Austria Economy and Politics

Since the end of the World War II, Austria has achieved high economic growth facilitated by the growth of metallurgical, textiles, and machinery industries. Organic farming has also been on the rise in Austria with an overall share of 22% of its total economy. This makes Austria one of the leading countries for organic farming in Europe. Joining the EU in 1995 ensured that the country also benefited from the huge European market. There was a boom in tourism caused by favorable government policies. According to the World Bank, Austria’s GDP per capita was $386.4 billion making it one of the 14 richest countries in the world.  On the other hand, the country has experienced challenges trying to assimilate migrants and strains on labor markets which are caused by the aging population.

The success of the country has been achieved by political stability which has created a positive investment climate. The judiciary is also considered independent, meaning it has the authority to protect individual properties and rights. Corruption in Austria is also relatively rare.

2021
April 5Easter Monday
May 1Labor Day / May Day
May 13Ascension Day
May 24Whit Monday
June 3Corpus Christi
August 15Assumption of Mary
October 26National Day
November 1All Saints’ Day
December 8Immaculate Conception
December 25Christmas Day
December 26St. Stephen’s Day
  • Gen (Genossenschaft; types: Erwerbs- und Wirtschaftsgenossenschaft)
  • Privatstiftung
  • Verein
  • e.U. (eingetragenes Einzelunternehmen))
  • Kapitalgesellschaften
    • AG (Aktiengesellschaft)
    • GmbH (Gesellschaft mit beschränkter Haftung)
  • Personengesellschaften
    • stG (stille Gesellschaft)
    • GesbR (Gesellschaft des bürgerlichen Rechts)
    • OG (offene Gesellschaft): ≈ general partnership
    • KG (Kommanditgesellschaft): ≈ limited partnership
      • GmbH & Co. KG: KG in which a GmbH is the general partner.
  • Corporate Tax: 25%
  • Income Tax (Lowest Marginal Rate): 0%
  • Income Tax (Highest Marginal Rate): 55%
  • VAT/GST/Sales Tax: 20% (standard rate), 13% (tourism services), 10% (basic items)
  • LGT Bank AG (Local Bank)
  • UniCredit Bank Austria (Local Bank)
  • Austrian Anadi Bank AG (Local Bank)
  • VTB Bank (Europe) SE – ZNdl. Wien (Commercial Bank)
  • Bank Austria Wohnbaubank AG (State Bank)
  • Bank Austria (State Bank)
  • ING-DiBa Austria (Foreign Bank)
  • Allianz Investment Bank AG (Private Bank)

Aadmi can support you with your expansion to Austria. Our team of experts in country manage every aspect of your expansion from incorporation, accounting, legal, and even administrative concerns.  Matched with Global People Strategist’s powerful labor compliance software, your company is in good hands.

Contact us today for more information about how your company can benefit from using Aadmi as your global expansion partner.

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