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How to Start a Business in Austria

Austria is among the few countries in Europe that attract significant foreign business start-ups. The country has many opportunities and easier procedures for registering a business. In the Doing Business 2015 report, Austria ranked number 101 out of 189 economies, beating many Western nations. You need a business permit to start any business in Austria. Here are steps to take in acquiring a permit to start a company in Austria.

See also: How to Master Business Etiquette in Austria

Confirm the Start-up Business at the Economic Chamber

This generally involves downloading the NeuFoe 2 form from the Ministry of Finance’s official website. This form is used to get credible information about the business and its transfer process, should you want to exit the country. Nevertheless, this step can be skipped depending on the urgency that you have in starting your business. This step is, however, important since it can give you various tax exemptions. The taxes exempted can include real estate transfer tax, stamp duties, capital transaction tax that is pegged at 1% of the start-up capital, and some general charges on registration.

Visit the Notary

Here, you are required to notarize the statutes of the association and declaring the establishment of the business. It involves the filling and signing of two forms: the article of association and the notary deed. Its cost depends on the capital to be invested, but negotiations with the notary can yield some relief on the amount charged. The details you need to provide include the business name, capital, the activities to be undertaken, and the accurate shareholding of each partner in your business. After filling the forms, you can then head to the bank and deposit the minimum capital requirement. The maximum amount is only €30.

Register the Company at the Local Court

In order for your limited liability company to be registered at the court, you must provide the required information to the local court. This information includes the declaration, articles of association, proof that the primary deposit mentioned above has been paid, the signatures of the directors, and a clearance form from the tax department that shows all the required taxes have been paid. The amount can vary, but it is not expected to exceed €75.

Obtain a VAT Number

You can get the VAT number by registering your business at the tax office through filling either form 15 or 24 at the request of the tax office. After registration, the tax office will seek to know more about your new businesses and may contact you to provide the required information. Within 14 days, you will get your VAT and tax identification number.

Municipality and Trade Registration

This step requires that you visit the trade authority for confirmation whether or not your business adheres to the standards set by the regulations. Registration of the social security of the employees can also be done at this stage where the health insurance is mandatory. Municipality registration is the final step and involves paying all the levies and taxes imposed by the local authority. Events held by your company can also be subjected to other taxes, such as the stamp duty, which are quite affordable.

See also: Financial Vulnerability as a Startup

Austria has one of the most efficient business registration systems in Europe. With this advantage and its strategic location in the heart of Europe, Austria is expected to continue attracting the interest of investors from other countries.

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