Update On Austrian Legislation On Corporate Digitalisation Matters

1. Austrian Company Law Digitalisation Act 2022 (Gesellschaftsrechtliches Digitalisierungsgesetz 2022)

We reported on the draft of the Austrian Company Law Digitalisation Act 2022 (Gesellschaftsrechtliches Digitalisierungsgesetz 2022) in our TTP newsletter in September 2022. This law has now passed the first chamber of the Austrian parliament (Nationalrat) and is slated to come into effect at the beginning of December 2022.

Among other things, the law provides for faster registration of new legal entities in the Commercial Register, free online access to short-form Commercial Register information, the possibility to pay share capital to banks located in the European Economic Area and not only to Austrian banks, and reduction of fees payable to the Commercial Register courts.