Insights

The new Swiss corporate law will enter into force on January 1st, 2023. The key changes are greater flexibility for share capital and equity distributions, enhancement of shareholders’ rights in terms of better corporate governance and modernization of shareholders’ meetings. The following provides an overview of the main innovations from a practical point of view.

EU Directive 2019/1937 on the protection of persons who report breaches of Union law («Whistleblower Directive») entered into force on 16 December 2019. The Whistleblower Directive is intended to facilitate the disclosure of breaches of EU law and guarantee a uniform, high level of protection for whistleblowers throughout the entire EU. It has far-reaching consequences and is also relevant for Swiss companies with a presence in the EU area.

As crypto-currencies are currently still little regulated and their value fluctuates relatively strongly, this not only entails certain business risks - there are also risks in the audit of the financial statements, for example the valuation uncertainty. If a company holds a significant part of its assets in cryptocurrencies such as Bitcoin or Ethereum, there are several things to consider. In addition to the profession of auditing, specific knowledge about the crypto ecosystem and blockchain is necessary. In the article "Cryptos challenge auditors", Christian Bögli and Michael Merz explain which audit risks exist for companies with cryptocurrencies and how they can be minimised.

A lot has changed in the working world of a financial auditor due to COVID-19. Meetings via videoconference, travel restrictions, working from home and other remote structures and processes had to be implemented quickly due to the pandemic. Small companies in particular – both auditors and clients – have made significant upgrades to their IT systems during the past 18 months. In addition to working conditions, financial auditors also face additional challenges during the pandemic. Assessing the going concern premise based on lost revenues, liquidity shortages, supply chain issues and production stops during lockdowns is a very challenging task, for example. In her article, Dr Shqiponja Isufi explains how companies can grasp the opportunities presented by the COVID-19 crisis and why a career as a financial auditor is set to become even more attractive for the younger generation.

The number of start-ups continues to rise. When it comes to innovation, Switzerland is a world leader thanks to its renowned universities. The entire innovation process, from the initial idea through to the launch of a marketable product or service, is often a rocky road on which hurdles from the most diverse subject areas have to be overcome. With Grant Thornton as your start-up partner, you benefit from our valuable experience and expertise from day one.

For many companies in our region, having enough in-house IT experts to provide sufficient protection against cyberattacks is a huge challenge. In this article, Christopher Oehri explains why having the right IT security partner is so important, and how Grant Thornton can help you find the right solution for your company.

New financial market regulation, especially in regard to the Financial Services Act (FinSA) and the Financial Institutions Act (FinIA), has been in effect in Switzerland since the beginning of 2020. It affects investment and asset advisors, asset managers, managers of collective assets and everyone who is involved in financial services as well as offering and marketing financial instruments – including fund sales. After roughly one and a half years and numerous difficulties associated with the coronavirus pandemic, the time has finally come to take stock of the situation among affected financial service providers of every kind. In this June 2021 edition of the B2B panel, Veronika Britt, Senior Manager at Grant Thornton Switzerland/Liechtenstein, explains what to look out for particularly when it comes to financial market regulation and how Grant Thornton can support your business:

Expertise, experience, leadership skills and agile adaptation to new technologies are the ideal prerequisites of a successful auditor. Due to the trend of digitalization, which was once again significantly strengthened by the coronavirus pandemic, the expectations of auditing have increased. Thanks to today's new technologies, complex processes of the annually recurring audit of financial statements can be simplified. But what are the prerequisites that an auditor must have today and in the future in order to also make targeted use of digital topics such as “big data”, artificial intelligence and, not least, gamification approaches? So are computer scientists the new auditors? In her article, Dr. Shqiponja Isufi explained what the ideal profile of an auditor is and why the profession will become even more attractive in the future.

The Swiss Federal Council adopted the revised withholding tax law in December 2016. This reform contains various adjustments that are relevant to you as an employer. All changes will enter into force on Friday, 1 January 2021. In this fact sheet, we would like to provide you with information about the most important points of this revision.

The COVID-19 global pandemic has resulted in economic consequences that many reporting entities may not have had to previously consider. One of those consequences is their ability to repay loans. In response, some lenders have agreed to changing the borrowing terms or providing waivers or modifications to debt covenant arrangements. Any changes to the terms of loan agreements, for example providing any kind of payment holidays on either principal or interest or changing interest rates, should be carefully assessed.

The digital transformation poses a challenge for trustees. In the medium term, certain traditional business sectors will simply disappear. At the same time, digital technologies are also bringing about new business opportunities. Nonetheless, “digitalisation” remains a buzzword that sounds urgent but leaves most small and medium-sized trust companies at a loss. There are often no answers to the question of how the process of digitalisation can be shaped in concrete terms in the everyday operation of a business. Grant Thornton Switzerland/Liechtenstein offers tools and strategic consulting that help you move forward in the area of digital transformation in a manner that is structured, targeted and a precise fit for your company.

The constitutional right to equal pay for work of equal value was enshrined in law by the Federal Act on Equal Opportunities for Women and Men (EOA) , which came into force on 1 July 1996. On 14 December 2018, parliament passed an amendment to the Equal Opportunities Act effective 1 July 2020. This amendment requires companies with 100 or more employees to carry out a wage equality analysis, which must be verified by an independent specialist. However, due to a so-called ‘sunset’ clause, the provisions automatically cease to apply on 1 July 2032.

The coronavirus crisis has hit the global economy to an unprecedented degree, with many companies facing the prospect of having to make drastic changes to their business models. New challenges have arisen and are now affecting several points, many of them crucial, along the entire value chain. From the insecurity and shortages faced by suppliers to struggling, unstable markets and surpluses in personnel – not to mention the sudden, tight restrictions on mobility – very few areas have escaped the effects of the pandemic.

After decades of preparation and time-consuming negotiations, on 19 June 2020, the Federal Parliament finally agreed upon the long-planned reform of the law on companies limited by shares. This revision will come into effect on 1 January 2022. Companies have two years from this date to amend their articles of incorporation accordingly. What are the most important changes to the law on companies limited by shares?

If the widespread impact of COVID-19 began during the entity’s reporting period, the impact will be reflected in its financial statements for that period. However, to the extent that the widespread impact of COVID-19 occurred during the entity’s ‘subsequent events period’ (ie the period between the end of the reporting period and the date when the financial statements are authorised for issue), management must determine how material developments after the year-end should be reflected in the entity’s financial statements for the period under audit or review.

As a response to the COVID-19 global pandemic, governments around the world are implementing measures to help businesses and economies get through it. The nature of government grants can take on various forms such as below market rate loans, short-time working subsidies, relief funds, income-based tax credits to name just a few.