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Austria is a trailblazer in digital company formation

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It will no longer be necessary to personally see a notary public. According to Michael Umfahrer, President of the Austrian Notarial Academy, implementation is already expected to begin in the second half of 2019. A pilot project of the notary publics proceeded successfully. Now a legally compliant real-time process is to be set up. The relevant regulation has already been issued in Austria.

The digital formation of limited liability companies is based on checking the identity of a person via a video identification process authorised for banks since January 1, 2017. "In the spirit of ensuring the highest level of security, we are going a step further and are complementing it with what have become customary further assessments, namely "politically exposed person", money laundering, commercial purpose and owners", Umfahrer says. In this way the identification by the notary public is of a higher quality and more secure than comparable online identification methods.

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