Description: a) Legal services
With respect to Investment Liberalisation – Market Access, National Treatment, Most-Favoured-Nation Treatment, Cross-Border Trade in Services – National Treatment and Legal Services – Obligations
EEA or Swiss nationality as well as residency (commercial presence) are required for the practice of legal services in respect of host-jurisdiction (EEA and Liechtenstein) law, including representation before the courts. Only persons of Contracting Party to the EEA Agreement are allowed to provide legal services through commercial presence. The practice of legal services in respect of home-jurisdiction law and public international law is only allowed on a cross-border basis. Before taking up such activity in Liechtenstein, the lawyer has to present proof of his/her qualification as a lawyer of the United Kingdom to the Liechtenstein Bar Association.
Commercial presence must take the form of a sole proprietorship, general or limited partnership, limited liability company or joint-stock company of actively participating lawyers with a Liechtenstein licence. The attorney is personally responsible for his/her activities. In the case of joint-stock
companies, only personal shares may be issued.
b) Patent agents, industrial property agents, intellectual property attorneys (part of CPC 879, 861, 8613)
With respect to Investment Liberalisation – Market Access, National Treatment, Most-Favoured-Nation Treatment, Senior Management and Boards of Directors, Cross-Border Trade in Services – Market Access, Local Presence, National Treatment, Most- Favoured-Nation Treatment and Legal Services – Obligations
EEA or Swiss nationality as well as residency (commercial presence) are required for the practice of patent attorney in accordance with the Patent Attorney Act.
Authorisation to provide services falling within the scope of the Patent Attorney Act may be granted to legal persons established in Liechtenstein if the majority of the capital and the voting rights are held by Liechtenstein nationals or nationals of another Contracting Party to the EEA Agreement and the managing director holds a licence issued by the Liechtenstein Financial Market Authority (FMA) in accordance with the Patent Attorney Act.
Authorisation to provide such services in Liechtenstein temporarily on a cross-border basis is only granted to legal persons established in a Contracting Party to the EEA Agreement.
c) Accounting and auditing services (CPC 8621)
With respect to Investment Liberalisation – Market Access, National Treatment, Most-Favoured-Nation Treatment and Cross-Border Trade in Services – Market Access, Local Presence, National Treatment, Most-Favoured-Nation Treatment
EEA or Swiss nationality as well as residency (commercial presence) are required for professional activities falling within the scope of the Auditors and Auditing Companies Act and the Professional Trustees Act respectively.
The majority of the capital and the voting rights of a company established in Liechtenstein in accordance with the Auditors and Auditing Companies Act must
be held by and the majority of the members of the board must be auditors or auditing companies licensed in Liechtenstein. The managing director must be an auditor with a licence issued by the FMA in accordance with the Auditors and Auditing Companies Act.
Authorisation for temporarily providing services falling under the Auditors and Auditing Companies Act on a cross-border basis may only be granted to auditing companies established in a Contracting Party to the EEA Agreement or in Switzerland with the responsible auditor required to fulfil the same conditions as auditors established in Liechtenstein.
Trust companies established in accordance with the Professional Trustees Act must be organised as joint-stock company (Aktiengesellschaft), limited liability company (GmbH), general or limited partnership (Kollektiv- or Kommanditgesellschaft), establishment (Anstalt) or as trust with legal personality (trust reg.). At least one member of the management of a trust company authorised to manage and represent the company must be a trustee with a licence granted in accordance with the Professional Trustees Act and working full-time for the company. Trust companies must appoint an auditor or auditing company with a licence under the Auditors and Auditing Companies Act.
Statutory financial and regulatory audits of annual accounts, including consolidated annual accounts, and other auditing tasks requiring a responsible auditor, can only be provided by auditing companies and auditors registered and licensed in Liechtenstein.
For both kinds of audits a licence under the Auditors and Auditing Companies Act as well as recognition by the FMA under the respective special purpose act are required. Recognition may only be granted to auditors and auditing companies providing proof of regular audit and reporting activities in a Contracting Party to the EEA Agreement comparable to the audit and reporting activities under the respective Liechtenstein act.
d) Taxation services (CPC 863, not including legal advisory and legal representational services on tax matters, which are to be found legal services)
With respect to Investment liberalisation – Market Access, National Treatment, Most-Favoured-Nation Treatment and Cross-Border Trade in Services – Market Access, Local Presence, National Treatment, Most-Favoured-Nation Treatment
EEA or Swiss nationality as well as residency (commercial presence) are required for professional activities falling within the scope of the Auditors and Auditing Companies Act and the Professional Trustees Act respectively.
The majority of the capital and the voting rights of a company established in Liechtenstein in accordance with the Auditors and Auditing Companies Act must be held by and the majority of the members of the board must be auditors or auditing companies licensed in Liechtenstein. The managing director must be an auditor with a licence issued by the FMA in accordance with the Auditors and Auditing Companies Act.
Authorisation for temporarily providing services within the scope of the Auditors and Auditing Companies Act in Liechtenstein on a cross-border basis may only be granted to auditing companies established in an EEA state or in Switzerland with the responsible auditor falling under the same conditions as established auditors.
Trust companies must be organized as joint-stock company (Aktiengesellschaft), limited liability company (GmbH), general or limited partnership (Kollektiv- or Kommanditgesellschaft), establishment (Anstalt) or as trust with legal personality (trust reg.). At least one member of the management of a trust company authorised to manage and represent the company must be a trustee with a licence granted in accordance with the Professional Trustees Act and working full-time for the company. Trust companies must appoint an auditor or auditing company with a licence under the Auditors and Auditing Companies Act.
e) Management consulting services (CPC 86501, 86502, 86509)
With respect to Investment Liberalisation – Market Access, National Treatment, Most-Favoured-Nation Treatment and Cross-Border Trade in Services – Market Access, Local Presence, National Treatment, Most-Favoured-Nation Treatment
EEA or Swiss nationality as well as residency (commercial presence) are required for professional activities falling within the scope of the Auditors and Auditing Companies Act and the Professional Trustees Act respectively.
The majority of the capital and the voting rights of a company established in Liechtenstein in accordance with the Auditors and Auditing Companies Act must be held by and the majority of the members of the board must be auditors or auditing companies licensed in Liechtenstein. The managing director must be an auditor with a licence issued by the FMA in accordance with the Auditors and Auditing Companies Act.
Authorisation for temporarily providing services within the scope of the Auditors and Auditing Companies Act in Liechtenstein on a cross-border basis may only be granted to auditing companies established in a Contracting Party to the EEA Agreement or in Switzerland with the responsible auditor falling under the same conditions as established auditors.
Trust companies must be organised as joint-stock company (Aktiengesellschaft), limited liability company (GmbH), general or limited partnership (Kollektiv- or Kommanditgesellschaft), establishment (Anstalt) or as trust with legal personality (trust reg.). At least one member of the management of a trust company authorised to manage and represent the company must be a trustee with a licence granted in accordance with the Professional Trustees Act and working full-time for the company. Trust companies must appoint an auditor or auditing company with a licence under the Auditors and Auditing Companies Act.
f) Architectural, engineering and other technical services (CPC 867)
With respect to Investment Liberalisation – Market Access, National Treatment, Senior Management and Boards of Directors and Cross-Border Trade in Services – Market Access, Local Presence, National Treatment
Nationality as well as residency requirements apply for the independent practice of professional activities regulated by the Building and Construction Professions’ Act and the Building Act respectively.
Legal persons have to appoint a managing director who fulfils the nationality and residency requirements. If several natural persons are active as managing directors, then each must meet those requirements.
3. Sector: Other Business Services
Sub-Sector: Assuming board mandates in accordance with article 180a of the Liechtenstein Persons and Companies Act; placement and supply services of personnel, agency services; management of copyrights
Industry Classification: CPC 86502, 872, 87909
Type of reservation: Article 3.6 (Market Access) Article 3.7 (National Treatment)
Article 3.8 (Most-Favoured-Nation Treatment)
Article 3.9 (Senior Management and Boards of Directors)
Article 3.14 (Market Access) Article 3.15 (Local Presence) Article 3.16 (National Treatment)
Measures: Professional Trustees Act, LGBl. 1993/42, LR 173.520
Persons and Companies Act, LGBl. 1926/4, LR 216
Act concerning the supervision of persons pursuant to Art. 180a of Persons and Companies Act, LGBl. 2013/426, LR 173.550
Employment Agency Act, LGBl. 2000/103, LR 823.10
Copyright Act, LGBl. 1999/160, LR 231.1
Description: a) Assuming board mandates in accordance with Article 180a of the Liechtenstein Persons and Companies Act
With respect to Investment Liberalisation - National Treatment, Most-Favoured-Nation Treatment, Senior Management and Boards of Directors and Cross-Border Trade in Services – National Treatment
Nationality as well as residency requirements (commercial presence or full-time employment
relationship) apply in order to perform the above- mentioned activity on a professional basis. The service supplier must be in possession of a licence to act as a trustee under the Professional Trustees Act or of a licence to carry out activities under Article 180a of the Persons and Company Act (PGR). Such licence may be granted if the applicant is in a full-time employment relationship with an employer in Liechtenstein authorised to act as a trustee.
The existence of the necessary professional qualification must be demonstrated by evidence of training in accordance with the Professional Trustees Act and confirmation of at least one year of full-time employment in a field of activity in accordance with paragraph 1 of Article 180a of the PGR with an employer in Liechtenstein authorised to act as a trustee in accordance with the Professional Trustees Act.
b) Placement and supply services of personnel, agency services (CPC 872)
With respect to Investment Liberalisation - National Treatment, Most-Favoured-Nation Treatment and Cross-Border Trade in Services – Local Presence, National Treatment
Nationality as well as residency requirements apply for the establishment of an employment agency.
The employment agency licensed under the Employment Agency Act may only hire out natural persons entitled to gainful employment in Liechtenstein in accordance with the applicable provisions of the Foreign Nationals Act.
c) Management of copyrights (part of CPC 87909)
With respect to Investment Liberalisation - Market Access, National Treatment, Most-Favoured-Nation Treatment and Cross-Border Trade in Services – Market Access, Local Presence, National Treatment,
Companies acting in the management of copyrights (to be understood as defined in CPC 89230) and neighbouring rights where collective exploitation is required by law must be approved by the Liechtenstein Government. The Government may grant a licence to a foreign collecting society or establish or licence a Liechtenstein collecting society.
If foreign collecting societies are granted a licence, they must indicate at least one summonable address in Liechtenstein and declare in the application for a corresponding licence that they are fully subject to Liechtenstein law and jurisdiction with regard to their activities in Liechtenstein.
Collecting societies from States without an enforcement agreement with Liechtenstein must deposit a minimum deposit of 100,000 Swiss francs with the National Treasury as security for claims against them arising from their business activities.
As a general rule, only one society per category of works is granted a licence.
4. Sector: Financial Services
Sub-Sector: Financial services - insurance and banking
Industry Classification: Not applicable
Type of reservation: Article 3.6 (Market Access) Article 3.7 (National Treatment)
Article 3.8 (Most-Favoured-Nation Treatment) Article 3.10 (Performance Requirements) Article 3.14 (Market Access)
Article 3.15 (Local Presence) Article 3.16 (National Treatment)
Article 3.17 (Most-favoured-nation Treatment)
Article 3.49 (Senior Management and Boards of Directors)
Measures: Insurance Supervision Act, LGBl. 2015/231, LR 961.01
Pension Funds Act, LGBl. 2018/464, LR 831.42
Occupational Pensions Act, LGBl. 1988/12, LR 831.40
Health Insurance Act, LGBl. 1971/50, LR 832.10
Compulsory Accident Insurance Act, LGBl.1990/46, LR 832.20
Banking Act, LGBl. 1992/108, LR 952.0
Undertakings for Collective Investment in Transferable Securities Act, LGBl. 2011/295, LR 951.31
Alternative Investment Fund Managers Act, LGBl. 2013/49, LR 951.32
Description: a) Insurance and insurance-related services
With respect to Investment Liberalisation - Market Access, National Treatment, Most-Favoured-Nation Treatment, Performance Requirements and Cross-
Border Trade in Services – Market Access, Local Presence, National Treatment and Financial Services – Senior Management and Boards of directors
The supply of direct insurance services is reserved for undertakings holding an operating licence issued by the Liechtenstein Financial Market Authority (FMA) and established in Liechtenstein.
Nationality and residency requirements apply to at least one member of the executive board as well as one member of the board of directors.
The establishment of a branch requires a licence and the appointment, subject to the approval of the FMA, of a general representative resident in Liechtenstein and duly authorised to fully represent the company before administrative authorities and in court.
The foreign insurance undertaking must hold assets in Liechtenstein amounting to at least half of the threshold of the minimum capital requirements laid down in the Act and must deposit one quarter of those assets as a security.
Insurance undertakings incorporated in Liechtenstein must adopt a specific legal form, on a non-discriminatory basis. Both the statutory seat and the head office of the undertaking must be located in Liechtenstein.
With regard to amounts recoverable under reinsurance contracts from undertakings with their head office in a non-EEA State it is necessary for the assets representing such claims to be located in a Contracting Party to the EEA Agreement unless the solvency regime of that country is deemed to be equivalent.
Undertakings domiciled in a non-EEA State which conduct only reinsurance in Liechtenstein and do not have a subsidiary in Liechtenstein do not fall under the supervision of the FMA, provided that they are subject to supervision in their home country which is equivalent to that in Liechtenstein.
Promotional activities and intermediation services on behalf of a subsidiary not established in a Contracting Party to the EEA Agreement or of a branch not established in Liechtenstein are prohibited.
The supply of insurance broker services is reserved for insurance brokers authorised by the FMA. Insurance brokers must be resident in Liechtenstein.
Participation in the compulsory occupational retirement, accident or health insurance schemes requires suppliers to have their statutory seat, their head office as well as their accounting in Liechtenstein and to adopt a specific legal form, on a non-discriminatory basis.
b) Banking and other financial services
With respect to Investment Liberalisation - Market Access, National Treatment, Most-Favoured-Nation Treatment, and Cross-Border Trade in Services – Market Access, Local Presence, National Treatment and Financial Services – Senior Management and Boards of Directors
Banks and investment firms need an operating licence issued by the FMA in order to take up business activities in Liechtenstein. Banks and investment firms incorporated in Liechtenstein must adopt a specific legal form, on a non-discriminatory basis. Both the registered office and the head office of the undertaking must be located in Liechtenstein.
If the bank or investment firm forms part of a foreign group active in the financial sector, the licence shall only be granted if:
a) the group is subject to consolidated supervision equivalent to that in Liechtenstein;
b) the supervisory authority of the home country does not object to the establishment of a subsidiary; and
c) the proper supervision of the subsidiary is not hampered by the laws, regulations or administrative provisions of the home country, or by difficulties in their enforcement, imposed on natural or legal persons with whom the subsidiary has close links.
Specific requirements apply to the use of the company’s name and its duties towards the Swiss national bank.
Representative offices of a foreign bank can neither conclude or deal business nor act as an agent.
The FMA may, in consultation with the other competent authorities of Contracting Parties to the EEA Agreement, require the establishment of a financial holding company or a mixed financial holding company with its head office in a Contracting Party to the EEA Agreement if no equivalent supervision exists in the home country.
Credit institutions have exclusive rights to accept deposits and other repayable funds from the public.
Public issue of securities shall be conducted by securities undertakings or other parties authorised to provide such services.
The establishment of a branch of management companies for collective investment funds having their registered office in a non-EEA State is subject to authorisation. Such authorisation may be granted if:
a) the management company is subject to supervision which is equivalent to that of the FMA;
b) the supervisory authority of the home country raises no objections to the establishment of the branch and declares that it will inform the FMA without delay of any circumstances that might jeopardize the protection of investors and the stability of the financial system;
c) the natural persons responsible for the branch meet the requirements of Article 180a of the Persons and Companies Act and have a licence as a professional trustee or as a person licensed under the Act on the supervision of persons pursuant to Article 180a of the Persons and Companies Act; and
d) the branch has an appropriate organizational and financial structure in Liechtenstein and meets the respective conditions applicable to branches of management companies incorporated in other Contracting Parties to the EEA Agreement.
Schedule of Norway
List of Reservations:
Reservation No. 1 – All Sectors
Reservation No. 2 – Auditing Services
Reservation No. 3 – Accounting and Book-Keeping Services
Reservation No. 4 – Technical Testing and Analysis Services
Reservation No. 5 – Debt Collection Agency
Reservation No. 6 – Real Estate Services
Reservation No. 7 – Labour Recruitment and Supply Services, excluding Executive Search Services
Reservation No. 8 – Rental/Leasing Services relating to ships and aircrafts without Operators
Reservation No. 9 – Mining, excluding petroleum
Reservation No. 10 – Trade and Sales of Electricity
Reservation No. 11 – Ground Handling Services
Reservation No. 12 – Car-hiring and Leasing
Reservation No. 13 – Maritime Transport
Reservation No. 14 – Custom Clearance
1. Sector: All Sectors
Sub-Sector: Not applicable
Industry Classification: Not applicable
Type of reservation: Article 3.7 (National Treatment)
Article 3.9 (Senior Management and Boards of Directors)
Article 3.49 (Senior Management and Boards of Directors)
Measures: Act of 13 June 1997 No. 45 on Public Limited Liability Companies
Act of 13 June 1997 No. 44 on Private Limited Liability Companies
Act of 15 June 2001 No. 59 on Foundations
Act of 29 June 2007 No. 81 on Cooperative Societies
Description: Investments:
The general manager in a limited liability company or a cooperative, at least half of the members of the board of directors and of the corporate assembly in a limited liability company, and at least half of the members of the board of directors in a cooperative or a foundation must be residents of Norway, unless the Ministry of Trade, Industry and Fisheries grants an exemption in each individual case. These requirements do not apply to British citizens who reside permanently in the United Kingdom or in a Contracting Party to the EEA Agreement or citizens of a Contracting Party to the EEA Agreement who reside permanently in the United Kingdom.
2. Sector: Auditing Services
Sub-Sector: Not applicable
Industry Classification: Not applicable
Type of reservation: Article 3.6 (Market Access) Article 3.7 (National Treatment)
Article 3.9 (Senior Management and Boards of Directors)
Measures: Act 20 November 2020 No. 128 on auditing and auditors (Auditors Act)
Description: Investments:
Auditing companies may not be incorporated as foundations. Sole proprietorships or partnerships are limited to licensed auditors. The majority of voting rights in an auditing company must be held by licensed auditors or auditing companies.
Statutory audits of annual accounts, including consolidated annual accounts, and other auditing tasks requiring a responsible auditor, can only be provided by auditing companies and auditors registered and licensed in Norway.