Austria the Unknown Neighbour?

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2 Austria the Unknown Neighbour? Marion Biber, Director Southern Europe Slovenia, April 2012 ABA-Invest in Austria Folie 2

3 Surely you know Austria like this Folie 3

4 but did you also know Production sectors as percentage of GDP, 2010 Austria 29,2 Germany 27,8 Japan 27,3 Switzerland 27,2 EU-27 24,7 Netherlands 23,7 USA 21,3 UK 21,8 France 18,8 Source: OECD, Eurostat Folie 4

5 did you also know Folie 5

6 and that? Folie 6

7 Austria s R&D expenditures grow above average As a percentage of GDP *Forecast ,9 2,7 Germany Austria 2.79 * 2,5 2,3 2,1 1,9 EU-25 1,7 1, Source: Eurostat Folie 7

8 The Austrian market - small but profitable 8.4 million inhabitants 50 m. consumers within 400 km GDP/capita: 32,110 #4 in the EU regarding purchasing power GDP growth 2011: 3.2% Inflation 2011: 3.4% Folie 8

9 In the heart of Europe Folie 9

10 Attractive for regional headquarters Some 300 international companies have their CEE headquarters in Austria, for example: Regional CEE HQs examples Folie 10

11 Motivated workforce 10=Employees identify with the company s goals Denmark 1 Switzerland 2 Austria 3 Germany 8 Netherlands 11 Japan 15 USA 21 Belgium 23 Czech Republic 27 United Kingdom 35 Hungary 41 Poland 43 Italy 48 France 51 Source: World Competitiveness Yearbook ,09 7,92 7,73 7,24 7,14 6,88 6,47 6,42 6,05 5,7 5,24 5 4,77 4,42 Folie 11

12 Labour law basic information There is no general minium wage, minimum wages regulated in sectoral agreements Wages paid 14 times per year Working hours: 38.5 or 40 hours / week (excluding lunch brake) Usually 25 days vacation per year New system for severance payments no need for provisions Employees may be dismissed without stating a cause Folie 12

13 Labor Regulations Changes Effective May 1, 2011 End of the transition period for employees from the new EU Member States Work permit is no longer required Within 3 months only a registration certificate with the responsible immigration authorities must be applied for Employees must be employed in accordance with the minimum conditions stipulated in prevailing wage and labor regulations Folie 13

14 Economic and social stability Eurozone Lowest strike rate High level of personal security Reliable legal system Folie 14

15 Competitive office rents reduce your operating costs In Euro per m² and year Berlin 294 Budapest Vienna Prague Amsterdam Warsaw Rome New York Frankfurt Zurich Paris Moscow Tokyo Hongkong London Source: CB Richard Ellis, 11/2010 Folie 15

16 Constitution of a limited company in Austria (GmbH) Minimum share capital Articles of Association signed by notary deed Time for registration at company register appr. 2 weeks Cost of constitution ca. 10% of share capital Taxation 25%, minimum tax /year Folie 16

17 Trade license Non-regulated (e.g. trade/commerce) or regulated trades (e.g. restaurant, construction) Holder of the trade licence has to be appointed Can also be employed (at least 20 hours/week) General prerequisites: Over age of 18 Austrian or EU citizen No reasons for exclusion (e.g condemnation) Special prerequisites depend on activity Folie 17

18 Investor-friendly Tax System Corporate tax rate: 25% Modern group taxation Tax premium for R&D: 10% Double taxation treaties No Black List Folie 18

19 Taxation of physical persons AUSTRIA SLOVENIA EUR % EUR % % % ,5% % ,2% > % > % Employer s cost: (gross salary*14) + appr. 30% Source: Leitner & Leitner, 02/2012 Folie 19

20 Taxation of physical persons examples Gross salary Net salary in Austria Net salary in Slovenia Source: Leitner & Leitner, 02/2012 Folie 20

21 Incentives support your project Examples: Fiscal for R&D and training of staff Grants/credits with low interest rates for investments in production up to 25% Grants/credits with low interest rates for R&D projects up to 50% Folie 21

22 ABA-Invest in Austria Consulting company owned by the Ministry of Economic Affairs Consulting services and information for international investors - free of charge 29 employees International network Cooperation with the regions Folie 22

23 What we can do for you Consulting services fast, non bureaucratic and free of charge General information on Austria as a business location Market data Legal and tax issues contact network Labour laws, labour costs Site identification Information about incentives and public contributions Organisation of fact finding missions Folie 23

24 ABA at Your Service! Marion BIBER Director Southern Europe Tel: Folie 24