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.
Will details of the entity I set up in Liechtenstein be available for public viewing?Yes, but only for companies. In order to start a Liechtenstein company, an entrepreneur must enter the business details in the public register. Foundations, trusts and establishments are not registered publicly in Liechtenstein unless they are used for a “common purpose” (e.g. charitable giving).
What are investment conditions like in Liechtenstein?To learn more, watch this video about business and banking in Liechtenstein
Are there restrictions on foreign ownership for Liechtenstein companies?No. 100% foreign ownership is allowed if you wish to set up your business in Liechtenstein.
What tax haven problems are there in Liechtenstein?Have a look at this video from the BBC: Panorama “Tax Me if You Can” – Liechtenstein