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Country Guide > Europe > Liechtenstein | |
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Business Profile Economy The population of Liechtenstein is amongst the world’s most prosperous. Dairy and arable farming account for the bulk of agriculture. The manufacturing industry processes and recycles metals, producing machine tools and precision instruments. Financial services are the main component of the economy: over 75,000 foreign corporations have taken advantage of the principality’s banking secrecy laws to establish nominee companies which pay low taxes on both income and profits. Fees from these companies provide about one-third of government revenues. Since the mid-1990s, Liechtenstein has come under sustained pressure to deal with money laundering and other financial malpractice. In April 2002, Liechtenstein was strongly condemned by the Organisation for Economic Co-operation and Development (the 24-strong club of industrialised nations) as one of seven countries worldwide which had refused to cooperate properly and continually faces economic sanctions. With a very small domestic market, Liechtenstein has a large balance of payments surplus. The country has vital economic links with Switzerland, based upon a customs union, and uses the Swiss franc as currency. Liechtenstein joined the European Free Trade Association (EFTA) in 1991 and the European Economic Area (EEA), the body established by amalgamating the EU and EFTA, in May 1995. Other than Switzerland, most of Liechtenstein’s trade is conducted with members of the EU. Business Personal visits and the following of all business formalities are very important. Times to avoid business visits include the Easter holiday, the second half of July and August, and the week after Christmas. Office hours: Generally Mon-Fri 0800-1200 and 1400-1700. Commercial Information The following organisation can offer advice: Liechtensteinische Industrie- und Handelskammer (Chamber of Industry and Commerce), Josef Rheinberger-Strasse 11, FL-9490 Vaduz (tel: 237 5511; fax: 237 5512; e-mail: info@lcci.li; website: www.lihk.li). Conferences/Conventions Although there is no conference association in Liechtenstein, a number of hotels have conference facilities and can organise conventions: Löwen in Vaduz, Schaanerhof in Schaan, Meierhof in Triesen, Kulm in Triesenberg, Gorfion and Malbuner-Hof in Malbun/Triesenberg. |