Austria has a small but very well-developed economy, with a highly globalized and skilled labor force. The major components of the economy include manufacturing, engineering, and luxury goods production. Regulations have been minimized to allow easy access to start a business by foreign investors, but there are many steps to begin that can be time-consuming.
All businesses are required to have a trade license. Austrian banks can handle business ventures for small to medium businesses, while the larger corporations partner with international banks. Recent reforms have created tax relief when profits are spent on education or research and development, and taxation is based on a progressive taxed system relative to income.
As of 2018, the unemployment rate is at 4.8%, making Austria an attractive place to expand your business. Payroll and tax regulations change each year, so having a partner with in-country expertise is vital to success. Blue Marble Payroll is the leading provider of international payroll services for companies that are launching or expanding operations in Austria. From exceptional in-country payroll knowledge to advanced payroll technology, we equip your business with the tools you need to achieve full compliance in Austria.