The provisions regarding the establishment are laid down in Art. 534 ff PGR.
The establishment is a typical Liechtenstein legal entity under private law.
The establishment can be deployed either for commercial purpose such as e.g. the settlement of business or property transactions etc., or for non-commercial purposes such as e.g. investment and the administration of investments, holding investments and property etc.
The establishment is a legal entity and is entered in the Public Register.
Under the articles of association, the minimum capital for an establishment is CHF 30,000.00 and must be deposited in cash at the time of formation.
The supreme body of the establishment is usually the founder or his legal successor, the owner of the founder's rights. His position is much like that of a proprietor. The founder’s rights may be sold, inherited or assigned in other ways. As a rule these are documented in a so-called “declaration of assignment”. If the capital is split into shares and if stipulated in the articles of association, equity securities can be issued as an alternative.
The executive board, comprising one or more members, conducts the business and represents the establishment externally. The members of the board represent the establishment solely or jointly.
For the establishment beneficiaries can be appointed by the founder or his legal successor. If no other beneficiaries are appointed the founder or his legal successor is regarded as sole beneficiary.
The resolution of the supreme body to dissolve the establishment is followed by the liquidation. The deletion from the Public Register can take place after a fixed period of six months at the earliest.
If the purpose of the establishment permits commercial activities, then the establishment is obliged to appoint an auditor.