More than 38,000 Swiss companies relocated their registered address within Switzerland in 2025, and the pattern is consistent. Firms are leaving Zürich, and heading to Zug, Solothurn and Graubünden, according to new data from credit and business intelligence agency Crif published last week.
Most of the businesses relocating out of the Canton of Zurich moved their headquarters to the Cantons of Zug (362), Aargau (225) and Schwyz (185)
Of the 38,081 companies that moved last year, around 80% stayed within their existing canton. The more telling figure is the 7,517 that crossed a cantonal border. And where those cross-cantonal moves landed tells a clear story about Switzerland’s ongoing corporate tax and cost competition between cantons.
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The Winners: Zug, Solothurn and Graubünden
Zug topped the net migration ranking with 68 more company arrivals than departures. The canton has long been Switzerland’s most prominent low-tax destination for corporate headquarters, and the Crif data confirms that the draw remains strong. Its inflows came primarily from Zürich (362 companies), Luzern (117) and Schwyz (76).
Solothurn came a close second with a net gain of 67 companies, drawing most of its newcomers from Bern (75), Aargau (45) and Zürich (38). Graubünden followed with 66 net arrivals, with the majority coming from Ticino (66), Zürich (56) and Zug (27). The Graubünden figure is notable: it suggests the canton is attracting not just domestically mobile firms, but companies relocating from Ticino — possibly reflecting a desire to reduce exposure to the Italian economic and regulatory orbit while staying in a multilingual, southern-facing environment.
The Loser: Zürich Loses 252 Corporate Headquarters
Zürich suffered the heaviest net corporate emigration of any Swiss canton in 2025, losing a net 252 companies. Bern was the second-largest loser at minus 117, followed by Obwalden (minus 55) and Appenzell Ausserrhoden (minus 52).
For Zürich, which remains Switzerland’s largest economy and the hub of its financial, legal and professional services sectors, the headline number requires some perspective. The canton is home to well over 100,000 registered companies, and a net outflow of 252 represents a fraction of that base. Zürich also gains companies constantly through new incorporations and international arrivals. But the direction of travel — sustained net outflows to lower-tax cantons, year after year — is a political and fiscal signal that the cantonal government cannot ignore indefinitely.
What Is Driving the Moves
For smaller and medium-sized firms, the vast majority of those moving, even modest differences in cantonal tax rates or administrative costs can make relocation financially worthwhile over a five-to-ten-year horizon.
The Crif data does not capture motivation directly, but the pattern points strongly to tax and cost considerations. Zug’s corporate tax rate is among the lowest in the country, Solothurn has invested heavily in making itself attractive to mid-sized companies, and Graubünden offers a combination of lower costs, scenic quality of life and improving digital infrastructure.
