Austria: abolishment of GmbH ‘light’

The amendments to Austria’s federal tax law (Abgabenänderungsgesetz 2014 — AbgÄG 2014), by which inter alia the Limited Liability Companies Act (GmbHG) is amended, were published (BGBl I 2014–13) on 28 February 2014 and came into force on 1 March 2014.

The minimum share capital of a limited liability company (GmbH), which had been reduced to €10,000 (£8,360) by the GesRÄG 2013 (BGBl I 2013/109) in 2013, has been raised again to the pre-GesRÄG 2013 level of €35,000. Out of the share capital to be contributed in cash, once again at least €17,500 — instead of the reduced amount of €5,000 under GesRÄG 2013 — must be paid in when founding the GmbH.

In order to keep the legal form of a GmbH attractive also for entrepreneurs with more limited financial resources, the newly introduced §10a GmbHG provides for a foundation privilege (Gründungsprivilegierung). Such privilege enables the founding of a GmbH with a ‘privileged’ amount of cash contributions (gründungsprivilegierte Stammeinlagen) of only €10,000, whereby an amount of €5,000 must be paid in. Contributions in kind are not possible in such case…

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