Swiss VQF membership — what founders should prepare.

Any non-bank financial intermediary established in Switzerland — payment service providers, money exchangers, asset managers up to CHF 5M, crypto custodians, crypto exchanges, and crypto-collateralised lenders — must affiliate with a recognised SRO before starting operations. VQF is a common choice because of its breadth of accepted activities.

• Swiss legal entity (AG/SA or GmbH/Sàrl) with paid-up share capital — CHF 100,000 for an AG/SA, with at least CHF 50,000 paid up.
• Swiss registered office and at least one Swiss-resident director with signing authority.
• A written AML/KYC framework: risk analysis, internal directives, client onboarding procedures, transaction monitoring rules.
• An appointed compliance officer with proven expertise in Swiss AML.
• Clean criminal and professional background of beneficial owners and directors.
• A credible business plan with projected volumes, target clients, and source-of-funds policy.

1. Incorporate or acquire the Swiss entity and pay up share capital.
2. Appoint Swiss-resident director(s) and the compliance officer.
3. Draft the AML/KYC framework and internal directives.
4. Compile the application file: corporate documents, KYC on beneficial owners, business plan, AML manual, CVs of officers.
5. Submit to VQF and respond to review queries — typical review window is 8–10 weeks.
6. Receive admission decision; pay the annual membership fee.
7. Begin operations under SRO supervision and the annual AML audit cycle.

• VQF admission fee — typically CHF 1,500–3,000 one-off.
• Annual VQF membership fee — typically CHF 3,500–6,000, depending on activities.
• Annual AML audit (required by SRO) — from CHF 2,500.
• External compliance officer review — from CHF 6,000 / year.
• Swiss resident director — from CHF 12,500 / year.
• Registered office and domiciliation — from CHF 3,500 / year.

Figures are indicative for a small financial intermediary; complex activities increase fees.

If a 10–12 week application window is too long, an alternative is to acquire a Swiss entity that already holds active SRO membership (VQF or equivalent). Operations start within 2–3 weeks of closing, with no admission risk.