Observed Signal · Feb 3, 2023 · Policy Update · Source: Trending Topics · Impact: 2/5 · Sentiment: Negative
Austrian VC Industry Slams Planned Venture Capital Fund Law as Useless
Austrian Finance Minister Magnus Brunner (ÖVP) submitted a ministerial draft for a new Venture Capital Fund Act (WKFG) shortly before Christmas 2022, aiming to make it easier to establish investment funds and strengthen equity financing for Austrian companies. The draft would allow venture capital funds to be formed as stock corporations (AG) and qualify as Alternative Investment Funds under the AIFMG, alongside tax measures in the InvFG 2011 and EStG 1988. The Austrian Private Equity and Venture Capital Organisation (AVCO), whose members include Speedinvest, sharply rejected the draft, describing it as 'not practical' and 'bureaucratic, expensive, useless' compared to international standards. Criticisms target the lack of internationally common venture capital taxation, the exclusive stock corporation legal form, mandatory supervisory board costs, and unnecessary mandatory audits. AVCO warned the law could accelerate the relocation of Austrian risk investors to foreign funds and recommended orienting on successful international models such as Luxembourg.
The proposed Austrian Venture Capital Fund Act (WKFG) faces harsh criticism from the VC industry, which could hamper startup funding in Austria, but its direct global impact on the AdTech/MarTech industry is limited.
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Key Takeaways & Evidence Grounding
- Austrian Finance Minister Magnus Brunner introduced a ministerial draft for the Venture Capital Fund Act (WKFG) shortly before Christmas 2022.
- Industry association AVCO called the draft 'not practical' and 'bureaucratic, expensive, useless' in an official statement.
- The draft exclusively permits the legal form of a stock corporation (AG) for venture capital funds, while most funds are registered with the FMA as GmbH & Co KG.
- AVCO warned that the law could accelerate the flight of Austrian risk investors to foreign funds.
- AVCO recommended orienting on successful international models such as Luxembourg.
Connected Companies & Entities
1 Entity mapped“Das Feedback der Mitglieder – darunter auch Speedinvest – reiche von „nicht praktikabel“ bis „im internationalen Vergleich bürokratisch, teu...”
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