The investment policy of Austria.
The investment policy of Austria.
The uniform state certificate regulating the relations in
To investment sphere, in Austria does not exist. An order and conditions
Realisation of investments and various forms of their stimulation
Are fixed in a number of federal and ground certificates and instructions on
To concrete questions. Main principle of a state policy
Austria in this area - granting to investors of a freedom in choosing
Directions of investment and sources of their financing. Straight lines
Restrictions of investment activity in any branches
The state does not establish. Thus on occasion
Capital investments can restrain necessity of reception
The special permission (concession) for realisation
Certain kinds of economic activities, requirements on
To preservation of the environment and other instructions, directly
Not connected with investment questions.
To foreign investors on the terms of reciprocity in Austria
The national treatment is given. The requirement about reciprocity,
However, substantially has formal character and on
To practice does not interfere with realisation of capital investments from those
The countries in which the Austrian investments do not use the similar
Mode. Foreign investments are supposed in its all branches
Economy except for the defensive industry, the enterprises and
The organisations which are on budgetary financing (the federal
Railways, mail and telegraph, radio and TV), and also
Branches and the kinds of activity which are the state
Monopoly (the mining industry, manufacture of the tobacco
Products and spirits).
Foreign capital investments can be made as for the purposes
The organisations of joint business on the basis of the mixed
The capital, and for the business which are carried out
Completely on the basis of the foreign capital (establishment of branches and
Branches of foreign firms, creation of completely belonging
To the foreign companies of branches with the independent
Legal status, etc.). Joint business in
Austria it is usually carried out in the form of the enterprises, which
Are created or by capital investments by both parties, or
By acquisition by the foreign investor of a certain share
Participations in the capital of the existing enterprise.
Joint ventures are created basically in the such
Organizational-legal forms, as full and kommanditnoe
Association, society with limited liability and
Joint-stock company. Two last forms, as prevail
They have the status of the legal person and accordingly give
Optimum conditions in respect of restriction
Responsibility of participants under society obligations.
In the form of a society with limited liability can be
Any enterprise except for insurance is formed and
Banking establishments for which the form of the joint-stock is obligatory
Societies. For creation of a society with limited liability
Presence, at least, two founders is necessary
(Participants) whom can be as physical, and
Legal bodies. Ustavnyj the capital of a society from the limited
Than 500 thousand cannot be responsibility less and. shill. Not less
Half of authorised capital should make money resources.
Thus not less the one fourth part of a payment of each participant
Also is subject to payment in the monetary form.
The legislation provides two obligatory bodies:
The managers which position is in many respects similar to position
Members of board of joint-stock company, and general meeting
Participants. As managers can be appointed only
Physical persons. The Austrian citizenship is not obligatory
Condition for performance of functions of the manager. However in any
Case one of managers (irrespective of citizenship) should
Constantly to live in Austria. Besides managers business management
Societies with limited liability, and also
Society representation in these affairs can carry out
Special representatives of the person - prokuristy.
For joint-stock company creation also it is required at least
Two founders. As founders can act as
Physical, and legal bodies. Ustavnyj the capital of the joint-stock
Societies should be not less than 1 million and. shill. It is supposed
Education of the authorised capital both at the expense of monetary, and for
The bill of property contributions. Thus at least 25 % of the authorised
The capital should be brought in the monetary form at the moment of creation
Societies. Obligatory bodies of joint-stock company are
Board, the supervisory board and general meeting of shareholders.
Any restrictions concerning participation of foreign citizens in
Board and the joint-stock company supervisory board
The Austrian legislation does not contain. Annual reports
Joint-stock company, including its balance and the bill of profits and
Losses, are subject to obligatory publication.
Both a society with limited liability, and joint-stock
The society is got by the rights of the legal person since the moment
Passages of trading registration which is carried out by
Entering of a specification on the enterprise in the trading register,
Which conducting is carried out by trading courts on
To enterprise site.
Besides trading registration for conducting the economic
In Austria it is required to activity (depending on a kind of this
Activity) reception of the permission or passage of registration,
Provided by the Austrian trade legislation,
Extending both on legal bodies, and on the individual
Businessmen, small dealers and handicraftsmen. According to
To the trade legislation, all kinds of the economic
Activity are subdivided on two basic categories:
kontsessionnye (for example, manufacture and sale of the weapon, explosive
Substances, coppers and devices of a high pressure, medicines,
The maintenance of hotels, taxi, etc.) for which conducting it is required
Concession reception, and registered (in particular, trading
Activity), the basic condition for which conducting is
Stock-taking of corresponding vocational training.
With reference to the legal body check of the professional
Preparations consists that it should present to the regional
Administrations (which carries out the specified registration)
The documents testifying to presence of necessary qualification at
One of managers, members of board or prokuristov.
For creation of banks and insurance societies it is required special
The permission of the Federal Ministry of Finance.
Great value for investment activity and creation
Joint ventures has a mode existing in the country
The taxation. The tax system of Austria is rather difficult and
Totals about 100 various taxes and tax collections. The cores
The taxes used by the state as tools
Economic policy and making direct impact on
Economic activities of the enterprises, are korporatsionnyj
The tax, the municipal tax, gathering in fund of family grants and the tax
On the added cost (the tax from a turn). Korporatsionnyj the tax
It is raised from the enterprises and firms at a rate of 34 % of the taxable
Profits. The municipal tax is paid at a rate of 3 % from fund
Wages. Gathering in fund of family grants also is deducted
From the wage fund sum (4,5 %).
The value-added tax (VAT) is indirect and
It is raised from the added cost at each stage of movement
The goods from the manufacturer to the end user. The businessman
Pays the VAT at a rate of a difference between the sum charged on
To current rates from its turn (depending on goods kind:
Usual - 20 %, reduced - 10 %), and the sum which already was
It is paid by the previous businessman at whom it is got
The goods. As a result, definitive payment of the tax is made by the final
The consumer in the goods price. Calculations under taxes are reflected in
Tax balance of the enterprise which, as a rule, is made
With assistance of the special tax advisers involved
The enterprise on a contract basis. Check and acknowledgement
Tax balance it is made by the tax bodies entering in
System of the Federal Ministry of Finance. Infringements tax
Legislations involve administrative and criminal
Responsibility.
In Austria has developed and the branched out system operates
Financings and encouragements of investment activity.
The state support of investment activity
It is carried out in forms of direct budgetary financing and
The mediated financing and stimulation. Direct
Constant budgetary capital financing
It is given only to the budgetary organisations (federal
Railways, mail and telegraph, etc.). Target
Single financing from the federal budget, and also from
Means of the federal earths and communities it is given at realisation
Projects of nation-wide or regional value. At
Allocation of such financing necessity usually start with
Decisions of problems of development of separate regions and maintenance
Employment of the population, the decision of questions of preservation of the environment,
Developments of an infrastructure, etc.
As a whole direct budgetary financing in Austria is carried out
Regularly also has no any specific
Features. The mediated financing and stimulation
Capital investments it is carried out through system of special funds,
And also within the limits of federal and regional programs. Funds
Are formally independent organisations. Them
Activity is closely connected with activity of banking establishments
Also it is in most cases realised through the mechanism of the bank
Crediting.
Operations on crediting of investments with use of grants
Funds all universal can practically be engaged
Commercial banks. At the same time in Austria are available
Specialised banks for which these operations are
Activity principal view. Largest of them -
"Investkredit", carrying out according to the charter
Operations on "to financing and stimulation of the investment
Projects of the enterprises in Austria and to attraction of means
Refinancings of this activity "." Investkredit "gives
Long-term crediting on 10 - 15 years, as a rule, on large
To projects under the firm interest rate on all period of validity
The credit that gives the chance with sufficient accuracy to calculate
Expenses for realisation of the investment project irrespective of
Possible changes of a conjuncture in the capital market.
The basic directions and toolkit of stimulation,
Given through funds, are concretised and in details
Are regulated in the corresponding developed by funds
Instructions which are various depending on fund and
Applied tools of stimulation. Subsidising
Investment crediting it is carried out also in frameworks
Federal and regional programs. For their realisation not
It is created the special organisations of type of funds. The mechanism
Subsidizings within the limits of programs consists in granting by banks
Investment credits under the preferential rate with indemnification to bank
Differences between the preferential and market rate from specially
Means of the federal budget allocated for these purposes, and also
Budgets of the federal earths and communities.
Carrying out capital investments, the enterprise-investor with the help
The bank chooses the optimum form of use
Stimulations of investment activity, but not less than 25 - 30 %
Volume of investments should make own means
The investor.
In Austria indirect stimulation is carried out also
Investment activity of the enterprises by number granting
Tax privileges. The enterprises have the right to use these
Privileges without reception of any special permissions at
Condition of reflexion of corresponding calculations in the tax
Balance.
The basic tax privileges concern я п п п?я я я п п :.
Granting to the right enterprise to reduce the taxable
Profit on 20 % of the sum of the carried out capital investments on development
Capacities in addition to the annual
To amortisation percent provided that amortisation term
Makes not less than 4 years;.
Clearing of the taxation of 10 % of annual profit at
Condition, that this sum goes on creation of the target
Investment fund which should be used during
4 years;.
Granting to the enterprises which are carrying out
The research and design workings out having
Economic value (that should be certified
The federal Ministry of Economics), the rights to reduce
Taxable profit for the sum exceeding the real
Capital investments on these workings out on 12 %. If the enterprise
Carries out as well introduction of such workings out, specified
The indicator increases to 18 %.
In 1996 in Austria revival of the investment was observed
Activity. The annual volume of foreign investments has reached, on
To estimations of experts of the Austrian national bank, 41,5 billion and.
shill. Against 17,3 billion - in 1995 Thus 85 % of all foreign
Investments it was necessary on a share of Germany.
The Austrian capital investments abroad in 1996 have made 15,2
Billion and. shill. Against 10,5 billion in 1995 the Total sum of investments
The Austrian firms in Russia it is estimated approximately in 200 mln. dollars,
From which about 15 % are enclosed in the industrial enterprises. (On
meterialam the Trade missions of the Russian Federation in Austria).
//* an information Source: BIKI, 10.07.97
//* Reg. Nom. - 6070700086.06-------------------------------------------
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