'Over 600 Indian firms look to set up base in Switzerland'

Over 600 companies from India, are seriously weighing options to set up base in Switzerland. The aim of these companies are not only to tap the Swiss market, but the entire European market, said Francis Sermet, chief executive officer , Development Economic, Western Switzerland (DEWS), in Ahmedabad on Thursday.

Sermet, who is in Gujarat to invite more and more companies to set up base in that country, said - "The location of Switzerland is such that the companies looking to set up base in Switzerland are not doing so with the sole intention of working there, but they are also looking for expanding operations into the entire Europe."

Sermet added - " As of today, there are over 600 companies that are seriously weighing options of setting up base in Switzerland.

"We expect a deluge of Indian companies to start Europe operations by the next one year."

According to statistics, 55 per cent of all companies that have gone to Europe, have established their headquarters in Switzerland.

All other European countries combined account for the remaining 45 per cent. "A very liberal labour policy, extremely friendly taxation regimes, an ideal business and political climate are responsible for this," he said.

Ravi Chaudhry, India representative of DEWS said that top officials of four Gujarat-based industries are visiting Switzerland in next three weeks with the aim of setting up base there.

"Although the names cannot be disclosed, there is a pharmaceutical company, a tourism and travel company and a machinery manufacturing company. The fourth is a FMCG company," Chaudhry said.

DEWS has identified 20 such partners across the world, who facilitate the process of companies moving to Switzerland. DEWS expects the pharma, biotechnology, jewellery and diamonds and tourism sectors in Gujarat to make investments in Switzerland.

Indian companies who set up new units in Switzerland will get a tax holiday for a period of ten years, Sermet said. In case trading companies were set up, they would attract a flat 10 per cent tax, which will not be revised upward under any circumstances, he added.

"In case a new unit has to be set up, the company will have to bring in one-third of the capital, while the remaining two-third can be raised locally," he said.

"We are not looking at people coming here and setting up huge facilities with enormous investments. What we are looking for is Indian companies coming to Switzerland, as using that as a pad to penetrate the European Union markets.