Opening a travel agency in Austria can be a good business decision. Not only is it an exciting business venture, but it can also be very lucrative. Travel agencies provide products and services related to traveling. These include airline tickets, tour packages, transportation, accommodation, and other essentials for travelers. Our specialists in company formation in Austria can assist you in starting your travel agency.
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Tourism in Austria
The tourism industry in Austria plays an important role in its economy. The country is relatively small, but it is a big player in the tourism industry. Out of 140 countries rated by the World Economic Forum, Austria was ranked third in terms of tourism development and attraction. It is also ranked seventh in Europe in terms of tourism market and eleventh in the world under the same category. As of 2013, Austria has recorded 36.2 million visitors spending an average of 96 euros every day. It would be very beneficial for travel businesses to set up a company in Austria.
Things to consider when opening a travel agency in Austria
There are a lot of factors to consider when you want to open a travel agency in Austria. Our experts in company incorporation in Austria have listed down a few:
1. Membership with the International Air Transport Association – The IATA is a trade association of airlines worldwide. The main advantage of being an IATA member is that you will be able to issue your own airline tickets for your clients. If you do not want to acquire membership, you can also partner with someone who is a member and let them issue tickets for your customers.
2. Company structure – If you open a travel agency in Austria, you have to decide on the type of business you will create. In Austria, the most common type of business structure is the limited liability company. It has its own legal personality and shareholders are not personally liable for the company’s liabilities. It only requires a minimum of 10,000 euros as share capital, half must be paid up in cash. Other business organizations are joint stock corporations, foreign branches, and subsidiaries.
3. Registration of a travel agency – Regardless of the type of corporate structure of your travel agency in Austria, you will have to get it registered. Registration is an important process before you start business operations. In Austria, registration is done with the Commercial Registry. Legal documents, such as notarized articles of incorporation, must be presented at the Registry.
Travel agencies are required to follow the current requirements for tax compliance, including the submission of the annual financial statements. Our Austrian accountants offer services according to industry and business size, and as needed per your number of employees. We offer bookkeeping services, tax filing and payment, annual financial statement preparation, auditing and more.
All requirements for company formation in Austria must be complied with. Our specialists can help you prepare all the documents in order to set up your travel agency in Austria. We can also provide you with information with regard to permits and licenses for your business.