Big news in the field of corporate law?
In the course of the latest government meeting, Federal Minister Margarete Schramböck announced the establishment of a new legal form, namely an “Austria Limited” as part of the “Gründer Paket”.
The key advantage of the new “Austria Limited” is the reduction of the capital contribution to EUR 10,000, since the previously required raising of at least EUR 35,000 by the GmbH (Company with Limited Liability) has proven to be a huge hurdle for many founders. Moreover, according to the government program an (unbureaucratic) company formation only via digital means should be possible in the future. These new developments could push the start-up scene immensely.
Nevertheless, there are still some unanswered questions: The reduction of the capital contribution to EUR 10,000 is strongly reminiscent of the “GmbH light”, which was established in Austria in 2013 but was later abolished due to tax losses. The scope of the new “Austria Limited” remains open: Will it be restricted to start-ups or can everyone conduct his business via “Austria Limited”? If there are no longer any differences from the “normal” GmbH, who will conduct business through a “normal” GmbH?
The details should be published soon – we will continue to pursue this topic.
This article is only general information and does not replace legal advice. Haslinger / Nagele Rechtsanwälte GmbH assumes no liability for the content and accuracy of this contribution.
6. July 2020
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