GmbH is a legal entity in Switzerland, with the full name "Gesellschaft mit beschränkter Haftung" meaning limited liability company. It belongs to a mixed ownership system, where it is collectively owned by multiple shareholders, but the shareholders are not personally liable for the company's debts. GmbH does not participate publicly in the market, and therefore it does not require public issuance of shares. According to Swiss law, GmbH needs at least one shareholder and one director, but it is not necessary to designate a legal representative. The director can be a foreigner, but must be a natural person residing in Switzerland. Additionally, GmbH does not require a company secretary. According to Swiss law, the minimum registered capital for GmbH is 20,000 Swiss francs, and it requires the full payment of 100% of the registered capital at the time of registration. After the company is established, it can open an official bank account and transfer the registered capital from the verification account. Furthermore, GmbH must have at least one manager responsible for the company's management.