• Tradition of successful companies and entrepreneurship combined with innovation, top-notch technology and developed financial services.

• Business friendly and reliant civil law system with economic freedom and freedom of contract. Chinese civil law has partly been based on German and Swiss law.

• Swiss law is often used as a neutral, predictable and flexible law for international contracts with or without a Swiss angle. It is the number one substantive law in ICC arbitrations.

• Transparent legislation with no overregulation of business and markets.

• Cooperative authorities and no corruption.

• Reasonable tax rates.

• Excellent education and flexible labour market.

• Highly-developed place of arbitration and litigation.

• Numerous small and large companies from all over the world, including China, the US, the EU, Japan, Russia, India, middle East, Latin America and Africa invest or list in Switzerland, acquire Swiss companies, use Swiss law for international agreements or choose Switzerland as a hub for their international activities or for dispute resolution.

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2) To what extent is foreign involvement in M&A transactions in Switzerland regulated or restricted?

There are no general restrictions on capital transactions between Switzerland and foreign investors that would allow governmental agencies to influence or restrict the completion of business combinations or other M&A transactions. However, there are industry-specific regulations and approval requirements (see question 8).

Considering real estate, the Federal Act on the Acquisition of Real Estate by Persons Abroad restricts the acquisition by a foreign person or a foreign-controlled company of non-commercial real estate in Switzerland. The acquisition of shares in a company whose statutory or factual business purpose is trading in non-commercial real estate is also subject to approval, except for listed companies.

3) What investment options are available to prospective foreign investors and acquirers of companies in Switzerland?

Chinese investors can invest in or through a Swiss or a foreign company without any particular restrictions. In terms of Swiss legal entities, the most common Swiss legal forms are the AG (Aktiengesellschaft: stock corporation) and the GmbH (Gesellschaft mit beschränkter Haftung: limited liability company). No government approval is required for the formation of a Swiss company.

• The stock corporation is a legal entity with one or more shareholders (physical persons, partnerships or legal entities), and a minimum share capital of CHF100,000, of which at least CHF50,000 must be paid up. It must be registered in the commercial register of its domicile, which does not list the shareholders of the corporation or their respective holdings in the corporation. Fundamental decisions require approval by the shareholders' meeting. Management is carried out by the board of directors or management. There are no citizenship requirements for shareholders or the board or management. At least one person with residence in Switzerland must have the power to bindingly represent the corporation.

• The limited liability company is a legal entity with one or more members (physical persons, partnerships or legal entities), and a minimum nominal capital of CHF20,000. It must be registered in the commercial register of its domicile, which lists the members and their quota in the company. The company acts through the members' meeting, which can delegate management to managers. At least one person with residence in Switzerland must have the power to bindingly represent the company.

Acquisitions: Prospective Chinese acquirers may acquire a Swiss business or parts thereof by purchasing the shares of a company (share deal), by purchasing all or specific assets (asset deal), by a statutory merger, or in the case of listed companies, by a public offer for the shares (public takeover).

Co-investments: In case of venture capital and other direct investment transactions, often, several investors may join forces for the investment and to govern the company. For this purpose, the articles of incorporation and a shareholders' agreement provide for board representation, preference rights, veto rights, information and other rights of the investors and regulate rights of first refusal and co-sale rights and obligations in view of a potential exit.

Corporate reorganisation structures: The Federal Merger Act provides for a variety of instruments to accomplish corporate reorganisations. For example, merger, demerger, or transformation (change of corporate form).

4) What requirements are placed on foreign investors?

There are no particular requirements with regard to investments in private companies. For companies listed on a Swiss stock exchange, the requirements that need to be observed both by any investor, irrespective of nationality, include:

• Notification to the target and the stock exchange if a bidder (directly, indirectly or in concert with a third party) acquires or sells shares or equity-linked securities and thereby reaches, exceeds or falls below the thresholds of 3, 5, 10, 15, 20, 25, 331/3, 50 or 662/3% of all voting rights in the target company.

• Listed corporations need to disclose, in their annual business report, the identity of shareholders or organised groups of shareholders with a beneficial interest of more than 5% in the corporation's shares, to the extent that such interest is known to the corporation.

• In the context of a public offer for the shares of a listed company, the bidder and all shareholders holding more than 3% of the voting rights of the target must report all acquisitions and sales of equity securities in the target and, if applicable, in the company whose securities are offered in exchange for the equity securities of the target.

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5) Are there any specific regulations or regulatory bodies governing public takeovers?

The Swiss Takeover Board (TOB) and the Swiss Financial Market Supervisory Authority (FINMA) supervise public takeover offers. The TOB's orders are binding and enforceable, unless appealed.

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6) What are the methods by which a public takeover can be achieved?

Stake building: Potential bidders often seek to acquire a significant stake in the target via acquisition of shares prior to the launch of the public tender offer (see question 4). This can be achieved through: (i) undertakings from the target's major shareholders to tender their shares; or (ii) an outright purchase before the offer is announced. If undertakings or acquisition agreements are entered into during the 12-month period before the public tender offer is announced, the offer documentation must disclose the relevant details of these transactions.

Transaction agreements: If an offer is recommended, the bidder usually enters into a transaction agreement with the target. The terms of such agreement are subject to review by the TOB and must be disclosed in the offer prospectus. The transaction agreement sets out: (i) the terms and conditions of the offer; (ii) the target's duty to support the bid and to recommend its acceptance to its shareholders; and (iii) the target's future management structure. No-shop undertakings by the target are also frequent and, in principle, permissible under Swiss corporate and takeover law.

Break fees: Usually, transaction agreements provide that the target can withdraw against payment of a break fee if a competing offer is superior. There is no specific restriction, like percentage of transaction value, on break fees. However, they are restricted as a result of directors' fiduciary duties and the purpose of the takeover rules to create a level playing field for offers and to safeguard the freedom of choice of shareholders.

Mandatory offer: A person holding, directly or indirectly, or acting in concert with another person, more than 331/3% of the voting rights of a company with a primary listing on a Swiss stock exchange is required to submit a public tender offer for all listed equity securities of that company. A potential target's articles of association may, however, provide for an opting-out (no mandatory offer obligation) or an opting-up (increase of the triggering threshold to up to 49% of the voting rights).

Minimum price rule: In case of a mandatory offer (including offers that would result in the triggering threshold being exceeded), the offer price may not be set below the minimum offer price, which is the higher of the following:

• The volume-weighted average price of the stock exchange transactions in the 60 trading days prior to formal pre-announcement or publication of the offer (or a valuation in case of illiquid stock); and

• The highest price paid by the bidder or persons acting in concert with the bidder for shares in the company in the preceding 12 months.

Conditions for a takeover: Voluntary public takeover offers may be made subject to conditions precedent only if such conditions are beyond the bidder's control. Where the nature of the conditions precedent is such that the bidder's cooperation is required for their satisfaction, the bidder must take all reasonable steps to ensure that the conditions are satisfied. With the approval of the TOB, the offer may be made subject to subsequent conditions if the advantages of the conditions for the bidder outweigh the disadvantages for the target's shareholders (e.g. obtaining regulatory approvals). Typical conditions include the following:

• Minimum acceptance threshold. The TOB requires that the threshold not be unrealistically high also considering shares already owned by the bidder. Typical thresholds are 67% in solicited offers and 51% in unsolicited offers. In practice, most offers reach acceptance levels of over 95%, thereby permitting a squeeze-out of minority shareholders (starting at 90%).

• Merger control, regulatory (including regarding listing or registration of shares offered in exchange for the target's shares) or shareholder approval;

• Material adverse effect (MAC) conditions. The typically accepted thresholds are 10% of EBITDA, 5% of turnover or 10% of the target's net asset value.

A bidder required to submit a mandatory offer cannot make that offer subject to conditions, other than conditions required to comply with regulations, aiming at registration with voting rights or protecting the economic substance (crown jewels) of the target.

Funding commitments: Funding must be in place before the offer is announced. The bidder can make a formal pre-announcement of the offer before it has committed funding. The actual offer must contain details of the sources of financing and confirmation by the independent review body that financing is available. The certain funds requirement imposes restrictions on permitted conditions of the financing commitment.

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7) To what extent have material adverse change (MAC) clauses become more important in light of the current economic climate?

The Swiss economy and Swiss companies have not been as severely affected by the financial crisis as other Western jurisdictions. Rather, businesses headquartered in Switzerland do, and did throughout the crisis, fairly well. Since Switzerland has, with the Swiss Franc, its own, traditionally stable currency, the Euro crisis had limited effects on the economic climate for Swiss companies, except that exports are affected by weak foreign currencies. Companies typically hedge against exchange rate risks.

Nevertheless, the financial crisis has led to more carve-outs from MAC conditions for adverse effects that are the result of general market conditions and the financing environment. In addition, commitment letters that secure the financing of an acquisition have become common also in private acquisitions and more often allow the seller to rely on such commitment.

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8) Which regulated financial industries have maximum foreign ownership thresholds?

There is no limitation on foreign ownership in the financial industry. However, owners or acquirers of important stakes in financial institutions are subject to scrutiny as to reputation, compliance and sound business conduct, and financial institutions under foreign control may require a special licence.

Banks and securities dealers: All banks or securities dealers incorporated or having a place of business in Switzerland must have a FINMA licence before starting operations. Qualifying shareholders, like persons or entities owning directly or indirectly 10% or more of the bank's or securities dealer's capital or voting rights or otherwise exerting a significant influence, are also subject to scrutiny by FINMA. Shareholders who acquire or sell a qualifying shareholding, or who increase or decrease their shareholding beyond 20, 33 or 50%, must notify FINMA before completing the transaction. An additional licence is required for a Swiss bank or securities dealer under foreign control or in case of changes in the foreign control.

Insurance companies: If a person intends to, directly or indirectly, acquire a participation in a (re-)insurance company domiciled in Switzerland, it must notify FINMA if, as a result, it reaches or exceeds the thresholds of 10, 20, 33 or 50% of the capital or voting rights of the Swiss (re-)insurance company.

Investment fund managers: Qualifying shareholders, i.e. persons or entities owning directly or indirectly 10% or more of the capital or voting rights of the fund manager or otherwise exerting a significant influence on the fund manager, are subject to scrutiny by FINMA.

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9) What policies are in place for Chinese companies wishing to list on capital markets in Switzerland?

Switzerland's regulated securities market consists mainly of the SIX Swiss Exchange (SIX). SIX is a regulated securities exchange market in Zurich and the reference market for more than 40,000 securities, connecting investors, issuers and participants from all over the world. Within SIX, the Regulatory Board decides on the admission to listing and ensures that issuers fulfil their obligations during listing.

Typically, admission is granted based on a prospectus in line with international standards. Prospectus review by the listing authorities is a formal one (mainly completeness) and does not extend to verification of the content. However, wrong or misleading information in the prospectus may trigger prospectus liability of those responsible for such misinformation.

For the primary listing, non-Swiss issuers have to comply with the same listing requirements as domestic issuers. Requirements include that:

• at least 25 % of the issuer's shares will be free-floating;

• the free-float has an expected market capitalisation of at least CHF25 million;

• the issuer's reported equity capital must be at least CHF25 million.

Once listed, the issuer is subject to ongoing obligations for maintaining the listing. Such continuing obligations include (in case of equity securities):

• periodic reporting in compliance with financial reporting standards recognised by SIX;

• disclosure of price-sensitive facts (ad hoc publicity);

• disclosure of management transactions; and

• disclosure of substantive shareholdings.

For secondary listed foreign issuers at SIX (issuers with a primary listing elsewhere), regulatory and ongoing disclosure requirements are relaxed and largely refer to the filings and rules of the primary stock exchange.

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10) What are the main features of Swiss merger control?

Legal framework: Merger control in Switzerland is governed by the Federal Act on Cartels and Other Restraints of Competition (Cartel Act) and the Ordinance on the Control of Concentrations of Undertakings (Merger Control Ordinance).

Notification duty: Planned concentrations of undertakings, mergers as well as acquisitions of sole or joint control, must be notified to the Swiss Competition Commission (ComCo) prior to their implementation if the statutory turnover thresholds are met. This is the case if in the last business year preceding the concentration:

• the undertakings concerned achieved a combined turnover of at least CHF2 billion worldwide or, alternatively, a combined turnover of at least CHF500 million in Switzerland; and cumulatively

• each of at least two of the undertakings concerned achieved a turnover of at least CHF100 million in Switzerland.

However, a notification duty exists irrespective of these turnover thresholds if an undertaking participates in the concentration for which it has been established in a final and binding decision under the Cartel Act that it has a dominant position in a specific market in Switzerland and the concentration concerns this market or an upstream or downstream or neighbouring market. Special rules apply to insurance companies, banks and other financial intermediaries.

Substantive test: ComCo may prohibit a concentration or authorise it subject to conditions and obligations if the concentration:

• creates or strengthens a dominant position in a market by which effective competition can be eliminated; and cumulatively

• does not lead to any improvement of the competitive situation in another market which outweighs the disadvantages of the dominant position.

Procedure (with suspensive effect): The Cartel Act distinguishes between the preliminary investigation, (phase I – one-month waiting period) and a possible in-depth investigation (phase II – four months).

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11) What have been the major recent developments in competition policy?

Amended notice on merger control issues: In May 2011, ComCo published an amended version of its notice entitled New Practice in Merger Control Proceedings. This document deals, inter alia, with the following issues:

Creation of a joint venture outside Switzerland: The creation of a joint venture is, in principle, subject to a notification duty in Switzerland if at least two of the undertakings concerned exceed the statutory turnover thresholds. In its notice, ComCo clarifies that no notification duty exists if the joint venture is neither active nor achieves any turnover in Switzerland (particularly does not make any supplies into Switzerland) and such activities or turnover in Switzerland are, even for the future, neither planned nor to be expected.

Geographical allocation of turnover: The decisive criterion for the geographical allocation of turnover under Swiss merger control law is, in principle, the location of the customers, so the place to which a product is supplied pursuant to the contract (place of performance), respectively, where the competition with alternative suppliers for the customer takes place. If the parties to the concentration make no sales to customers located in Switzerland but merely the invoicing is carried out via billing addresses in Switzerland for transactions taking place outside Switzerland, the turnover is not considered to be achieved in Switzerland. These explanations relate to products, different rules may apply to services. Special rules apply to insurance companies, banks and other financial intermediaries.

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12) What tax treaties has Switzerland signed that would benefit Chinese investors?

Switzerland has concluded over 90 double taxation treaties, including treaties with China, Hong Kong and Singapore. In addition, it has concluded an agreement with the EU that grants full relief from withholding tax on intra-group payments of dividends, interest and royalties.

The current treaty with China provides for maximum withholding tax rates of 10% on dividends, 10% on interest and 10% on royalties. China and Switzerland have paragraphed a revised treaty. It is expected to enter into force in 2014 or 2015 and provides for maximum withholding tax rates of 5% on intra-group dividends, 10% on interest and 9% on royalties.

The treaty with Hong Kong, which entered into force on January 1 2013, provides for maximum withholding tax rates of 0% on intra-group dividends, 0% on interest and 3% on royalties.

The revised treaty with Singapore applied since January 1 2013, provides for maximum withholding tax rates of 5% on intra-group dividends, 5% on interest and 5% on royalties.

With respect to Swiss taxes, these treaty rates apply to the extent that the Swiss taxes are not lower. In particular, they do not apply to royalties since Switzerland does not levy any withholding taxes on royalties. Further, Switzerland does not levy any withholding taxes on certain types of interest, in particular, interest on intra-group loans or on loans that do not qualify as bonds or notes.

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13) What tax advantages does Switzerland offer for Chinese investors?

Switzerland offers in general relatively moderate corporate income tax rates (depending on the region, i.e. state, between 12% and 24%) and value added tax rate (8%). Interest expenses on loans from related parties are deductible provided that they are in line with the thin capitalisation rules and the arm's length rules for related party loans.

Switzerland unilaterally, irrespective of the application of any double taxation treaty, exempts all the profit attributed to foreign permanent establishments and foreign real estate from the Swiss tax base.

In addition, the Swiss participation exemption regime applies at federal and regional level to all Swiss resident companies and Swiss permanent establishments of foreign companies that own a qualifying participation in a subsidiary. The participation exemp-tion is granted irrespective of whether there is any taxation at the level of the subsidiary or whether any double taxation treaty applies. Switzerland has not introduced any Controlled Foreign Corporation (CFC) rules. A qualifying participation has different thresholds depending on whether the exemption is granted for dividends or for capital gains from the disposal of shares. The thresholds are:

• for dividend income: an equity investment of at least 10% or with a value of at least CHF1 million;

• for capital gains from the disposal of shares: an equity investment of at least 10% that has been held for at least one year.

Several further special regimes and reliefs are beneficial for investments:

• Regional holding company regime: Not only the income from participations but all the income is exempt from regional and communal corporation tax, if a company qualifies as a holding company. At the federal level, on the other hand, a holding company is an ordinary taxpayer at standard rates of 8.5% (7.8% before taxes), but the participation exemption regime described above applies to income from participations. Holding company status is granted if the following requirements are met: (a) the main purpose of the company is the holding and management of long-term financial participations in the subsidiary companies; (b) at least two-thirds of either the assets or the income is composed of or derived from participations; and (c) the company is not engaged in any commercial activity in Switzerland. There are certain differences in which activities are accepted by the regions. In general, management and administration of the company itself is tolerated.

• Mixed companies (trading, IP, etc.): A Swiss company or a branch of a foreign company qualifies for the tax privilege of a mixed company at the regional and communal level if it does not engage in any commercial activity within Switzerland or if it engages in such activities to only a small extent. In general, at least 80% of the income must be derived from abroad and at least 80 % of the expenses have to be foreign expenses. Therefore, mixed companies are often used for international trading, licensing and franchising activities. Swiss source income is taxed at standard rates, whereas foreign source income is only partially included in the Swiss tax base. Thus, depending on the specific regional requirements, the specific regional tax rates and the amount of Swiss source income, the overall tax rates of mixed companies in Switzerland for federal, regional and communal tax purposes vary between 8% and 11%.

• State aid: Since Switzerland is not a member of the EU, it is in principle not limited by the European prohibition on state aid. However, Switzerland has introduced unilateral rules that limit the application of state aid to certain regions that are economically not well developed. Depending on the size and the function of the newly established business, an exemption of up to 50% from regional or communal income taxes and, in specified areas, also from federal income taxes for a period of up to 10 years, may be granted. Depending on the area and the structure, the exemptions may even be extended after the 10-year period has lapsed.

• Principal structures: Swiss principal companies of international groups can benefit from a special tax treatment for federal income tax purposes. A principal company is a company with several high-level employees that assumes risks and responsibilities for certain activities, such as purchasing, research and development, manufacturing, distribution, marketing strategy and logistics. Provided that the sales are made exclusively through commission agents or limited risk distribution companies of the group, the principal company can reach a reduced Swiss tax base that results, in combination with the regional tax regime of the mixed company, in tax rates as low as approximately 5 to 7%, depending on the set-up and location.

• No withholding tax on royalty income and certain types of interest payments: See question 12.

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14) What exit mechanisms are in place in Switzerland and how will these affect investors when they want to get their money out?

There are no restriction on, or approval requirements for, capital transfers from Switzerland abroad. Generally, exits can take the form of a sale of shares or assets, dividend payments, capital reductions, liquidation, initial public offering (IPO), cross-border merger or redomiciliation. Flows of funds may, however, also take the form of advisory or management fees, royalties, payments for supply or manufacturing and other commercial activities.

Switzerland does not levy any withholding tax on capital gains from the disposal of the shares of a Swiss company. Only if the Swiss company is a real estate company, a regional capital gains tax may be due in the case of the sale of the shares.

However, since Switzerland normally levies a 35% withholding tax on dividends, investments into Switzerland are usually structured in such way that a double taxation treaty applies which reduces this withholding tax. Many Swiss treaties, including the one with Hong Kong, provide for 0% withholding taxes on intra-group dividends.

An exit by way of redomiciliation is deemed to be a liquidation for tax purposes and thus triggers corporate income tax and withholding tax on dividends (liquidation proceeds). The general principles apply including the participation exemption for equity investments and the reduction of the withholding tax in cases of the application of a double taxation treaty (see questions 12 and 13).

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15) What protection is available for intellectual property in Switzerland?

Swiss law provides for the protection of registered intellectual property rights (patents, trademarks and design rights) as well as unregistered intellectual property rights (copyright, trade secrets and confidential information). The main characteristics of these rights are the following:

• Patents are registered protective rights granted for technological inventions. Protection is granted upon registration in the patent register. An invention is only eligible for patentability, if it is new, compared to state of the art, as of the application or priority date and if it is non-obvious to the man skilled in the relevant art. The patent is valid for a maximum duration of 20 years from the application date.

• Trademarks are registered protective rights that protect signs (letters, words, numbers, designs, three dimensional forms, colour combinations or sounds) or denominations in order to distinguish goods or services from one another. Protection is granted upon registration of the trademarks in the trademark register for an initial period of 10 years. It may be extended for an unlimited number of subsequent periods of 10 years each.

• Design rights are registered protective rights that grant protection for visible forms of two-dimensional (patterns, such as fabric designs) or three-dimensional (such as furniture) objects. Protection is granted upon registration of the design in the design register. In order to be eligible for registration, the design has to be significantly new and distinctive from prior forms. Further, it is required that the design is not exclusively owed to the technical function of the relevant object. Protection is granted for an initial period of five years and may be extended for four subsequent periods of five years each.

• Copyright protection is granted for works of literature and art, such as books, paintings, architecture, photography, music and computer programs. In general, only creations of the human mind which are of individual nature qualify as protected works. Registration is neither required nor possible; thus, protection is granted upon the creation of the work without further steps required. The author has the right for commercial exploitation and is further the holder of a number of moral rights (for example, the right to be acknowledged as the author). Copyright protection expires 70 years (general rule) and 50 years (computer programs) after the death of the author, respectively.

• Trade secrets and confidential information are protected by various provisions of Swiss law. Civil law protection of trade secrets is most importantly addressed in the Swiss Act against Unfair Competition (UCA). The UCA makes it civil tort to entice workers, agents or ancillary persons to disclose or uncover trade secrets of their employer or principal. Further, anyone who exploits results of work entrusted to him (for example, tenders, calculations and plans) without authori-sation commits an act of unfair competition. Finally, the exploitation or disclosure of manufacturing or trade secrets is deemed to be an act of unfair competition and, thus, unlawful if such secrets have been obtained in an unfair or otherwise unlawful way. Apart from the legislation against unfair competition, other civil law provisions also address the protection of trade secrets such as the statutory employment law, which stipulates confidentiality obligations. From a criminal law perspective, the violation of certain provisions of the UCA related to trade secrets qualifies as a criminal offense. Besides, the Swiss Penal Code (PC) penalises the betrayal of a trade or manufacturing secret as well as the exploitation of such betrayal. Furthermore, industrial espionage is penalised under the PC.

Moving intellectual property to Switzerland may be beneficial from various points of view. First, Swiss tax laws offer a number of attractive opportunities, such as the holding company regime, and special taxation of income generated by intellectual property rights and no withholding tax on royalties (see question 12 and 13). Second, Swiss contract law allows the parties a maximum of freedom to agree on tailor-made agreements, such as licensing agreements. Third, the courts (including the Federal Patent Court) provide for an efficient and impartial enforcement against infringements of intellectual property rights of foreign intellectual property owners. Generally, Switzerland has a long tradition of valuating and protecting innovations and intellectual property and to create a stable and moderate tax environment for their exploitation.

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16) What dispute resolution procedures are available and how popular are they with foreign investors?

Switzerland is one of the leading arbitration venues of the world. Based on the latest statistics available, Switzerland takes second place in the International Chamber of Commerce's statistic of venues, topped only by France as the host country and default venue of the ICC. Over the years 2008 to 2010, Switzerland saw 288 new ICC cases, versus 204 for the UK, 114 for the US, 93 for Singapore and 35 for China and Hong Kong. Switzerland is also the home of the Court of Arbitration for Sports and thus the venue of most major sports disputes, including those in relation to the Olympics Games and FIFA. The popularity of the use of Swiss substantive law to govern international contracts is evidenced by its number one position in ICC disputes (12% Swiss law, 10.7 % UK law, 10.6 % US law, according to the latest statistics).

Arbitration in Switzerland may be based on any set of rules that the parties may choose. Apart from ICC rules, the Swiss Chambers' Swiss Rules for International Arbitration that are based on the UNCITRAL Arbitration Rules are very popular. More than two thirds of the parties arbitrating under the Swiss Rules are non-Swiss, in line with the average percentage of foreign parties in all international proceedings in Switzerland.

Switzerland has a long tradition of solving international disputes in an efficient, neutral and professional manner, catering to the needs of international business people, governments and athletes alike. The arbitration law is attuned to the needs of international arbitration. A unique feature of Swiss arbitration law is the direct and only recourse to the Swiss Supreme Court for any challenges against an arbitral award. This setting-aside procedure typically takes less than six months, with less than 7% of all awards being vacated.

What if arbitration is not possible? Unlike courts in other jurisdictions, the Swiss commercial courts willingly assist the parties in finding a reasonable solution to their dispute early on in the proceedings and based on prima-facie assessment of the strengths and weaknesses of the case by the court itself. Further, the parties need not fear expensive and disruptive document production proceedings that are known from common law jurisdictions (no discovery).

Author biographies

Dieter Gericke is a Partner in the Corporate | M&A practice team and Head of Homburger's China Group. His practice focuses on public and private mergers & acquisitions, private equity, capital markets (including IPOs) and finance. He advises in matters of corporate law and securities regulations.

Felix Dasser heads the Litigation | Arbitration practice team. He advises and represents companies in international commercial disputes in litigation and arbitration proceedings, as well as on white collar crime and regulatory compliance. He also sits as an arbitrator.

Marcel Dietrich is a Partner in the Competition and Corporate | M&A practice teams and in the White Collar | Investigations working group. His practice focuses on Swiss and European competition and antitrust law, regulated markets and public procurement.

Gregor Bühler is the Deputy Head of the IP | IT practice team. He focuses on intellectual property law, information technology and unfair competition law (advisory work as well as representation in contentious matters).

Reto Heuberger is a Partner in the Tax practice team. He focuses on tax planning and the structuring of M&A transactions, reorganizations, relocations, investment management structures, family offices and trusts.

可靠性和中立性：在瑞士投资

Dieter Gericke、Felix Dasser、Marcel Dietrich、Gregor Bühler 和 Reto Heuberger

Homburger

1) 为什么中国企业应该对瑞士感兴趣？

• 瑞士是1950年代初最早承认中华人民共和国的非共产主义国家之一。瑞士公司是最早在中国投资的企业。两国刚就一项双边自由贸易协议的内容达成了协议。

• 内部稳定，对外中立，政府有不干涉商业的传统。

• 独立（并非欧盟的一部分），市场公开，有自己的货币（瑞士法郎）。

• 成功的公司和创业精神的传统，加上创新能力、顶尖的技术以及发达的金融服务。

• 注重经济自由和合约自由的民法制度对商业友好而且可靠。中国民法在一定程度上依据了德国和瑞士法律。

• 瑞士法律常常因其中立性、预见性和灵活性高而被国际合同选用，无论是否以瑞士的角度来看。它是国际商会仲裁中首选的实体法。

• 立法透明度高，对商业和市场没有过度监管。

• 当局高度合作，不存在贪污腐败。

• 合理的税率。

• 杰出的教育和灵活的劳动力市场。

• 高度发达的仲裁和诉讼地。

• 世界各地很多小型和大型公司，包括中国、美国、欧盟、日本、俄罗斯、印度、中东、拉丁美洲和非洲的公司，都在瑞士投资或上市，收购瑞士公司，在国际协议中使用瑞士法律，或选择瑞士作为它们国际活动或争议解决的中心地。

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2) 外国人在瑞士参与并购交易会受到哪些监管或限制？

瑞士和外国投资者之间的资本交易不存在会导致政府机构影响或限制企业合并或其他并购交易的一般性限制。但是存在一些行业性的监管规定和审批要求（见问题8）。

以房地产为例，《海外人士收购房地产联邦法》限制外国人或外国控制的公司在瑞士收购非商业性房地产。上市公司除了以非商业性房地产交易为法定或实际商业目的的公司，收购其股份也必须经过批准。

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3) 有意在瑞士收购企业的外国投资者和收购者有什么投资选择？

中国投资者可以向瑞士公司投资或通过瑞士或外国公司进行投资，不受任何特别的限制。最常用的瑞士公司实体形式是AG（Aktiengesellschaft，即股份公司）和GmbH（Gesellschaft mit beschränkter Haftung，即有限责任公司）。组建瑞士公司不需要政府审批。

• 股份公司是具有一个或多个股东（自然人、合伙企业或法律实体）和最低股本10万瑞士法郎（其中5万瑞士法郎必须是实缴股本）的法律实体。它必须在其住所地办理工商登记，工商登记并不列出公司的股东或其各自所持股份。重大决策需要股东大会批准。公司由董事会或管理层管理。对股东、董事或管理层无国籍要求。公司必须至少有一个瑞士居民具备有法律约束力的公司代表权。

• 有限责任公司具有一个或多个成员（自然人、合伙企业或法律实体）和最低名义资本2万瑞士法郎的法律实体。它必须在其住所地办理工商登记，工商登记列明其成员及各成员的公司份额。公司通过成员大会行事，成员大会可委派管理层进行管理。公司必须至少有一个瑞士居民具备有法律约束力的公司代表权。

收购：有意的中国收购人可通过收购公司股票（股份交易）、收购全部或特定资产（资产交易）、法定并购或对上市公司公开要约收购股份（公开收购）等方法收购瑞士公司或其部份业务。

联合投资：如果是风险投资和其他直接投资交易，往往是数个投资者联合进行投资和管理公司。为此目的，公司章程和股东协议要规定投资者的董事会代表权、优先权、否决权、知情权及其他权利，还要规范优先购买权和共同出售权以及退出投资时的义务。

公司重组结构：《联邦兼并法》规定了进行公司重组的各种工具。例如，兼并、分拆或改组（更改公司形式）。

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4) 对外国投资者有什么要求？

关于对非上市公司的投资不存在特别的要求。如果向在瑞士证券交易所上市的公司投资，无论任何国籍的投资者都需要遵守的要求包括：

• 如果收购人（直接、间接或与第三方一致行动）收购或出售股份或股份类证券，因此而使其达到、超过或低于目标公司全部投票权的3%、5%、10%、15%、20%、25%、331/3%、50%或662/3%的界限，必须通知目标公司和证券交易所。

• 上市公司必须在其年度报告中披露拥有公司股份5%以上实际权益的股东或有组织股东群体的身份，但以公司所知的此类权益为限。

• 公开要约收购上市公司时，收购人及所有持有目标公司3%以上投票权的股东必须报告对目标公司股份証券的所有收购和出售交易，在适用的情况下，还必须报告用来交换目标公司股份証券的其他公司证券的收购和出售交易。

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5) 是否有任何特别的条例或监管机构监管公开收购？

瑞士企业并购委员会（TOB）和瑞士金融市场监管局（FINMA）监管公开要约收购。TOB的命令有法律约束力和可强制执行，除非被上诉。

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6) 有哪些方法进行公开收购？

股权积累：有意的收购人往往在发起公开要约收购之前寻求通过购买股份取得目标公司的大量股权（见问题4）。这可以通过下述方法进行：(i)目标公司的主要股东给予承诺提供其股份供收购或(ii)在宣布要约之前直接购买。如果在宣布公开要约收购之前的12个月期间订立承诺或收购协议，要约文件必须披露这些交易的有关细节。

交易文件：如果要约较为合适，收购人一般会与目标公司订立交易协议。该协议的条款须经过TOB审核，并必须在要约文件中披露。交易协议要载明：(i)要约的条款及条件；(ii)目标公司支持要约并建议其股东接纳要约的责任和(iii)目标公司未来的管理架构。目标公司的限制谈判承诺也是常有的，瑞士公司法和收购法在原则上允许这种规定。

单方终止协议费：交易协议通常规定目标公司如收到更佳要约，可以退出协议，但要支付一笔单方终止协议费。对于单方终止协议费，没有例如交易价值某个百分比这类的特定限制。但是，由于董事身负受托责任，而且收购规则要创造公平要约环境、保障股东选择自由，这个收费是受限制的。

强制要约：任何人直接、间接或与一致行动人持有一家在瑞士证券交易所第一上市公司的投票权超过331/3%的，必须提出公开要约收购该公司的全部上市股份証券。不过，潜在目标公司的公司章程可以规定“选择免除”（没有强制要约义务）或“选择提高”（将触发强制要约的投票权界限提高，最高可至49%）。

最低价格规则：在强制要约的情况下（包括会导致触发界限被超过的要约），要约价格不得低于最低要约价，该价格以下述两者之较高者为准：

• 正式预先宣布或公布要约之前60个交易日的证券交易所交易成交量加权平均价格；

• 收购人或其一致行动人在之前12个月内支付该公司股份的最高价格。

收购条件：自愿公开收购可设定先决条件，但这些条件必须是不受收购人控制的。如果先决条件的性质是必须有收购人的合作，条件才能满足，则收购人必须采取一切合理措施来确保条件得以满足。经TOB批准，要约也可以设定后决条件，如果条件对收购人的有利之处大于对目标公司股东的不利之处（例如取得监管当局批准）。典型的条件包括：

• 最低接纳门槛。TOB规定该门槛不得不合实际地过高，也必须考虑到收购人已经拥有的股份。对于受邀要约，惯常的门槛是67%，对于非受邀要约，则是51%。在实践上，多数要约达到95%的接纳门槛，因而能够挤走少数股东（从90%开始）。

• 兼并控制、监管（包括用来交换目标公司股份的股票的上市或登记监管）或股东批准；

• 重大不利影响条件。一般公认界限是扣除利息、税项、折旧和摊销之前利润的10%，营业额的5%，或目标公司净资产值的10%。

必须提出强制要约的收购人不得为其要约设定条件，但法规要求、以登记投票权或保护目标公司的经济利益（最有价值业务）为目的的条件除外。

资金到位：宣布要约之前资金必须已到位。收购人在资金到位之前可以作出正式的预先宣布。实际要约必须载明资金来源的细节及独立审核机构对资金到位的确认。若干资金的规定限制了对资金到位可设定的条件。

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7) 在当前的经济环境里，重大不利变化条款如何变得更加重要？

瑞士经济和瑞士公司并没有像其他西方国家那样受到金融危机的严重影响。总部设在瑞士的企业现在和在整个危机期间反而都形势不错。由于瑞士自己的货币瑞士法郎历来稳定，欧元危机对瑞士公司的经济环境影响有限，只是出口因外国货币疲弱而受到影响。公司一般都会为外汇汇率采取对冲措施。

不过，金融危机导致重大不利条款有更多的例外规定，以区别一般市场条件和金融环境所造成的不利影响。此外，私人收购交易中也常常见到用承诺函为收购的资金进行担保，通常可为卖方提供可靠的保障。

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8) 哪些受监管金融行业对外资所有权设有最高限制？

金融行业对外资所有权并没有限制。但是，金融机构重大股权的所有权人或收购人在名誉、合规性和稳健商业行为方面会受到审查，而受外国控制的金融机构可能需要办理特殊的许可。

银行和证券经纪公司：在瑞士注册或营业地点在瑞士的银行或证券经纪公司在营业之前必须取得瑞士金融市场监管局的许可。合资格股东，例如直接或间接持有银行或证券经纪公司10%或以上资本或投票权或其他有重大影响力的人或实体，亦须经瑞士金融市场监管局的审查。买卖合资格持股量的股东，或增减持股量多于20%、33%或50%的股东，必须在完成交易前通知瑞士金融市场监管局。外资控制的或外资控制情况有变更的银行或证券经纪公司还须取得另外的许可。

保险公司：如果有人有意直接或间接收购设于瑞士的保险(再保险)公司的股份，收购后达到或高于保险(再保险)公司的10%、20%、33%或50%股本或投票权的界限的，必须通知瑞士金融市场监管局。

投资基金经理：合资格股东，即直接或间接持有基金经理公司10%或以上资本或投票权、或其他对基金经理公司有重大影响的人或实体，须经瑞士金融市场监管局的审查。

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9) 什么政策适用于希望在瑞士资本市场上市的中国公司？

瑞士的受监管证券市场主要由SIX瑞士证券交易所组成（SIX）。 SIX是设在苏黎世的受监管证券市场，是超过4万只证券的参考市场，连接着全世界的投资者、发行人和参与者。在SIX内部，监管委员会负责审批证券的上市，确保发行人履行其在证券上市期间的义务。

通常，交易所根据符合国际标准的招股说明书批准上市。上市审查机构对招股说明书的审查是形式审查（主要审查是否齐全），不会核查内容本身。但是，招股说明书内错误或误导性信息可导致负责有关信息的人承担法律责任。

非瑞士发行人进行第一上市，须遵守适用于境内发行人的同样上市要求。这些要求包括：

• 发行人至少25%的股份将是自由流通股；

• 自由流通股的预期市值至少为2500万瑞士法郎；

• 发行人的申报股本必须至少达2500万瑞士法郎。

上市之后，发行人负有维持上市地位的持续性义务。这些持续性义务包括（对股份証券而言）：

• 根据SIX承认的财务报告标准提交定期报告；

• 披露价格敏感信息（特别公告）

• 披露管理层交易；

• 披露重大持股情况。

对于在SIX进行第二上市的外国发行人（第一上市地在其他地方的发行人），监管和持续性披露要求较为宽松，主要参考第一上市证券交易所的文件申报和规则。

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10) 瑞士兼并控制的主要特点是什么？

法律框架：瑞士的兼并控制由《联邦卡特尔及其他限制竞争法》（《卡特尔法》）和《控制企业集中条例》（《兼并控制条例》）管辖。

通知责任：计划中的企业集中、兼并以及收购单独或联合控制权，如果达到法定的营业额界限，都必须在实施之前通知瑞士竞争委员会（ComCo）。这是指在集中前的最近一个营业年度同时出现下述情况：

• 有关企业在全球的合并销售额最少达20亿瑞士法郎，或在瑞士的合并销售额最少达到5亿瑞士法郎；

• 其中最少有两所有关企业在瑞士各自的销售额达到最少1亿瑞士法郎。

不过，如果一个企业参与一项集中时，在《卡特尔法》下被最终和有约束性地裁定它在瑞士的某个特定市场已经具有支配性地位，而该项集中涉及该市场或其上游或下游或相邻市场，则无论上述营业额界限是否达到，通知责任都存在。保险公司、银行及其他金融中介机构适用特别法规。

实质性测试：如果集中同时有下述情况，ComCo可予以禁止或对其设定条件和义务：

• 在一个市场内，该集中造成或加强一个支配性地位，能够消除有效竞争；同时

• 没有导致另一市场的竞争情况出现任何改善，足以超越支配性地位的不利影响。

程序（具有中止效果）：《卡特尔法》区别初步调查（第一阶段——一个月等待期）和可能进行的深入调查（第二阶段——四个月）。

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11) 竞争政策最近有什么重大发展？

关于兼并控制问题的修订版通知：2011年5月，ComCo发布了修订版的以《兼并控制程序新实务》为标题的通知。该文件所涉及问题包括：

在瑞士境外设立合资企业：设立合资企业时，如果其中至少有两个企业超过了法定的营业额界限，在原则上有通知责任。ComCo在其通知中澄清，如果合资企业在瑞士没有活动也没有任何营业额（特别是没有向瑞士供应任何物品），而且没有计划也不预期在未来有这类活动或营业额，则没有通知责任。

营业额的地域分配：在瑞士兼并控制法律下，营业额地域分配的决定性标准在原则上是客户的所在地，合同规定的产品供应地点（履约地），以及与其他供应商发生竞争的地点。如果集中的各方没有向瑞士境内的客户进行销售，而只是以瑞士境内地址作为瑞士境外发生的交易的账单地址，则营业额不视为在瑞士境内取得。上述解释与产品有关，服务项目可能适用不同的规则。保险公司、银行及其他金融中介机构适用特别法规。

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12) 瑞士签署了哪些税务协定会使中国投资者受益？

瑞士与包括中国、香港和新加坡在内的90多个国家签订了双重征税协定。此外，瑞士与欧盟订立了一项协议，对企业集团内股息、利息和特许权使用费的支付给予免征预提税的待遇。

瑞士目前与中国的协定规定股息、利息和特许权使用费的预提税最高为10%。中国与瑞士起草了一项修订协定，预期在2014年或2015年生效。该协定规定企业集团内股息的最高预提税为5%，利息的最高预提税为10%，特许权使用费的最高预提税为9%。

瑞士与香港的协定在2013年1月1日生效，该协定规定企业集团内股息的预提税最高为0%，利息的最高预提税为0%，特许权使用费的最高预提税为5%。

瑞士与新加坡的协定经修订后在2013年1月1日生效，该协定规定企业集团内股息的预提税最高为5%，利息的最高预提税为5%，特许权使用费的最高预提税为5%。

对于瑞士的税项，这些协定只有当瑞士的税率在相比之下并不较低时才适用。特别是，由于瑞士对特许权使用费不征收预提税，这些协定不适用于特许权使用费。此外，瑞士对某些类别的利息也不征收预提税，特别是企业集团内贷款或不属于债券的贷款的利息。

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13) 瑞士对中国投资者提供什么税务优惠？

一般而言，瑞士提供相对公道的公司所得税税率（根据所在州而介乎于12%至24%之间）和增值税税率（8%）。关联方贷款的利息费用如果符合资本弱化规则和关联方公平交易规则，是可扣减税项的。

无论是否适用任何双重征税协定，瑞士单方面从瑞士税基豁免归属境外常设机构和境外房地产的利润。

此外，瑞士的股东免税制度在联邦和地方层面都适用于所有瑞士居民公司和在子公司里有合资格参股的外国公司在瑞士的常设机构。无论子公司方面是否有税务，也无论是否适用任何双重征税协定，都可享受股东免税。瑞士没有引进任何受控制外国公司（Controlled Foreign Corporation）规则。取决于享受豁免的是股息或是股份处置的财产收益，合资格的参股有不同的界限。这些界限是：

• 对于股息收入：至少10%的股权投资或价值至少100万瑞士法郎；

• 对于股份处置的财产收益：至少10%的股权投资，并且持有至少1年。

另外还有数种特别制度和减免规定是对投资有利的：

• 地区性控股公司规定：如果公司符合控股公司资格，不仅其参股收入而且其所有收入都豁免缴纳地区性和社区性企业所得税。在联邦层次，控股公司是普通纳税人，适用标准税率8.5%（税前7.8%），但上述股东免税制度适用于参股所得收入。符合下述要求的公司具有控股公司地位：(a)公司的主要目的是持有和管理其在子公司的长期金融参股；(b)至少三分之二的资产或所得由参股组成或来自参股；(c)公司在瑞士没有从事任何商业活动。各地区接受的业务活动有所不同。一般而言，公司本身的管理和行政活动是可接受的。

• 混合公司（贸易、知识产权等）：瑞士公司或外国公司分公司如果没有在瑞士境内从事商业活动，或只参与很少的商业活动，便有资格享受地区和社区对混合公司的税务优惠待遇。一般而言，公司至少80%的所得必须来自境外，至少80%的费用是境外费用。因此，混合公司通常用来进行国际贸易、许可和特许经营业务。瑞士来源的收入按标准税率征税，而外国来源的收入只是部分纳入瑞士税基。因此，混合公司在瑞士联邦、地区和社区税务上的总体税率介乎于8%和11%之间，具体取决于各地区的特定要求、特定税率和瑞士来源收入额。

• 国家资助：由于瑞士不是欧盟成员，在原则上它不受欧盟对国家资助的限制。但是，瑞士已制定单边规则来限制向某些经济欠发达地区提供国家资助。根据新设立企业的规模和功能，地区或社区所得税可减免最多50%，在特定的地区，还可享受最长10年的联邦所得税减免待遇。视乎地区和结构，减免期甚至可以在10年期满之后延长。

• 委托结构：国际集团的瑞士委托公司在联邦所得税方面能够享受一项特殊的税务待遇。委托公司是一种由数个高级员工承担某些业务（例如采购、研发、制造、分销、市场策略和物流）的风险和责任的公司。只要全部销售都通过集团的委托代理人或有限风险分销公司进行，再加上混合公司的地区性税务优惠，委托公司能够将其瑞士税基降至大约5%至7%，具体税率取决于设立架构和所在地点。

• 特许权使用费所得和某些类别的利息收入免征预提税：见问题12。

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14) 投资者在瑞士有什么退出机制，撤资时会受到什么影响？

从瑞士向境外转移资本是不受限制的，也没有审批规定。一般而言，退出投资可以采取出售股份或资产、支付股息、减少资本、清算、首次公开募股（IPO）、跨国兼并或变更注册地等方式。资金的流动还可以采取顾问费或管理费、特许权使用费、供货或生产付款和其他商业活动的形式。

瑞士对处置瑞士公司股份的财产收益不征收任何预提税。只有当瑞士公司是房地产公司时，出售股份才会有可能要缴交地区性财产收益税。

但是，由于瑞士对股息一般征收35%预提税，在瑞士的投资通常采用能够适用双重征税协定减低预提税的架构。很多瑞士的协定，包括与香港订立的协定，都规定对集团内股息支付实行0%预提税税率。

以变更注册地的方式退出投资，在税务上被视同清算，从而触发企业所得税和股息（清算收入）预提税。这里可适用一般原则，包括对股权投资的股东免税，以及适用双重征税协定减免预提税（见问题12和13）。

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15) 瑞士对知识产权有什么保护措施？

瑞士法律保护注册的知识产权（专利、商标和外观设计权）以及非注册的知识产权（版权、商业秘密和保密信息）。这些权利的主要特点如下：

• 专利是对技术发明授予的注册保护性权利。专利注册后即受保护。一项发明如果自申请或优先权日起，相对于最先进的产品而言是新颖的，而且对于本领域普通技术人员不是显然的，便有资格申请专利。专利的有效期从申请之日起最长为20年。

• 商标是对区别货物或服务的标志（字母、文字、数字、图形、三维造型、颜色组合或声音）或名称授予的注册保护性权利。商标注册后即受保护，最初有效期为10年，可续展，每次10年，次数不限。

• 外观设计权是对二维可视造型（图案，例如织物设计）或三维可视造型（例如家具）授予的注册保护性权利。外观设计注册后即受保护。外观设计要取得注册资格，必须显著新颖并且与先前的造型显著不同。此外，外观设计还必须不得仅仅归功于有关物体的技术功能。外观设计的最初保护期为5年，可续展四次，每次5年。

• 版权保护是对文学艺术作品（例如书、绘画、建筑、摄影、音乐和计算机程序）的保护。一般而言，只有人类个人智慧的创作才是有资格受保护的作品。注册不是必要的，也是不可能的；因此，作品自创作之时起就受保护，无须采取进一步措施。作者有权使用其作品作商业用途，而且也是多项道德权利的权利人（例如，被承认为作者的权利）。版权保护在作者逝世后70年（一般规则）和50年（计算机程序）后无效。

• 瑞士法律有各种规定保护商业秘密和保密信息。民法对商业秘密的保护在瑞士的《反不正当竞争法》（UCA）中得到明确强调。UCA将引诱工人、代理人或附属人员披露或洩漏其雇主或委托人的商业秘密的行为定为民事侵权。此外，任何人未经许可擅自利用受委托工作的结果（例如招标、计算和计划）是不正当竞争行为。最后，利用或披露以不正当或其他非法途径取得的生产或商业秘密，被视为不正当竞争行为，因此属于违法。除了反不正当竞争的立法以外，其他民法条例也有保护商业秘密的规定，例如就业法也规定了保密义务。从刑法角度看，违反UCA关于商业秘密的某些规定的，构成刑事罪行。此外，瑞士刑法典（PC）对洩露商业或生产秘密以及利用这种洩露的行为都处以刑罚。另外，PC也对工业间谍行为处以刑罚。

从几个角度看，将知识产权迁至瑞士可会是有利的。首先，瑞士税法提供多项有吸引力的机会，例如控股公司制度、知识产权产生的所得有特殊税务待遇、特许权使用费不征收预提税（见问题12和13）等。第二，瑞士合同法给予合约方最大的自由度协商适合本身的协议，例如许可协议。第三，法庭（包括联邦专利法庭）对外国知识产权权利人的被侵权案件提供有效和公正的强制执行。总体而言，瑞士在传统上一向珍惜和保护创新和知识产权，并为运用这些创新和知识产权营造一个稳定和温和的税务环境。

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16) 瑞士有什么争议解决程序，这些程序是否受外国投资者欢迎？

瑞士是世界主要仲裁地之一。根据最新的统计，瑞士在国际商会的仲裁地统计中排第二位，只有法国作为国际商会的东道国和预设仲裁地而排列其前。从2008年至2010年，有288件新的国际商会仲裁案件是在瑞士处理的，而英国有204件，美国有114件，新加坡有93件，中国和香港有35件。瑞士也是体育仲裁法庭的所在地，因此是多数重大体育争议（包括与奥林匹克运动会和国际足联有关的争议）的仲裁地。瑞士实体法是国际合同中很受欢迎的适用法律，这在国际商会争议案件中瑞士实体法的龙头地位（根据最新的统计，瑞士法占12%，英国法占10.7%，美国法占10.6%）中得到了证明。

在瑞士进行仲裁，可以采用当事方选择的任何规则。除国际商会规则之外，瑞士商会以UNCITRAL仲裁规则为依据的瑞士国际仲裁规则也很受欢迎。选用瑞士规则进行仲裁当事方中有三分之二是非瑞士当事方，与在瑞士进行的所有国际诉讼中的外国当事方比例相当。

瑞士有着以有效、中立和专业的方式解决国际争议的长久传统，能够迎合国际企业人士、政府和运动员的需要。瑞士的仲裁法律适应国际仲裁的需要，其中一个独特之处是，仲裁裁决遭到任何反对时，直接的和唯一的诉求就是请求瑞士最高法院裁决。这个搁置程序一般需要6个月时间，被撤销的裁决不足7%。

如果不能够仲裁怎么办？与其他司法管辖地的法庭不同，瑞士商业法庭愿意根据法庭自己对案件的强弱之处作出的表面评估，协助当事方在法律程序的最初阶段寻找一个合理的解决方案。此外，当事方也不必担心出现普通法司法管辖地常有的费用昂贵的和影响进程的文件提交程序（没有告知程序）。

作者简历

Dieter Gericke 是Homburger律师事务所公司/并购业务组的合伙人和中国业务部的主管。他的业务重点是公开和私人并购交易、私募股权、资本市场（包括首次公开募股）和融资。他就公司法和证券监管事项提供法律意见。

Felix Dasser是诉讼/仲裁业务组的负责人。他在国际商业争议的诉讼和仲裁程序以及白领罪案和监管合规事务中提供法律意见和担任公司客户的代表律师。他还担任仲裁员。

Marcel Dietrich 是竞争和公司/并购业务组和白领罪案/调查工作组的合伙人。他的业务重点是瑞士和欧盟竞争和反垄断法、受监管市场和公共采购。

Gregor Bühler是知识产权/信息技术业务组的副组长。他的业务重点是知识产权法、信息技术和不正当竞争法（作为法律顾问以及在诉讼中担任代表律师）。

Reto Heuberger 是税务组的合伙人。他的业务重点是并购交易的税务规划和构建、重组、迁移、投资管理结构、家族理财公司和信托。