Virtual Shareholder Meetings Act (Virtuelle Gesellschafterversammlungen-Gesetz – VirtGesG): Creation of a permanent legal basis for virtual and hybrid meetings
With the Virtual Shareholder Meetings Act (VirtGesG) passed by the National Council on 7 July 2023, the option of holding shareholders’ meetings without the physical presence of participants, which had been introduced on a temporary basis in times of the pandemic, has now been implemented in the law on a permanent basis. Therefore, virtual and/or […]
Young, innovative and growing start-up companies often do not dispose of the necessary financial means to be able to offer monetary incentives to committed employees. The possibility of granting company shares to employees through employee share purchase plans is not particularly profitable given the current legal situation, since employees have to pay income tax when […]
Corporate Law Amendment Act 2023 (GesRÄG 2023, Gesellschaftsrechts-Änderungsgesetz 2023): Introduction of Flexible Company and reduction of minimum share capital to EUR 10,000 for Limited Liability Companies
Start-upn 26 May 2023, along with the Austrian Start-ups Promotion Act (Start-up-Förderungsgesetz), the draft GesRÄG 2023 was published, which aims to create considerable incentives and relief for start-ups and the incorporation of companies in general. In particular, the new company form called Flexible Company (FlexCo) will be introduced and investments in such a company will […]
National Council passes Austrian Whistleblower Protection Act
The Austrian Whistleblower Protection Act (HinweisgeberInnenschutzgesetz, HSchG) was finally passed by the National Council on 1 February 2023 – after the elapsed December 2021 deadline for the transposition of the EU Whistleblowing Directive. What must be observed going forward? Obligation for companies and legal entities in the public sector with more than 249 employees to […]
New extension of deadline for shareholder meetings and financial statements
On 19 May 2022, the Austrian Parliament resolved to again extend the deadlines for the preparation, adoption, and disclosure of financial statements, as well as for the holding of annual general meetings. We provide an overview of the current changes below: Preparation and disclosure of financial statements Hitherto, the following rule applied: If the preparation […]
Additional extension of due dates for annual financial statements
On 4 April 2020, the 4th Austrian COVID-19 Act was passed, which amends the COVID-19 Company Law Act (COVID-19-GesG) of 22 March 2020 and introduces additional simplifications for businesses in terms of compliance with their legal obligations. The following due dates and exceptions now apply under Austrian company law: This article represents the information available to us […]
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