Startups | INVEST in AUSTRIA (2024)

FAQs

How many startups are there in Austria? ›

More than 3,300 startups have been established here since 2011 featuring numerous success stories, including unicorns such as the trading platform Bitpanda and the learning platform GoStudent, both of which rank among the European flagship companies in their respective business areas.

Starting a business in Austria can be quite simple. That is, at least as far as requirements go. This is because any citizen of an EU country, Switzerland, or the European Economic Area can open a company without any requirements. However, foreigners from outside these areas must first get a residence permit.

Vienna has 344 startups in our sample database. This represents about 60% of Austria's startups. Vienna is the highest-ranked startup ecosystem in Austria.

The Austrian startup ecosystem, known for its innovation and dynamic spirit. With a strong emphasis on research and development, Austria has cultivated a fertile ground for startups to thrive, particularly in sectors such as advanced manufacturing, renewable energy, and information technology.

The most important industrial sectors in Austria are: Food and Drink industry. Mechanical and Steel Engineering. Chemical and Automotive industry.

The United Kingdom, particularly its capital city London, continues to dominate the European startup ecosystem, firmly establishing itself as the strongest representative in both country and city rankings worldwide.

1. The Netherlands. The Netherlands is routinely ranked among the easiest countries to start a business in Europe. The Netherlands is one of the biggest economies of the word and is renowned for its open economy, transparent corporate procedures, and multilingual workforce.

Additionally, you must pay EUR 47.30 to obtain a trade license in Austria. The typical fee for Austrian company registration is 14,920, which covers all administrative fees, company establishment, establishing a domestic business bank account, and other costs.

Working in Austria as a Foreigner

No matter where you come from, having a good grasp of the German language will give you a better chance of getting a job in Austria. If you plan to work in the capital Vienna, there should be ample job opportunities in industries, like research, IT, tourism, and the service industry.

Are salaries in Vienna high? ›

With a monthly cost of living of €1,717, living in Vienna is more expensive than in other Western European capitals like Berlin or Paris. However, Vienna's high salaries make it manageable. The average gross annual salary in Vienna is €51,219 (or €4,268 monthly).

The report noted that Vienna continues to offer "an unsurpassed combination of stability, good infrastructure, strong education, and healthcare services, and plenty of culture and entertainment".

In 2022, agriculture contributed around 1.31 percent to the GDP of Austria, 26.18 percent came from the industry and 62.11 percent from the service sector.

Austria boasts one of the highest standards of living. Its economy is tied closely to Germany, its main trading partner. The nation's top economic sectors are services, industry and agriculture. Austria is a major tourist destination, helped largely by the Alps mountain range to the west and south.

The sharp rise in interest rates as a result of restrictive monetary policy is having a negative impact on investment demand across Europe. Countries specialising in capital goods, such as Germany, the Czech Republic and Austria, are particularly affected.

The United States maintains its position as the leading country. Despite its population being just a fraction of China and India, the United States solidly maintains its first-place position in the total startup output rankings.

In 2021, there were 29,437 Austrian companies in the ICT sector.

Given the structure of Austria's economy, in which small and medium-sized enterprises ( SMEs ) account for more than 99 percent of all businesses, it is no surprise that SME policy is a cornerstone of economic policy. Austria´s 358,600 SMEs are highly diverse.

It may be a small country, but Austria punches far above its weight when it comes to innovation and venture capital. Over 3,300 startups have popped up in the country since 2011, employing approximately 31,000 individuals.