By Vitus Ammann
“The unique ‘Spirit of Zug’ is based on the exemplary customer proximity, solution- oriented pragmatism, short distances, and professionalism. This very spirit helps the existing companies tremendously. Furthermore, the Canton of Zug is a perfect location for start-ups and innovative ideas says” Andreas Umbach, President of Landis + Gyr, the world leader in smart energy metering.
The Canton of Zug is a unique area for business and living. Its economic success is based on a distinctive long-term development strategy.
The Canton of Zug provides excellent conditions for everyone! With a dense network of services, suppliers and private support organizations, a unique mix of local and international companies, ample investment in education and culture, attractive tax levels for legal entities and individuals, and the availability of both an efficient infrastructure and a fascinating living environment, the Canton of Zug offers an optimal overall package.
Pioneering role for the Zug business location
The digital transformation not only concerns businesses but is also actively promoted by the government and educational institutions. As early as in summer of 2015, the City of Zug decided that fees of up to 200 Swiss francs charged by the residents’ registration office could be paid with Bitcoins as part of a pilot project. In addition, the Commercial Register of the Canton of Zug accepts its fees to be paid in Bitcoin or Ether. It also accepts the company formation with Bitcoin or Ether to be provided as contribution in kind. And in late 2017 the City of Zug issued the first blockchain based digital identities.
Zug – a role model for success in FinTech
The Swiss Federal Council has recognized the importance of the FinTech sector for Switzerland’s continued success as a financial center in the future. As a result, it agreed to a modification to the Bank Ordinance as of August 1, 2017. The modification allows FinTech companies up to a certain size to develop and test out their business models without becoming immediately subject to the regulations of the financial sector. After a visit to the Crypto Valley the Federal Minister for Economic Affairs Johann Schneider-Ammann admitted that there was a backlog at the federal level. Based on the expertise and knowledge in Zug they were keen to amend the situation quickly and to listen to the requirements of the many innovative companies.
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