Austria: New rules for private limited liability companies

 The new rules governing private limited liability companies have come into force on 1 July 2013. The most relevant change is the reduction of the minimum capital for newly founded companies from 35,000 to 10,000 euro. However, only half of this amount has to be contributed in money while the second half may consist of contributions in kind.

If the contract submitted to a notary public meets all requirements as far as the content is concerned und if the new private limited liability company is founded by a natural person, the related costs, which currently are cut from 1,100 to 600 euro approximately, are further reduced.

 

Alessandro Pasut

The new rules entail also changes in the management of a company. Already previously managing directors were

obliged to convoke an extraordinary general meeting whenever the book keeping showed a loss of half of the registered capital. As of 1 July the meeting has to be convoked also if the equity ratio emerging from the balance sheet falls below 8% and the notional period of discharge of debts is more than 15 years. Resolutions passed by the general meeting have to be communicated to the tribunal keeping the commercial register.

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