Setting up a business in Austria
05 October 2009by Ina Dimireva -- last modified 08 October 2009
The key laws for establishing companies in Austria are the Austrian Commercial Code (UGB), the Austrian Trade Law 1994 (GewO 1994), the New Companies Promotion Act (NeuFöG) and the Commercial Register Act (FBG) and the Federal Law on Special Assistance for Small and Medium-Sized Enterprises.
Legal Requirements
Austrian Commercial Code (UGB)
Austrian Trade Law 1994 (GewO 1994)
New Companies Promotion Act (NeuFöG)
Federal Law on Special Assistance for Small and Medium-Sized Enterprises
The New Companies Promotion Act is intended to help reduce the costs associated with setting up and taking over businesses.
New Companies Promotion Act (NeuFöG)
The following legal forms exist for companies: individual enterprises or corporations, individual enterprises, partnerships, corporate bodies - Ltd. companies, associations.
Individual enterprises or corporations
Corporate bodies - Ltd. companies, associations
The rights of partners are set out in the Memorandum of Association.
The legal form of a company and the name given to a company are subject to the following legislation.
The following legal forms are possible for companies:
Partnerships:
- Non-trading partnership (Gesellschaft bürgerlichen Rechts, GesbR)
- General partnership (Offene Gesellschaft, OG)
- Limited partnership (Kommanditgesellschaft, KG)
- Silent partnership (Stille Gesellschaft, StG)
- Limited partnership with a limited liability company as general partner (GesmbH & Co. KG)
Corporations:
- Limited liability company (Gesellschaft mit beschränkter Haftung, GmbH)
- Public limited company (Aktiengesellschaft, AG)
A first-rate business strategy and sound financing are prerequisites for founding a business successfully.
Access to finance — Austria
Administrative procedures
Founding a businessBusiness registration is now offered as a one-stop process by the founder service of the Austrian Federal Economic Chamber. In many cases this allows founders to register their businesses straight after the founder advisory stage, if they have all the necessary documentation.
Registration with social security authorities for industry is also carried out via the business authority.
By the end of 2009, it should be possible to carry out all the steps required to establish a business via the standard point of contact (einheitliche Ansprechpartner or eAP) to be set up in all of the federal states.
The following steps are necessary when establishing a business in Austria:
- Advice on establishing a company, financial advice and legal advice should be sought.
- A legal form must be selected.
- The business must be registered with the relevant business authority (local authorities or magistrate).
- The business must be entered into the commercial register.
- The business must be registered with the social security authority for industry (within the first four weeks).
- The type of business activities to be engaged in must be registered with the fiscal authorities and a tax ID number must be applied for (within the first four weeks).
Business registration for individual enterprises, Business registration for corporations
Insurance declaration for business operators and partners
Commercial Register entry for individual enterprises
Commercial Register entry for corporations
Registration for individual enterprises
Registration for individual enterprises
Registration of employees with the regional health insurance fund
Businesses can also be registered online in Vienna.
Electronic processing of business affairs
Programmes
Austria Wirtschaftsservice (aws) is a governmental body for financing and promoting businesses and innovation in industry. It also offers a range of subsidies for setting up companies including funding for young entrepreneurs, investment loans and capital loans, credit guarantees, equity capital guarantees, assumption of liabilities and double equity guarantee funds.
aws - company-related business, technology and innovation funding
aws funding for business founders
Personalised help and advice
The enterprise start-up service of the Austrian Federal Economic Chamber provides support for founders, successor establishments and franchisees.
Enterprise start-up service of the Austrian Federal Economic Chamber
The WIFI enterprise service is the coordination centre of the national enterprise network (UNS) of the Austrian Federal Economic Chamber.
Enterprise service of the Austrian Federal Economic Chamber
Young Enterprise Austria (Junge Wirtschaft) represents the interests of young entrepreneurs in Austria and its services include successor establishment.
Successor establishment service
The Austrian Chamber of Tax Consultants and Certified Accountants (KWT) is the umbrella organisation for tax consultants and business experts in Austria and also advises young entrepreneurs.
Austrian Chamber of Tax Consultants and Certified Accountants
The Enterprise Europe Network provides businesses with information and advice through its local partners.
Enterprise Europe Network – contact points – Austria
Information from Austrian Enterprise Europe Network partners
SOLVIT helps businesses deal with problems that arise when national authorities wrongly apply EU market rules.
SOLVIT – contact points – Austria
Source: European Commission
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