New Transparency Act to come into force in the autumn
The new Federal Act on the Transparency of Legal Entities is intended to prevent opaque corporate structures and strengthen the fight against money laundering. It is expected to come into force in the 4th quarter 2026.
The main instrument is a central, non-public transparency register maintained by the Federal Office of Justice.
This primarily applies to Swiss public limited companies (AG), private limited companies (GmbH) and cooperatives.
There is no reporting obligation for:
- listed companies and their subsidiaries in which they hold >75% of the shares
- occupational pension schemes
- legal entities in public ownership (≥75% state-owned)
Companies must identify beneficial owners, verify their identity, document this and report it to the register within 30 days.
The information to be reported includes, amongst other things, name, date of birth, nationality, address, country of residence and the nature/extent of control. A beneficial owner is defined as any person holding at least 25% of the capital or voting rights or exercising other controlling influence. If no beneficial owner can be identified, the highest management body is deemed to be the beneficial owner.
Shareholders and partners must provide the company with the necessary information; otherwise, the reporting obligation cannot be fulfilled.
The register is not public, but extracts are available to the companies concerned. Entries are free of charge.
For companies with simple ownership structures, simplified reporting procedures and generous transition periods shall apply.