Business bank account in Austria: from capital deposit to daily banking

GmbH or FlexCo: minimum capital of EUR 10,000

A business bank account in Austria is used by a company entered in the Firmenbuch, usually a GmbH or a FlexCo, to pay in share capital, collect from customers and pay VAT, wages and suppliers. Since 2024 the minimum share capital of a GmbH has been EUR 10,000, at least half of it paid in cash, and the FlexCo uses the same amount while making it easier for employees and investors to take a stake.

Since 2024, the minimum share capital of a GmbH has been EUR 10,000, at least half of which must be paid in cash. The new Flexible Kapitalgesellschaft, or FlexCo, uses the same amount while making it easier for employees and investors to take a stake.

The bank confirmation required by the court

Before registration in the Firmenbuch, the paid-in capital is deposited in an account opened in the name of the company in formation. The bank then issues a confirmation that the funds are freely available to the managing directors, which accompanies the registration application.

The notary's role in incorporation

The articles of a GmbH are generally drawn up as a notarial deed, and the notary files the application with the registry court. The bank verifies the identity of the founders and each managing director, often relying on documents the notary has already checked.

Beneficial owners in the WiEReG register

Every Austrian company reports its beneficial owners to the register kept under the WiEReG law. The bank consults this register and compares it with the ownership chart provided; any discrepancy must be reported and often delays the account opening.

Foreign company: registered branch or cross-border account

To open a business account in Austria, a French company can register a branch in the Firmenbuch with a permanent representative, or open an Austrian account without a local establishment. In the latter case, the bank asks for a recent Kbis extract, the articles and evidence of the activity carried on in Austria.

UID number and Austrian VAT

A VAT-registered business receives an EU VAT number starting with ATU, required on invoices to other EU countries. The standard VAT rate is 20%, and periodic returns are filed electronically through the FinanzOnline portal.

Collecting by card and SEPA transfer

On an Austrian company bank account, businesses receive most payments by SEPA credit transfer, and by SEPA business-to-business direct debit for corporate customers. For retail, a merchant acquiring contract allows debit and credit cards to be accepted on a terminal or online.

The business account within the Erste group

At Erste Bank, a GmbH in formation can open the account that receives its share capital and then convert it into a business current account after registration. The bank asks for the deed of incorporation, the directors' identity and a description of planned activity and flows.

23% corporate tax and advance payments

Austrian corporate income tax has been 23% since 2024, with a reduced annual minimum tax for GmbHs since the capital reform. The tax office sets quarterly advance payments, whose due dates should be planned for in the account's cash flow.

Currency accounts for Central and Eastern Europe

Groups active in Hungary, Czechia or Romania often open forint, koruna or leu accounts with Austrian banks present in the region. Each large transfer must remain consistent with the commercial contracts provided to the bank.

Opening a business bank account in Austria step by step

The process starts with the legal form. Depending on whether it chooses a GmbH, a FlexCo or a branch, the company prepares different documents, and the bank adapts its file. To open a business bank account in Austria, you in practice draft the articles, choose the managing directors, gather the founders' identity documents and ask the bank for an account to receive the capital during the formation phase.

Once the capital is paid in, the bank issues the confirmation the court requires, which allows the registration application to be filed with the Firmenbuch. After registration, the deposit account is generally converted into a business current account. Timing varies with the bank and the quality of the file; it is better to allow some margin than to set a start date that is too close.

When the account is active, check the signing rights, transfer limits, online banking access and how statements feed into your accounting software. Finally, ask which additional services are available, such as SEPA direct debits or card acquiring, so that the bank can keep pace with the growth of the business.

Documents and questions for a business account in Austria

The typical file includes the deed of incorporation or articles, the Firmenbuch extract once the company is registered, the identity of directors and shareholders, the beneficial ownership declaration and a description of the planned activity. For a foreign company, add a recent register extract and the articles, sometimes translated.

Put concrete questions: does the bank require directors to attend in person, does it accept a company whose shareholders live abroad, what monthly and per-transaction fees apply, what options exist for card payments and SEPA direct debits, and how is access for accountants organised? Write down the answers with the date to compare several institutions on objective grounds.

Also prepare a short activity file: a presentation of the company, main customers and suppliers, the countries involved and expected flows. For large transfers, keep contracts and invoices at hand, because they can prompt compliance questions, including on currency accounts tied to Central and Eastern Europe.

Common mistakes with an Austrian company bank account

The first mistake is to approach the bank before the structure is ready: incomplete articles, directors not identified or capital not paid in. The bank then suspends its review, and the court cannot register the company. Check every document, name and amount, spelling included, before filing the application and before the first payment.

Another common difficulty is an ownership chart that does not match the beneficial owners register. The bank compares this information, and any discrepancy often delays the opening. If the shareholding changes, update the register and tell the bank promptly rather than waiting for a request, which avoids blocks just when you most need the account.

Finally, some neglect follow-up duties: the UID number on invoices to other EU countries, VAT returns filed online, tax advance payments planned in the cash flow. A poorly monitored account complicates bookkeeping and exchanges with the authorities. Entrust the filing of returns from the start to an accountant who knows the local rules.

Open a business account in Austria: remotely or in person?

A company whose shareholders or directors live outside Austria can sometimes begin the procedure remotely, but identity verification then requires certified copies and time. A local contact, such as a notary or an accountant, simplifies exchanges with the bank. Always check with the institution whether your profile is accepted before spending money on formation costs.

Going in person has the advantage of settling several points in one visit: the adviser reviews the file in front of you, points out a missing document and explains the services offered. It is also a chance to meet the notary and the accountant and to set up payments, the tax portal and the link with accounting software.

Whichever route you choose, no bank guarantees an opening: each assesses risk under its own policy and due diligence duties. Confirm the current conditions with the institution and with a local adviser, particularly on tax. A clear file, identified directors and an activity explained simply remain a foreign company's best assets.

Running a business bank account in Austria after incorporation

Once the company is entered in the Firmenbuch and the account is active, daily management matters as much as the opening. Define who may sign, alone or jointly, and make sure the bank holds an up-to-date specimen for each signatory. When a managing director changes, inform the bank at once and provide the new register extract. Ask which online banking rights can be given to the bookkeeper without granting full signing power. A business account in Austria is easier to supervise when payment rights follow the real division of tasks inside the company.

Agree a routine with your accountant: monthly statements sent on time, matching of incoming transfers with invoices and a separate reserve for VAT and payroll obligations. Keep contracts and invoices available in case the bank queries an unusual payment. For an Austrian company bank account, a clear paper trail reduces questions at periodic reviews. If your activity changes, for example by adding a new export market, tell the bank before the first related payment arrives rather than after it has been questioned.