The Liechtenstein establishment (Anstalt)
The establishment (Anstalt) is a legally independent company permanently endowed for economic or other purposes; it is registered in the Public Register and is not of a public-law nature. The company assets (establishment capital, reserves and profit brought forward) are liable for its obligations.
The establishment can be employed in many different ways and comes into being with its entry in the Public Register of the Principality of Liechtenstein (commercial register).
The establishment is particularly suitable for commercial transactions, but also as an administrative and holding company. The purpose must be laid down in its articles and may be oriented at making a profit or of a non-profit nature.
The purpose should reflect the actual activity of the establishment to be founded. It must be specified whether a commercially run business is planned. The establishment can be both a holding and a domiciliary company.
Typically, the capital of an establishment is not divided into shares. There are neither members nor participants nor shareholders, but there are beneficiaries, who can derive economic benefits from the establishment.
The minimum capital is CHF 30,000.00 for those establishments whose capital is not divided into shares; it must be paid up in full.
The executive organs of the establishment are
1. the holder of the founder’s rights
2. the board of directors
3. the auditors (optional)
The company business is conducted by the board of directors, which may consist of one or more members. At least one member of the Executive Board must be resident in Liechtenstein. The latter must be a professionally accredited lawyer, legal agent, trustee, accountant, or possess another commercial qualification recognised by the government. In addition to the Liechtenstein board member, any individuals but also legal entities resident in Liechtenstein or abroad may be appointed to the board of directors.
Should a commercially oriented business be conducted, or should the articles allow such business, auditors must ber appointed as the third executive organ. The auditors need to be licensed by the Liechtenstein government.
The proprietary rights are usually determined in the so-called by-laws. In the case of the establishment, the entitlement to beneficially use the income and/or assets is allocated either to the establisher (founder) or, depending on the respective provision of the articles, another executive body.
Generally, the by-laws constitute an integral part of the articles; they need not be deposited with the Public Registry.
A bookkeeping system is required for any establishment with a commercial purpose.
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