To register a legal entity in Austria, we recommend choosing a registration agent – it could be a company or a specialist who provides full or partial support to the process.
In case of full support, you will initially only have to provide the details of the founders, scanned copies of your personal documents (passport and address) and the name of the future company, which has to be checked by a notary before it can be used. It is better to prepare a list of possible names to choose the one that can be used in the region (in our case in Vienna).
Next, the agent prepares all the necessary papers, namely the memorandum of association (translated if the founders do not speak German), in which the decisions of the founders and all data are carefully documented. The next stage is the signing of the agreement at the notary’s office. If the agent provides full support, all this will be organized by him, and the founders only need to appear at the appointed time and place to sign it. In case the founders are foreigners and do not speak German, the process must be carried out with the assistance of a legally certified interpreter, who will also sign the documents. Thereafter, the share capital of the company is paid in.
Usually the registration agent arranges for the company account to be opened by this time immediately after the incorporation documents have been signed. In this case, the share capital can be paid in immediately after the documents have been signed. However, this procedure is entirely dependent on the policy of the chosen bank, which may require time for verification of documents or at the last moment refuse to open an account for the company with foreign investors during the registration process. If the account was opened successfully after signing the documents, the share capital can be transferred to the account, and it becomes active immediately after receiving the confirmation of registration (in at least 3-4 weeks). Money is not blocked in the account and can be used for the company’s needs after registration.
Next is the registration of the act of incorporation with the Registry of Legal Entities, including the bank’s confirmation of the payment of the share capital. This stage is also carried out by the agent, who, together with the notary, ensures that all necessary documentation is created and transmitted to the court, which subsequently examines the documents and makes a decision.
Thus, if the registration agent has been correctly selected, the founders need to submit their primary data and scanned copies of relevant documents, check the final version of the memorandum of association, appear at the signing of the contract before the notary and deposit the share capital. Everything else is provided by the agent, who carefully discusses with the founders the procedure, timing and cost of such a package before starting work.
