Success tips when doing business in Liechtenstein
- To optimize the success of your new business venture in Europe, Healy Consultants will assist your firm i) complete a feasibility study ii) prepare a detailed business plan iii) communicate with each city Chamber of Commerce and foreign embassy and iv) communicate with Healy Consultants Clients who successfully launched their business in Liechtenstein;
- Business ethics in Liechtenstein dictate that you should thrive for punctuality and always be on time. In case you are late, be sure to call;
- German-speaking countries, including Liechtenstein, value precision and thorough record keeping. Run that extra mile and impress by getting a German translation of all business documents;
- Dress code should be conservative with minimum amount of accessories;
- Always avoid scheduling business meetings in Liechtenstein during typical vacation months, including July and August or during national holidays;
- The exchange of business cards is an important aspect of European business culture. A business card should be given to everyone attending the meeting and it should be presented with both hands with the front of the card facing the recipient;
- Keep in mind that the business etiquette in Liechtenstein requires that most meetings are conducted over lunch;
- When attending a private dinner meeting at a colleague’s home, be sure to bring a small gift to the host. Appropriate gifts include chocolates, liquor or flower;
- When receiving a business card, taking time to look and comment about the card shows respect. Print your business cards in English with a colour photo of you. The back of the card should be an European language translation;
- The exchange of business cards is an important aspect of European business culture. A business card should be given to everyone attending the meeting. When handing a business card to someone it should be presented with both hands with the front of the card facing the recipient.
- The exchange of gifts is not accepted unless the meeting reached its goals and not before as it can be considered impolite;
- While Liechtenstein boasts 100% literacy rate and strong English fluency, always be prepared to arrange an interpreter;
- To increase business certainty, we encourage our Clients to consistently use and sign legal contracts of service;
- Along with other Europeans, Liechtenstein customers invariably focus on price, no matter how hard you sell the intangible benefits. Price drives most business negotiations;
- Each European city has a Chamber of Commerce. Their powerful membership embraces the local business community. Chamber functions provide useful networking opportunities for companies new to the market.
Interesting facts about Liechtenstein
- Liechtenstein is the sixth-smallest independent nation in the world. According to the CIA World Factbook, the country has a population of 37,009 in Q3 of 2014;
- Established in 1719, within the Holy Roman Empire, Liechtenstein gained its independence in 1806. Consequently, the state is situated as a constitutional monarchy headed by a prince;
- Liechtenstein is the smallest German-speaking country on the planet and the only German-speaking state that doesn’t share a border with Germany;
- While widely recognized as a financial center, the largest contributor to Liechtenstein’s economy is its manufacturing sector accounting for up to 40% of the gross domestic product.
- Since 1923, Liechtenstein shares a Customs Union with Switzerland and uses the Swiss Franc. While both states are not part of the European Union, Liechtenstein belongs to the European Economic Area (EAA);
- The Principality offers limited natural resources, while being highly industrialized, free-enterprise state with thriving financial service sector and high living standards equivalent to its European neighbours;
- Liechtenstein ranks second in the world by GDP per capita for 2012, according to the World Bank;
- Liechtenstein’s education and creative problem solving is positively ranked as the 8th best in the world, according to the latest OECD’s Programme for International Student Assessment;
- Crime rate in Liechtenstein is one of the lowest in the world and annual homicides are single digit numbers;
- Liechtenstein is the world’s leading exporter of dentures and other dental prosthetic devices.
Frequently asked questions
How many directors are required for starting a business in Liechtenstein?Only 1 director is required when registering a company in Liechtenstein.
How many shareholders are required for registering a company in Liechtenstein?Only 1 shareholder is required for business registration in Liechtenstein.
Is it mandatory to have a resident director or shareholder for Company Registration in Liechtenstein?Yes. Resident director will be required for registering a company in Liechtenstein.