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The Finanzmarktaufsicht (FMA) supervises Austrian banks; the largest groups, such as Erste Group, Raiffeisen Bank International and BAWAG, are supervised directly by the European Central Bank. Deposit protection is split between three schemes that the FMA lists: Einlagensicherung AUSTRIA (ESA) for private banks, Volksbanks and Hypobanks, the savings bank sector’s Sparkassen-Haftungs GmbH and the Raiffeisen sector’s Österreichische Raiffeisen-Sicherungseinrichtung. ESA states that deposits of a GmbH or an AG are protected up to EUR 100,000 per person, that deposits of credit institutions, financial service providers, insurers and the public sector are not, and that it generally pays within seven working days.
An Austrian GmbH needs share capital of at least EUR 10,000, and at least EUR 5,000 of the cash contributions must be paid in before the company is filed with the Firmenbuch (sections 6 and 10 GmbHG). Section 10 allows that capital to be credited to an account of the company or its managing directors at a domestic bank or a CRR credit institution within the meaning of section 9 of the Banking Act, or to the notarising notary’s trust account, and the payment is proved by a written confirmation from the bank or from the notary. A founder abroad can therefore incorporate through the notary first and open the operating account later.
The notary-free simplified formation in section 9a is narrower. It fits only a single shareholder who is also the sole managing director, and the bank must check that person’s official photo ID in person when the capital is paid into a newly opened account, even for an existing customer. The Chamber of Commerce adds that the founder needs an ID Austria electronic signature and should first ask whether the bank offers the service at all.
| Provider | Online route | What its own pages say |
|---|---|---|
| Erste Bank | Yes, for the company’s legal representatives | Open to companies in the Firmenbuch or in formation; identity checked by IDnow video with an identity card or passport; a final staff check can add up to two days |
| UniCredit Bank Austria | For companies registered in Austria | Asks for the EU passports of everyone commercially involved, up to four people; a company founded outside Austria is handled by appointment |
| BAWAG P.S.K. | Sole traders and one-person GmbH or FlexKapG | No online opening when management sits abroad, though a branch can open it; non-EEA nationals upload a residence title or Meldezettel; its e-Gründung needs EU, EEA or Swiss citizenship or a residence permit |
Every GmbH reports its beneficial owners to the Register der wirtschaftlichen Eigentümer, which is closed to the public but open to banks for their due diligence. A professional representative, such as a lawyer or notary, who has verified those owners can file a Compliance-Package, an organisation chart with the ownership documents, through the business service portal (section 5a WiEReG). A bank may rely on those documents when verifying the owners unless it has reason to doubt them (section 11(2a)). If the bank concludes the register entry is wrong, it must flag the entry, unless the company corrects it within a reasonable time (section 11(3)).
An Austrian IBAN has 20 characters: AT, two check digits, a five-digit bank code and an eleven-digit account number. Austria is part of SEPA.
When a ready-made Austrian GmbH changes hands, an account it already holds remains the company’s own; what restarts is the bank’s review of the incoming owners, managing directors and signatories, after which it may continue the relationship, ask for more or wind it down. A pre-banked purchase is therefore neither promised nor excluded. A new GmbH can carry its capital through the notary’s trust account until a bank accepts you. We can supply either company, help put the bank file together and introduce you to a suitable bank where we have a working contact; accepting you remains the bank’s own decision. See also the shelf company bank account guide and the Austria overview.
Company law allows it, since neither the shareholders nor the managing directors of a GmbH need to live in Austria. The limits are bank policy. Erste Bank lets legal representatives open online after IDnow video identification, Bank Austria’s online configurator expects EU passports, and BAWAG will not open an account online for a company managed from abroad, although its branches can. Plan for at least one bank to want you in person or at an appointment.
Not necessarily. Section 10 GmbHG requires at least EUR 5,000 of the cash capital to be paid before filing, but that capital may go to the notarising notary’s trust account instead of a bank, and the notary’s written confirmation counts as proof. You need a bank confirmation only when the money passes through a bank, as it must in the notary-free simplified formation.
Yes. The FMA states that in a payout case in Austria deposits are principally covered up to EUR 100,000, and it lists three recognised schemes. Einlagensicherung AUSTRIA names GmbH and AG deposits as protected and excludes credit institutions, financial service providers, insurers and the public sector. The savings bank and Raiffeisen sectors run their own schemes, so check which one covers your bank.
Expect the Firmenbuch extract and the articles, a passport or identity card for each legal representative, and the beneficial owner and tax details that Erste Bank, for one, collects in its online process. For a company in formation, the bank or the notary issues the capital confirmation. If a professional has filed a Compliance-Package with the WiEReG register, the bank may use its ownership documents for verification.