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Get to Know About Liechtenstein
Liechtenstein is a doubly landlocked country surrounded by Switzerland and Austria in Central Europe. It is the fourth-smallest country in Europe with an area of 160 square kilometers and a population of 37,547 Liechtensteiners. Its capital is Vaduz and citizens speak the German language. Most of them are Roman Catholics. Moreover, the Swiss franc (CHF) is the national currency of Liechtenstein. The climate in the country is continental at low altitudes and Alpine in the mountains.
In 2016, the Gross Domestic Product (GDP) in Liechtenstein was worth 6.21 billion US dollars. And its GDP per capita was $143,151. Currently, the Corporate Tax Rate stands at 12.50 percent. You’ll notice that the GDP per capita was higher compared to its neighboring countries, the reason might be the country has more registered companies than its citizens.
Doing business in Liechtenstein is easy as long as all conditions and requirements are met. It includes receiving permission to do business, meeting specific criteria of becoming a managing director and establishing business premises. Liechtenstein is a member of the Schengen Area, so most of the European countries can easily enter the country. For other nationals who want to visit the country, they need to apply for a Schengen Visa at the Embassy or Consulate of Liechtenstein.
Some of the challenges in Liechtenstein include the language barrier (as foreigners need to know the basics of the language), limited resources (due to its land size) and climate conditions. In spite of being such a small country, it has advantages too. One of these is the easy implementation of rules and regulations to the whole nation without any hindrances or obstacles.