The Multinational Headquarters — conclusion

Conclusion of Chapter II

The multinational headquarters of Zug are the most tangible result of the canton's tax policy. They began to arrive in the late 1950s, as registered seats and holding companies. From the 1980s they grew into regional headquarters and principal companies, and under the pressure of international tax standards they became, in many cases, real centres of activity with hundreds or thousands of employees. The life sciences cluster, with Roche in Rotkreuz, Johnson & Johnson, Biogen, Amgen and others, is the most important of these concentrations after the commodity trade. Financial firms such as Partners Group, and now Vontobel, show that the canton has become a part of the Zurich financial centre. The move of SGS from Geneva confirms that the canton's attraction for headquarters is undiminished.

The headquarters economy has made Zug the most productive canton of Switzerland and one of the most prosperous regions in the world. It has also made the canton expensive, crowded and dependent on the decisions of a relatively small number of international groups. The legal framework within which those groups operate in Zug is the subject of Chapter III.

For general information only. This article does not constitute legal or tax advice, does not replace advice on an individual case and creates no lawyer-client relationship. It reflects the legal position as of September 2025.

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I am a Swiss attorney-at-law and also admitted as a solicitor in Hong Kong and in England & Wales, with almost 25 years of experience.

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