - Economics Volume 10, No. 2, pp. 46 - 58 P-ISSN: 2069-0932, E-ISSN: 2066-1061 © 2018 Pro Universitaria www.orizonturi.ucdc.ro REGIONAL ANALYSIS OF TOURISM. CENTRAL AND EASTERN EUROPE Gabriela STANCIULESCU1, Elisabeta MOLNAR2 1PhD, Bucharest University of Economic Studies, E-mail: [email protected] 2PhD, Bucharest University of Economic Studies, E-mail: [email protected] Abstract The intensification of globalization brings to the forefront the role of the regions in economic Key words: growth, regions which are considered to be active and causal elements of economic development. Tourism, Regional These are considered places where the most advanced forms of economic development and development, innovation are concentrated. Economic Local (regional) economic development is defined by increases in the local (regional) development, CEE economy's capacity to create wealth for residents of the respective region or locality. These increases countries can occur if local resources, such as labor and land, are used more productively, or if the increase in JEL Codes: employment determines the use of labor force and land previously not being used (Camarda, 2008). Z30 Because the local level is defined in a more or less comprehensive manner, even the concept Q26 of local development has narrower or broader meanings. Thus, the concept of local economic M2 development means "the process of diversification and development of economic and social activity O52 at the level of a locality or a smaller territorial-administrative entity” (Profiroiu, Racoviceanu and Țarălungă, 1998, pp.8-16).
    [Show full text]
  • Monitor Switzerland Q4 2019 (PDF)
    Investment Solutions & Products Swiss Economics Interest rates remain negative for the time being Monitor Switzerland | Fourth quarter 2019 Swiss Economy Focus Monetary policy GDP growth only moderate Negative interest rates are effective Larger profit distribution? in 2020 too Page 6 Page 10 Page 18 Impressum Publisher, Credit Suisse AG, Investment Solutions & Products Nannette Hechler-Fayd'herbe Head of Global Economics & Research +41 44 333 17 06 nannette.hechler-fayd'[email protected] Oliver Adler Chief Economist Switzerland +41 44 333 09 61 [email protected] Authors Oliver Adler Maxime Botteron Sara Carnazzi Weber Emilie Gachet Tiziana Hunziker Alexander Lohse Claude Maurer Thomas Rieder Fabian Waltert Orders Direct from your client advisor or from any Credit Suisse branch. Contribution Vojo Gunevski Ewelina Krankowska-Kedziora Editorial deadline 5 December 2019 Copyright © The publication may be quoted providing the source is indicated. Copyright © 2019 Credit Suisse Group AG and/or affiliated companies. All rights reserved. Swiss Economics I Fourth quarter 2019 2 Editorial Dear Reader On January 15, 2015 – or almost exactly five years ago – the Swiss National Bank (SNB) an- nounced that it would be cutting its key interest rate to well below zero. If someone had been bold enough to predict five years earlier that interest rates in Switzerland would ever reach such a low level, he or she would probably have been dismissed as being rather light in the head. Yet today the yields on Swiss government bonds are in negative territory up to terms of well beyond 30 years, while interest rates are also negative in numerous other European countries.
    [Show full text]
  • Future Prospects for the Swiss Flag and Fleet at Sea
    Future Prospects for the Swiss Flag and Fleet at Sea Bremen, April 2021 Federal Department of Foreign Affairs FDFA Directorate of International Law DIL Swiss Maritime Navigation Office SMNO Created by: Institut für Seeverkehrswirtschaft und Logistik Institute of Shipping Economics and Logistics In collaboration with: Prof. Dr. Suzette V. Suarez Institut für Seeverkehrswirtschaft und Logistik Institute of Shipping Economics and Logistics Contact: Contact Persons: Universitätsallee 11/13 Prof. Dr. Burkhard Lemper 28359 Bremen E-Mail: [email protected] Germany Tel.: +49 421 22096 63 Tel.: +49 421 22096 0 Hendrik Jungen Fax: +49 421 22096 55 E-Mail: [email protected] www.isl.org Tel.: +49 421 22096 75 Christoph Hluchy E-Mail: [email protected] Tel.: +49 421 22096 85 Future Prospects for the Swiss Flag and Fleet at Sea Table of Contents Table of Contents I Register of Illustrations and Tables IV Glossary V 1 Introduction 2 1.1 Background and Actuality 2 1.2 Purpose of the Study 2 1.3 Methodology 3 1.3.1 Theoretical Framework 3 1.3.2 Fleet Development 3 1.3.3 Competition of Registries 4 1.3.4 Basis of Evaluation 5 1.3.5 Scenario Evaluation 8 1.4 Limitations and Boundaries 9 2 Definition and Delimitation 10 2.1 Law of the Sea Framework Applicable to Vessels and to Switzerland as a Flag State 10 2.1.1 Nationality of Ships and the Requirement of Genuine Link 10 2.1.2 Duties of the Flag State 11 2.1.3 Allocation of Jurisdiction over Vessels 12 2.2 Ships flying the Swiss Flag & Fleet at Sea 15 3 Fleet Development 18 3.1 Commercial Shipping 18 3.2 Yachts
    [Show full text]
  • Comparison of the Governmental Actions Undertaken in Response of the Financial Crisis in Europe
    Comparison of the Governmental Actions undertaken in response of the Financial Crisis in Europe Economics of European Integration Elin Porten Fabian Peters Maiko Messelken Marietta von Meien Final Paper Table of content Introduction 1 The Financial Crisis in Europe 1.1 Consequences for the European economy 1.2 European plans to combat the effects of the financial crisis 1.3 European Reactions on the financial crisis 2 The Financial Crisis in Germany 2.1 Germany and Europe 2.2 Germany’s Economy 2.3 Devolution of the crisis in Germany 2.4 Governmental actions to weaken the effects of the crisis 2.5 Outlook 3 The Financial Crisis in the United Kingdom 3.1 Governmental actions 3.2 Outlook 4 The Financial Crisis in Switzerland 4.1 The Swiss Economy 4.2 Current Situation and Problems 4.3 Counter Actions and Results 5 Comparison of the actions undertaken in the different countries 6 Conclusion 7 References 1 Introduction The year 2009 will always be remembered as the worst economic downtown since the second world war. Every day, the news inform about new insights and scope about the financial crisis. Nearly every country and every business sector is affected. The first shocks came unexpectedly and slowly. The real estate market in the US showed huge price overestimations. Bad debts, which were given out by banks even worsen the situation. Nowadays, the consequences of the financial crisis even express their effects in the real economy. The labour market is harmed and the unemployment rate is steadily increasing. The consumer index is still stable but will decrease in a long run as well and this, without doubt, it will have significant implications for the financial world.
    [Show full text]
  • The World Economic Forum – a Partner in Shaping History
    The World Economic Forum A Partner in Shaping History The First 40 Years 1971 - 2010 The World Economic Forum A Partner in Shaping History The First 40 Years 1971 - 2010 © 2009 World Economic Forum All rights reserved No part of this publication may be reproduced or transmitted in any form or by any means, including photocopying or recording, or by any information storage and retrieval system. World Economic Forum 91-93 route de la Capite CH-1223 Cologny/Geneva Switzerland Tel.: +41 (0)22 869 1212 Fax +41 (0)22 786 2744 e-mail: [email protected] www.weforum.org Photographs by swiss image.ch, Pascal Imsand and Richard Kalvar/Magnum ISBN-10: 92-95044-30-4 ISBN-13: 978-92-95044-30-2 “Until one is committed, there is hesitancy, the chance to draw back, always ineffective, concerning all acts of initiative (and creation). There is one elementary truth the ignorance of which kills countless ideas and splendid plans: that the moment one definitely commits oneself, then providence moves too. All sorts of things occur to help one that would never otherwise have occurred. A whole stream of events issues from the decision, raising in one’s favour all manner of unforeseen incidents and meetings and material assistance which no man could have dreamed would have come his way. Whatever you can do or dream you can, begin it. Boldness has genius, power and magic in it. Begin it now.” Goethe CONTENTS Foreword 1 Acknowledgements 3 1971 – The First Year 5 1972 – The Triumph of an Idea 13 1973 – The Davos Manifesto 15 1974 – In the Midst of Recession 19
    [Show full text]
  • Spec(83)29/Add.23August 1983 Working Party on Structural Adjustment and Trade Policy
    'GENERAL AGREEMENT ON RESTRICTED AND TRADE TARIFFS 26Spec(83)29/Add.23August 1983 Working Party on Structural Adjustment and Trade Policy RECORD OF DISCUSSION ON COUNTRY CONTRIBUTIONS RELATING TO EXPERIENCE WITH STRUCTURAL ADJUSTMENT Switzerland (Spec(82)6/Add.5) 1. The representative of Switzerland, introducing his country's submission, said that he wished to emphasize three points. The first was the high degree of interdependence between the economy of Switzerland and that of the world, Switzerland's foreign trade representing about one-third of its GNP. Secondly, he stressed the importance that Switzerland attached to stable conditions of access and to continued trade liberalization. Thirdly, Switzerland followed a policy of non-intervention; it was the market that gave the signals and the enterprises that took the adjustment decisions. Even in the recent difficult years, Switzerland had not taken restrictive measures at the frontier nor had it given subsidies to protect particular industries, such as those producing textiles,-watches or machines which had experienced great difficulties. 2. He said the adjustment policy introduced in 1978, the content which was described on page 6 of Spec(82)6/Add.5, had consisted of measures to facilitate the adjustment process, and not to delay it. A new programme had been adopted in October 1982, which, like the earlier programme, concerned financial support for research and training. Among the training courses were courses in the fields of computerized management techniques, computerized machine construction techniques and energy-saving installations in buildings. The research projects related to the construction of industrial robots and instruments for automatic measuring, analysis as well as measuring and verification techniques in the building sector to better detect sources of energy losses.
    [Show full text]
  • Analysis of International Technology Development and Commercialization Policy Instruments and Infrastructures
    Analysis of International Technology Development and Commercialization Policy Instruments and Infrastructures Gregory Tassey Economic Policy Research Center University of Washington July 2018 The United States emerged from World War II as the dominant technology-driven economy in the world. The development of new technologies benefited from substantial investment in basic science.1 For decades, this science base was drawn upon to the extent that virtually every major technology with global reach was developed and initially commercialized within the U.S. economy. This was accomplished by an unprecedented combination of government and industry investment in research and development (R&D) coupled with subsequent investment in technology-implementing hardware and software, skilled labor, and a world leading technology- based infrastructure, including top-rated universities and government laboratories. As a consequence, for three decades after WWII the United States was the dominant leader in 1 The U.S. still has 79 of the world’s top 100 universities in 2018, as ranked by uniRank (http://www.4icu.org/top- universities-world/). science and technology development and subsequent innovation. Although most of this technology was initially developed for specific missions such as national defense and later for space exploration, energy independence, and national health, the resulting “generic technologies” or “technology platforms” eventually were applied to commercial markets. Without significant competition from a global economy still recovering from WWII, the inefficiency of this indirect and drawn out process of depending on spinoffs from mission- oriented R&D was not burdensome. U.S. jobs, personal incomes, and overall wealth rose steadily, as a range of U.S.
    [Show full text]
  • Energy Externality and the Economy of Switzerland
    409 Energy Externality and the Economy of Switzerland by Gonzague Pillet and Howard T.Odum, Gainesville Fla. 1. Presentation In the economic literature an externality is any effect caused by market decision­ making, but all benefits and costs regarding the community and the environment are not taken into account in the setting up of market equilibrium and in the definition of its optimality. However, these external economies or diseconomies can be inter­ nalized either through bargaining, tax, or subsidy. In general, such externalities are priced and a new market equilibrium is set up. Now if we go further and look at externalities that are not merely market and micro external effects, but joint productions of goods and "bads" parallel to econ­ omic production in general, their internalization has to be formulated in another way. Any attempt at internalizing these effects gives rise to "new" goods such as clean water and air, free space, or healthy environment, all entities we cannot easily price. Unlike micro market externalities those externalities now look like public goods or bads whose typical features have to be therefore taken into account. Fi­ nally, this criterion prevents use of the old way of internalizing micro-externalities (Pillet, 1980). Moreover, in order to tell one thing from another, we call these large-scale exter­ nalities, externalities of second generation because they set out effects, which not only deal with market decision-makers, but strictly speaking have their origin out­ side of the economic sphere. They really are energy flows that come in from outside and go out into a used form after having done useful work.
    [Show full text]
  • The Global Economy of Switzerland: the Effect on the European Union and the World
    Global Awareness Society International 24th Annual Conference – Philadelphia, Pennsylvania, USA –May 2015 The Global Economy of Switzerland: The Effect on the European Union and the World Kevin Lubin Financial Economics Major Millersville University Class of 2016 [email protected] Introduction Switzerland is a country that lies in Western and Central Europe, bordered by France, Germany, Italy, Austria, and Liechtenstein. Switzerland is a federal parliamentary republic, where the executive branch of the government is accountable to the parliament. The country has a population of 8 million people and the 4 official languages are German, French, Italian, and Romansh. The two largest cities in Switzerland, Zurich and Geneva, play a significant role in the country’s economy. The quality of life in Switzerland is very high, ranking near the top in categories such as human development, economic competitiveness, civil liberties, and government transparency. It is also ranked as the number one country in the world for highest nominal wealth per adult and number eight country in the world for GDP per capita. (WorldBank.org) With Zurich and Geneva, leading the way Switzerland’s economy has a large effect on the European Union and the world. History of the Currency In 1848, the Swiss Federal Constitution made it law that the Swiss government would be the only entity allowed to make money in Switzerland. Before that, there were over 8,000 different types of money in the country alone. The Swiss Franc wasn’t actually introduced until 2 years later by the Federal Coinage Act, passed by the Federal Assembly on May 7th, 1850.
    [Show full text]
  • The Swiss Black Swan Bad Scenario: Is Switzerland Another Casualty of the Eurozone Crisis?
    Int. J. Financ. Stud. 2015, 3, 351-380; doi:10.3390/ijfs3030351 OPEN ACCESS International Journal of Financial Studies ISSN 2227-7072 www.mdpi.com/journal/ijfs Article The Swiss Black Swan Bad Scenario: Is Switzerland Another Casualty of the Eurozone Crisis? Sebastien Lleo 1 and William T. Ziemba 2;3;* 1 Finance Department, NEOMA Business School, Reims, 51100, France; E-Mail: [email protected] 2 Sauder School of Business, University of British Columbia, Vancouver, V6T 1Z2 BC, Canada 3 Systemic Risk Centre, London School of Economics, London, WC2A 2AE, UK * Author to whom correspondence should be addressed; E-Mail: [email protected]; Tel.: +1-604-261-1343. Academic Editors: Marida Bertocchi and Rita L. D’Ecclesia Received: 28 May 2015 / Accepted: 16 July 2015 / Published: 12 August 2015 Abstract: Financial disasters to hedge funds, bank trading departments and individual speculative traders and investors seem to always occur because of non-diversification in all possible scenarios, being overbet and being hit by a bad scenario. Black swans are the worst type of bad scenario: unexpected and extreme. The Swiss National Bank decision on 15 January 2015 to abandon the 1.20 peg against the Euro was a tremendous blow for many Swiss exporters, but also Swiss and international investors, hedge funds, global macro funds, banks, as well as the Swiss central bank. In this paper, we discuss the causes for this action, the money losers and the few winners, what it means for Switzerland, Europe and the rest of the world, what kinds of trades were lost and how they have been prevented.
    [Show full text]
  • Expert Analysis for the Hotel Investments in Austria and Some Other European Countries
    Expert analysis for the hotel investments in Austria and some other European countries Jasomirgottstrasse 6/ Xb, 1010 Vienna, Austria Tel. +43 1 2632 555 / Fax: +43 1 2632 555 10 www.austriareal.com www.austriareal.ru info@austriareal 1 TABLE OF CONTENT 1. Introduction ................................................................................................................................................. 4 2. Site .............................................................................................................................................................. 4 2.1 Austrian Economic Overview ................................................................................................................. 4 2.1.2 Other Countries Economic Overview ..................................................................................................... 6 2.1.2.1 Bulgaria ................................................................................................................................................... 7 2.1.2.2 Czech Republic ....................................................................................................................................... 8 2.1.2.3 France ..................................................................................................................................................... 9 2.1.2.4 Germany ............................................................................................................................................... 10 2.1.2.5 Greece ..................................................................................................................................................
    [Show full text]