Switzerland attracted 282 foreign firms to set up shop in the alpine state, creating 899 jobs last year, according to cantonal economic chiefs. That’s an increase of 37 companies from 2017.
Switzerland is in the throes of revamping its corporate tax system to keep it line with the competition rules of the European Union and Organisation for Economic Cooperation and Development (OECD).
Many cantons are reducing their headline tax rates to make up for having to ditch special perks for multinational companies that locate offices and subsidiaries in Switzerland.
The ongoing changes appear so far not to have put off foreign companies from coming to Switzerland. Around half of the incoming enterprises operate in the ICT and life sciences sectors, it was announced on Tuesday.
The real blip in the figures was a 42% fall in the number of jobs created last year compared to 2017.
The Swiss government says it will spend CHF373 million ($374 million) on boosting Swiss tourism, export promotion and other areas between the years 2020 and 2023. Some CHF17.6 million of this budget has been earmarked for promoting the country as an attractive location for businesses.
Part of the plan is to attract substantial company activities and to ditch the tradition of so-called “brass plate” offices setting up in Switzerland that bring little economic benefit beyond taxes.
But the country also has a track record for reeling in meatier operations, such as Google and IBM research facilities.
In addition to competitive taxes Switzerland promotes its central European location, high quality of living, top billing in many innovation studies and a thriving higher education system that produces a stream of highly qualified workers.
This article was corrected on April 4 to clarify spending on promoting Switzerland for foreign companies.
Popular Stories
More
Life & Aging
Zurich: how the world capital of housing shortages is tackling the problem
Is your place of origin, your Heimatort, important to you?
Every Swiss citizen has a Heimatort, a place of origin, but many have never visited theirs. What’s your relationship with your Heimatort? What does it mean to you?
In Switzerland more people are being referred to electrical therapies or psychedelic-assisted psychotherapy. Are there similar approaches where you live?
Pope was a person full of respect: Swiss president
This content was published on
Swiss president Karin Keller-Sutter, who is attending the funeral of Pope Francis, says the pontiff was always full of respect.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Swiss cantons forced to fish for multinationals with non-tax lures
This content was published on
Little has changed in the ranking of cantons by economic competitiveness since UBS conducted its last study in 2016. Zurich and Zug are still judged the best places for multinationals to set up shop while more rural cantons, such as Jura and Graubünden, bring up the rear. But a radical overhaul of Switzerland’s corporate tax…
This content was published on
Switzerland will miss a deadline to reform 'harmful' corporate tax practices after voters reject a proposed overhaul in a referendum.
Swiss corporate tax rates ‘likely to fall’ in some cantons
This content was published on
Little has changed in the Swiss corporate and income tax landscape, with cantons in central Switzerland like Zug offering attractive rates in international comparisons, the latest KMPG Clarity on Swiss TaxesExternal link report concludes. However, companies are bracing themselves for changes in the coming years. Having failed to get corporate tax changes past Swiss voters…
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.