Too expensive, too complex, too inflexible: In recent years, the start-up scene has hardly kept quiet about criticism of the hurdles on the way to self-employment. Austria not only puts obstacles in the way of founders, but also loses its attractiveness as a location, so the tenor. Now that is about to change – with a new legal form. “It’s about reducing bureaucracy. This not only affects start-ups, but also small and medium-sized companies that bring in partners,” said Werner Wutscher, entrepreneur and member of the start-up committee based in the Ministry of Economic Affairs, during an online discussion of the OÖN.
“FlexCo” or “FlexKapG”, i.e. flexible corporation, should be the name of the new legal form. So far, founders have often chosen a limited liability company or stock corporation. The GmbH requires effort when raising capital and employee participation, the AG requires a start-up capital of 70,000 euros and organizational skills.
The flexible corporation was already anchored in the government program in 2020, but is still awaiting implementation. A specific timetable is unclear. “The ball is currently in the hands of the Ministry of Justice,” said attorney Philipp Kinsky from Herbst Kinsky in Vienna. Together with two colleagues, he prepared an expert opinion on behalf of the Ministry of Economic Affairs.
Among other things, it states that articles of incorporation and deeds can also be written in English and that the obligation to notarial deeds should be reduced. In the latter case, however, the Ministry of Justice is still braking, says Kinsky, because according to the Ministry of Justice, the obligation fulfills important purposes for the commercial register. In the future, it should be possible to found a FlexKapG from a capital of 10,000 euros – digitally and within a few days.
During the discussion, Anna-Maria Brunnhofer also criticized the previously high equity requirement for future founders. “It often seems as if this prevents some from being able to carry out their business activities,” said the woman from Linz, who with her company AMB Technology measures body data with artificial intelligence and thus paves the way for tailor-made fashion. “Austria is often an island of its own when it comes to start-ups,” said Brunnhofer. In the USA, on the other hand, it is already possible for an investor to transfer $100,000 to a company with a click of the mouse on a website.
“Golden Plating” as a brake pad
Monika Köppl-Turyna, director of the economic research institute Eco Austria, said that Austria lags behind other countries in Europe such as Denmark, Sweden or the Netherlands when it comes to the costs and duration of setting up a company. This inhibits competitiveness. Axel Greiner, President of the Upper Austrian Federation of Industry, said there was good cooperation between the start-up sector and industry. But “golden plating”, i.e. implementing requirements down to the last comma, and a lack of economic understanding on the part of some authorities are brake blocks. (Rome)
Source: Nachrichten
