10 things to know when doing business in Liechtenstein

Vaduz Castle is the centre of doing business in Liechtenstein

What should I expect when doing business in Liechtenstein? That is a question my people ask themselves, yet few master…

10. Don’t rely on local media

Liechtenstein is a small country. Really small in fact, it’s the sixth smallest in the world! As such, the local media is small and insufficiently funded. The two largest newspapers in Liechtenstein are:

  • Liechtensteiner Vaterland
  • Liechtensteiner Volksblatt

Neither of these media outlets are particularly internationally renowned, and their circulation doesn’t exceed more than 10,000 people! As such, their news is often poor and outdated.

It’s often recommended that when doing business in Liechtenstein, you rely on your own country’s media. If possible, try to grab a newspaper from a neighbouring German or Austrian region, as these will be more use than Liechtenstein newspapers!

9. Don’t insult the Swiss

Liechtenstein is an economic power house in its own right. However, that has not blinded the Liechtensteiners to the fact that they still need economic help.

Whilst Liechtenstein does have economic treaties with the rest of the EU, the US and the UK. None are as important as their treaty with the Swiss. In fact, the economic union between Switzerland and Liechtenstein is incredibly important for Liechtenstein.

As such, Liechtensteiners take an insult of the Swiss as an insult to them. As such, one who insults Switzerland, the Swiss or anything associated with the Swiss, have a hard time doing business in Liechtenstein.

8. Use a Liechtenstein phone number

Like most people, Liechtensteiners don’t like change. They certainly don’t like seeing a +44 or a +32 or a +1 number pop up on their phone. They simply don’t know who it might be!

As such, if you are in Liechtenstein, and will need to call other Liechtensteiners, it’s recommended that you use a Liechtenstein phone number!

Naturally, if you are a foreigner, or will only be staying for a few days, you probably don’t want to buy a Liechtenstein phone number, only to cancel it next week! As such, many Liechtenstein phone shops allow you to rent a Liechtenstein phone number, similarly to a pay as you go contract!

7. Do not speak English

Whilst it’s ok for you to converse with your team in English, and ok if they insinuate that speaking English with them is fine. Speaking English to them because you refuse to speak German is a grave insult to them!

Liechtenstein speaks German, just like Germany and Austria do, and they are proud of that fact!

If you make the effort to at least try to speak German, Liechtensteiners will be more open to the idea of doing business with you. This is because it proves that you are at least trying to make the effort in doing business in Liechtenstein, where others probably aren’t!

Naturally, you will either need to learn German before hand, or bring your own German interpreter!

6. Email is preferred

If you need to send something via post, especially something that is very important to you or your business. Don’t. Liechtenstein is well-known among the international community for having very high postage fees, that are increasingly getting slower and slower.

If possible, as to avoid those long postage times and fees, many Liechtenstein businesses would prefer you to send them those documents via email. This makes it 100% sure that you will get the best bang for your buck, so to speak!

However, Liechtenstein businesses often don’t want to have things like bank statements sent via email. This is mainly down to security concerns, in the event of a cyber attack or something similar!

5. Face-to-face is preferred

If you are doing business in Liechtenstein, be aware that it is expected that you will appear in person. Liechtensteiners, along with much of the rest of the world, believe that if it isn’t important enough for you to come in person, it’s not important enough for them!

As such, whilst phone calls will be accepted for planning a face-to-face meeting, doing the whole transaction over things like Skype or over the phone will be frowned upon!

4. Dress code should be conservative

Casual business attire is enough. Nothing too flashy, just the same that you’d wear to a business meeting in your own country.

For many Liechtensteiners, being too flashy is a sign of bad form and bad manners.

For some reason, people seem to think that Liechtensteiners are always flashy. Whilst yes, Liechtensteiners are richer than the average European, they are in no way any more flashy- in actuality, they are less flashy!

So when someone rolls up in their rented Ferrari, wearing a $4,000 suit, with the latest Louis Vuitton shoes, the latest IPhone and so on, they look ridiculous, and are swiftly laughed at!

3. Gifts

Liechtensteiners are all for gifts. However, these gifts have to be given with good reason! It isn’t good enough to give a Liechtensteiner a gift, ‘just because’. It isn’t good enough to give a Liechtensteiner a gift before a celebration, no.

You only give a Liechtensteiner a gift, because they’ve earned it!

If your businesses are collaborating together and you’ve just reached record profitability, that’s cause for a gift! However, you shouldn’t give them a gift before you’ve reached higher profitability, or because you’re on track to get higher profitability.

No! Only when you’ve reached higher profitability is a gift suitable!

2. Don’t think that Vaduz is the only place

Vaduz is the capital city of Liechtenstein. As such, much of the major businesses and foreign corporations are located there. However, that does not mean that Vaduz is the only business centre!

Places like Eschen, Schaanwald and Mauren are also important business centres in Liechtenstein too!

For many Liechtensteiners, failure to acknowledge that places outside of Vaduz do exist, is tantamount to not understanding Liechtenstein or their people! (It also makes you come across as rather uneducated too!)

1. Business cards are everything

As with other countries, especially places like France, business cards are everything to Liechtensteiners. It symbolises that the business arrangements have only just begun, and something that will grow into a mutually beneficial relationship!

Traditionally, business cards should be given with two hands, and with the name facing the person who is receiving the business card.

Often, Liechtensteiners think it is rude if it is handed out as any other piece of paper would be, due to the aforementioned symbolism of a business card!

What else should you know about doing business in Liechtenstein? Remember, if you are looking to do business in Liechtenstein, our translation services are world class!