Austria
Austria is one of Europe’s smaller countries, but also one of the richest and most stable in the EU.
As in many other developed countries, the Austrian economy has become much more serviceoriented. The tourism industry is particularly important. Austria’s main assets are a skilled labor force, good industrial relations, political stability and its participation in international organizations. The country welcomes foreign investment. Austria is a European Union (EU) member state and as such is required to comply with all EU directives and regulations and it is bound by EU trade treaties, import regulations, customs duties, agricultural agreements, import quotas, rules of origin and other trade regulations. Companies operating in Austria have access to a tariff-free market of consumers through the country’s membership of the EU and free trade with Iceland, Liechtenstein, Norway and Switzerland through other agreements. Trade also is governed by the rules of the World Trade
Organization (WTO).
Austria has been a member of the United Nations since 1955 and of the European Union since 1995. It plays host to the OSCE and OPEC and is a founding member of the OECD and Interpol.
Austria attaches great importance to participation in the Organisation for Economic Co-operation and Development and other international economic organisations, and it has played an active role in the Organization for Security and Cooperation in Europe (OSCE). As an OSCE-participating State, Austria's international commitments are subject to monitoring under the mandate of the U.S. Helsinki Commission.
Austria, with its well-developed market economy and high standard of living, is closely tied to the other European Union (EU) economies. Foreign investors find the legal set-up in Austria conducive to investment. With its stable political, economic and social climate and a very high level of development, Austria offers an interesting domestic market. The country is also particularly well-placed for companies considering expansion into central and Eastern European countries. One current goal of the Austrian government is to lower the tax rates to increase the attractiveness of Austria for foreign investors.
Austria consistently ranks high in terms of GDP per capita, due to its highly industrialised economy, and well-developed social market economy. Next to a highly developed industry, international tourism is the most important part of the economy of Austria.
Austria has a broad tax treaty network in effect, with most treaties following the OECD model treaty.
The parliament is responsible for passing laws (that are proposed by the government or parliament itself). However, a law must be authenticate Austria currently produces more than half of its el ectricity by hydropower. Together with other renewable energy sources such as wind, solar and biomass powerplants, the electricity supply from renewable energy amounts to 62.89% of total use in Austria, with the rest being produced by gas and oil power plants.
Compared to most European countries, Austria is ecologically well endowed. Its biocapacity (or biological natural capital) is more than double of the world average Foreign investors can legally set up a business in Austria as a non-independent branch of a foreign company or as an independent subsidiary.
A foreign investor who intends to set up a legally independent subsidiary may choose from a wide range of legal entities. The choice will depend upon the business priorities of the investor.
The most common form of company for foreign investors to establish and operate in Austria is the limited liability company (Gesellschaft mit beschränkter Haftung – GmbH).
The Austrian banking system is highly developed with a network of worldwide correspondent relationships. Large Austrian banks, such as the UniCredit Bank Austria AG, Raiffeisen and Erste Bank, operate offices and branches in major financial centres, as well as subsidiaries and joint venture co-operations in Eastern Europe. Austrian banks offer all banking and financial services.
The Ministry in charge of the Austrian corrections system is the Ministry of Justice.
Austria is a federal republic. The parliament is responsible for passing laws that are proposed by the government or parliament itself, but a law must be authenticated by the president before it can enter into force.
There is no binding case law in Austria. Legislation is decided ultimately by the Nationalrat and Bundesrat. However, judges have freedom of interpretation in their decision-making process.
The following types of intellectual property are legally recognized in Austria: patents, trademarks, copyrights, industrial designs and models, and semiconductor designs. The Patent Law consolidates earlier piecemeal legislation on patents, trademarks and semiconductors. Austrian intellectual property law is based on internationally established standards.
Our law firm VLO provides legal services for corporate and private clients in Austria. These services include mergers and acquisitions, business and debt restructuring, tax and tax disputes, corporate disputes, investments, bankruptcy, litigation and arbitration.
If you have questions, please us right now.
E-mail: vlolawfirm@gmail.com
As in many other developed countries, the Austrian economy has become much more serviceoriented. The tourism industry is particularly important. Austria’s main assets are a skilled labor force, good industrial relations, political stability and its participation in international organizations. The country welcomes foreign investment. Austria is a European Union (EU) member state and as such is required to comply with all EU directives and regulations and it is bound by EU trade treaties, import regulations, customs duties, agricultural agreements, import quotas, rules of origin and other trade regulations. Companies operating in Austria have access to a tariff-free market of consumers through the country’s membership of the EU and free trade with Iceland, Liechtenstein, Norway and Switzerland through other agreements. Trade also is governed by the rules of the World Trade
Organization (WTO).
Austria has been a member of the United Nations since 1955 and of the European Union since 1995. It plays host to the OSCE and OPEC and is a founding member of the OECD and Interpol.
Austria attaches great importance to participation in the Organisation for Economic Co-operation and Development and other international economic organisations, and it has played an active role in the Organization for Security and Cooperation in Europe (OSCE). As an OSCE-participating State, Austria's international commitments are subject to monitoring under the mandate of the U.S. Helsinki Commission.
Austria, with its well-developed market economy and high standard of living, is closely tied to the other European Union (EU) economies. Foreign investors find the legal set-up in Austria conducive to investment. With its stable political, economic and social climate and a very high level of development, Austria offers an interesting domestic market. The country is also particularly well-placed for companies considering expansion into central and Eastern European countries. One current goal of the Austrian government is to lower the tax rates to increase the attractiveness of Austria for foreign investors.
Austria consistently ranks high in terms of GDP per capita, due to its highly industrialised economy, and well-developed social market economy. Next to a highly developed industry, international tourism is the most important part of the economy of Austria.
Austria has a broad tax treaty network in effect, with most treaties following the OECD model treaty.
The parliament is responsible for passing laws (that are proposed by the government or parliament itself). However, a law must be authenticate Austria currently produces more than half of its el ectricity by hydropower. Together with other renewable energy sources such as wind, solar and biomass powerplants, the electricity supply from renewable energy amounts to 62.89% of total use in Austria, with the rest being produced by gas and oil power plants.
Compared to most European countries, Austria is ecologically well endowed. Its biocapacity (or biological natural capital) is more than double of the world average Foreign investors can legally set up a business in Austria as a non-independent branch of a foreign company or as an independent subsidiary.
A foreign investor who intends to set up a legally independent subsidiary may choose from a wide range of legal entities. The choice will depend upon the business priorities of the investor.
The most common form of company for foreign investors to establish and operate in Austria is the limited liability company (Gesellschaft mit beschränkter Haftung – GmbH).
The Austrian banking system is highly developed with a network of worldwide correspondent relationships. Large Austrian banks, such as the UniCredit Bank Austria AG, Raiffeisen and Erste Bank, operate offices and branches in major financial centres, as well as subsidiaries and joint venture co-operations in Eastern Europe. Austrian banks offer all banking and financial services.
The Ministry in charge of the Austrian corrections system is the Ministry of Justice.
Austria is a federal republic. The parliament is responsible for passing laws that are proposed by the government or parliament itself, but a law must be authenticated by the president before it can enter into force.
There is no binding case law in Austria. Legislation is decided ultimately by the Nationalrat and Bundesrat. However, judges have freedom of interpretation in their decision-making process.
The following types of intellectual property are legally recognized in Austria: patents, trademarks, copyrights, industrial designs and models, and semiconductor designs. The Patent Law consolidates earlier piecemeal legislation on patents, trademarks and semiconductors. Austrian intellectual property law is based on internationally established standards.
Our law firm VLO provides legal services for corporate and private clients in Austria. These services include mergers and acquisitions, business and debt restructuring, tax and tax disputes, corporate disputes, investments, bankruptcy, litigation and arbitration.
If you have questions, please us right now.
E-mail: vlolawfirm@gmail.com
