LIECHTENSTEIN Law and Practice Contributed by: Hannes Arnold, Thomas Nigg, Christina Pointner, Sebastian Auer, Johannes Sander, René Saurer and Marta Baftiaj, Gasser Partner
In financial-sector matters, in general (ie, unless spe - cial provisions apply) FMA decisions and orders may be challenged within 14 days from service of the deci - sion before the FMA Complaints Commission; deci - sions of the FMA Complaints Commission may then be challenged within 14 days from service of the deci - sion before the Administrative Court. With regard to the acquisition of domestic real estate, decisions of the Office of Justice may be appealed within 14 days from the date of service of the decision to the Administrative Complaints Commission; deci - sions of that Commission may be appealed within 14 days from service to the Administrative Court. 3. Corporate Vehicles 3.1 Most Common Forms of Legal Entity General Features of Liechtenstein Corporate Law Liechtenstein’s corporate law offers a remarkably broad range of legal entities and is characterised by a high degree of organisational flexibility, with com - paratively few mandatory provisions. Several features are common to all or most corporate forms. • Capital may be denominated in francs, euros or United States dollars. • Minimum capital requirements are low by inter - national standards, starting from CHF/EUR/ USD10,000. • Liechtenstein follows the incorporation principle, meaning that the law of the state in which the entity is registered governs its legal status, provid - ing certainty for cross-border structures. • There is no mandatory employee participation in the board of directors ( Verwaltungsrat ). • The AG and the GmbH are EU-harmonised cor - porate forms; as an EEA member, Liechtenstein implements the relevant EU company law direc - tives, making these vehicles internationally recog - nised and widely accepted in cross-border deal - ings. • Both natural and legal persons may serve as members of the board of directors, regardless of nationality or domicile. • All entities must designate a representative ( Repräsentant ) for official communication with
Liechtenstein authorities, unless a domestic delivery address is specified, and must generally appoint at least one qualified board member with a nexus to Liechtenstein (see 3.4 Management Structures for details). The most common corporate vehicles used in practice are the following. Company limited by shares (Aktiengesellschaft, AG) The AG is the most widely used corporate vehicle in Liechtenstein, with approximately 4,857 AGs regis - tered as of 31 December 2025. It is a company with a predetermined share capital divided into shares. The minimum share capital is CHF/EUR/USD50,000, which must be fully paid up at incorporation. At least two founders are required, though immediately after formation all shares may be held by a single share - holder (one-person AG). The AG is well-suited for businesses of all sizes, with main areas of application including active interna - tional trading companies, holding structures, regu - lated financial services entities, and joint ventures. The AG may issue both registered shares ( Namenak- tien ) and bearer shares ( Inhaberaktien ); bearer shares remain available in Liechtenstein, subject to manda - tory deposit with a registered custodian. As an EU- harmonised vehicle, the AG avoids the recognition difficulties that may arise with Liechtenstein-specific forms such as the Establishment. Limited liability company (Gesellschaft mit beschränkter Haftung, GmbH) The GmbH has gained significantly in popularity fol - lowing a comprehensive reform aimed at increasing its attractiveness and is currently one of the fast - est-growing corporate forms in Liechtenstein, with approximately 1,376 registrations as of 31 Decem - ber 2025. The minimum share capital is CHF/EUR/ USD10,000, which must be fully paid up. The GmbH is an internationally well-known corporate form and is particularly suited for small and medium-sized enter - prises (SMEs). For the GmbH, a single founder suf - fices.
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