For the incorporation of a company in Liechtenstein, the statutory capital must either be paid into a blocked account for the incorporation at a bank in the EU/EEA/Switzerland or a contribution in kind must be made.
In Liechtenstein, the contribution of the statutory capital can also be made in a crypto currency.
Which crypto currencies can I use to make the contribution in kind?
In principle, the Office of Justice considers the crypto currencies listed under https://coinmarketcap.com as permissible contributions in kind. According to our knowledge, the Office of Justice permitted Bitcoin and Ethereum as contributions in kind.
In the event that the statutory capital of a company is to be provided with another crypto currency than Bitcoin or Ethereum, it is recommended to coordinate this in advance with the Office of Justice.
What is to be considered with the incorporation of a company by means of crypto currencies?
When paying in the statutory capital by means of crypto-currencies, the regulations on contributions in kind must be observed:
(a) Non-cash contribution agreement
For the incorporation of a company with a contribution in kind, a written non-cash contribution agreement is needed, which must contain the following items related to crypto currencies:
- a clear description of the crypto-currency to be contributed;
- the respective abbreviation of the crypto currency to be contributed, such as Bitcoin (BTC), Bitcoin Cash (BCH or BCC) or Bitcoin Gold (BTG); and
- the value of the contribution in kind of the crypto-currency to be contributed (this must correspond to at least the value of the statutory share capital both at the time of public certification and at the time of entry in the Commercial Register).
(b) Expert opinion not necessary
In general, an expert report is required for the valuation of a contribution in kind.
Since a crypto currency also has elements of contribution in cash, no expert report is required here. The background is that crypto currencies have an objective market price, since the reference prices are published daily on the website of the Federal Tax Administration of Switzerland at https://www.ictax.admin.ch/extern/de.html#/ratelist/2020.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.