Before incorporating a company, the legal documents required for the partial or total payment of the share capital must be submitted, according to the respective legal form. This process is usually time-consuming, and the paperwork to open an account can be extensive. However, thanks to the YAPEAL app, provided by the Swiss fintech Yapeal AG, it is possible to open a bank account for capital deposits in just a few minutes and then transfer the money to any other Swiss bank.
We spoke with Silvio Enzler, COO of Hoop, and Andreas Hofer, Business Architect of Yapeal, to discover the concrete advantages of opening a capital deposit account digitally with Yapeal compared to the standard procedure with a traditional bank.
1. What is the difference between the traditional process of opening a capital deposits account and the digital process with Yapeal?
Silvio: Transferring money digitally with Yapeal is easier and faster than the standard process with traditional banks. Additionally, it can be done digitally from anywhere.
Andreas: Founders can open a capital deposit account online, 24/7, without needing to visit a physical bank. It is a flexible, time-saving solution that is also reliable and secure.
2. What should a founder know about opening a capital deposit account with Yapeal?
Silvio: A founder should know that opening a capital deposits account digitally can significantly speed up the process of setting up a company, as the IBAN to deposit the money is provided within seconds.
Andreas: It’s a fast, paperless process that is fully digital and standardized. The capital deposit account is also integrated with the business account, and the deposited money is secure as it is held with the Swiss National Bank.
3. What steps should a company founder take to open a capital deposits bank account with Yapeal?
Silvio: The Hoop platform and its integration with Yapeal guide the founder through the process of opening the capital deposits account. Once the account is opened and the share capital is deposited, the founder receives a digital confirmation letter from Yapeal. This letter is then sent by Hoop to incorporate the company and register it in the Registry of Commerce in the canton where the company is located. While the process of incorporation with payments made to a fintech is new, all commercial registries in Switzerland must accept it. However, coordination with some canton registries may be required in the future.
4. Once the company is established, how can the founder get it operational as soon as possible?
Andreas: The founder can open a business account. The process is quick and integrated, allowing the business account to be opened directly through the HOOP platform. Additional information about the company is required to open the business account, but once it is opened, the company can quickly become operational, and the business account can easily integrate with ERP systems such as Abacus.
Silvio: Now that the company has been quickly established with the 100% digital Hoop process, there’s no reason to delay opening the business account. The Yapeal business account is the best solution for entering the market quickly after the company is registered in the Registry of Commerce.
5. What is the cost of opening a capital deposit account with Yapeal?
Silvio: The price ranges from CHF 0 to CHF 250.
- CHF 0.- if an annual subscription to the YAPEAL Business Account is purchased
- CHF 200.- with payment from a YAPEAL account
- CHF 250.- with payment from another bank
About our partner Yapeal:
Yapeal AG is a Swiss-based fintech company focused on providing innovative digital financial services. Yapeal is a financial institution authorized by the Financial Market Supervisory Authority (FINMA) of Switzerland and offers current account services and mobile payments through its digital platform.
This blog article does not constitute legal advice, it is made available “as is” and makes no claim to completeness or accuracy. Hoop makes no warranty or liability as to its content. This is excluded to the extent permitted by law. Use is at your own risk. Legal advice is recommended if necessary.
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