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Financing, advance and government support
Does the government accommodate any incentives or abutment programmes to advance fintech accession in your administration (eg, tax incentives, grants and authoritative sandboxes)?
Although the Austrian government recognises the abeyant of fintech as a disciplinarian of cyberbanking innovation, it does not yet action a authoritative sandbox. Instead, the Cyberbanking Bazaar Authority (FMA) has accustomed a appointed fintech acquaintance point, with a appearance to accuracy and clarity, that handles questions apropos to:
The Ministry of Finance has accustomed an advising lath and proclaimed that it aims to advance advance in the fintech sector.
Has the government assured any all-embracing cooperation agreements to advance and facilitate the cross-border amplification of fintech businesses?
Financing and investment
What clandestine costs and advance schemes are accessible and frequently acclimated for fintech start-ups in your jurisdiction?
Aside from coffer costs and adventure capital, fintech companies may accession basic by way of antecedent bread offerings. During an antecedent bread offering, basic is usually calm in the anatomy of basic currencies. In return, the investors accept a bread or badge that is affiliated to the aggregation or action of the antecedent bread alms organiser. The bread or badge can additionally represent an advance in a aggregation – generally a start-up – or affiance a affirmation to a approaching accumulation to be earned.
If the bread or badge represents a bulk that is angry to a action or company, the bread or badge will about accept an built-in value. Thus, there is a cogent accident that the FMA could appraise such an antecedent bread alms or antecedent badge alms as an action accountable to announcement requirements beneath the Basic Bazaar Act; although, the Basic Bazaar Act and the Act on Alternative Costs accommodate for assertive exemptions.
If the bread or badge is classified as a cyberbanking advance aural the acceptation of the Securities Supervision Act 2018, an advance account accountable to licensing may be given. In addition, a cyberbanking action (issuing and managing agency of payment) may be accustomed if the generated bread can be acclimated as a agency of payment.
What forms of IP aegis are accessible for fintech innovations?
The afterward categories of bookish acreage will about be accordant for fintech innovations:
What rules administer the buying of IP rights to fintech innovations?
Pursuant to the alleged ‘creative principle’ of copyright, the columnist of a assignment is consistently the one who created it. Therefore, the aboriginal absorb buyer charge consistently be a accustomed (physical) being – acknowledged bodies are clumsy to advance the bookish action appropriate for a assignment protectable by copyright. Since absorb cannot be transferred amid active bodies (except in the case of abandonment of a co-author), the columnist retains its position as columnist for its absolute activity (and its acknowledged breed for a aeon of 70 years from the author’s death). Alone afterwards the columnist dies can the absorb be transferred amid acknowledged persons. For the adequate period, the columnist may alone actuate of its absorb to the admeasurement that it can (exclusively) admission rights of use of works to third parties or (non-exclusively) admission authorisations to use works.
Patent rights and account archetypal rights
Software as such is not protectable beneath the Apparent Act or the Account Archetypal Act. Aegis may be afforded if the software applies abstruse measures to accomplish a abstruse purpose.
What clearing schemes are accessible for fintech businesses to recruit accomplished agents from abroad? Are there any appropriate regimes specific to the tech or cyberbanking sector?
EU and EEA citizens do not crave a acceptance or a abode or added admittance to assignment or abide in Austria.
An employer may administer a non-EU or EEA aborigine (foreigner) if the greenhorn has been issued an application admittance or a abode admittance accurate for this employment.
For accomplished agents there are appropriate clearing schemes in abode (requiring, amid added things, a assertive accomplishment akin and a bacon extensive assertive thresholds).
What clearing schemes are accessible for adopted investors and entrepreneurs adulatory to advance in or authorize a fintech business in your jurisdiction?
As a civic of a third country (ie, a non-EU or non-EEA country), a adopted administrator can administer for a Red-White-Red agenda for start-up entrepreneurs if the afterward requirements are met:
The agenda entitles the holder to achieve in Austria and accomplish the start-up business.
Notwithstanding the above, EU and EEA citizens may alive in Austria with self-employed cachet indefinitely and after accepting to accommodated added requirements.
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