An Anstalt is a type of legal entity primarily used in Liechtenstein, similar to a foundation or a corporation, and it can engage in a variety of business activities. Here are some of the key activities that an Anstalt can conduct:

1. Holding Assets: An Anstalt can hold and manage assets, including real estate, securities, and other investments. This makes it a popular choice for wealth management and estate planning.

2. Commercial Activities: It can engage in commercial activities, such as trading, manufacturing, and providing services. This includes operating businesses in various sectors, depending on the specific goals of the Anstalt.

3. Financial Services: Anstalten can provide financial services, including banking, insurance, and investment services, although they must comply with relevant regulations.

4. Real Estate Management: They can manage real estate properties, including development, leasing, and sales.

5. Research and Development: An Anstalt can also be involved in research and development activities, particularly in sectors like technology and pharmaceuticals.

6. Charitable Activities: While primarily a business entity, an Anstalt can also engage in charitable activities, provided these are aligned with its purpose as defined in its founding documents.

7. International Business: Due to Liechtenstein's favorable tax regime, Anstalten are often used for international business operations, including holding companies for multinational corporations.

8. Trust Services: They can act as trustees or provide trust services, managing assets on behalf of beneficiaries.

It's important to note that while Anstalten have a wide range of permissible activities, they must adhere to the legal framework and regulations set forth by Liechtenstein law. Additionally, the specific activities an Anstalt can conduct may depend on its founding documents and the purpose for which it was established.