International business establishes companies in Austria for the purposes of trading, logistics, in some cases foreign entrepreneurs establish travel business in Austria.
In Austria a big number of business-activities is subject to regulations of the Economic activity code 1994 (Gewerbeordnung).
Among such business-activities:
- dental services
- orthopedic services
- pharmaceutical services
- business- and investment consulting
- hotel services
- real estate sale services
- insurance broker services etc.
In order to conduct one of these business-activities it is required to receive a trade license.
Moreover, in order to conduct these business-activities it is required to appoint 2 managing directors - the one acting on the basis of Austrian corporate law (Gewerberechtlicher) and the one acting on the basis of the Austrian trade law (Geschäftsführer). These managing directors have to be resident in the EU.
These two positions can be held by the same individual if they fit the requirements of the Austrian trade law. Managing director acting on the basis of trade law needs to ensure compliance of a business-entity with the licensing laws.
Restricted for foreign entrepreneurs are the following sectors:
- energy sector
- banking and insurance (a special license from the Ministry of Finance is required)
- lottery and gambling
- radio- and telecommunication services
- postal services.