Nikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the FMA decision, including banking and payment rails.
Set up an investment fund in Austria.
The conservative EU domicile: AIF managers are licensed - or, below the de minimis thresholds, registered - by the FMA under the Alternative Investment Fund Managers Act, while UCITS management companies operate under the Investment Fund Act 2011. Central European proximity, the AIFMD passport, and a supervisor known for asking real questions.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
Austria in brief
A serious supervisor in the middle of Europe.
Austria runs its fund industry on two statutes. Alternative investment funds and their managers fall under the Alternative Investment Fund Managers Act, administered by the FMA, which both licenses full AIFMs and registers smaller managers who stay below the directive's de minimis thresholds - the registered route being lighter but correspondingly limited in what it permits, particularly on passporting. UCITS and their management companies sit under the Investment Fund Act 2011. The FMA publishes its licensing and registration information as separate guidance for applicants with and without an existing banking authorisation, which tells you something about how the market is structured: many Austrian fund managers grew out of banks.
The commercial case is position and character. Vienna sits at the centre of Central and Eastern Europe, with decades of experience intermediating capital between the German-speaking world and the CEE region - a genuine specialism rather than a marketing line. The supervisor is conservative, which lengthens files but also means an Austrian fund carries weight with institutional and family-office investors who have seen lighter jurisdictions fail. Austria is inside the EU, so the AIFMD and UCITS passports apply. For managers with CEE strategies, German-speaking investor bases, or a preference for a domicile that will not surprise them, Vienna earns its place. We scope the route - licence or registration, and build it.
A conservative EU domicile: AIF managers licensed - or registered below the directive's de minimis thresholds - by the FMA under the AIFMG, with UCITS management companies under the Investment Fund Act 2011.
Registration is lighter but carries no AIFMD passport. Vienna's specialism is CEE and German-speaking capital, and the FMA's caution is itself a selling point to investors who have seen lighter regimes fail.
The two routes
The licensed AIFM - or the registered small manager.
The AIFMD's thresholds split the market. Below them, registration; above them, a full licence with the passport attached. The strategy's size decides.
The licensed AIFM - or registration below the thresholds.
01 - LICENSED AIFM
The full manager
A full AIFM licence from the FMA under the AIFMG. The route above the de minimis thresholds, carrying the AIFMD passport for management and marketing across the union.
A full AIFM licence from the FMA under the AIFMG. The route above the de minimis thresholds, carrying the AIFMD passport for management and marketing across the union.
- ✓Full AIFM licence - AIFMG
- ✓AIFMD passport included
- ✓Capital and own-funds requirements
- ✓Risk and portfolio management functions
- ✓Depositary appointed
- ✓Full reporting to the FMA
02 - REGISTERED MANAGER
The de minimis route
Registration with the FMA for managers below the directive's thresholds. A lighter entry that suits first funds, with the trade-off that passporting and certain activities are not available.
FMA registration for de minimis managers. Lighter obligations, no AIFMD passport, a sensible first-fund route with an upgrade path.
- ✓Registration, not licensing
- ✓Below AIFMD thresholds
- ✓Lighter ongoing obligations
- ✓No AIFMD passport
- ✓Suits a first or single fund
- ✓Upgrade path to full licence
Thresholds, capital and own-funds requirements follow the AIFMG and the AIFMD and are confirmed against the FMA's current licensing and registration guidance at filing.
Why Austria
Six reasons managers domicile in Vienna.
✓
The CEE bridge
Decades of Austrian intermediation between German-speaking capital and Central and Eastern European assets. A real specialism.Decades of practice.
✓
A conservative supervisor
The FMA asks real questions. Files take longer and the resulting fund carries more weight with cautious investors.Caution as credibility.
✓
Two clear routes
Registration below the thresholds, a full licence above them. The regime scales with the strategy instead of flattening it.Scales with strategy.
✓
EU passports
AIFMD and UCITS passports apply. Management and marketing across the union from a Vienna base.AIFMD and UCITS.
✓
Bank-adjacent industry
The FMA publishes separate guidance for applicants with and without banking authorisation. The ecosystem understands both.Guidance for both.
✓
German-language market
Direct access to German-speaking investors who prefer a domicile inside their own legal and linguistic world.Investors at home.
How it compares
How Austria differs from other fund domiciles.
Numbers next to numbers: a slower, more conservative EU domicile. Chosen for investor confidence rather than launch speed.
Austria vs other fund domiciles
| Feature |  Austria | Other domiciles |
|---|---|---|
| Framework | AIFMG · InvFG 2011 | RAIF, QIAIF, CISA |
| Small managers | FMA registration | De minimis regimes vary |
| Supervisor style | Conservative, question-led | Process-led |
| Specialism | CEE and DACH capital | Global or offshore |
Framework
AustriaAIFMG · InvFG 2011
Other domicilesRAIF, QIAIF, CISA
Small managers
AustriaFMA registration
Other domicilesDe minimis regimes vary
Supervisor style
AustriaConservative, question-led
Other domicilesProcess-led
Specialism
AustriaCEE and DACH capital
Other domicilesGlobal or offshore
Country by country
| Country | Vehicle | Regulator | Notes |
|---|---|---|---|
| Austria | AIF · UCITS | FMA Austria | Licence or registration |
 Luxembourg | RAIF · SIF | CSSF supervises the AIFM | EUR 1.25M in 24 months |
 Liechtenstein | AIF · UCITS | FMA Liechtenstein | EEA passport available |
 Switzerland | L-QIF · FCP · SICAV | FINMA supervises the manager | No EU passport |
AustriaVehicleAIF · UCITS
RegulatorFMA Austria
NotesLicence or registration
LuxembourgVehicleRAIF · SIF
RegulatorCSSF supervises the AIFM
NotesEUR 1.25M in 24 months
LiechtensteinVehicleAIF · UCITS
RegulatorFMA Liechtenstein
NotesEEA passport available
SwitzerlandVehicleL-QIF · FCP · SICAV
RegulatorFINMA supervises the manager
NotesNo EU passport
Before you launch
What an Austrian fund actually requires.What a launch requires.
The FMA reviews substance, not just forms. The checklist below is what a passing file contains.
01
Route decision. Registration below the de minimis thresholds or a full AIFM licence above them.
02
Austrian entity. Established for the management activity with genuine operations in Austria.
03
Capital and own funds - per the AIFMG and the directive for the chosen route, evidenced.
04
Management bench. Portfolio and risk management functions staffed and separated.
05
Fit-and-proper officers. Directors and key-function holders assessed individually.
06
Business plan. Strategy, investors and projections the FMA can interrogate.
07
Fund documentation. Prospectus or offering documents and fund rules drafted for the strategy.
08
Depositary. Appointed where required, with the assets and cash-monitoring arrangement in place.
09
Risk, liquidity and valuation. The AIFMD processes documented and operating.
10
Reporting. The FMA's supervisory returns live from day one.
11
Passporting plan. Management and marketing notifications prepared where the licence route applies.
01
Route decided on numbers.
02
Austrian entity, real ops.
03
Capital and own funds.
04
Portfolio and risk staffed.
05
Officers assessed.
06
Interrogable business plan.
07
Fund documents drafted.
08
Depositary appointed.
09
AIFMD processes live.
10
FMA reporting running.
11
Passporting prepared.
Reflects the AIFMG, the Investment Fund Act 2011 and the FMA's licensing and registration guidance as of 2026.AIFMG + InvFG 2011 + FMA guidance, 2026.
How it works
From first call to a live Austrian fund.
01
Route and thresholds
Strategy size measured against the directive's thresholds. Registration or full licence decided on numbers.Decided on numbers.
02
Entity and bench
Austrian company established, capital arranged, portfolio and risk functions staffed.Functions staffed.
03
The application
The FMA file with plan, governance and fund documentation. Complete at submission.Complete at filing.
04
FMA review
Questions answered on schedule. The phase where a conservative supervisor rewards preparation.Preparation rewarded.
05
Launch
Fund constituted, depositary live, passporting notifications filed where applicable.Notifications filed.
Quick facts
RegulatorFMA Austria
AIF lawAIFMG
UCITS lawInvFG 2011
Below thresholdsRegistration
Above thresholdsFull AIFM licence
PassportWith the licence route
GuidanceSeparate for bank-licensed applicants
Realistic timeline9-15 months
The registered route is lighter but does not carry the AIFMD passport. A trade-off worth understanding before choosing it.
On the ground in Austria
Run from our Vienna desk.
Prifinance - Austria
Vienna · Austria
Vienna, Austria
01
Route and thresholds
Assets under management measured against the de minimis thresholds before anything is filed.Measured first.
02
The FMA file
Business plan, governance and capital evidence built for a supervisor that reads them closely.Built to be read.
03
Bench and functions
Portfolio and risk management staffed and separated to the standard the AIFMG expects.Functions separated.
04
Launch and passporting
Depositary, documentation and EU notifications sequenced with the authorisation.Depositary and passport.
We also have offices in
Tallinn
Estonia
Roseni 13
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
Dubai
UAE
33 Level, Al Saqr Business Tower
London
United Kingdom
7 Bell Yard
Madeira
Portugal
Rua da Alegria 31, 1F
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of Austrian funds.
A conventional EU system at the manager level, with fund treatment turning on the vehicle and the investor.
Corporate tax at the manager
The Austrian management company pays corporate income tax at the current rate. Confirmed at structuring.Austrian corporate rate.
Fund-level treatment
Austrian investment funds are generally taxed transparently at investor level in the standard cases. Confirmed per vehicle.Transparent standard cases.
Investor-level analysis
Distributions and deemed distributions are taxed in the investor's residence. Modelled per investor base.Residence-based.
Withholding and reporting
Austrian withholding and fund reporting obligations are handled through the reporting agent. Planned before launch.Planned before launch.
EU directives apply
Parent-subsidiary and interest-royalty relief support the corporate layers around the fund.Relief on corporate layers.
Treaty network
Austria's treaty coverage across the CEE region is one of the practical reasons managers choose it.A practical reason.
Tax summary
ManagerAustrian corporate tax
Fund levelTransparent in standard cases
Investor levelResidence-based
ReportingVia reporting agent
TreatiesDeep CEE coverage
*Position as of 2026. Vehicle and investor-level outcomes are confirmed with Austrian advisers per structure.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Austrian vehicle, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live fund.
Follow Prifinance
Active across our channels.
Austria · FMA
Launch your Austrian fund with expert support.
Full-service assistance - from route selection and FMA authorisation to depositary, documentation and passporting - run through our Vienna desk.
Get a consultation →Free legal opinion
Is Austria the right domicile for your fund?
Our legal team will analyze your case at no cost and provide a written legal opinion: which vehicle, jurisdiction, or route fits your fund.
Written assessment within 2-5 business days
Request a free conclusion →FAQ
The Austrian fund: the practical answers.
Which laws govern Austrian funds?+
Alternative investment funds and their managers fall under the Alternative Investment Fund Managers Act (AIFMG); UCITS and their management companies under the Investment Fund Act 2011 (InvFG 2011). The FMA administers both.
What is the difference between licensing and registration?+
Managers above the AIFMD's de minimis thresholds need a full AIFM licence; those below may register instead. Registration is lighter but does not carry the AIFMD passport and limits certain activities.
What are the thresholds?+
They follow the AIFMD's de minimis rules and are confirmed against the FMA's current registration guidance at filing - the figures matter too much to quote from a summary.
Does an Austrian fund passport into the EU?+
With the full AIFM licence, yes - management and marketing passports apply across the union, as do UCITS passports for UCITS structures. The registered route does not carry them.
Why is the FMA considered conservative?+
Because it examines substance closely and takes time doing it. That lengthens files, and it is exactly why Austrian funds carry weight with investors who have been burned by lighter jurisdictions.
Is Austria good for CEE strategies?+
It is the natural domicile for them. Vienna has intermediated capital between the German-speaking world and Central and Eastern Europe for decades, with the treaty network and the professional bench that come from doing it that long.
Do we need a depositary?+
Where the framework requires one, yes - appointed with assets and cash-monitoring arrangements in place before launch. We contract it as part of the build.
How long does authorisation take?+
Realistically 9-15 months for the licence route including preparation. Registration is faster, but the trade-offs should be understood before choosing it for speed alone.
Austria or Luxembourg?+
Luxembourg has the deeper fund industry and the RAIF's speed; Austria has CEE specialism, German-language proximity and a supervisor whose caution is itself a selling point to some investors. Strategy and investor base decide.
Why Prifinance for Austria?+
The threshold analysis done on real numbers before filing, a file built for a supervisor that actually reads it, and the passporting consequences of the registered route explained before you choose it.
Which laws?+
AIFMG and InvFG 2011.
Licence or registration?+
Thresholds decide.
The thresholds?+
Per AIFMD, confirmed at filing.
EU passport?+
With the licence only.
Why conservative?+
Substance examined closely.
CEE strategies?+
The natural domicile.
Depositary?+
Where required, contracted.
How long?+
9-15 months licensed.
Or Luxembourg?+
Depth vs specialism.
Why you?+
Thresholds on real numbers.
Client notes
Google4.7★★★★★
Founders who wanted it done right.
Google4.7★★★★★
“As a software development crew at FewMoreTaps OÜ, we've had the pleasure of working with Prifinance on some key financial moves.First of all, navigating the world of corporate banking and finance can be a maze, but Prifinance made it feel like a walk in the park. They helped us set up a corporate bank account without the hassle of jumping on a plane or drowning in paperwork. Everything was done remotely, smoothly…”
Google
“I had their assistance in company registration and I would recommend them. They were answering all my clarification during the process and offering all their supportThank you Daniel and Irinia”
Google
“We found PRIFINANCE COMPANYvia the Internet and asked for help in organizing the opening of their company in Estonia. PRIFINANCE COMPANY specialists helped us a lot with this. Their professional, competent approach and knowledge of their business left us with only the best impressions.”
Google
“I'm thrilled with my experience with PriFinance! They helped me obtain a crypto license in Estonia without any hassle. The team was super understanding and always available to answer my questions and assist. It was great to see how they put effort into preparing the documents to ensure everything went smoothly. I'm delighted with the outcome and highly recommend PriFinance to anyone looking to get a license…”
Google
“Opening an account with Prifinance in a Swiss bank was such an easy and quick process that I was shocked. It all started with the first call, where I received detailed guidance on the required documents and the entire procedure.One of the key highlights was their attention to detail. As someone who usually gets tangled up in paperwork, I was pleasantly surprised when they sent me all the documents and…”
Google
“I recently had the pleasure of working with Boris.. and I must say, it was a fantastic experience. Boris went above and beyond to assist me with my residency needs. His professionalism, knowledge, and dedication truly stood out. I highly recommend working with Boris and the team!”
Google
Start today
One message away from your Austrian fund.
Get a free legal opinion on your project - our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.Free legal opinion: which Austrian route fits your fund and what it will cost.
✓Written legal opinion within 2-5 business days - free of charge✓A clear recommendation on the right licence scope, not a sales pitch✓Transparent fixed fees, confirmed up front✓EN · RU · ES speaking team
Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of FMA Austria or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.