To gain decisive competitive advantages, a company can use Data Science to come up with new, innovative ideas. In order to analyze how far the use of Data Science has progressed in Swiss SMEs and what the challenges and opportunities of Data Science are in this environment, the HWZ conducted a comprehensive study. The results of this were recently published.

Get out of the comfort zone

Especially in very small companies, forecasts are still made on the basis of historical data with simple time trends. However, small and medium-sized companies also make too little use of the potential of more complex evaluation options. This is due to lack of know-how, lack of financial resources and generally too little awareness of the topic. "In this context, our findings are surprising, according to which, across all company sizes, a need is expressed for more forecasts on future customer wishes and trends of customer segments as well as products and services. This shows that companies theoretically have a great need for more business intelligence to supplement existing evaluations with more sophisticated, progressive evaluations, but that companies are too little aware of this. The level of digitization among SMEs is still too low," as Prof. Dr. Evangelos Xevelonakis (pictured), Head of the Center for Data Science & Technology at the HWZ Hochschule für Wirtschaft Zürich, points out.

Discrepancy between knowledge and implementation

It is noteworthy that there are large asymmetries between employees and managers of SMEs when it comes to assessing the challenges with regard to business intelligence. According to the current study, the greatest challenges for the use of data science in Swiss SMEs lie in the lack of transparency and communication between the various hierarchical levels, the resulting lack of a sense of responsibility on the part of management, and too little awareness of the benefits of data science.

Business intelligence must also reach SMEs

In order to drive digitization forward and increase the use of data science in SMEs, the benefits of data science must be made clear to the management of SMEs. They should see the need for action and invest more resources in the further education and training of their employees. This is where universities can play an important role in ensuring that potential employees receive appropriate training and that SMEs are kept up to date on data science topics so that they do not lose touch with their global competitors. The most important conclusions from the study are:

• Management is not sufficiently aware of the benefits of business intelligence.
• The know-how of employees is underestimated by management.
• Employees complain about a lack of responsibilities.
• There is too little communication between the hierarchy levels.
• The digitization of SMEs is too little advanced.
• SMEs expect universities to support them.

It is clear from the findings that SMEs must take organizational, technical and social measures in order to hold their own in an increasingly competitive environment. Universities can make an important contribution to this, as the study concludes with a recommendation for action.

Source and further information: www.fh-hwz.ch

Switzerland's competitiveness has declined. The country risks losing its top international position and slipping into the midfield. Economists are concerned about low productivity growth and in various relevant rankings (e.g. WEF Global Competitiveness Report 2019 or World Bank Report Doing Business 2019), Switzerland is losing its attractiveness as a business location. In addition, there are the after-effects of the Corona crisis, which has not yet been overcome and magnifies the existing challenges. If Switzerland does not act in a timely and decisive manner, there is a risk that competitiveness will deteriorate further, growth will weaken and the country will no longer be able to maintain its leading position.

Corona crisis exposes failures

Despite the widely praised response of the Swiss authorities in the early stages of the pandemic, weaknesses also became apparent. "The Corona crisis exposed government failures that are not befitting a modern and innovative country," explains Michael Grampp, chief economist at Deloitte Switzerland. A new report entitled "Power Up Switzerland" comes from this consulting firm. As a basis for information, around 400 leading representatives from business, associations and politics were surveyed on the success factors for Switzerland. In the comprehensive analysis, eight central clusters of action emerged that now need to be addressed in a coordinated manner by the state and companies.

Eight action clusters with great potential

"In April and May, we used surveys and opinion articles to show how COVID-19 is changing our lives. Now Power Up Switzerland serves as a road map for renewing Switzerland's model for success. We want to offer suggestions on how to make the economy and businesses in Switzerland more sustainable and resilient," Reto Savoia, CEO of Deloitte Switzerland, explains the background of the new report. Deloitte had already surveyed 400 leaders in business, government and associations about Switzerland's competitiveness in January 2020. Participants in the online survey assessed a total of 21 influencing factors. From these, Deloitte's economists and industry experts identified eight topics with the greatest potential for success. The Corona crisis and the measures taken by the state and companies as a result were included in the evaluations.

Sustainable and robust into the future

"Swiss companies must now strengthen their innovative power and initiative, and reposition themselves internationally," Savoia demands. For each of the eight action clusters identified with Power Up Switzerland, Deloitte has developed numerous measures to strengthen the competitiveness of Switzerland and the companies based here. Politicians can also achieve a great deal by dismantling trade barriers, reducing the density of regulation, reorganizing the pension system, or digitizing their own administration to a much greater extent, the report continues.

The measures for companies can be summarized under the common umbrella term "sustainable resilience": Sustainability requires inclusion of the environment, society and the economy - a triangle of topics that, according to the current swissVR Monitor, is still not being dealt with systematically enough by many companies. Resilience must be increased in order to survive difficult economic situations without sustained impairment.

Action cluster "Workforce and education

"Sustainable resilience" in international trade, for example, means that companies need to re-evaluate their existing supply chains and location strategies in order to optimize and differentiate them. In the case of environmental issues or taxes, it makes sense to intensify the dialog with relevant stakeholders and communicate transparently in public in order to engage in a constructive dialog at eye level," says Savoia. "There is also considerable potential for greater resilience in employee management," he adds. The workforce can be granted more mobility, flexibility and personal responsibility, he says. If more and more employees can work more independently in terms of time or location, the resilience of the organization will increase, he says. And companies need to realize that better integration of older workers and women can make a significant contribution to combating the growing skills shortage, Deloitte adds. Skills and knowledge could increasingly be acquired and shared via digital platforms. In order to successfully implement these changes, a cultural change, a future-oriented HR strategy and the necessary technical infrastructure are needed.

Source and further information: www.deloitte.ch

Promoting basic understanding in the areas of communication and marketing is a key need of the smaller Swiss SME structures. The novel model Tarcom (stands for "tarif commun") aims to provide these companies and professional associations with a basic knowledge and skills in these areas. This at the transparent conditions of CHF 2/minute and adapted to their needs.

Empower SMEs better in communication and marketing

The empowerment, i.e. the know-how transfer of a basic knowledge and skills in matters of communication and marketing, is intended to allow smaller companies, which cannot devote the financial or time resources in this regard, to help themselves to identify their needs and thus increase their competitiveness. A better-informed business leader can better identify his or her own communication and marketing needs, help himself or herself with the most basic aspects of these areas, and, if necessary, bring in specialized consultants for larger projects in a goal-oriented manner. Bringing suppliers and buyers together should drive and optimize profitability on both sides. With the approach of CHF 2/minute Tarcom signals that it charges transparently and in detail.

Who is behind Tarcom

The first priority is to recruit the TARCOM expert pool with the aim of having a qualified network throughout Switzerland in the fall of 2020. The provider pool is made up of professionals with solid SME consulting experience in the areas of communication and marketing, who are flexible and mobile and who embrace the TARCOM rules and philosophy.

Behind Tarcom are its initiator Suzanne Rouden (owner Rouden Communication Intelligence, Basel, and President of the Examination Commission of the Swiss PR Association pr suisse, LinkedIn), Corinne Druey (owner Syntagme, Lausanne and Head of Education, SAWI Group, Lausanne, LinkedIn) and Barbara Forster (owner Esprit Communications, Thun, and Head of Federal Examinations, Swiss PR Association pr suisse, LinkedIn). The steering team brings with it many years of broad industry experience in terms of SME consulting and continuing education with corresponding broad networking.

Simple platform - but expandable

The structures of the new platform are to grow organically in line with market needs. The quality of its expert pool and the development of the interactive platform are thus in the foreground. Today, this platform consists of a simple but expandable website in German and French, with the aim of community building. The Italian site will be added as soon as the need from the Italian speaking market is confirmed.

www.tarcom.ch

Despite the Corona pandemic, young Swiss companies are enjoying stable interest from investors. And the start-up scene also seems to be doing well again, as shown by the recent numbers of start-ups show. The current global pandemic therefore presents many challenges, but also opportunities. This is particularly evident in the field of AgeTech solutions. This is where the young company CARU is active and has developed a "digital roommate" for the older generation. This is now also to be launched on the market for private customers in Switzerland - 6 months earlier than planned.

Existing and new investors convinced

CARU was not only able to increase the capital of existing investors. Despite - or perhaps because of - the current situation, the company was also able to attract new investors. "The positive response in the B2B market over the last 2 years, the fast development cycles, and the determined early B2C market entry this spring have confirmed to me: The company will have a positive, sustainable and scalable impact on our aging society," says Erich Mosset, co-owner and board member of RONDA and investor in CARU.

Grandma and Grandpa's Digital Roommate

CARU is operated via simple voice commands or touch. In an emergency, all it takes is a "Help - Help!" to be connected to the family by phone via loudspeaker. Everyday matters can be shared easily and at any time of the day or night as a voice message - by the family via smartphone and by grandma and grandpa via CARU. Connected to the power grid, the device connects to the mobile network via the integrated SIM card. The family configures the rest conveniently from home via an app.

Source and further information: www.caruhome.com

When Roomz launched the smart display in 2015, the start-up company ushered in a new era in meeting room management. With the help of sensor technology, the innovative Swiss engineers have since developed the display into a comprehensive solution. It can now also be used to manage workstations as well as huddle rooms and other spaces.

New space concepts demand new management solutions

The modern working world needs an intelligent control system for work environments, otherwise chaos is inevitable. Roomz founder and CEO Roger Meier confirms: "Technological developments, global networking and demographic influences have changed our work culture. Managing workspaces is increasingly becoming a key competence. New forms of work such as desk sharing, home office, remote work, co-working spaces or project-based teams must be taken into account. This is exactly where our product comes in. Our solution is based on sensor technology and intelligently connects spaces and workstations for people who want to work efficiently." With Covid-19 and its associated safeguards, the requirements for Intelligent Offices take on added weight.

Display and management software for Intelligent Offices

The solution consists of the proven display and management software that can be easily integrated into an existing IT infrastructure - for example, via Office 365 or Google Calendar. It forms the core between the booking system, displays and the desk and room sensors. Reservations can be made and cancelled in real time both on a display and via the booking software. For meeting rooms, the room sensor uses a passive infrared motion detector to check current occupancy and releases reserved but unoccupied meeting rooms or even huddle rooms after a predefined time. "This enables companies to avoid cost-intensive ghost meetings," explains Fabien Moine, Head of Marketing and Sales. "Newly, workstations can also be optimally managed and administered with the solution. Employees can book their workstations flexibly and efficiently via the booking system. Thanks to the integrated floor plan and the floorplan function, the use of space per floor or individual workstations can be displayed. Alternatively, the desk sensor can be used for management according to the . Both options serve to display occupied and free workstations in real time - an important basis for successful desksharing."

Clear signaling and valuable analyses

Most users also take advantage of the option to publish room and workstation assignments on centrally placed info screens. "As a valuable signaling tool, the visualizations increase employee satisfaction and visitor guidance. In addition, all occupancy data can be evaluated by building, floor and workstation. More generally, the data provides valuable information about the productive use of rooms and workstations. Roomz Analytics is an important tool for operational and strategic corporate management," says Roger Meier, explaining the additional added value.

Organize the return to the office after Covid-19 easier

The aforementioned features also helped companies organize the return to the office after Covid-19 in a safe and stress-free manner. The maximum capacities of the buildings can be defined in advance and employees can then use Roomz's tools to pre-book their desk up to this maximum limit. The analytics data and visualizations make it possible to monitor and adhere to spacing rules. Facility management also has access to important details and reporting on when and where cleaning operations are required.

Roomz is currently offering a special offer (as of July 2, 2020): The Roomz Experience Box can now be purchased by new customers as a one-time starter kit for CHF 549 instead of CHF 1129. www.roomz.io/experience can be purchased. In addition, a manufacturer's discount of 8% can also be claimed when ordering 10 Roomz Displays or more, or 10 Roomz Sensors or more. Further information is also available via Video. 

Mobile payments are becoming increasingly attractive: In the last twelve months, the proportion of card payments made with mobile devices in Switzerland has almost tripled. Mobile payment users appreciate the simplicity, speed and security of paying with a smartphone or smartwatch - in stores, on websites or in apps.

Mobile payment via Google Pay

Credit card company Swisscard also offers innovative solutions for its cardholders. "Google Pay allows us to expand our mobile payment offering," emphasizes Enrico Salvadori, Head of Consumer Business at Swisscard. "For our card products, we offer internationally usable mobile payment solutions that are secure, convenient and simplify payments." In order for cardholders to pay with Google's solution, they need a "smart" device with the Android operating system (version 5.0 or higher) that supports Near Field Communication (NFC).

Paying without entering a PIN at the terminal

Digital payment has gained further relevance in the corona virus crisis: Those who use their credit cards in conjunction with a smartphone or smartwatch can completely avoid physical contact with the payment terminal. This is because with mobile payment solutions such as Google Pay, card transactions are approved on the user's own device. PIN entry at the terminal is no longer required.

Source: www.swisscard.ch

In an increasingly digitalized world, companies must place a new focus on the balance between "value" and "values" in order to remain competitive and successful in the future. Aligning business values with the values and expectations of their customers and employees - that is a central challenge of our time. This was the conclusion of the "Technology Vision" study by the consulting firm Accenture. The 20th edition of the annual study highlights the key trends that will redefine businesses over the next three years. COVID-19 has made technological innovation more relevant and urgent than before, and developments have been accelerated.

Technological innovation comes to the fore

According to the study, despite people's growing willingness to integrate technology into their lives, companies' efforts to meet needs and expectations may fall short. While today's situation is sometimes referred to as a "technology backlash" or "technology backlash," this term fails to recognize the extent to which our society uses and benefits from technology. Seventy-nine percent of the 66 Swiss IT and business decision-makers surveyed (the study had more than 6,000 participants worldwide) said that technology has become an inseparable part of our society. As part of this year's study, Accenture also surveyed 2,000 consumers (500 each in China, India, the U.K. and the U.S.), 70 percent of whom believe that technological innovation will become more or significantly more prominent in their lives over the next three years.

Business and technology models collide

Rather, it is a "tech clash" - a clash of business and technology models that do not match people's needs and expectations and require new ways of thinking as well as new approaches. For example, people's concerns about privacy have skyrocketed. Startups like Inrupt are already working to bridge the sharply criticized gap between people's expectations and today's standards. Inrupt has developed an architecture called Solid that links data together while giving people more control over their personal data.

The pressure on companies to be innovative is increasing

The COVID 19 pandemic has shown the world how much technology can help humanity overcome major challenges. Robots disinfect cities, cook hospital food and deliver packages. Smart devices monitor patients' health and collect valuable health data. Collaboration between humans and artificial intelligence (AI) is moving out of the proof-of-concept phase faster than we thought. While much of the world is at a standstill or on hold, innovation is accelerating.

Five key trends

However, the acute, immediate need for technological innovation is only one side of the equation. For companies, it is important to maintain the pace born during the crisis and the increased willingness to change. According to this study, sticking to existing models not only risks upsetting customers or demotivating employees, but could permanently limit potential innovation and growth in the future. The study identifies five key trends that companies must address over the next three years to not only mitigate the tech clash, but also to realize new business value driven by, among other things, stronger, more trusting relationships with stakeholders:

• The I in Experience: Companies will need to create personalized experiences that expand individuals' agency and choice. Through collaboration, a passive audience will become active participants. 88 percent of those surveyed in Switzerland think that companies will only remain competitive in this new decade if they develop their relationships with their customers as a partnership. 77 percent of Swiss executives agree that organizations must dramatically transform the experiences that bring technology and people together, in a more human way.
• AI and Me: Artificial intelligence (AI) should support humans in their work, not act as a safety net for automation. The capabilities of technology are constantly evolving. Therefore, it is imperative that companies also rethink the way they work. They should make AI a generative part of their processes - with trust and transparency at the core. 71 percent of Swiss companies said they already use inclusive or human-centric approaches to support human-machine collaboration.
• The Dilemma of Smart Things: In a world that is entering a kind of permanent beta phase, ownership of individual products is being questioned. As companies strive to introduce a new generation of products driven by digital experiences, addressing this new reality becomes critical to success. 80 percent of Swiss executives said their company's connected products and services will receive more or significantly more updates in the next three years.
• Robots in the Wild: Robotics is no longer confined to warehouses or factory floors. 5G is accelerating this rapidly growing trend, so every company should rethink its future with robotics in mind. However, executives are divided on how their employees will embrace the technology, with 62 percent saying that dealing with robotics will be challenging for their employees. In contrast, 38 percent believe their employees will have an easy time with the new technology.
• Innovation DNA: Companies have access to an unprecedented amount of disruptive technology, such as distributed ledger, AI, extended reality, and quantum computing. For companies to handle these appropriately while evolving at the required speed of markets, they need their own unique innovation DNA. Nearly three-quarters (70 percent) of executives are certain that the stakes for innovation have never been higher. Getting it "right" requires breaking new ground - with ecosystem partners and third parties.

Need to adapt business and technology models

The long-term challenge for companies is to adapt their business and technology models - for successful recovery once the worst of the pandemic is over. The full extent of COVID-19's impact on human life, the global economy and businesses is not yet known. What is certain is that companies can meet these challenges by driving innovation by adapting their business and technology models. The question for companies is: How quickly can these adjustments succeed?

Source: Accenture

A total of 21'822 new firms were formed in the first 6 months of 2020, which is -4% year-on-year. However, the daily analysis shows that in June 2020, their 4'445 new companies were founded, which is a strong increase of +24% more startups than in June 2019. This is encouraging news and shows that founders and startups are optimistic about the future.

Rise again after the months under Corona lockdown

The analysis of the IFJ Institut für Jungunternehmen shows that due to the imposed Corona measures in March (-6.1%), April (-25.5%) and May (-14.0%) significantly fewer companies were founded than in the previous year. However, the increase in startups in June 2020 indicates that the uncertainty among founders seems to have subsided and a further increase can be expected in the second half of the year.

Start-ups by industry

In terms of company formations by industry, private services (including hairdressing, cosmetics, education) and business services (including printing, publishing, photography, facility management) show increases of +11.7%, architecture & engineering +7.7% as well as marketing & communication +1.0% and consulting +0.3% even compared to the previous year. The largest percentage declines were recorded in the Agriculture & Forestry -18.2%, Culture & Nonprofit -16.4% and Wholesale Trade -14.4% sectors.

All relevant legal forms show a decline. With 8461 new registrations, the GmbH is still the most frequently chosen legal form, followed by the sole proprietorship (7227 new registrations), the AG (4169 new registrations) and the general partnership (657 new registrations).

Big differences in the cantons and large regions: Schaffhausen and Ticino hit hard

The major regions of Northwestern Switzerland +4.4% and Central Switzerland +0.4% enjoyed great popularity among company founders in the first half of 2020 and even set positive accents with a rebound compared to the record year 2019. The remaining major regions show fewer start-ups than in the previous year: Zurich -2.1%, Eastern Switzerland -2.3%, Espace Mittelland -3.4%, Southwestern Switzerland -8.4% and Ticino with -21.6%. Just as Ticino was hit the hardest by the Corona pandemic, the decline in the number of new companies in Ticino compared to the previous year is also relevant in a comparison of the major regions.

Despite the currently still adverse economic circumstances, 9 of the 26 Swiss cantons can look back on more startups in the first six months compared to the previous year. The cantons with the strongest percentage growth are Obwalden +26.6%, Appenzell Innerrhoden +17.5%, Basel-Stadt +10.5%, Thurgau +9.1%, Aargau +4.0%, Lucerne +3.0% as well as Solothurn +1.9%, Graubünden +1.6% and Jura with +1.2%. The cantons with percentage losses in the single digits are Schwyz -0.8%, Basel-Landschaft -0.9%, Appenzell Ausserrhoden -1.3%, Zürich -2.1%, Glarus -2.2%, Zug -2.4%, Uri -3.7%, Valais -4.0%, Bern -4.1% as well as Neuchâtel -5.5%, Fribourg -5.6%, Nidwalden -6.1%, Geneva -7.1% and St. Gallen -7.4%. Cantons with double-digit percentage declines in startups in the first half of 2020 are Vaud -11.2%, Ticino -21.6%, and Schaffhausen -24.6%.

Source: Institute for Young Enterprises (IfJ)

KPMG's "Swiss Tax Report 2020" compares the profit and income tax rates of 130 countries and all 26 cantons. While ordinary profit tax rates have stagnated in almost all cantons across Switzerland over the past few years, they fell by around two percentage points last year - from 17.1 to 15.1% on average in Switzerland. The reason for the sharp decline last year is the tax rate cuts implemented by many cantons as part of the tax reform (STAF). In particular, the canton of Geneva has substantially reduced its profit tax rates against the backdrop of STAF, from over 24 to 14%. At the beginning of the period under review in 2007, the average ordinary profit tax rate for Swiss-based companies was still over 20%.

Tax Report 2020 points to paradigm shift

Relatively low taxes on profits will continue to be a key location factor in the future due to Switzerland's high labor costs. However, low corporate taxes alone are not enough to maintain competitiveness in the long term. This is also against the backdrop of a sharp paradigm shift emerging in the international tax landscape. This is because the rules for allocating tax substrate could undergo major upheavals with the OECD/G20's BEPS 2.0 project. "We are observing that the project, which was originally focused only on the digital economy, is visibly expanding into a far-reaching reorganization of international rules for many industries," said Stefan Kuhn, head of tax and legal advisory at KPMG. "Switzerland is therefore well advised to actively engage in discussions within the OECD and other bodies involved, and to forge alliances with countries that also care about an attractive environment for business and society," Kuhn warns.

KPMG assumes that competition between locations will intensify further in the wake of the Corona crisis. This is because the already highly indebted countries have taken on massive additional debt during the pandemic and will therefore fight even harder for tax revenues. As a result, factors such as access to markets and a qualified workforce, a modern infrastructure, and investment and legal certainty are likely to play an increasing role in international location competition in the future.

Large tax cuts in the canton of Geneva and Fribourg

The cantons of Central Switzerland and the canton of Appenzell-Innerrhoden continue to have the lowest ordinary profit tax rates. Tax rates in these cantons have been largely stable, with Zug and Uri making noticeable reductions. The canton of Zug now leads the way in corporate taxation with a profit tax rate of 11.9% and has pushed the frontrunner Lucerne (12.3%) from first to second place. Another striking development is that of the canton of Glarus, which has made up nine places thanks to a substantial reduction in its profit tax rate and now ranks among the three most attractive tax cantons.

The greatest movement in corporate taxation last year was seen in western Switzerland. Geneva in particular significantly reduced its ordinary profit tax rate. While this was still over 24% last year, it is now around ten percentage points lower, at 14%. Geneva has thus handed over the red lantern to Valais and moved into the midfield. Fribourg, which was still in the lower midfield last year with a profit tax rate of almost 20%, also moves into the front half of the table.

For the coming years, a further (albeit moderate) reduction in tax rates can be assumed, as some cantons have not made the full reduction in tax rates as of 2020 under the STAF. By 2025, the largest tax cuts are expected in Basel-Landschaft (-4.5%), Valais (-4.8%) and Ticino (-3.3%).

Switzerland (still) well positioned for corporate taxation

According to the Tax Report 2020, some Swiss cantons also perform very well in a European location comparison. The cantons of Zug, Lucerne and Glarus ranked among the top locations with low tax rates, after Guernsey (0%) and some (Southern) Eastern European countries. Appenzell Innerrhoden and the other cantons of central Switzerland are also among the most attractive locations for companies in terms of taxation, ranking after Ireland, Liechtenstein and Cyprus (12.5% each).

The least attractive profit tax rates in Europe are found in Malta (35%), Germany (30%) and France (28%), with France lagging behind Germany last year with a rate of 31%. The marked reduction in tax rates in Greece (-4%) is striking.

In a global comparison, Switzerland has made up places in the top third thanks to the various cantonal tax rate reductions, overtaking Hong Kong (16.5%) and Singapore (17.0%). Only various offshore domiciles and Qatar (10%) have lower profit tax rates than Switzerland (outside Europe). Globally, profit tax rates have fallen sharply since 2018, especially in the Middle East and with the recent tax reform in the US.

Big change in Basel-Stadt

The taxation of private individuals shows a similar picture to corporate taxation: the cantons that apply low corporate tax rates are largely also ahead in the comparison of top income tax rates. The lowest income tax rate, at around 22.4%, is applied by the canton of Zug, followed by Obwalden (24.1%), Appenzell-Innerrhoden (24.9%) and other cantons in central Switzerland. Top incomes are taxed highest in Geneva, with a rate of 44.75%. Tax rates for top incomes are also relatively high in Basel-Land (42.2%) and Ticino (40.2%).

Compared with the previous year, there has been little movement in income tax rates. As in the previous year, the average income tax rate in Switzerland is 33.8%. The biggest change was seen in Basel-Stadt, which increased its rate by around three percentage points from 37.4 to 40.3%. In addition, only Lucerne raised its tax rate for individuals, albeit only minimally from 31.16 to 31.17%. Seven cantons have slightly lowered their rates.

(Southern) Eastern European countries tax top incomes lowest

In a European comparison, Bulgaria (10%), Romania (10%) and Hungary (15%) top the ranking of locations with the lowest top income tax rates. The canton of Zug makes it into the top ten in Europe with a rate of 22.4%. The majority of cantons are in the European midfield, with Geneva, the canton with the highest tax rate for top incomes (44.75%), ranking at the bottom.

The highest income tax rates in Europe are still found in Sweden (57.2%) and Denmark (55.9%) - followed by Austria (55.0%). Finland (53.75%) and Belgium (53.5%) are also among the countries with the highest top income tax rates.

Globally, the picture is not uniform. While various offshore domiciles and isolated Middle Eastern countries continue to levy no taxes on income, tax rates are relatively high in countries such as Japan (46%), China (45%), Australia (45%), South Africa (45%), the USA (37%) and India (35.9%).

Source: Tax Report 2020 by KPMG

At 90,000 Swiss francs, the median annual salary for the finance sector is 14.7 percent above the Swiss average. Further training, foreign language skills and management span are the main factors contributing to wage increases. Foreign language skills have gained in importance: Two years ago, these were still secondary in the same study. In the meantime, mastery of a foreign language, usually English, has become indispensable for job profiles such as accountant and controller. If a controller speaks at least one additional language, his median salary is around 115,000 Swiss francs; without foreign language skills, it is 105,000 Swiss francs.

Professional experience and further training pay off

In terms of management span, there is usually a jump from five employees: For example, if a Head of Finance/CFO has more than four employees in his team, his median salary increases by 16,500 francs per year. CFOs are the top earners in finance, with an annual salary of 150,000 francs, followed by heads of controlling, who earn 145,000 francs annually. Another finding of the study is that those who rely on professional experience combined with further training are well advised. In particular, specific further training to become a federally certified expert, auditor or trustee generally leads to a higher salary. For example, a CFO with further training as a certified public accountant earns a median of 10,000 francs more than his colleague with a university degree without the corresponding further training.

Guide for salaries in line with the market

The representative study, which Careerplus publishes every two years, looks at how foreign language skills, education and training, management span and age affect the median salary for each job profile. Additional information such as hiring criteria and next career steps supplement the corresponding job profile chapters. The ten job profiles are primarily represented in SMEs: Accounting Clerk, Accountant, Head of Accounting, Head of Finance/CFO, Junior Controller, Controller, Head of Controlling, Fiduciary Clerk, Trustee and Auditor.

The salary survey also contains a form for the individual calculation of a salary, which can be used to calculate per salary level, age and economic sector whether one's own salary or that of the employees is in line with the market and fair.

Source: Careerplus

The ban on assemblies set forth in the federal Covid 19 Order 2 prohibited all public or private events, including sporting events and club activities. This included shareholder or general meetings with more than five people. This ban on meetings, however, conflicted with the Code of Obligations, as the ordinary General Meeting of Shareholders must have been held within six months of the end of the financial year. In order to nevertheless ensure that the meeting could be held smoothly, the legislator had provided in the Covid-19 Ordinance: "In the case of meetings of companies, the organizer may, irrespective of the expected number of participants and without observing the notice period, order that the participants may exercise their rights exclusively: 1. in writing or in electronic form; or 2. through an independent proxy designated by the organizer." Many public limited companies - including Galledia Group AG, which also owns our journal - therefore held their general meetings by mail. However, the manual effort involved was high, and errors in the count had to be scrupulously avoided so that resolutions could not be contested.

General meetings via video conference?

So would holding the AGM by video conference have been a better alternative? Not necessarily. If more than ten shareholders had participated, there would have been a number of obstacles. Each participant would have had to be identified and authenticated so that he or she could have commented on the AGM's business or exercised their voting rights by video. The Zurich SME Aequitec AG therefore had a solution to this problem: With the help of a smartphone app, SMEs with unlisted registered shares were nevertheless able to hold a general meeting that complied with the Covid 19 Ordinance and the Code of Obligations. Namely, Aequitec relied on the option of independent proxies - provided by Swiss law firms and notaries with whom Aequitec has been working for some time. "We accompanied the voting procedure in each case with a cell phone and browser-based solution for the legally clean handling of the Covid general meeting," explains Christian Wilk, co-founder and product manager at Aequitec AG.

The crux with writing

But now that meetings of up to 300 people are possible again, demand for this solution is naturally declining. However, the example basically shows what is possible today thanks to digitization - to the benefit of the many SME stock corporations as well. For a general meeting to be held virtually, the shares themselves should also be available virtually. This is in line with the general trend anyway: that shares are physically tangible as securities should be a thing of the past in the medium to long term. Today, shares - as well as other uncertificated securities, securities and, in the future, possibly also registered securities - are increasingly being issued as book-entry securities - i.e., no longer in paper form. But even there, the Swiss legislator still sets limits: For one thing, only SIX SIS AG can structure shares as intermediated securities and hold them in custody together with a custodian. Secondly, a digital transfer of the shares can also only take place via the depositary, for example a bank. Companies that do not have their shares in the form of intermediated securities must transfer their shares by way of assignment in accordance with the Swiss Code of Obligations. And this assignment must be handwritten, because the digital signature has not been able to establish itself here. In addition, such assignments are susceptible to errors: If past assignments have not been properly documented, it is sometimes not even clear whether someone who claims to be the owner of a share is still a shareholder at all.

A "digital share" is not just digital

This makes it all the more important to keep a clean share register - even for SMEs. Aequitec AG is also a register provider for registered shares. "Our target customers are innovative Swiss SMEs with non-listed registered shares that are planning a capital increase, a succession plan or need to convert bearer shares into registered shares for the coming year," explains Christian Wilk. In essence, of course, this is also about the digital share - understood as a simple value right clothed in book-entry securities. "The advantage for SMEs with the digital share is the entry of the non-listed shares via ISIN number in the securities accounts at the respective house bank of the shareholder, i.e. the shareholder. Thus, the non-listed ownership can be attributed to the holistic assets of the customers," says Christian Wilk. "This is important for portfolio diversification, for example, as a customer may have a significantly higher shareholding than the bank can recognize today in its customer advisory service." In addition, new shareholder groups would be opened up for the entrepreneur, as the digital share can be booked as an admixture in existing securities portfolios.

When Christian Wilk talks about the digital share, he clearly distinguishes himself from so-called "tokens" based on public blockchain technologies, for example Ethereum. The key point: according to a majority of legal practitioners, "tokens " are (simple) uncertificated securities and are not clothed in book-entry securities. However, for these equity tokens without book-entry securities, no legally clean transfer of ownership is currently possible, as there is no mandatory written assignment ("cession") (Pasquier & Ayer, Formal Invalid Transfer of Shares on the Blockchain, 2019). Only the new stock corporation law, which is currently being revised, should provide corresponding clarity here.

From Excel sheet to smartphone app

The legally clean transfer of ownership thus turns out to be the "crucial question" for the digital share. Aequitec AG is therefore still primarily concerned with streamlining and improving the previous, established processes - be it in the transfer of shares or in the holding of general meetings. To this end, Aequitec has developed the smartphone app mentioned above, which allows formal tasks in the area of corporate governance to be handled easily - "a new kind of customer experience," as Christian Wilk emphasizes. However, the basis for this is and remains a well-maintained share register. Many SMEs still maintain this via Excel spreadsheets. This is a decisive obstacle on the way to digital shares or for smartphone applications. Christian Wilk: "Why not use the summer months to make the share register fit for the introduction of the digital share with us?"

How to make your share register fit

• Verification of names and addresses, especially of beneficial owners
• Registration not only of ownership but also of the associated voting rights
• Recording of all persons authorized to represent the company, especially legal entities
• Review of the expiration dates of the present powers of attorney
• Clear separation of share register and list of shareholders
• Clean separation of share and participation capital
• Recording of all inventory changes
• Recording of all share transfers (number of shares, acquisition price and date, specifications
  by the Articles of Association and the shareholders' agreement)
• Delete existing shareholders, not delete

More information: www.aequitec.ch

After a career spanning more than 30 years at Zürcher Kantonalbank - including twelve years as a member of the Executive Board - Christoph Weber (61) has decided to hand over his position on May 1, 2021. He would then like to devote himself to new projects outside the bank. As part of its long-term personnel planning, the Bank Council of Zürcher Kantonalbank has now appointed Florence Schnydrig (48) as the new Head of the Private Banking business unit and member of the General Management as of May 1, 2021. She is currently CEO of credit card provider Swisscard AECS GmbH. Christoph Weber will remain in his role until April 30, 2021, to ensure a smooth transition in leadership with his successor. Florence Schnydrig is the first woman to be appointed to the Executive Board in the history of Zürcher Kantonalbank.

Florence Schnydrig has worked for Credit Suisse since 2000 in various roles in the private banking environment, including in Zurich, Australia and Hong Kong. Since 2018, she has been CEO of Swisscard AECS GmbH in Horgen, a company owned by Credit Suisse and American Express, with around 700 employees. Previously, as Head of Products, Investments & Marketing, she was responsible for the development and marketing of Credit Suisse (Switzerland) Ltd. products and held cross-divisional responsibilities within Credit Suisse (Switzerland) Ltd. as a member of the Executive Board. Florence Schnydrig studied mathematics at the Swiss Federal Institute of Technology in Lausanne (EPFL). After graduation, she started her finance career at UBS and obtained a CFA (Chartered Financial Analyst). She is Vice President of the Board of Advance (Advance Gender Equality Business; a network of over 100 Swiss companies).

Florence Schnydrig lives with her husband and two children in Oberwil-Lieli in the canton of Aargau. "We are very pleased that in Florence Schnydrig we have been able to attract a banking expert with an impressive track record," writes Dr. Jörg Müller-Ganz, Chairman of the Bank Council of Zürcher Kantonalbank, in a communiqué published by ZKB. The track record forms an "excellent starting position" for the management of the bank's private banking business. This business is now excellently positioned in all market segments, Müller-Ganz added. "Together with his team, Christoph Weber is making a significant contribution to the success of our bank."

Source: ZKB