Formal registration of companies has many immediate benefits for the companies and for business owners and employees. Legal entities can outlive their founders. Resources are pooled as several shareholders join forces to start a company. Formally registered companies have access to services and institutions from courts to banks as well as to new markets. And their employees can benefit from protections provided by the law. An additional benefit comes with limited liability companies. These limit the financial liability of company owners to their investments, so personal assets of the owners are not put at risk. Where governments make registration easy, more entrepreneurs start businesses in the formal sector, creating more good jobs and generating more revenue for the government.
| No. | Procedure | Time to Complete | Associated Costs |
|---|---|---|---|
| 1 | Obtain the confirmation from the Economic Chamber that the start-up company is really a new enterprise | 1 day | no charge |
| 2 | Notarize the statutes/articles of association or the declaration of establishment | 4 days | EUR 1,500 |
| 3 | Deposit the minimum requirement of cash capital in the bank | 1 day | no charge |
| 4 | Registration at the local court (Handelsgericht) and publish an announcement of formation in the Wiener Zeitung | 7 days | EUR 30 registration fee for private limited companies + publication fee of EUR 40 for first 5 lines and EUR 6 for each additional line (assuming 35 total lines) |
| 5 | Tax Office registration (obtain a VAT number) | 12 days | no charge |
| * 6 | Register trade (Gewerbeanmeldung) with the trade authority (Bezirksverwaltungsbehörde) | 1 day (simultaneous with procedure 5) | no charge if exemption is granted under Procedure 1; otherwise stamp duties vary depending on the type of trade intended and whether the trade and/or profession only requires registration or it requires permission by authorities (i.e. particular professional qualification must be proven). |
| * 7 | Register employees for social security | 1 day (simultaneous with procedure 5) | no charge |
| * 8 | Register with the municipality | 1 day (simultaneous with procedure 5) | no charge |
* Takes place simultaneously with another procedure.