How to Set up Business in Austria?
Austria's economy is mostly driven by investment and private consumption. The factors that augment the confidence of individuals, investors, and businesses is the political stability of the country, a reliable legal system, and liberal trade policies.
To start a business in Austria, first step should be, get a residence permit or visa then forming Company in Austria. Business owner has to be at least 18 years old and must not have a criminal record. Then apply for a trade license from the local district authority. Personal details, like, business name and location, and the type of business are required to be provided. You will also need to register the business with the Austrian Commercial Register. Here are the key steps to setting up the business in Austria:
-
1
When starting a business in Austria, first thing you need to do is obtain a trade licence.
-
2
Next step would be to register your business with the Austrian Commercial Register.
-
3
You should then register your business with the tax office and get a tax identification number.
-
4
Based upon the nature of your business, obtain necessary permits specific to the industry or sector.
Top 3 Sectors for Investment in Austria
Austria’s leading industrial sectors are automotive industries, mechanical engineering, electronics, life sciences and environmental technology. Based on sectoral knowledge following sectors offer good opportunity for Indian Companies:
-
Automotive
There is hardly a single automobile anywhere in the world which can leave the assembly lines without products made by the Austrian automobile component supply industry – ranging from the car hood and sports seats to safety systems and batteries.
-
Healthcare
Austria ranks fourth in the world in per capita spending on medical devices at more than $280 per year for a total of over $2.5 billion in 2019. Increasing healthcare expenditure in Europe, high technological advancements and highly skilled manpower are some major strengths of Austrian market.
-
Environment
Austrian manufacturing industries have acquired expert know-how in waste disposal and recycling and in waste water treatment. Renewable energy sources (solar and wind energy, biomass) are gaining tremendous importance.
Visa & Immigration Rules for Austria
Austria offers a citizenship by investment option whereby foreign applicants invest actively in the Austrian economy.
Under the citizenship-by-investment provisions, an applicant is required to invest actively in the Austrian economy, for example in the form of a joint venture or direct investment in a business that creates jobs or generates new export sales. Significant direct investment is generally required. In addition to standard documentary requirements (such as passports, birth, and marriage certificates), a completely clean personal record (certificate of no criminal record), a comprehensive CV, and business background information, as well as references must be provided by all applicants.
Red-White-Red-Card
The easiest and fastest way to obtain a work visa for Austria is to apply for a Red-White-Red Card. Austria favors high-skilled immigration, that is why it has created a point-based system that ranks prospective immigrants based on their merits. The validity of work visas varies depending on the type of visa. Usually, they are valid for periods over six months up to 12 months.
