Liechtenstein Business Law

Marxer &amp; Partner Rechtsanwälte

doi:10.5771/9783214165017

Summary

The compendium is the English translation of the standard book "Liechtensteinisches Wirtschaftsrecht", also published by MANZ in 2021, and offers the only comprehensive overview of this subject matter. As a reference book, it helps readers to quickly become familiar with the complex web of rights, requirements and sanctions, and to find both thorough initial information as well as gain in-depth insights.

The compendium addresses all topics that are of relevance to both domestic and foreign legal practitioners, authorities and courts dealing with Liechtenstein business law, including:

legal bases under European and Liechtenstein law,
persons and companies law, tax and financial market law,
due diligence, criminal and mutual legal assistance law,
civil, civil procedure, and private international law, and
for the first time data protection law, including the GDPR, the new Notaries Act as well as the globally unique blockchain legislation.

The compedium also offers a very useful overview and translation of the most common legal terms and phrases!

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Bibliographic data

Copyright year: 2022
ISBN-Print: 978-3-214-02579-3
ISBN-Online: 978-3-214-16501-7
Publisher: MANZ, Wien
Language: English
Pages: 564
Product type: Edited Book

Titelei/Inhaltsverzeichnis No access Pages I - XL
1. National law No access
2. Treaties No access
1. 1. 1. A. Chronological and systematic collection (LILEX) No access
    2. B. Official Gazette No access
    3. C. European law No access
    4. D. Swiss law No access
    5. E. Legal materials No access
  2. II. Courts and administration No access
  3. III. References No access
2. 1. I. Political history No access
  2. II. The National Constitution No access
  3. 1. A. The Reigning Prince No access
    2. B. Parliament No access
    3. C. Participation of the People No access
    4. D. Government No access
    5. E. Courts No access
  4. IV. Foreign policy No access
  5. V. Relations with Switzerland No access
  6. VI. Key statistical data No access
3. 1. 1. A. Brexit No access
    2. B. EFTA (European Free Trade Association) No access
  2. 1. A. EEA matters No access
    2. B. EEA Acquis No access
    3. C. Areas not regulated No access
  3. 1. A. Free movement of goods No access
    2. B. Free movement of persons No access
    3. C. Free movement of services No access
    4. D. Free movement of capital No access
  4. 1. A. Substantive norms No access
    2. B. Regulatory competence No access
  5. 1. A. EEA/EFTA institutions No access
    2. B. Joint Institutions No access
    3. C. Liechtenstein authorities No access
    4. D. Special case: European Financial Supervisory Authorities No access
  6. VI. Schengen and Dublin No access
4. 1. I. Until 1900 No access
  2. II. From 1900 to 1990 No access
  3. III. Since 1990 No access
1. 1. 1. A. Prior to the Persons and Companies Act 1926 No access
    2. B. The Persons and Companies Act of 1926 No access
  2. 1. A. Structure No access
    2. B. Underlying legal systems No access
    3. C. Excursus: The Business Act No access
  3. 1. A. Definition No access
    2. B. Persons according to the 180a Act No access
    3. C. Creation of legal names, accounting, and announcements No access
  4. 1. A. Register law No access
    2. B. The Office of Justice No access
    3. C. Register fees No access
2. 1. I. Basic principles No access
  2. II. Term and origin No access
  3. 1. A. Simplified formation No access
    2. B. Reduction of the minimum equity capital No access
    3. C. No more member’s liability No access
    4. D. Transferability of equity capital contributions No access
  4. IV. Conclusion No access
3. 1. I. Definition No access
  2. 1. A. Simultaneous formation No access
    2. B. Successive formation No access
  3. III. Articles of association No access
  4. IV. Registration of the AG No access
  5. 1. A. Types of shares No access
    2. B. Acquisition of own shares No access
  6. 1. A. Restrictions on transferability No access
    2. B. Shareholder agreements No access
  7. 1. A. Minimum capital No access
    2. B. Capital increase No access
    3. C. Capital reduction No access
    4. D. Subscription right No access
  8. VIII. Liability and responsibility No access
  9. 1. A. General meeting No access
    2. B. Board of directors No access
    3. C. Audit office No access
    4. D. Other bodies No access
    5. E. Representative No access
  10. X. Branches No access
  11. 1. A. Financial statement No access
    2. B. Business report No access
    3. C. International accounting standards No access
    4. D. Disclosure No access
  12. 1. A. Merger No access
    2. B. Division No access
    3. C. Conversion No access
  13. XIII. Termination of the AG No access
4. 1. I. Definition and legal characteristics No access
  2. II. Public-benefit establishments No access
  3. III. Formation No access
  4. 1. A. Debts of the establishment and challenge No access
    2. B. Double beneficiary privilege No access
    3. C. Responsibility of the bodies No access
  5. 1. A. Supreme body – bearer(s) of founder’s rights No access
    2. B. Board of directors No access
    3. C. Audit office No access
    4. D. Other bodies No access
    5. E. Representative No access
    6. F. Beneficiaries No access
  6. 1. A. Commercial operation No access
    2. B. No commercial operation No access
  7. 1. A. Claims by and against removed establishments No access
    2. B. Conversion No access
5. 1. 1. A. Definition No access
    2. B. Total revision of foundation law in 2009 No access
  2. II. Forms (foundation purpose) No access
  3. 1. A. Declaration of foundation No access
    2. B. Foundation documents No access
    3. C. Entry in the register No access
    4. D. Deposit of the notification of formation No access
  4. 1. A. Right of revocation No access
    2. B. Right to make amendments No access
    3. C. Consequences of granting founder’s rights No access
    4. D. Mandate agreements No access
  5. 1. A. Composition and tasks No access
    2. B. Rights of the foundation council No access
    3. C. Liability of the foundation council No access
  6. VI. The audit office No access
  7. 1. A. Controlling body No access
    2. B. Other bodies No access
  8. VIII. The representative No access
  9. 1. A. Classification No access
    2. B. Rights of beneficiaries No access
  10. 1. A. Public-benefit foundations No access
    2. B. Private-benefit foundations No access
  11. XI. Foundation and right of inheritance No access
  12. 1. A. Creditors of the foundation No access
    2. B. Creditors of the founder No access
    3. C. Creditors of beneficiaries No access
    4. D. Private international law No access
    5. E. Segmented foundation (PCC) No access
  13. XIII. Accounting No access
  14. XIV. Taxes and fees No access
  15. 1. A. Dissolution No access
    2. B. Liquidation No access
    3. C. Removal No access
    4. D. Termination without dissolution and liquidation No access
    5. E. Assertion of claims against or by a terminated foundation No access
  16. 1. A. Principle and limitations No access
    2. B. Recovery of legacy foundations No access
6. 1. I. Definition and legal characteristics No access
  2. 1. A. Trust deed No access
    2. B. Entry in the commercial register or deposit of the notification of formation No access
  3. 1. A. Settlor No access
    2. B. Trustee No access
    3. C. Beneficiaries No access
  4. 1. A. Scope No access
    2. 1. 1. Creditors of the trustee No access
      2. 2. Creditors of the settlor No access
      3. 3. Creditors of the beneficiary No access
      4. 4. Creditors of the trust assets No access
  5. V. Trust supervision No access
  6. VI. Termination of the trust No access
  7. VII. International trust law No access
7. 1. I. Definition and legal characteristics No access
  2. 1. A. Trust articles No access
    2. B. Register entry and publication obligation No access
  3. 1. A. Settlor No access
    2. B. Trustee – board of trustees No access
    3. C. Audit office No access
    4. D. Representative No access
  4. 1. A. Classification No access
    2. B. Acquisition, transfer and loss No access
    3. C. Rights of beneficiaries No access
  5. V. Liability and asset protection No access
  6. 1. A. Commercial operation No access
    2. B. No commercial operation No access
  7. 1. A. Dissolution No access
    2. B. Liquidation No access
    3. C. Claims by and against removed trust enterprises No access
8. 1. I. Basic principles and significance No access
  2. II. Societas Europaea No access
  3. III. European Economic Interest Grouping No access
  4. IV. Societas Cooperativa Europaea No access
  5. V. Further developments No access
9. 1. 1. A. Legal persons No access
    2. B. Partnerships No access
    3. C. Trusts No access
  2. 1. A. Public companies limited by shares, limited liability companies, establishments, and trust enterprises No access
    2. B. Foundations No access
    3. C. Trusts No access
  3. III. Transfer of registered domicile No access
1. 1. I. Introduction No access
  2. 1. A. Liechtenstein legal provisions No access
    2. B. Swiss legal provisions No access
    3. C. Double Taxation Agreements No access
    4. D. Automatic Exchange of Information and FATCA No access
2. 1. I. Personal tax liability No access
  2. II. Objective tax liability and tax rate No access
  3. III. Interest deduction on equity No access
  4. IV. Taxation as Private Asset Structure No access
  5. V. Taxation of trusts No access
  6. VI. Formation tax No access
  7. VII. Tax on insurance premiums No access
3. 1. I. Income and property tax No access
  2. II. Subject of income tax No access
  3. III. Taxation of households No access
  4. IV. Subject of property tax No access
  5. V. Trusts or foundations with settlors/ founders or beneficiaries resident in Liechtenstein No access
  6. VI. Tax calculation No access
  7. VII. No inheritance or gift tax No access
  8. VIII. Tax based on expenditure (flat-rate taxation) No access
4. 1. I. Basic principles and VAT rate No access
  2. II. Tax liability No access
  3. III. Competences No access
5. 1. I. Basic principles No access
  2. II. Tax on the issue of securities No access
  3. III. Tax on turnover No access
  4. IV. Tax on insurance premiums No access
6. 1. I. Criminal offenses No access
  2. II. Tax evasion No access
  3. III. Tax fraud No access
  4. IV. Voluntary disclosure and responsibility No access
7. 1. I. Basic principles No access
  2. 1. A. General No access
    2. B. Abandoning fiscal reservation No access
    3. C. Schengen Accession No access
    4. D. EU Anti-Fraud Treaty No access
    5. E. Other bilateral and multilateral agreements concerning mutual legal assistance No access
    6. F. Mutual administrative assistance in fiscal matters No access
    7. G. Repeal of the Savings Tax Directive and revision of the Mutual Assistance Directive No access
    8. H. Council of Europe and OECD Convention on Mutual Administrative Assistance in Tax Matters No access
    9. I. Exchange of information upon request No access
    10. J. Automatic exchange of information No access
    11. K. Spontaneous exchange of information No access
1. 1. I. Basic principles No access
  2. II. Scope of application No access
  3. 1. A. General No access
    2. B. Identity of the contracting party No access
    3. C. Identity of the beneficial owner No access
    4. D. Business profile No access
    5. E. Risk-appropriate monitoring of the business relationship No access
    6. F. Risk-based approach No access
    7. G. Simplified due diligence No access
    8. H. Enhanced due diligence No access
  4. IV. Obligation to report to the FIU No access
  5. 1. A. Due diligence files No access
    2. B. Internal organization No access
  6. 1. A. Risk-based supervision No access
    2. B. Inspections No access
    3. C. Supervisory measures No access
    4. D. Whistleblowing No access
    5. E. Publication of decisions No access
    6. F. Administrative assistance No access
    7. G. Penal provisions No access
  7. VII. National Risk Analysis No access
  8. VIII. Act on the Register of Beneficial Owners of Domestic Legal Entities No access
2. 1. 1. A. Basic principles No access
    2. B. Confiscation, forfeiture, extended forfeiture, and deprivation orders No access
    3. C. Criminal liability of legal persons No access
    4. D. Offenses against the property of another person No access
    5. E. Money laundering, organized crime, and terrorist financing No access
    6. F. Confidentiality No access
  2. 1. A. Basic principles No access
    2. B. Conviction and appeals No access
3. 1. I. Basic principles No access
  2. II. Extradition No access
  3. 1. A. Legal bases No access
    2. B. Principles of mutual legal assistance in criminal matters No access
    3. C. Proceedings No access
    4. D. Mutual legal assistance with the USA No access
    5. E. Mutual legal assistance with the EU and its Member States No access
  4. IV. International sanctions No access
1. 1. I. Liechtenstein Financial Market Supervision No access
  2. II. Financial Stability Committee No access
  3. III. EFTA Surveillance Authority and the European System of Financial Supervision (ESFS) No access
  4. IV. Financial Intelligence Unit No access
2. 1. I. Basic principles No access
  2. II. Authorities and supervisory law No access
  3. III. Investor protection No access
  4. IV. Banking secrecy No access
  5. V. Freedom of establishment and free movement of services within the EEA No access
3. 1. I. Electronic Money Institutions No access
  2. II. Payment Institutions No access
4. 1. I. Basic principles No access
  2. II. Supervision No access
  3. III. UCITSG No access
  4. IV. AIFMG No access
  5. V. IUG No access
5. 1. 1. A. Legal principles No access
    2. B. Types of insurance No access
  2. 1. A. Due diligence No access
    2. B. Licensing No access
    3. C. Ongoing supervision No access
    4. D. Solvency II Directive No access
    5. E. Transfer of the insurance portfolio No access
    6. F. Liechtenstein insurance undertakings abroad No access
    7. G. Liechtenstein activities of foreign insurance undertakings No access
  3. 1. A. General No access
    2. B. Business secrecy No access
  4. 1. A. Basic principles No access
    2. B. Special features of life insurance No access
    3. C. International insurance contract law No access
6. 1. I. Basic principles No access
  2. II. Authorities and supervision No access
  3. III. Investor protection, duty of secrecy No access
  4. IV. Cross-border activity, mutual administrative assistance No access
7. 1. I. Trading venue Liechtenstein – stock exchange law No access
  2. II. Prospectus law No access
  3. 1. A. Transparency requirements imposed upon issuers No access
    2. B. Information about major holdings No access
    3. C. Administrative assistance No access
  4. IV. Takeover law No access
  5. 1. A. Current law No access
    2. B. Future legal developments No access
8. 1. I. Basic principles No access
  2. 1. A. General No access
    2. 1. 1. Basic model No access
      2. 2. Power of disposal instead of possession, and right of disposal instead of ownership No access
      3. 3. Departure from the principle of causality No access
  3. III. Conclusion No access
1. 1. 1. A. Basic principles No access
    2. B. Default No access
    3. C. Warranty No access
    4. 1. 1. Sales contract No access
      2. 2. Excursus: UN Sales Convention No access
      3. 3. Mandate No access
      4. 4. Fiduciary contract No access
      5. 5. Contract for work and services No access
      6. 6. Employment contract No access
      7. 7. Contract of donation No access
      8. 8. Credit transactions No access
      9. 9. Suretyship and guarantee agreement No access
      10. 10. Guarantee No access
  2. 1. A. Basic principles No access
    2. B. Fault liability No access
    3. C. Other forms of liability No access
    4. D. Limitation No access
  3. III. Consumer protection law No access
2. 1. I. Basic principles No access
  2. 1. A. Immovable property No access
    2. B. Movable property No access
    3. C. Joint ownership No access
  3. 1. A. Easements and servitudes No access
    2. B. Real burdens No access
    3. C. Liens No access
    4. D. Financial collateral arrangements No access
  4. 1. A. Possession No access
    2. B. Land register No access
3. 1. I. The law relating to persons No access
  2. 1. A. Basic principles No access
    2. B. Dissolution of marriage No access
  3. 1. A. Custody and maintenance No access
    2. B. Establishment of the relationship between parents and child and similar connections No access
  4. IV. Guardianship, custodial guardianship, and appointment of an administrator No access
4. 1. I. Basic principles No access
  2. 1. A. Contract of inheritance No access
    2. B. Last will and testament No access
    3. C. Bequest (legacy) No access
    4. D. Succession according to the law (intestate succession) No access
  3. III. Right to a compulsory portion No access
  4. IV. Disinheritance No access
  5. V. Renunciation of future inheritance No access
  6. VI. Acquisition of the estate No access
5. Chapter 36 Commercial law No access
6. Chapter 37 Competition law No access
1. Chapter 38 PIL – general part No access
2. 1. I. The law relating to persons No access
  2. II. Family law No access
  3. III. Law of property No access
  4. IV. Law of contracts No access
  5. V. Law of non-contractual obligations and law of avoidance No access
3. Chapter 40 International law of succession No access
1. 1. I. Contentious civil proceedings No access
  2. II. Non-contentious proceedings No access
  3. 1. A. Payment of the costs incurred in legal proceedings No access
    2. B. Legal aid No access
    3. C. Security for legal costs No access
    4. D. General No access
2. 1. 1. A. Enforceable instrument No access
    2. B. Execution proceedings No access
    3. C. Means of execution No access
  2. II. Temporary injunctions No access
3. 1. 1. A. Insolvency law reform No access
    2. B. Additional legal bases No access
    3. C. Insolvency capability No access
    4. D. International insolvency law No access
  2. 1. A. Requirements for institution No access
    2. B. Decision on the opening of insolvency proceedings and contestability No access
    3. C. Legal effects of instituting insolvency proceedings No access
    4. D. Claims in insolvency proceedings No access
  3. 1. A. Determination of the insolvency estate No access
    2. B. Continuation or closure of the enterprise No access
    3. C. Avoidance No access
    4. D. Administration and realization of the insolvency estate No access
    5. E. Distribution of the insolvency estate No access
  4. 1. A. Requirements of a restructuring plan No access
    2. B. Further proceedings No access
    3. C. Effects of the legally confirmed restructuring plan No access
    4. D. Default in implementing the restructuring plan No access
    5. E. Nullity and declaration of ineffectiveness of the restructuring plan No access
  5. 1. A. Scope No access
    2. B. Self-administration No access
  6. 1. A. Overview No access
    2. B. Debt settlement procedure No access
    3. C. Existing claims of secured creditors and claims for separation and recovery of income from an employment relationship or othe No access
    4. D. Restructuring plan No access
    5. E. Payment plan No access
    6. F. Proceedings for a levy on income No access
4. 1. I. Basic principles No access
  2. II. Amendment of Liechtenstein arbitration law No access
  3. III. Liechtenstein’s accession to the New York Convention No access
  4. IV. Principles of arbitration law No access
  5. V. Arbitration agreement No access
  6. VI. Arbitrability of disputes No access
  7. VII. Constitution of the arbitral tribunal and principles of arbitration No access
  8. VIII. The role of the ordinary court in arbitration proceedings No access
  9. IX. Priority of the agreement between the parties No access
  10. X. End of the arbitration proceedings, award and remedies No access
  11. XI. Recognition and declaration of enforceability of foreign arbitral awards No access
  12. XII. Consumer disputes and labor disputes No access
  13. XIII. The Liechtenstein Rules No access
  14. XIV. Outlook and conclusions No access
5. 1. I. International jurisdiction No access
  2. II. International mutual legal assistance in civil matters No access
  3. III. Recognition and enforcement of foreign court decisions No access
1. 1. 1. A. Basic principles No access
    2. B. Liechtenstein attorneys No access
    3. C. Established European attorneys No access
    4. D. European attorneys providing services and representatives in individual cases No access
  2. II. Law firms No access
  3. 1. A. Rights and duties No access
    2. B. Attorney-client privilege No access
    3. C. Disciplinary law No access
    4. D. Official attorneys’ fees No access
    5. E. Legal aid and court-appointed defense No access
  4. IV. Liechtenstein Chamber of Lawyers No access
  5. V. Excursus: Fiduciaries No access
2. 1. 1. A. Patent Protection Treaty with Switzerland No access
    2. B. Substantive patent law No access
  2. 1. A. Trademarks No access
    2. B. Indications of source No access
    3. C. Legal protection No access
  3. III. Designs No access
  4. IV. Copyrights and related neighboring rights No access
3. Chapter 48 Law on real estate transactions No access
4. 1. I. Basic principles No access
  2. II. Acquisition No access
  3. III. Acquisition through facilitated procedure No access
  4. IV. Acquisition through regular procedure No access
  5. V. Forfeiture No access
5. 1. I. Basic principles No access
  2. II. Staying in Liechtenstein No access
  3. III. EEA nationals and Swiss nationals staying in Liechtenstein No access
  4. IV. Third-party nationals staying in Liechtenstein No access
  5. V. Confirmation of registration of cross-border commuter activity and cross-border provision of services No access
6. 1. I. Fundamentals & historic development No access
  2. II. General provisions No access
  3. III. Principles of the GDPR No access
  4. IV. Controller and processor No access
  5. V. Data protection officer No access
  6. VI. Records No access
  7. VII. Data protection impact assessment No access
  8. VIII. Lawfulness of processing No access
  9. IX. Processing of special categories of personal data No access
  10. 1. A. Controller’s duties to provide information No access
    2. B. Rights of data subjects No access
  11. XI. Transfer of personal data to third countries or international organizations No access
  12. XII. Video surveillance No access
  13. XIII. Competent or lead supervisory authorities No access
  14. XIV. Remedies, liabilities and penalties No access
7. 1. I. Basic principles No access
  2. II. Professional license No access
  3. III. General rights and duties No access
  4. 1. A. General No access
    2. B. Authentications No access
    3. C. Certifications No access
1. I. English = German No access
2. II. German = English No access
Index No access Pages 545 - 564