The key national laws for winding up businesses in Austria are:
Types of closure
Voluntary winding up
An entrepreneur who decides that he/she wishes to discontinue operating as a sole proprietor can do so by winding up the business. A company can be dissolved by means of a shareholders’ resolution.
When filing for bankruptcy is the only option left for a business owner, it pays to cut losses, initiate proceedings sooner rather than later, and move on to a new business project.
Notification of discontinuation of business
The procedures for reporting the closure of a business are the same for individual enterprises and for corporations, unless it is necessary to delete the entry in the Commercial Register.
The district authorities or magistrate must be informed of the cancellation of the business licence. The entry in the business register can only be deleted once this has been done.
Individual enterprises that are entered in the Commercial Register must apply to the relevant Commercial Register authority to have the entry deleted.
The dissolution of a company is divided into two steps. These are the shareholders’ resolution to dissolve the business and the final closure once the relevant Commercial Register authority has been informed again.
Notification of the social security authority
The business authorities always inform the social security authority for industry about the cancellation of a business licence.
Notification of the fiscal authorities
If the business activities of a corporation are terminated for any reason, this must be reported to the fiscal authorities.
An employee whose employment with a business has come to an end must fill in a de-registration form to de-register from the respective regional health fund.
Useful information for people living and working in Austria is available from HELP, the Austrian government help service or the Business Service Portal USP.