People should always invest in their health – that is why companies have been doing research and development in order to come up with medicines to combat sickness and diseases that are a threat to persons’s health and at the forefront are the pharmaceutical companies. These are companies that come up, improve, produce and sell medicines that cure or improve health. The pharmaceutical industry in Austria is one of the most promising in the country. Currently, there are 2,259 pharmaceutical companies in the country. You can also be one of the pharmaceutical investors that set up a company in Austria.
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Pharmaceutical industry in Austria
Out of the 2,259 pharmaceutical companies in Austria, 10 percent are large companies, while the rest is composed of small and medium businesses. These businesses provide different pharmaceutical products ranging from medical compounds, biotechnologies, biological products, manufacturing, generic brands and herbal products. Medical research has also been one of the primary ventures in the pharmaceutical industry. In 2014, 100 companies invested seventy percent of their revenues for research purposes, primarily on finding cure for cancer and other deadly deseases. In the medical engineering sector, a total revenue of 7.5 billion euros was recorded in 2014. The medical environment in the country is very attractive for businessmen interested to open a company in Austria.
How to open a pharmaceutical company in Austria
The pharmaceutical business can be a very lucrative venture. Our specialists in company formation in Austria have come up with a short guide on how to establish your company.
• Financing – A relatively low capital is required when opening a pharmaceutical company in Austria. This is evidenced by a large number of small and medium enterprises comprising the pharmaceutical industry in the country. The capital requirement will depend on the type of company you will establish. The most common type of business organization is the limited liability company which requires a capital of 35,000 euros.
• Registration and licensing – All investors that open a company in Austria must register with the Local Commercial Court. The notarized articles of association, among other things, are required. Before the start of operation, pharmaceutical companies must also obtain a license from the Ministry of Health. Our experts in company incorporation in Austria can assist you in having your business registered and licensed.
• Business location – Location can affect the operation of your business. The country boasts of suitable locations if you decide to open a pharmaceutical company in Austria. The country is ranked 4th prosperous member of the European Union and offers companies a beneficial tax scheme.
Pharmaceutical companies are required to comply with the tax and annual reporting requirements in Austria. Our Austrian accountants provide direct and personalized solutions for these businesses. Our packages include services such as bookkeeping, payroll management and processing, auditing, and tax consultancy. We also offer expert financial reports and analysis upon request.
Don’t worry about the hassle of opening your pharmaceutical business in the country. Our experts in company formation in Austria can take care of the process for you.