The key laws that must be taken into consideration when buying a company in Austria are:
The Federal Competition Authority is required to investigate any purchase of a company leads to a company merger and this causes certain turnover thresholds to be exceeded (as set out in Article 9 of the Cartel Act).
Buying an existing company, with an already established structure, can be a good way of expanding your business.
Any company merger that causes certain turnover thresholds to be exceeded must be reported to the Federal Competition Authority so that it can instigate an investigation under the Cartel Act.
Four copies of the notification should be submitted either in person or by regular mail.
The following steps are necessary when purchasing a business:
Advice on establishing a company, financial advice and legal advice should be sought.
The business must be registered with the relevant business authority (district authorities or magistrate).
Transferring a sole proprietorship or company that is registered in the Commercial Register.
- The business must be registered with the social security authority for industry (within the first four weeks).
The type of business activities must be registered with the tax authorities and an application for a tax ID number must be applied for within the first four weeks after the commencement of business activities.
Legal succession after re-organisation
The Austrian Federal Economic Chamber provides information about the opportunities and risks involved with purchasing companies.
Useful information for people living and working in Austria is available from HELP, the Austrian government help service or the Business Service Portal USP.