On October 1, 2026, the new Federal Act on the Transparency of Legal Entities and the Identification of Beneficial Owners (LETA) enters into force, establishing a federal register of beneficial owners (the Swiss Transparency Register). Below, we outline what is changing and how we can assist you with the new compliance requirements.
What is the Swiss Transparency Register and who can access it?
The Swiss Transparency Register is maintained at the federal level and is separate from the commercial register. Unlike the commercial register, it will not be accessible to the public. Access is restricted to certain criminal and administrative authorities, as well as to financial intermediaries and advisors subject to the Federal Act on Combating Money Laundering and Terrorist Financing (Anti-Money Laundering Act, AMLA).
Which companies must report their beneficial owners?
SIn-scope stock corporations (AG/SA), limited liability companies (GmbH/Sagl) and cooperatives will be required to identify, verify and report the natural persons who control them. LETA does not apply to associations, foundations or simple partnerships.
Control may derive from a holding of at least 25% of the share capital or voting rights, whether held directly or indirectly, or in concert with others, or may be exercised by other means. In more complex structures, the natural persons at the top of the chain of control will need to be identified.
LETA transition periods: when must the report be filed?
For existing companies, the transition periods begin on October 1, 2026. If all beneficial owners are already entered in the commercial register as shareholders, partners or officers, the deadline is two years. In all other cases, it ranges from three to six months, depending on the company's audit requirements. However, the first amendment to the company's commercial register entry after October 1 may accelerate the obligation: the report must then be filed within one month of the amendment, without exceeding the applicable maximum deadline.
Keeping information up to date and penalties
Following the initial report, the information must be kept up to date. Intentional breaches of the reporting obligations may result in fines of up to CHF 500,000.
How NFS can assist you
NFS can assist you in verifying your beneficial owners, gathering the required documentation and updating your corporate records. Upon engagement, we can also prepare and submit the reports on your behalf, coordinating the necessary authorizations and applicable deadlines.
For any questions or to initiate a review, please contact us.
