Legislation of Austria

Legal system

Civil Law

Types of entity

- Sole proprietorship;
- General partnership;
- Limited partnership;
- Limited liability company, gmbh;
- Joint stock company, AG;
- European company, SE;
- Branch of foreign company;
- Private foundation

Shelf companies permitted

Yes

Incorporation timescale for a new company

7 days

Company suffix

Gesellschaft mit beschrnkter Haftung" or GmbH

Sensitive words

Austria, Austrian

Cyrillic alphabet permitted in company name

No

Local registered office

Yes

Local registered agent

No

Information to be kept at the registered office

Company records

Seal required, type of seal

Not required

Redomiciliation (to, from) permitted

Permitted

Minimum number of directors

1

Residency requirements for directors

No

Corporate directors permitted

No

Directors’ meetings/frequency/location

No requirements

Disclosure to local agent

Yes

Disclosure to public

Yes

Company secretary required

No

Residency requirements for a secretary

No

Qualified secretary required

No

Corporate secretary permitted

No

Minimum number of shareholders

1

Residency requirements for shareholders

No

Corporate shareholder permitted

Yes

Meetings/frequency/location

Yes / annually / anywhere

Disclosure to local agent

Yes

Disclosure to public

Yes

Beneficiary info disclosure to

Yes

Minimum authorized share capital

10 000

Minimum issued share capital

10 000

Minimum paid share capital

10 000

Authorized capital payment deadlines

Before registration

Issued capital payment deadlines

Before registration

Standard currency

EUR

Standard authorized share capital

10 000

Standard par value of shares

1

Shares with no par value permitted

No

Bearer shares permitted

No

Personal tax

20-55%

Сorporate tax

23%

Corporate tax (in detail)

The income tax rate in Austria is 23%

Capital gains tax

23%

Capital gains tax. Details

Capital gains are usually taxed as part of the gains at the standard rate of 23%

VAT

20%

VAT. Details

The standard VAT rate is 20%. Reduced rates of 10% and 13% apply to certain goods and services

Withholding tax

23% (dividend), 0% (interest), 20% (royalty)

Other taxes

Real estate tax, transfer tax, social security contribution

Exchange control

No

Government fee

Rates vary depending on the operation

Stamp duty

Yes

Requirement to prepare accounts

Yes

Requirement to file accounts

Yes

Publicly accessible accounts

Yes

Requirement to file Annual Return

Yes

Publicly accessible Annual Return

Yes

Audit required

Yes

Location

Central Europe

Total area

83 871 sq. km

Population

8 932 664 (2021)

Capital

Vienna

National currency

Euro

Conditional reduction of currency

EUR

Against USD

1.08 (2023)

Climate, average max and min t°

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 from Moscow

- 1 hour

Dialing code

+43

State language

German

Ethnic groups

German-speaking Austrians - 91.1%, people from Balkan countries (Serbs, Croats, Bosnians and Slovenes) - 4%, Turks - 4%, Germans - 1.6%

Literacy rate

99% (2021)

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.

Credit rating

AA+

Government type

federal republic

Executive branch

Federal government headed by the Federal Chancellor

Legislative branch

bicameral Parliament composed of Nationalrat (183 seats) and Bundesrat (62 seats)

Judicial branch

district courts; land courts; four courts of appeal; supreme court

Unemployment

5.9% (2023)

GDP per capita rank

13 (2021)

Corruption perceptions index rank

Corruption Perception Index - 74 (2021)