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5 min read
Austria for eXtrepreneurs
Austria is a home to more than 12,500 international companies, which denotes 3.5% of the total corporations, being a whopping contributor to 21% of local jobs and 33% of the total sales revenue. These international corporations have an average size of 51 employees, in contrast to an average size of 8.4 employees strength of the domestic Austrian companies.
One of the top draws of Austria, is its border connectivity to other strong economies like Germany, Switzerland & Italy. The country’s longstanding relationship with its neighbors facilitates the Austrian companies with larger business opportunities in Central Europe. The stable yet dynamic economic system is further complemented by Austria’s world-class government backed healthcare & education systems, alongside its diverse landscape offering snow-capped peaks, glaciers, beautiful lakes, vineyards and green hills.
Austria Startup Ecosystem
Austria is regarded as one of the strongest economies in Europe with a presence of over 100 VC firms and more than 40 incubators registered in Austria. Further, there are over 2400 startups registered in Austria, with more than 75% located in Vienna.
Remarkably, Austrian startups have amass an aggregate funding of over €450 million, depicting a strong support from the investors. While the diversity in Austria is majorly limited to the German and other Europeans, it is anticipated to have more non-EU Founders in the coming years.
To know more, download our quick read on “Austria Startup Ecosystem”
Austria Company Formation
Austria has two popular types of entity classifications for eXtrepreneurs viz. private limited company (GmbH) and public limited company (AG).
Both the types have different legal requirements and the choice of the right type depends upon the scale and future plans of the business. While AG enjoys higher reputation with the potential clients and financial institutions, it comes with additional compliance cost and investment requirements.
To know more about company incorporation in the Austria, Download our “Company Formation in the Austria Guide”
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Overview
In 2011, Austria launched the “Red-White-Red Card” Program, which provides residency options to various categories including Entrepreneurs and Senior Executives. The Red-White-Red Card offers two years of residency. The Card is further renewable to a ‘Red-White-Red Card Plus’ category for three years, making the applicants for Permanent Residency and thereafter Citizenship.
Highlights
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Live in Austria year-round and travel around in the Schengen area visa-free
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The permit is granted to the applicant and its family members
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Pathway to permanent residency and Austrian citizenship
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Offers stable investment opportunities with high long-term returns
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The Austrian passport is one of the strongest passports and gives visa-free/on-arrival access to 187 countries
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The country is known for its quality of living
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An ideal combination of a clean & safe environment along with excellent healthcare infrastructure
Eligibility
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Invest EUR 100,000 into your business in Austria OR be employed as a Key Employee in an Austrian Company
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If employed, qualify basis the points for your education, work experience, language & age; and pay yourself a salary as per the Austrian minimum salary level
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For startup entrepreneurs, create a few local jobs (no need to pay salary to yourself)
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Provide proof of either foreign income or assets to cover personal expenses in Austria
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Take a health insurance policy that is valid in Austria
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Have self-acquired or lease-held office and hosing accommodation in Austria
Renewal
Permanent Status
Process and Timelines
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Renewal
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Renewal
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Process and Timelines
DG Country Comparison ToolTM
CompareQuick peek at the top countries for eXtrepreneurs.
This tool compares the top nations inviting eXtrepreneurs on over 40 vital parameters to provide a holistic view and a comprehensive perspective of the Entrepreneur mobility options, the start up ecosystem and the policy benefits, to be availed.