100 years of the Liechtenstein Persons

With the issue “100 Years of the Liechtenstein Persons and Companies Act,” Philately Liechtenstein pays tribute to a body of law that has had a lasting impact on the country’s economic and social development. The Law of Persons and Companies, which came into force on February 19, 1926, laid the foundation for modern corporate structures and played a key role in establishing Liechtenstein’s international standing as a business and financial center.

The special stamp “Code of Laws” (face value CHF 1.20) commemorates the historical foundation of the Persons and Companies Act. The law consolidated numerous corporate law regulations into a comprehensive code and is still regarded today as a milestone in Liechtenstein’s legal history. The Act was completed after nearly four years of work by “Emil Beck” (face value CHF 1.90) and “Wilhelm Beck” (face value CHF 2.50) and submitted to the Parliament of the Principality of Liechtenstein. The Parliament passed the law on November 5, 1925, largely unchanged.

In retrospect, this concept—combined with a liberal tax code—has proven entirely successful and has brought employment and prosperity to Liechtenstein. However, some of the legal institutions introduced by the Act have not gained widespread use; in practice, the focus has quickly shifted to five forms of corporate

law (corporation, institution, foundation, trusteeship, and trust company).