Entrepreneurship in Austria
Austria isn’t well known for its entrepreneurial spirit. The depression between world wars and discouraging inflation rates created an aversion to risky ventures. Austrians rather focus on specific products or geographical areas where success is certain.
A prerequisite for self-employment in Austria is the State Entrepreneurial Examination. It is a proof of professional competence and forms part of the master craftsperson exam. The Examination may be waived upon completion of a vocational school with commercial focus, business schools, engineering schools, colleges of management and services industries, etc.
The main hindrance to entrepreneurship in Austria is the high tax rate. The 34% tax on corporations stifles new businesses and makes it increasingly difficult for Austrian businesses to compete in a global macroeconomic environment.