Foreign companies are relocating to Austria at a record-breaking rate.
In 2018, 221 companies set up offices in the country, with 57% settling in Vienna, representing investments of €231.68 million and 1,753 new jobs, according to City Councilor for Finance, Peter Hanke (SPÖ). In part, Great Britain’s expected exit from the European Union has companies flocking east to maintain access to EU markets. While there are no precise numbers, Vienna Business Agency CEO Gerhard Hirczi is pleased with the trend: “While we are not the only ones, we have a lot to feel good about. There is certainly movement.”
Vienna is also listed 4th in the world’s ranking of startup friendly cities (2018 Global Competitiveness Report) attracting companies from neighboring countries. One example is E-Shelter, a German firm building the city’s largest computing center in the 4th district of Favoriten. “The bureaucratic process is straightforward here,” a company spokesman said. To encourage this trend, the Vienna Business Agency invites interested startups to visit for a month at the city’s expense, to visit locations, meet officials and learn about support programs.