The establishment of a company is possible in several legal forms in Austria (individual enterprise, OG, KG, GmbH, AG). The advantage of the establishment of an Austrian company is that the companies which are registered in Austria not only have good reputation in Western European partner companies, but they are more solvent in the market and the accounting kept in Euro is a lasting value.
To establish a company in Austria one should need the name of the company, the address of its prospective headquarter, the data and passports of the founders and of the managers. However concerning the establishment of the headquarter one should pay attention to the fact, that the representative of the tax office may visit the head office and if he/she does not find the company at the declared address and evaluates it as inappropriate then he/she obliges the particular entrepreneur to resume the registration.
From the 1st of July 2013 the amended Austrian GmbH Act came into force. The essence of the amendment is that the limited companies may be founded more easily in the future by the fact that the amount of the minimum share capital and the formation costs will be reduced. Thus the foundation of the GmbH can be more attractive and more accessible for young entrepreneurs. The required minimum share capital to set up an Austrian-based GmbH was 35 000 Euro of which it was necessary to justify the payment of 17 500 Euro. Today this indicator has dropped to 10 000 Euro with the help of which it is possible to set up a business. According to the new legislation, half of the minimum amount of the registered capital should be paid in the same way as it was before. However, the already operating GmbH companies have the right to reduce their share capital by 10 000 Euro.
There is not going to be a radical change in the economic policy, the analysts and the market at the same time expect to accelerate the pace of structural reforms and the dynamisms of the economy. According to the analysts of the central bank, Austrian unemployment is likely to increase as a result of the worse economic growth, but the indicator will not rise above 5 per cent according to the EU calculating method and remains the lowest in the EU.