Foreign investors come to Liechtenstein because the country is one of the most renowned financial centers in Europe thanks to its connection with Switzerland. This means that the workforce in Liechtenstein is made up of highly skilled individuals. With few natural resources and being required to import most of the raw products, Liechtenstein relies on an industrialized economy in order to be able to process these products, which also explains the well-prepared labor force. For most enterprisers, the workforce is one of the main “ingredients” for a productive business and this why they choose Liechtenstein.
Our company registration agents in Liechtensteincan assist foreign investors who wat to set up companies here.
The labor market in Liechtenstein
The Lichtenstein labor market offers many job to highly skilled individuals in the industrial clusters of the economy. When referring to Liechtenstein’s economy is it worth reminding that most of the time the labor market has more jobs available compared to the number of citizens, which is very relevant for the workforce of the small Principality of Liechtenstein. With is being said, foreign investors seeking to open a company in Liechtenstein must also know that the country’s labor force is mainly made up of foreign citizens.
The video below shows the main feattures of the workforce in Liechtenstein:
Foreign employees in Liechtenstein
Even if Liechtenstein has one of the most skilled local labor forces in Europe, companies here also employ foreign workers who commute from neighboring countries on a daily or weekly basis. Swiss citizens are among the large number of foreign employees working in Liechtenstein companies.
The industries welcoming the highest number of foreign workers are the financial, the manufacturing and the information technology ones. Most of the foreign workforce employed in Liechtenstein companies is offered good remuneration and various benefits.
Hiring employees in Liechtenstein
Liechtenstein has strict regulations related to employment. All workers must have employment contracts with companies they work in. With respect to foreign employees, these must obtain work and residence permits in order to be part of the Liechtenstein workforce. The law provides for several types of residence permits which must be obtained by foreign workers based on their qualifications.
As mentioned above, local companies are required to hire foreign employees as the active population is often outnumbered by the jobs available in companies in Liechtenstein.
Both local and foreign employees have the right contribute to private pension system, apart from the state one which grants them several retirement benefits.
Our company registration advisors in Liechtenstein can offer information on the employment legislation applicable in this country.
Industries in which the Liechtenstein labor force is concentrated
As mentioned in the beginning of the article, Liechtenstein relies on industries like manufacturing and financial services. While the manufacturing sector employs engineers, the financial services cluster hires specialized personnel, such as accountants. The IT industry is also quite developed, meaning the workforce in Liechtenstein is made up of engineers and accountants. However, even if surprising there are also many companies operating in the agricultural industry in Liechtenstein.
The Principality is among the European countries with low unemployment rates, which make it very attractive to foreign investors.
If you are interested in opening a company in this country and need information on hiring personnel, please feel free to contact our company formation representatives in Liechtenstein.