In a global Financial Centre, Switzerland can become a crucial destination for Indians who want to build new enterprises.
Many Indian Companies intend to use the Swiss startup ecosystem to set up their new business in Alpine Nation, to boost the appeal of starting up companies as a preferred location through several competitive global measures.
According to the Swiss government statement, the Federal Council, the European Nation’s leading body for decision making, asked the Federal Economic Affairs and Education Research department (EAER), the Department of Economic Affairs, Education and Investigation to examine the initiating ecosystem Schweiz.
The Federal Council is currently charged with examining further action in this field in greater detail by the EAER and the Federal Department of Justice and Police (FDJP). The results are expected to be made available in June 2022.
The Swiss government notes that startups play an increasingly important role in the innovative strength, that startups contribute substantially to the exploitation of the potential for innovation resulting from Research.
With India becoming a central worldwide hub for startup entrepreneurs, industry experts said Switzerland could emerge as a significant destination for Indians trying to establish their new business in a global financial centre.
Several investment bankers and international legal firms have also said that potential startups from India are approaching them, following the recent measures of the Swiss government, to examine the potential for Switzerland as a startup location.
The Swiss government has decided that it can go a long way to promote the Swiss economy sustainably, said Mr Himanshu, Founder and CEO of the parent firm for IDDI Investments Switzerland For you SA, which aims to attract entrepreneurs and investors from around the world, including India.
“Due to the dynamics of this fast changing business environment, it is crucial that the ecosystem is constantly updated in order to attract young talents and entrepreneurs from around the globe and not only from other parts of Europe,” says the Indian businessman.
He has its headquarters in Genoa but has only his first name.
“After the EAER review has been completed and the report is completed, Swiss authorities are expected to act twice as fast as possible to ensure that the nation’s startup ecosystem is competitive on an international scale and also the best in the world,” he added.
Himanshu stated, “The Swiss Federal Council’s decision to authorise the EAER to revise the startup ecosystem of Switzerland is a well thought-out move that will help to promote Switzerland’s economic interest sustainably.”
In December 2020, the Swiss Federal Council initially commissioned the EAER to explore the factors critical to the performance and speed of the startup ecosystem.
The most recent EAER report shows that Switzerland’s startup ecosystem, in general, is in good shape, but in many areas, improvement is still possible.
“The EAER therefore proposes to examine in greater detail various steps before the Federal Council, namely how the technology transmission can be optimised, internationalisation boosted, access for qualified employees improved and legislation improved,” said the government.
Since numerous countries have implemented extensive startup support programmes, measures to strengthen the Swiss appeal as a long-term location to startups should be considered as well, she added.
In particular, the Federal Council agreed to examine the benefits and disadvantages of a Swiss Innovation Fund extensively in this regard.
The goal is to explore the extent to which the fund could expand Switzerland’s venture capital market, thereby increasing innovative companies’ growth opportunities in Switzerland.
While Switzerland in India has fought an awareness battle for alleged black cash parks in Swiss banks for a long time, Switzerland has also always been known as the technology hot spot in various sectors where Swiss companies operate.
Thus, startups can help shape the country’s future economic growth path.
