Foreign investors who want to do business in Austria can set up fintech companies as the country is currently one of the most appealing European destinations in this field. Not long ago, the government has launched various programs for startups, many of these companies operating in the fintech sector which is why Austria now has a ‘fintech ecosystem’.
Our company formation consultants in Austria can explain the legislation applicable to financial companies interested in adopting technology in order to improve their services.
Table of Contents
Financial technology in Austria
Fintech is short from financial technology which in Austria is the main industry startup companies operate in. IT companies and financial ones are the most prolific fintech businesses in the country because of the large number of communities and incubators created in the last few years.
The government also has created various programs through which fintech companies can access funds and benefit from many tax advantages. Among the programs for fintech companies are:
- – the Startup Program enabled by the government which provides for tax exemptions on dividends;
- – the Elevator Lab which is a platform dedicated to fintech companies;
- – venture capital funds through which fintech companies can raise money.
Our Austrian company formation agents can assist with the registration of a startup company.
Austrian company registration on the fintech industry
Foreign and local investors who want to start fintech businesses in Austria can choose between the several types of companies accepted by the Commercial Law. The company incorporation process is quite simple and does not imply any special requirements as long as the company is not a financial institution.
In the case of financial companies, certain share capital requirements and licensing procedures with the Financial Supervisory Authority in Austria are necessary.
Among the services which can be provided by a fintech company in Austria are:
- – digital payment solutions;
- – the creation of crowdfunding platforms;
- – robo-advisory services;
- – blockchain technology and virtual currency creation.
Our accountants in Austria offer complete solutions and special packages for fintech companies. All locally-registered legal entities need to comply with the Austrian Commercial Code, and will prepare the annual financial statements as directed by law. Our team assists companies not only in the preparation of these statements, but also with financial analysis as needed, counselling, payroll management, and more.
If you want to set up an Austrian fintech business and need assistance, do not hesitate to contact our local advisors.