Setting up a family office / Question 4
When does managing assets become commercial?
When it crosses any one of three thresholds in the Financial Institutions Ordinance: gross earnings above CHF 50,000 in a calendar year, business relationships with more than 20 contractual partners, or unlimited power of disposal over others’ assets above CHF 5 million at any time. Assets of persons with family ties are not counted.
Antevo Mandates · A written reply, usually within one business day
01 / The three thresholds
Any one is enough.
Earnings. Gross earnings from the activity of more than CHF 50,000 per calendar year. (FinIO Art. 19(1)(a))
Relationships. Business relationships, not limited to a one-off activity, with more than 20 contractual partners in a calendar year, or at least 20 such relationships maintained in a calendar year. (FinIO Art. 19(1)(b))
Assets. Unlimited power of disposal over assets belonging to others that exceed CHF 5 million at any given time. (FinIO Art. 19(1)(c))
Make a private enquiry02 / What is not counted
Family assets stay out of the count.
Activity for persons with family or business ties, for employee participation schemes and under legally regulated mandates, such as an executorship, is not factored into the assessment. (FinIO Arts. 6 and 19(2); FinIA Art. 2(2))
The same thresholds decide whether the activity counts as professional under anti-money laundering legislation. (FinIO Art. 19(1))
Make a private enquiry03 / Once over the line
Authorisation comes first.
A portfolio manager working on a commercial basis needs FINMA’s authorisation before it begins, and minimum capital of CHF 100,000 paid up in cash. (FinIA Arts. 5, 17 and 22; FINMA)
The thresholds are where the assessment starts, not the assessment itself: your lawyer confirms how they apply to your office.
Make a private enquiry04 / In Antevo
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Make a private enquirySources
Where this comes from.
The count behind the figures and the primary sources for every legal point. Intelligence, not advice: nothing here is legal, regulatory or tax advice, and your lawyer confirms whether and how the rules apply to your office.