Swiss companies must keep proper accounts under the Code of Obligations' accounting standards (a simplified 'commercial accounting' regime for small businesses below CHF 500,000 turnover, and full double-entry statutory accounting above that), retaining records for 10 years. A statutory audit is required for larger companies exceeding two of three size thresholds (roughly CHF 20 million balance sheet total, CHF 40 million revenue, 250 employees for an 'ordinary' audit; smaller companies above lower thresholds need only a limited/'review' audit, and very small companies can opt out entirely with shareholder unanimous consent).
Most small Swiss companies (GmbH/AG below the audit thresholds) can legally opt out of a statutory audit entirely with unanimous shareholder consent, which is a real cost-saving many newly-formed foreign-owned companies aren't aware is available.
Key Facts
Companies with turnover below CHF 500,000 can use simplified 'commercial accounting' (cash-basis-like records); above that, full double-entry accounting per the Code of Obligations is required.
Accounting records (books, vouchers, correspondence) must be retained for 10 years.
Ordinary (full) statutory audit required if a company exceeds two of three thresholds: CHF 20 million balance sheet total, CHF 40 million revenue, 250 full-time employees (averaged annually).
A limited statutory audit ('review') applies to companies below those thresholds but above smaller size criteria; very small companies (fewer than 10 full-time employees on average) can opt out of any audit entirely with unanimous shareholder consent ('opting-out').
Annual accounts (balance sheet, income statement, notes) must be approved at the annual general meeting and filed as required by the Commercial Register/tax authorities.
Steps
Determine applicable accounting standard — Simplified commercial accounting below CHF 500,000 turnover; full double-entry accounting above it.
Assess audit requirement — Check company size against ordinary audit, limited audit, and opting-out thresholds.
Maintain 10-year record retention — Keep all accounting books, vouchers and correspondence for the statutory 10-year period.
Prepare and approve annual accounts — Present annual financial statements at the AGM for shareholder approval.
Costs
Limited statutory audit (small/medium company): Typically CHF 2,000-8,000/year depending on complexity
Timelines
Accounting record retention: 10 years
Required Documents
Annual financial statements (balance sheet, income statement, notes)
Accounting books and vouchers
AGM minutes approving annual accounts
Common Mistakes
Assuming a statutory audit is always required — many small companies can legally opt out entirely with unanimous shareholder consent.
Not retaining accounting records for the full mandatory 10-year period.
Using simplified cash-basis accounting above the CHF 500,000 turnover threshold where full double-entry accounting is actually required.