Company Registration in Austria - Business Starting & Setup

Austria-AG
Austria-GmbH

General Information

Austria is a landlocked country in Central Europe. It is bordered by the Czech Republic and Germany to the north, Hungary and Slovakia to the east, Slovenia and Italy to the south, and Switzerland and Liechtenstein to the west.

Total area of Austria is 83.871 sq. km. Population of Austria is 8.915.382 (2020). Ethnic groups include 81.1% Austrians, 5.1% ex-Yugoslavs, 2.7% Federal Germans, 2.2% Turks, 8.9% other.

The capital of Austria is Vienna.

The official language of Austria is German.

The official currency is Euro (EUR). 1 USD is equal to 0.94 EUR.

The climate of Austria is temperate; continental, cloudy; cold winters with frequent rain and some snow in lowlands and snow in mountains; moderate summers with occasional showers; avg. maximum temperature (July) +30°; avg. minimum temperature (January) 0°.

Time difference with Moscow is - 1 hour.

Literacy rate is 99%.

Calling code of Austria is +43.

History

The history of Austria covers the history of Austria and its predecessor states, from the farming communities of the early Stone Age to the present sovereign state. The name Ostarrîchi (Austria) has been in use since 996 CE when it was a margravate of the Duchy of Bavaria and from 1156 an independent duchy (later archduchy) of the Holy Roman Empire of the German Nation (Heiliges Römisches Reich 962–1806). During this time Austria was dominated by the House of Habsburg (Haus Österreich) from 1273 to 1806, when the old empire came to an end.
Austria then emerged into the nineteenth century as the Austrian Empire, a part of the German Confederation until the Austro-Prussian War of 1866 excluded her, after which Austria continued as the Austro-Hungarian Empire (1867–1918) as a dual monarchy with Hungary.
When this empire collapsed in 1918 after the end of World War I, Austria was reduced to the main German speaking areas of the empire corresponding to its current frontiers and adopted the name German Austria, since it wanted to join the new German Weimar Republic. This union was forbidden by the victorious Allies at the Treaty of Versailles.
Following the First Republic (1918–1933) Austrofascism tried to keep Austria independent from the German Reich, but in 1938 it was annexed by Nazi Germany with the support of the majority of the Austrian people. After the Second World War Austria again became an independent republic as the Second Republic in 1955 and joined the European Union in 1995.

Government Type

Austria is a federal, parliamentary, democratic republic.

The head of state is the Federal President, who is directly elected by popular vote for a 6-year term.

Executive power is vested in the Federal government headed by the Federal Chancellor, who is appointed by the President.

Legislative power is vested in the Parliament which consists of two chambers. The composition of the Nationalrat (183 seats) is determined every five years by a general election. The Nationalrat is the dominant chamber in the formation of legislation in Austria. However, the upper house of parliament, the Bundesrat (62 seats), has a limited right of veto.

Judiciary power is vested in the 4 levels of courts: 1) district courts; 2) land courts; 3) four courts of appeal; 4) supreme court. There are also courts of public law including high administrative court and constitutional court.

Economics

Austria is the 12th richest country in the world in terms of GDP (Gross domestic product) per capita, has a well-developed social market economy, and a high standard of living. Next to a highly developed industry, international tourism is the most important part of the national economy.

Germany has historically been the main trading partner of Austria, making it vulnerable to rapid changes in the German economy. Since Austria became a member state of the European Union it has gained closer ties to other EU economies, reducing its economic dependence on Germany. In addition, membership of the EU has drawn an influx of foreign investors attracted by Austria's access to the single European market and proximity to the aspiring economies of the European Union. Growth in GDP reached 3.3% in 2006.

Since the fall of communism, Austrian companies have been quite active players and consolidators in Eastern Europe. Between 1995 and 2010, 4,868 mergers and acquisitions with a total known value of 163 bil. EUR with the involvement of Austrian firms have been announced.

Tourism accounts for almost 9% of the Austrian gross domestic product. In 2007, Austria ranked 9th worldwide in international tourism receipts, with 18.9 billion US$. In international tourist arrivals, Austria ranked 12th with 20.8 million tourists.

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