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…
Click on the link below to read the rest of the Schoenherr briefing.
News from Schoenherr
Briefings from Schoenherr
In Romania, a new law on employee inventions entered into force on 29 June 2014. The law abrogates former provisions on employee inventions set forthby the country’s Patent Law.
Serbia: seconding Austrian nationals to work in Serbia and applying the Double Taxation Treaty between the two countries
It is commonplace for foreign companies active in Serbia, including Austrian firms, to second their employees to the country via their affiliates or business partners.