Location in the center of Europe, a stable financial and economic situation, reliable banks – these are the indicators that can be used to characterize Austria. It is not uncommon for third-country nationals to emigrate to Austria not only for the purpose of living, but also to run their own business. For such persons, the Red-White-Red Card (“Rot-Weiß-Rot – Karte”) is a permit that, unlike the residence permit for financially independent persons (Niederlassungsbewilligung – ausgenommen Erwerbstätigkeit), grants third-country nationals not only the right to reside but also the right to work.
The Red-White-Red Card is issued to various categories of applicants, including self-employed key workers (Selbständige Schlüsselkräfte), also known as entrepreneurs.
The following requirements are imposed on the applicant to conduct business:
- transfer of investment capital to Austria in the amount of at least €100,000 (it is recommended to invest at least €3-4 million);
- creation of new or preservation of existing jobs;
- transfer of know-how or introduction of new technologies;
- the importance of the business for the region;
- the entrepreneur has the qualifications required to run a business (a university degree in a relevant field or a scientific degree) or sufficient experience in the field.
In view of the above, a person must submit a comprehensive business plan in German, which will reflect the relevance and importance of this type of business for a particular region and country, an analysis of the local market and competitors, clearly formulated business goals and the amount of expected profit. If necessary, you will also need to provide the company’s statutory documents and/or trade permits (if any).
Other required documents
- valid identity card/passport;
- birth certificate;
- photo taken no more than six months ago (size: 45×35 mm);
- proof of health insurance covering all risks (compulsory insurance or an appropriate insurance policy);
- certificate of no criminal record;
- proof of German language proficiency at the level not lower than A1;
- proof of family ties (if necessary);
- type D visa for entry to Austria (if required).
The documents must be translated into German and apostilled. Upon receipt of all the required documents, the municipal authority will decide on the issuance of the Red-White-Red Card within 8 weeks.
This permit is issued for 2 years, after which it can be extended for 3 years at once, and later, a permanent residence permit can be obtained.
To extend the permit, the applicant must:
- stay in Austria for at least 183 days a year;
- implement the declared business plan;
- make social payments (insurance and pension contributions).
If the holder of the Red-White-Red Card has worked for at least 21 out of 24 months, he/she is entitled to the Red-White-Red Card plus (Rot-Weiß-Rot – Karte plus), which gives unlimited access to the labor market in Austria.
If you have any questions about obtaining a residence permit for entrepreneurs, please contact VigoLex team. We are always ready to help and share our experience.