In addition to the financial resources, the spin-offs also benefit from a broad-based mentoring program putting coachings and further education at the disposal of founders.The objective is to provide bottom-line incentives and perceptibly ease the founding of spin-offs. At the same time, high achievers should be more closely linked to Austria as a business location in the long term.
“Thanks to the “Spin-off Austria” initiative, Austria once again underlines its dynamic innovation landscape and does more than just facilitate university spin-offs. The program is a signal to scientists in every field that Austria rewards and supports their performance”, says René Siegl, Managing Director of the national investment promotion company ABA - Invest in Austria. “Together with the tax-free allowance for migrating, foreign scientists in particular can take advantage of ideal conditions to convert their experiences into business success”.
Tax-free allowance for migrant scientists makes Austria a hot spot for researchers
Scientists coming to Austria from abroad in order to carry out research can look forward to tax privileges. The tax-free allowance for migrants involves a tax credit of 30% limited to a period of five years, and covers domestic and foreign income from scientific work. The flat rate of 30% aims at compensating the additional expenses arising from migrating to Austria as well as any tax disadvantages. The tax allowance should make up for differences in price levels, costs for moving to Austria, maintaining two households along with travel costs, fees for language courses and enabling children to attend private schools.