[ESTABLISHING A BUSINESS ENTITY IN LIECHTENSTEIN]
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holder of a Liechtenstein trustee licence. This does not apply to legal persons which are governed by the Trade Act or any other special Act and must have one qualified manager. There is no requirement for Liechtenstein shareholders. Auditors The appointment of an auditor is generally required for a Company Limited by Shares. Insofar as a (i) Limited Liability Company (ii) Establishment (iii) Trust Enterprise or (iv) registered Foundation operate a commercially active business or their purpose, as set out in the articles of association, allows such a business to be operated, they also require an auditor. An auditor must generally also be appointed for Foundations which are subject to supervision by the Foundation Supervisory Authority, e.g., charitable foundations. Ongoing maintenance Accounting for companies engaging in commercial activities Any legal person subject to a duty to register which operates a commercially conducted business is required to maintain proper accounts (i.e., draw up annual accounts consisting of a balance sheet, the profit and loss statement and notes (if any)). The company limited by shares and limited liability companies are required to keep proper accounts, even if a commercially conducted business is not operated. Legal persons required to do accounting must draw up the annual accounts in the German language and must be denominated in Swiss francs, euros, or US dollars. The annual accounts must be filed with the tax administration and, if necessary, with the Commercial Register on an annual basis.
Bookkeeping for entities not engaging in commercial activities Legal persons not required to do proper accounting (deposited Foundations, Establishments and Trust Enterprises not engaging in commercial activities) as well as trust settlements must, taking into consideration the principles of orderly bookkeeping, maintain appropriate records of the financial circumstances and keep documentary evidence presenting a comprehensible account of the course of business and movement of assets. Establishments, Trust Enterprises, and registered Foundations which do not operate a commercially conducted business and whose purpose as laid down in the articles does not allow such a business to be operated must draw up an annual statement of assets and liabilities. Representative The legal representative is the official address for service of documents and provides a link to the domestic court and administrative authorities. The law does not require any legal representative for trust settlements. Minority shareholders’ rights and protection General Meetings The general meeting of shareholders is the highest controlling organ of the Company Limited by Shares and Limited Liability Company. There must be at least one Annual General Meeting to approve the financial statements and deal with other statutory matters. Shareholder Complaints Shareholders have a general right of complaint to the ordinary Liechtenstein Courts. There is no other supervisory authority, except for charities.
ILN Corporate Group – Establishing a Business Entity Series
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