For a country with a population of only 8.5 million, Austria is punching far above its weight in the world of business. Blessed with natural beauty and cultural tourism opportunities – Austria was the birthplace of Mozart after all – this proud nation has been relatively quiet on the global economic stage.
But that’s all changing. Austria is becoming a desirable place to grow business opportunities and the financial landscape is shifting fast.
And with good reason. Here’s why Austria is suddenly the place to be for your business.
A Diligent Business Approach
Despite its relatively small size, Austria has always been a nation that has maintained European values such as craftsmanship and the pursuit of excellence. Whether in the fields of science or industrial production, this Alpine kingdom has managed to keep pace with its larger counterparts without drawing too much attention.
Ordinarily, this lack of acknowledgement would be harmful to a market. After all, isn’t the main idea to get noticed?
The reality is that Austria has been able to craft a culture of innovation without the interference of the rest of Europe. And investors are quickly finding that these years in the ‘shadows’ of bigger businesses have paid off.
Not only is Vienna a fine corporate and cosmopolitan city, the whole country is ready to deliver exciting opportunities to willing business owners. And then there’s the support of the government.
Arbitration in Austria
The Swiss might be the ruling kings of neutrality, but few nations can compete with Austria when it comes to arbitration.
The use of impartial parties to resolve disputes between parties is not new. In fact, Austrian law remained unchanged until as recently as 2006.While it may not seem like a business opportunity, the fact that Austria has a long-standing tradition of arbitration as opposed to lengthy court battles and arguments can serve you well.
Although the need for arbitration is rare in the Austrian business sector, it does mean that any disputes are handled quickly and fairly. On the surface level, this means less time and money wasted – a bonus for any business.
But there’s more to be considered than legal jargon.
An Attractive Opportunity
As discussed above, Austria has been working away to become an extremely efficient nation, particularly in the business front.
And that culture has extended to their legislative and business rulings. By taking an impartial approach, Austria has become a European arbitration hub. Business owners across the continent seek to have their affairs handled in Austria because the law is structured to generate a fair outcome for all concerned.
And naturally, you need an in-country office to make sure you can benefit.
The result is an influx of multi-nationals vying for Viennese space because it means they needn’t travel to get benefit from Austria’s arbitration setup. Big business brings with it big money and a growth in desirability.
Long-term Prospects
Austria has built their financial success on a deep understanding of economics – the Austrian Business Cycle Theory is testament to a national obsession with finance that can arguably be traced back to the disruption of the World Wars.
Although it is always dangerous to look too far into the future when it comes to business, Austria does have several trump cards to play when it comes to business.
The first is an ideal location. Apart from the natural beauty of the country, it is also an unavoidable way for goods moving across Europe. Closeness to Germany, the Netherlands, and Italy mean that there is massive trade, imports and exports that strengthen the economy. It’s very much a case of all roads leading to Vienna.
Added to the brisk merchant trade in the area is the flow of tourists spending their hard-earned foreign currency on Austrian goods. From skiing to fine food, Austria has a rich, distinct culture that’s different enough from the rest of Europe to be truly rewarding to travelers looking for something a little special.
Although both trade and tourism have taken a knock globally thanks to the lingering effects of the US recession, Austria is still performing relatively well. Historically at least, it looks as though an investment in Austria is a safe bet.
A Smart Move
While it is unlikely that Austria will ever reach the glamorous heights of business cities such as Tokyo, London or New York, it does make sense to explore this small nation as a decentralized base of operation. With a history of wealth, helpful legislation and a promising outlook, it might be time to consider some of Europe’s other charms when it comes to doing business successfully.