Liechtenstein Culture of Business

By | July 24, 2022

Subchapters:

  • Introduction
  • Addressing
  • Business Meeting
  • Communication
  • Recommendations
  • Public Holidays

Introduction

Excellent framework conditions and attractive growth prospects make Liechtenstein a top business location. It is no coincidence that 5,100 companies operate here, including those that successfully compete on the world market as global specialized players. The country’s central location with direct market access to all EU and EEA countries, as well as the Swiss economic area, is particularly significant. Liechtenstein’s stability and reliability as a Triple-A state also contributes to making the principality a profitable place to do business today.

  • Barblejewelry: Overview of Liechtenstein, including popular places to visit, UNESCO World Heritage List, climate, geography and travel advice.

Addressing

Especially in the time of the coronavirus, it has become almost a rule to approach business partners through online communication channels, through which the Czech exporter can present his company, product or service. This form of communication will certainly continue to be used. However, personal contact is irreplaceable in many respects, which is why we always recommend hiring a local sales representative or PR agency familiar with the local market and environment. Another way to reach business partners is to participate in a trade fair in Liechtenstein or Switzerland. Liechtenstein is a very small country where, as they say, everyone knows each other. The first contact (and impression) can thus be decisive for the success of the plan. For advice, you can contact the Honorary Consulate of the Czech Republic in Vaduz or the Embassy of the Czech Republic in Bern, which uses the tools of economic diplomacy to help Czech companies enter the Liechtenstein and Swiss markets.

  • Programingplease: Yearbook 2010 of nation Liechtenstein, including population, politics, and abbreviations.

Business meeting

After successfully approaching the Liechtenstein business partner, it is time to arrange the first business meeting. The possibility of a video call exists, however, in this case the advantages and importance of a personal meeting are indisputable. Liechtensteiners plan well in advance, so it is important to make an appointment well in advance. They are mostly very rich people, for whom the proverbial saying that time is money applies. Therefore, we recommend providing as much information as possible in advance so that the person in question knows what he can get for his invested time. Otherwise, he will refuse the meeting or send a representative. The meeting place must be chosen according to the need and focus of the business meeting. The ideal negotiating team in Liechtenstein does not deviate from Central European standards in any way. Care should be taken and emphasis should be placed on the gender balance of the negotiating team.

Communication

The official language of Liechtenstein is German. Liechtensteiners tend to be well-equipped with languages, and therefore it is usually not a problem to conduct negotiations in English. However, this may not always be the case. Knowledge of German is undoubtedly an advantage. The official language is also required for business materials. However, it always depends on the agreement between both parties. We strongly do not recommend talking to Liechtenstein business partners about property disputes with the Czech Republic or other political debates. Liechtensteiners are proud of their principality, as well as their beautiful nature and standard of living. Visit Aparentingblog for more information about Liechtenstein culture and traditions.

Recommendation

Eleven for trade with Liechtenstein /LI/

  • Communicate systematically and prepare for meetings. Get ready for a matter-of-fact and direct to measured partner. Liechtensteiners are not afraid to go into conflict, so it is advisable to prepare well for negotiations and be factual.
    • Apply the ability to improvise. In addition to adapting to LI’s organization, it is also an advantage not to give up CZ’s ability to improvise and exercise creativity.
    • Present yourself confidently. A high-quality and modern website and promotional materials play an important role in the presentation of the company. Continuous and very active professional marketing promotion is key to a stable position on the market. Get inspired by LI and CH competition.
    • Don’t be afraid to call. Due to the formal and often measured way of communication, you will find out much more from a telephone conversation than during a simple communication environment. email.
    • Don’t always bet on being able to communicate in English. Knowledge of German is always an advantage, it increases the “comfort” of communication during longer cooperation as well as credibility in front of the LI partner.
    • Meet deadlines and be reliable. Reliability, pragmatism and punctuality are necessary for the long-term development of business relations with LI partners.
    • Do not underestimate the LI partner and his knowledge. Do not inflate prices unnecessarily. Thanks to their position, LI companies have perfect information from almost the whole world.
    • Just a good price and quality is not enough in a demanding concentrated market. Design and innovation are now a selling point and a competitive advantage. Don’t forget about certifications and references. LI is a small and demanding market.
    • Do not discuss property disputes with a business partner whom you do not really know well and with whom you are not really friendly. LI like their principality and royal family.
    • Liechtensteiners are excellent businessmen. Look for sales representatives with already established distribution channels. It is a financially and time-efficient way to the LI market.
    • Get to know not only your customers, but also your competition – go to fairs. Not necessarily only to LI, but also to CH, DE, etc.

Public Holidays

In Liechtenstein, holidays are divided into national, cantonal and church holidays.
New Year
Three Kings
Easter Monday
Labor
Day Ascension Day – Thursday 40 days after Easter
Whit Monday – 10 days after Ascension Day
Feast of the Body and Blood of the Lord – 60 days after Easter
1National holiday of Liechtenstein
8.9. Nativity of the Virgin Mary
1.11. All Saints’ Day
8.12. Conception of the Virgin Mary
25.12. – 1st Christmas holiday
26.12. – 2nd Christmas Day You can find an overview of all holidays on the Feiertage Liechtenstein

Liechtenstein Culture of Business