The Austrian government has proposed easier visa regulations for start-up founders coming from non-EU countries. Secretary of State Mahrer suggested that entrepreneurs will be granted a residence and work permit for two years if all the prerequisites are met. An extension of the permit will be linked to the creation of jobs, a certain annual turnover and further financing. In addition, the start-up should offer or develop genuinely innovative products or services. Minister of Economic Affairs Mitterlehner announced that this decision is part of the wider strategy for Austria becoming a start-up magnet.
Other modifications of the work permit Red-White-Red include its extension to the BA and PhD graduates, as well as a longer period available to search for an adequate job after graduation. Currently, graduates have 6 months to find employment, whereas in future this will be extended to 12 months. This Red-White-Red Card reform should be adopted by the Parliament in spring 2017 and come into force by July 1.
Lauder Business School encourages the liberalization of the work permit regulations for students completing their degrees in Austria and opting for entrepreneurial careers. Our IML and BA curricula formalize student entrepreneurial orientation and support the graduates in realizing their innovative business ideas.
Source: Der Standard (February 28, 2017), Federal Ministry of Science, Research and Economy (bmwfw)
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