In 2017, a record 30,000 new companies were established in Austria. That’s a rise of 1.9% compared to the year before, as the Austrian Chamber of Commerce (WKÖ) proudly announced. Around 70,000 new jobs were created by these fledgling enterprises; even set against companies going out of business, the balance looks promising: for every failing company, six new ones were started. Single-person enterprises make up the bulk of newly founded companies at 76.3%, while classic limited liability companies make up 12.5%. One of the stated goals of the WKÖ for the future is to make private limited companies more attractive by lowering the required basic capital to €10,000. Encouragingly, more than 45% of all new companies in 2017 had female founders – an all-time high and an increase of 16 per cent over the last twenty years.
NEED TO KNOW
The main motives to start a business for new entrepreneurs are the wish for more flexibility in their daily life and the desire to be their own boss.
WHAT OTHERS SAID
“The voices of our young people cannot be ignored.” – WKÖ President Christoph Leitl commenting on the number of startups.