The procedure for setting up a limited liability company in Austria differs significantly from the procedure for setting up a limited liability company in Slovakia.
We offer our legal support for the entire process of setting up an Austrian Ltd.; if you are interested, we will be happy to arrange a registered office for your Austrian Ltd.
The sole shareholder in an Austrian Ltd. can be both a natural person and a legal entity. The choice of the shareholder has an impact on the final taxation of the Austrian Ltd.
A citizen of the European Union of good repute can easily be appointed as a managing director of an Austrian Ltd., irrespective of his/her permanent residence registration. This means that an upstanding Slovak citizen with permanent residence in Bratislava, for example, has the necessary qualifications to hold a position in an Austrian Ltd.
A notarial deed must be drawn up in Austria on the establishment of an Austrian Ltd., which must contain: Business name, Registered office, Identification of the shareholder, Managing director, Deposit administrator.
If the founder of the Austrian Ltd. does not speak German, there are 2 options:
Option 1
Official attendance of an interpreter at the notary’s office, which is subject to a special fee (the fee in question must be paid directly to the notary),
Option 2
The founder grants a special power of attorney with notarized signature to our consultant in Austria.
The legally required minimum amount of the share capital for a GmbH is EUR 10000,-, while it is applicable that after the company is established the shareholder must deposit and deposit a minimum amount of EUR 5000,- in the company’s bank account.
The first step towards the establishment of a GmbH is a visit to a notary and the subsequent signing of the articles of association. The memorandum of association is required by the Austrian bank where the capital will be paid. The bank will issue a certificate, which is needed by the notary to apply for registration in the commercial register. When the application for registration is filed (usually within one week), the GmbH is incorporated. The GmbH is formed by registration in the commercial register (Firmenbuch).
For a GmbH, an audit is required if the company exceeds two of the three criteria mentioned above:
– Amount of assets: €4.84 million,
– annual turnover: EUR 9,68 million,
– average number of employees: 50.
Furthermore, it is also important to know that the company’s annual accounts must be published at the Commercial Court nine months after the end of the financial year. If the company fails to publish the annual accounts, the company and each of the company’s directors will automatically be fined.