LIECHTENSTEIN THE BUSINESS LOCATION

Transcription

1 LIECHTENSTEIN THE BUSINESS LOCATION

2 The Business Location The Business Location CONTENT OVERVIEW GENERAL COUNTRY INFORMATION Share of Those Employed in Industry MOST IMPORTANT ECONOMIC BRANCHES Although the Principality of is the fourth smallest country in Europe, with an area of only 160 km², it is one of the richest 38.4 % is highly industrialized and is home to many export-oriented high-tech companies, in the world. lies in the border region between and % such as Hilti or Hoval. More information about the country on page % 19.9 % More on 's economic branches on page 14 Sources: Government of the Principality of, Eurostat Average per-capita Income (in CHF) 286, , Source: Statistical Office 296, , , ,176 INNOVATION offers a business-friendly climate, short administrative and decision-making paths and high R&D spending. Average Duration for Founding a Company in Days ECONOMIC POTENTIAL More on innovation on page Czech Republic 22 Luxembourg has more jobs than residents More than half the employees commute to the Principality from another country. Source: Office of Economic Affairs, World Bank More on 's economic potential on page 10 ADDITIONAL BUSINESS LOCATION FACTORS 50 % Share of Commuters Commuting to 37,622 Residents 38,518 Jobs International Corporate Taxation Comparison in Percent Moderate and simple corporate taxation, a stable social, legal and economic system and a high degree of political continuity characterize as a business location. Further business location factors on page Ireland Luxembourg Singapore Canada Source: Statistical Office Sources: KPMG, German Federal Ministry of Finance 2 3

3 The Business Location Preface Openness on a Stable Foundation Head of Government Adrian Hasler on s recipe for success A Clear Principle Minister of Economic Affairs Dr. Thomas Zwiefelhofer on the quality of as a business location Welcome to this insight into the key figures of. A clear principle defines as a business location: A country that is probably a little different from what you may have expected. Although we are primarily known as a financial center, industry ranks at the top of our value creation, accounting for 40 percent. You may wonder, how can that be? Our recipe for success ABOUT Quality. industrial companies produce high-tech products that have yet to be found elsewhere in the world. Its technology and global market leaders make the small state of seem surprisingly large. Where does this size come from? There are several factors that WITH AN INVESTMENT SHARE OF APPROXI- MATELY 8.4 % OF GDP IN RESEARCH AND DEVELOPMENT, LIECHTENSTEIN RANKS AT THE TOP OF THE OECD COUNTRIES. is our openness to innovation while maintaining legal make up the strength of the business location. First is the security. Our short administrative paths allow us to react strong performance of innovation: With an investment share to economic developments with the greatest efficiency and of approximately 8.4% of GDP in research and development, For new industrial companies that require a lot of space, to offer optimal framework conditions to visionaries and ranks at the top of the OECD countries. Political may be too small and wages too high. The innovative entrepreneurs. stability, liberal economic policies, moderate corporate taxation, number of resources are unsurprisingly limited. But, for the a strong education system und access to two economic areas above-stated reasons, is ideal for knowledge- are additional advantages as a business location. based industries. OUR RECIPE FOR SUCCESS IS OUR OPENNESS TO INNOVATION WHILE MAINTAINING LEGAL SECURITY. Adrian Hasler Dr. Thomas Zwiefelhofer Deputy Head of Government and Minister of Economic Affairs (*11. Februar 1964) has been serving as the Head of Government of the Principality of Accessibility and transparency are at the core, since our actions must be clear to all interested market participants, since 27 March 2013 and as Minister for General Government Affairs and ABOUT whether new or existing, and to our international partners on Finance. Prior to that, he served as head of the political stage. This is how we offer the stability on which the National Police Force. successful companies build, especially in these turbulent times. Dr. Thomas Zwiefelhofer (*10. Dezember 1969) served as Deputy Head of Government and Minister of the Interior, Justice and Economic Affairs from March 2013 to March Prior to that, he practiced law as an attorney. Adrian Hasler Head of Government 4 5

4 The Business Location Interview The Principality of More Than a Financial Center H.S.H Alois, Hereditary Prince of, on the advantages of as a business location, its stable job market and the future role of in Europe THE STRENGTHS OF LIECHTENSTEIN S LABOR MARKET INCLUDE VERY LIBERAL LABOR LAWS AND AN EXTRAORDINARILY WELL-EDUCATED POPULATION ABOUT Serene Highness, is still known primarily as a financial center, not to mention as a tax haven. How are you going to correct this perception? In your view, what are the country s primary advantages? And which reforms are still needed to keep competitive over the next decades? How do you see the future of industry in? How much room does the country offer for new companies to settle? still has room for companies to settle, but it is getting increasingly more expensive, and we are a high-wage country. Therefore, industry in has been focusing on activities with low value creation and low need for space. This trend is likely to continue. H.S.H. ALOIS, Hereditary Prince of : This incorrect perception can only be corrected by explaining internationally that as a business location has always been more than just a financial center. Per-capita, is the most highly industrialized country in Europe. Accordingly, our high-technology industries that export globally and our manufacturing sector account for nearly 40 percent of s GDP and employ nearly 40 percent of employees. PER-CAPITA, LIECHTENSTEIN IS THE MOST HIGHLY INDUSTRIALIZED COUNTRY IN EUROPE How has the country s economy changed over the last years? How strong is the dependence on the financial sector today? Over the last years, the largest changes could be observed in the financial center due to the influx of international regulations and the initiation of an information exchange on tax matters. This indirectly led to a reduction in tax revenue and therefore to less dependence on the financial sector. In these uncertain times, the great political and economic stability of the country is a great advantage as a business location. Then there are its low taxes, business-friendly regulations and attractive corporate laws. To maintain its special competitiveness, educational reforms are required primarily. Although has always been one of the top performing countries in international educational comparisons, such as the PISA test, we must ensure that our education system prepares s population for the new challenges of the digital revolution. has more jobs than residents. What are the key factors for the strength of s job market? And conversely, does the country lack skilled labor? The strengths of s labor market include very liberal labor laws and an extraordinarily well-educated population in itself and in its surrounding regions. As in the entire German-speaking region, is also struggling with a shortage of skilled labor, but as a high-wage country, we are still attractive to skilled labor from abroad. LIECHTENSTEIN WILL CONTINUE TO PLAY AN ACTIVE POLITICAL ROLE ON THE INTERNATIONAL STAGE IN In your personal view, what economic and political role should play in Europe in 2030? As a dynamic business location, should also offer attractive employment opportunities in should also play an active role in international politics to promote peace, the rule of law and open markets. HSH Alois, Hereditary Prince of Alois, Hereditary Prince of, was born as the eldest son of Hans Adam II, Prince of, and Princess Marie in Zurich on 11 June He attended the Royal Military Academy, Sandhurst (Great Britain) where he completed his officer training. In 1993, he earned a Master s degree in Jurisprudence from the University of Salzburg. He then worked at a firm of chartered accountants until Since then, he has been living in Vaduz and has been managing several areas of the family s finances. On 15 August 2004, Hans-Adam II named Alois as his deputy. The Hereditary Prince has since assumed tasks of the Head of State of the Principality of both nationally and internationally. 6 7

5 The Business Location General Country Information GENERAL COUNTRY INFORMATION AREA POPULATION CURRENCY in km2 As of 12/31/ ,622 Swiss Francs Exchange Rate Euro per Swiss Franc * 2014: 0.82 : ,010 45,025 PER-CAPITA INCOME in CHF p.a. 59,063 60,168 59,176 60,483 59,999 51,080 51,926 51,689 51,758 51,941 * Annual average VADUZ 11 % Settlement Area 15% Unproductive Areas (Incl. Lakes and Mountains) 41 % Forest Area 33 % Agricultural Area POPULATION DENSITY 234 Inhabitants per km² OFFICIAL LANGUAGE German FORM OF GOVERNMENT For Comparison D CH A CONSTITUTIONAL, HEREDITARY MONARCHY ON A DEMOCRATIC AND PARLIAMENTARY BASIS. POWER LIES WITH THE PRINCE AND THE PEOPLE. Constitution of the Principality of, Art. 2 Average Median * 66 % (24,847) POPULATION BY ORIGIN Foreign Countries 34 % (12,775) 10 % (3,599) 6 % (2,199) 4 % (1,539) 3 % (1,188) 2 % (715) 2 % (696) 7 % Other (2,839) Turkey Italy Portugal Number of Crimes 1,200 per Capita 0.03 ANNUAL EDUCATIONAL EXPENDITURES CRIME RATE (: 6,330,649) (: 0.08) Source: Statistical Office LIECHTENSTEIN HAS ONE OF THE LOWEST CRIME RATES IN THE WORLD AND ACCORDING TO A STUDY BY THE UNITED NATIONS THE LOWEST MURDER RATE IN THE WORLD WITH MONACO AND SINGAPORE. Sources: Statistical Office, National Police, United Nations 40,000 30,000 20,000 10,000 POPULATION GROWTH And Percentage of Foreigners ,622 Total 12,775 Foreigners 24,847 ers 0 6 Years AGE STRUCTURE 6.9 % 13.6 % 16.5 % 7 19 Years 63.0 % Years Average age 41.7 years (2000: 37.0) 65+ Years Source: Statistical Office WITH ANNUAL EXPENDITURES OF APPROX. 13,000 FRANCS PER STUDENT, LIECHTENSTEIN IS THE TOP COUNTRY IN EUROPE FOR EDUCATIONAL SPENDING NEXT TO SWITZERLAND, ACCORDING TO THE GERMAN FOREIGN OFFICE. Educational Expenses as Share of Total Expenditures (State and Municipalities) 15.1 % * Median income. Half of citizens possess an income of less than the median value, while the other half earns more than the median value. Total Spending on Education (State and Municipalities, mio CHF, 2014) 11.9 % Spending per Resident in CHF, % ,777 Sources: Statistical Office, German Federal Foreign Office 8 9

6 The Business Location Economic Conditions and Potential of the Country ECONOMIC CONDITIONS AND POTENTIAL OF THE COUNTRY GOVERNMENT DEBT Net Assets Government Spending Government Revenue GDP PER WORKER In bn CHF 1.6 bn CHF LI 172,800 CHF 140,348 EUR DE GROSS DOMESTIC PRODUCT In bn CHF, at Current Prices ,970 CHF 66,642 EUR Sources: Statistical Office bn CHF 6.4 bn CHF 6.7 bn CHF Fiscal Balance mio CHF 2.7 % OF GDP LIECHTENSTEIN IS DEBT-FREE WITH A GROSS DEBT RATIO OF 0.6 % * FOR COMPARISON: LUXEMBOURG: 22.9 %, SWITZERLAND: 34.7 %, GERMANY: 74.7 %, AUSTRIA: 84.3 %, GREECE: % * Data for 2014 GOVERNMENT SPENDING RATIO Government Spending Relative to GDP, 2014 Sources: Statistical Office * 44.3 % 24.1 % 33.7 % * Estimate RATE OF INFLATION Consumer Prices compared to the Previous Year, in Percent Sources: Statistical Office France 52.6 % 57.3 % Finland 58.1 % Sources: Statistical Office TAX REVENUE-TO-GDP RATIO International Comparison % 26 % 27 % 36 % 43 % Sweden 43 % The TAX REVENUE-TO-GDP RATIO is a measurement for the fiscal attractiveness of a national economy as a business location and puts tax revenue in relation to the gross domestic product. Tax revenue consists of taxes collected and mandatory social security contributions. Sources: Statistical Office Sources: Statistical Office 10 11

7 The Business Location Economic Conditions and Potential of the Country NUMBER OF COMPANIES UNEMPLOYMENT RATE LIECHTENSTEIN'S BROADLY DIVERSIFIED ECONOMY INCLUDES NUMEROUS SMALL AND MEDIUM-SIZED BUSINESSES. 2,906 3,827 4, % 2.0 % 9.7 % > 250 employees employees employees In Percent CH Sources: German Federal Statistical Office, Statistical Office LIECHTENSTEIN HAS THE L O W E S T UNEMPLOYMENT- R AT E IN EUROPE. 3, % < 10 employees Source: Statistical Office ECONOMIC GROUP MEMBERSHIP BUSINESS DENSITY European Economic Area (EEA) European Free Trade Association (EFTA) Residents per Company World Trade Organization (WTO) Customs and monetary union with LIECHTENSTEIN 9:1 SWITZERLAND 14:1 GERMANY 22:1 NUMBER OF WORKPLACES 1,039 1,974 5, Source: Statistical Office LI EMPLOYMENT RATE CH Of year olds, Source: Statistical Office 73.9 % 82.8 % 78.0 % 74.3 % DE AT Sources: Statistical Office, Eurostat 27 FREE TRADE AGREEMENTS COVERING 38 STATES (AS OF 9/1/2016) INCLUDING WITH CANADA, CHILE, HONG KONG, SINGAPORE, ISRAEL, MEXICO, THE SOUTH AFRICAN CUSTOMS UNION (SACU), TURKEY EMPLOYEES CH A ,622 Residents 19,119 Employed residents 19,652 Commuters MORE THAN HALF OF ALL COMMUTERS COME FROM SWITZERLAND 42 PERCENT COMMUTE FROM AUSTRIA CH A Source: Statistical Office MEMBERSHIP IN INTERNATIONAL ORGANIZATIONS Source: Ministry of Foreign Affairs of the Principality of Sources: European Commission, EFTA Secretariat, WTO 12 13

8 The Business Location Most Important Economic Branches MOST IMPORTANT ECONOMIC BRANCHES GROSS VALUE CREATION By Economic Sector, ,482 companies are spread across 160 square kilometers and primarily produce locally and export most of their produce. A large number of companies operate in premium and niche segments and are strongly internationally oriented due to their specialization. In addition, is home to a remarkable number of world market leaders. companies are especially represented in engineering and vehicle manufacturing, motor vehicle parts and food industries. In the future, the government of aims to promote research-intensive market The state limousine of the German Chancellor is steered using steering columns by ThyssenKrupp Presta from. Hoval heating and ventilation systems heat Buckingham Palace and the Tower of London. LIECHTENSTEIN GLOBAL MARKET LEADERS is the global market leader for artificial teeth and dental implants thanks to the ceramic dental fillings of Ivoclar Vivadent. segments and the founding and settlement of companies. For this, it established the Research and Innovation Center Rheintal together with the Canton of St. Gallen. The Center will support technology-oriented companies and start-ups. With an industry share of 40 percent of national value creation, is among the most industrialized countries in the world. Its well-known financial services sector may have made the Principality famous, but actually contributes less to its value creation. Every sixth frozen pizza consumed in is produced by the Ospelt Group. Hilti is the global market leader for professional fastening and construction technology. There is hardly any construction site without a red suitcase bearing the Hilti hammer drill. Sources: Company data, GTAI, Business, Innovation 0.8 % Agriculture (Primary) 40 Industry and Manufacturing Agriculture and Households 8 % EMPLOYEES % General 28 % 24 % By Sector, By Sector, 38.4 % LI CH AT DE LI CH AT DE LI CH AT DE Industry (Secondary) 60.9 % Services (Tertiary) Sources: Statistical Office, Eurostat By Continent, Values in mio CHF and Percentage Share, Excluding, 20.3 % (653.3) 60.5 % (1,945.7) (Total Trade 3,216.8) LIECHTENSTEIN EXPORTS 17.2 % (551.9) 1.3 % (40.9) 0.8 % (24.9) Source: Customs Administration 2.3 % Agriculture (103) Industry (584) COMPANIES 13.0 % Services Services Financial Services Source: Government of the Principality of 84.7 % (3.795) Source: Government of the Principality of By Product Categories, Values in mio CHF and Percentage Share, Excluding, METAL (PRODUCTS), EXCLUDING MACHINES % CHEM. PRODUCTS / RUBBER / NUCLEAR FUEL % FOOD AND BEVERAGES % MACHINES / MED. PRODUCTS / WATCHES 1, % VEHICLES % OTHER MINERAL PRODUCTS % Source: Customs Administration 14 15

9 The Business Location Most Important Economic Branches INDUSTRIAL SECTOR GLOBAL MARKET LEADERS AND HIDDEN CHAMPIONS 584 companies operated in 's industrial sector in. These are primarily smaller businesses with less than 50 employees. Industrial companies are usually active in various market niches and thereby contribute to the broadly diversified economic structure of the Principality. According to the Statistical Office, the most important economic branches of industry and manufacturing are engineering, apparatus engineering, dental product production, vehicle manufacturing, food production and construction. OSPELT GROUP Sausages, ready-made meals, pet food with production sites in, and (Apolda in Thuringia) 1, THYSSENKRUPP PRESTA Every fourth car worldwide has Presta steering. Steering systems are produced and developed for more than 20 million vehicles annually. 7, s Largest Employer 40 % 30 % SHARE OF INDUSTRY IN VALUE CREATION 28 % * 26 % EU 24 % 21 % France 20 % Number of Employees of s Largest Industrial Companies in Worldwide HILTI Global market leader in professional fastening technology. 16 percent of revenue was invested into research & development in. 23, ,384 mio Bendern Eschen Schaanwald KAISER Walking excavators, commercial vehicles globally leading manufacturer of vehicles for waste disposal and sweage cleaning INDUSTRIAL SECTOR EMPLOYMENT * or latest available data Source: World Bank 2,000 1, THYSSENKRUPP PRESTA HILTI IVOCLAR VIVADENT 7,000 23,385 3,297 IVOCLAR VIVADENT One of the leading international dental companies worldwide. Products are delivered to over 120 countries. Ivoclar Vivadent runs one of the largest research and development centers in the dental industry. 3, mio Schaan Vaduz NEUTRIK Audio/video connectors distribution companies and distributers in more than 80 countries. 1, % (14,096) Total Industrial Sector 30.4 % 7.0 % 0.8 % Manufacturing Industry Construction Energy, Water Suppliers Sewage, Waste Disposal 0.1 % (11,171) (2,575) (301) (49) Mineral and Resource Quarrying HILCONA OSPELT GROUP 2,000 1, INDUSTRIAL COMPANIES JOINED TOGETHER IN THE CHAMBER OF COMMERCE AND INDUSTRY EMPLOY APPROX. 9,200 EMPLOYEES DOMESTICALLY PLUS AN ADDITIONAL 41,000 EMPLOYEES IN FOREIGN BRANCHES ACROSS 65 COUNTRIES WORLDWIDE. HILCONA Became the first company in and to produce fresh pasta industrially in 1984 and thereby opened up a whole new market. 2,000 HOVAL Heating technology, ventilation with branches in 17 countries. 1, mio Balzers INTAMIN Recreational facilities and transportation systems global number 1 in rollercoaster construction OPTICS BALZERS Global leader in the production of customer-specific optical coatings and photonics industry components Sources: GTAI, Office of Economic Affairs, Company data Employees Founded Revenue in millions of CHF Source: Statistical Office Sources: Company data, Chamber of Commerce and Industry 16 17

10 The Business Location Most Important Economic Branches INTERNATIONAL TRADE FINANCIAL SERVICES SECTOR % 4.18 * excluding 1.5 % % % LIECHTENSTEIN IS AN EXPORTING COUNTRY. DUE TO ITS SMALL DOMESTIC MARKET, LIECHTENSTEIN COMPANIES OPERATE QUICKLY IN AN INTERNATIONAL ENVIRONMENT. VARIOUS TREATIES PROVIDE THE BASIS FOR LIECHTENSTEIN S EXPORT-ORIENTED ECONOMY. DIRECT EXPORT OF GOODS FROM LIECHTENSTEIN * In bn of CHF and Percentage Change Compared to the Previous Year % 1.2 % 0.6 % 1.9 % % % % DIRECT IMPORT OF GOODS TO LIECHTENSTEIN * In bn of CHF and Percentage Change Compared to the Previous Year % 4.2 % -5.8 % % Luxemburg France China -6.8 % 6.9 % -6.1 % MOST IMPORTANT TRADING PARTNERS IMPORT DEGREE OF OPENNESS Foreign Trade in Relation to GDP in Percent, EXPORT Source: Customs Administration Sources: World Bank, own calculations The financial services sector of the Principality of is the largest economic sector after the industrial sector. It benefits from political continuity, stability, legal security, international networks and years of experience. s first bank was founded in Since then, the financial services sector has developed into an important part of s economy. Banks traditionally focus on private banking; they do not engage in investment banking and, therefore, bear comparatively low risk. During the financial FINANCIAL SERVICES CONTRIBUTION TO THE TOTAL ECONOMY Luxembourg Ireland UK Netherlands Denmark Italy Belgium EU 28 Czech Republic Japan France Poland Spain Hungary Gross Value Creation in Percent (2013/2014) Sources: Bankers Association, OECD, EU Key Facts Report of The City, UK crisis, no bank depended on government assistance. However, lately, bank earnings have been declining and, unlike in previous years, investment capital has left the country. recognizes the OECD standard on transparency and exchange of information and possesses a system for combating money laundering and the financing of terrorism. The financial center is supervised by s Financial Market Authority. Approx. 6,000 people are employed in the sector. 24 % Share of Gross Value Creation 40 % 16 % Share of Employees Share of Tax Revenue Direct Exports from by Country, Values in 1,000 CHF, Excluding Direct Imports to by Country, Values in 1,000 CHF, Excluding RATING TOTAL TRADE 3,216, % 488, % IT 102, % EUROPE 1,945, % FR 247, % DE 773, % AT 323, % TOTAL TRADE 1,915, % CHINA 143, % NL 23, % FR 27, % EUROPE 1,557, % PL 37, % IT 55, % DE 749, % AT 493, % Source: Government of the Principality of WITH THE SWISS FRANC AAA $ AS ITS CURRENCY AND ITS POLITICAL Sources: Bankers Association, Standard & Poor s STABILITY, LIECHTENSTEIN WAS AWARDED THE TOP AAA RATING BY THE S&P RATINGS AGENCY. BICRA GROUP 2 * LIECHTENSTEIN S FINANCIAL AND BANKING MARKET IS IN THE SAME GROUP AS LUXEMBOURG, GERMANY, HONG KONG AND SINGAPORE. * S&P Banking Industry Country Risk Assessment (1-lowest risk, 10-highest risk) 18 19

11 The Business Location Most Important Economic Branches Number of Banks Balance in mio CHF 24, ,964 38, Assets under Management in bn CHF , Consolidated Assets under Management Assets under Management 60, Gamprin-Bendern BANKS Bank Employees in Net Profit in mio CHF Inflow/Outflow (Net) of New Money in mio CHF New Money Worldwide New Money THE MOST IMPORTANT FINANCIAL SERVICES PROVIDERS 0 1, , , , , LGT Group 29,108 62, LLB Bank Balance (In mio CHF) Managed Assets (In mio CHF) 14,223 45, Employees (National) Source: Statistical Office, Bankers Association Gross Written Premiums in bn CHF Balance Sheet Totals in bn CHF Number of Employees Number of Asset Management Companies 107 Client Assets Under Management in bn CHF 24,3 21, , , ,4 Sources: Financial Market Authority, VuVL INSURANCE Investments in bn CHF Number of Employees ASSET MANAGEMENT , % Share of Managed Global Assets Total: 11,000 bn USD (2014) 15 % Hong Kong/ Singapore 25 % United Kingdom/ Channel Islands/Dublin 7 % 12 % Caribbean/ Panama 1 % 10 % Other 5 % Luxembourg Source: Boston Consulting Group Sources: Financial Market Authority, Insurance Association Vaduz Balzers VP Bank Bendura Bank Bank Frick & Co. Neue Bank AG 11,083 34, ,671 3, ,430 2, ,179 4, Sources: Company data SINCE 1 OCTOBER 2016, ALTERNATIVE INVESTMENT FUNDS FROM LIECHTENSTEIN (AIF AND AIFM) HAVE HAD ACCESS TO THE EUROPEAN SINGLE MARKET VIA PASSPORTING SYSTEM. INVESTMENT COMPANIES (FUNDS) Development of Managed Net Assets of funds in bn CHF TIER 1 RATIO COMPARED TO PEER COUNTRIES Banks in possess financial strength and stability and a SOUND EQUITY BASE. At the end of, the core capital ratio (Tier 1 ratio) averaged 21.3 PERCENT. banks therefore ranked high above the BASEL III or EU capital adequacy requirements under CRD IV and are among the BEST CAPITALIZED BANKS in Europe and worldwide CH DE LI LU GB US SG NL IE Source: Bankers Association Number of Funds Number of Approved Foreign Funds Source: Financial Market Authority 20 21

12 The Business Location Additional Business Location Factors INNOVATION ADDITIONAL BUSINESS LOCATION FACTORS RATE OF INNOVATION GLOBAL SUSTAINABLE COMPETITIVENESS INDEX POLITICAL CONDITIONS QUALITY OF LIFE Research and Development Expenditures in Relation to GDP Quelle: OECD International Comparison 4.3 % South Korea 3.2 % Finland 4.1 % Israel 2.9 % Number of Trade Licenses* 8.4 % COMPANIES FOUNDED 290 Jahr * Licenses granted until 2000, new companies founded since 2001 Source: Office of Economic Affairs Among Students Index Value in Points 3.6 % Japan 2.7 % Ø 369 COMPANY FOUNDING INTENTIONS The Global Sustainable Competitive Index by SolAbility incorporates factors for sustainable growth, such as the availability of natural assets, resource efficiency, social cohesion or the existence of innovative solutions, in addition Quelle: SolAbility 371 9,861 7,088 1 st 2 nd Place to GDP and other economic and financial indicators. In the subcategory Intellectual Capital which measures the ability to innovate, is on 13th place. Place Place 3 rd Place of th Total Applications Applications per mio Residents SWEDEN 60.9 NORWAY 59.4 FINLAND 56.2 LIECHTENSTEIN 52.4 PATENT APPLICATIONS PER MILLION RESIDENTS Luxembourg 7,100 Netherlands 419 3,839 Sweden 392 2,000 Finland 365 1,930 Denmark , , Source: European Patent Office Regional Stability Global Average Legal System Social Stability Source: A.M. Best Company Political Stability From 1 (Best) to 5 (Worst) Foreign Trade Policy LEVEL OF EDUCATION Average Class Size Primary Schools 17.6 Secondary Schools 15.9 Monetary Policy Economic Conditions Job Market Flexibility Fiscal Policy Rank 13 of 188 The HUMAN DEVELOPMENT INDEX (HDI ) of the United Nations includes countries average values for fundamental human development aspects, such as life expectancy at birth, education or per-capita income. Males: 81.0 (2000: 73.9) Female: 83.2 (2000: 79.9) Norway Luxembourg EU Average LIFE EXPECTANCY AT BIRTH INFRASTRUCTURE 13 Source: United Nations Source: Eurostat s road network consists of approx. 120 km of country roads and more than 260 km of municipal roads with direct connections to Swiss and n highways. The public bus system is also well-developed. ø International Ø 2.78 The international GUESSS study on the intentions of students to found companies also awarded a top position to. In the most current 2013 edition, the University of ranked at the top of 43 countries for the fourth time in a row. When it comes to founding companies while studying, is the leader among German-speaking countries. Source: Global University Entrepreneurial Spirit Students Survey (Guesss) Active Founders Potential Founders No Founders 13.3 % 18.0 % 68.0 % INTERNATIONAL COMPARISON OF FOUDNER TYPES Among Students 4.9 % 4.5 % 2.6 % 5.5 % 7.0 % 5.0 % 5.0 % 15.0 % 88.4 % 90.2 % 92.6 % 79.4 % International Source: Global University Entrepreneurial Spirit Students Survey (Guesss) Finland Top European PISA Ranking 2012 Average in Points, Best Score 1,000 Mathematics Reading Science OECD Average Source: OECD LIE Basel 190 km Bern 230 km Zurich 109 km Stuttgart 270 km Bodensee Munich 240 km Innsbruck 170 km Sources: CAR, KBA, Statistical Office Milan 250 km

13 CONTACT FOR FOUNDING A COMPANY IN LIECHTENSTEIN ENTREPRENEUR SERVICE Visitor address: Haus der Wirtschaft Poststrasse Schaan Phone: eap@llv.li IMPRINT PUBLISHER Marketing Äulestrasse Vaduz CONCEPT Handelsblatt Research Institute Hohe Straße 46a Düsseldorf, EDITORIAL STAFF & RESEARCH Handelsblatt Research Institute Julia Ehlert-Hoshmand Gudrun Matthee-Will Anandh Arackal DESIGN buntebrause agentur, Cologne EDITORIAL DEADLINE 28 February 2017 Data and facts were researched by the Handelsblatt Research Institute to the best of its ability. However, no guarantee is provided for accuracy. Handelsblatt Research Institute