How to Verify a Company in Austria? An Ultimate Guide

Austria has an unprecedented trading relationship with the European Union, especially with its closest partner, Germany, representing critical growth drivers. Efficient registration and compliance systems enable Austria to remain attractive to investors and businesses all across the globe. Business verification is essential here to build trust, manage risks, and ensure compliance in cross-border operations. These standards create a firm basis for solutions for onboarding, especially ones that would help simplify the verification process—an advantage in today’s complex business world​.

For those who want to verify a company in Austria, this comprehensive guide will give you all the information necessary to get started.

How to Verify if a Company is Registered in Austria?

If you are looking to verify a company in Austria, you must obtain and review its data. To access data go to Compass HF Data website, the official portal for business verification in Austria. It provides access to extracts from the Austrian companies register (Firmenbuch), a public database containing information on registered Austrian businesses. Here, you get company details, such as registration numbers, legal representatives, and other essential business information, on this website. Maintained by the Austrian Ministry of Justice, it is commonly used by legal representatives, businesses, and individuals who need to verify a company in Austria.

Suggested Read: How to Verify a Company in Spain?

Step-by-Step Guide to Verify a Company in Austria

The firmbenbuch.at allows users to search for a business in both English and German. By entering the following inputs, you can fetch the information on any registered Austrian company:

• • Company Register Number: Every registered business in Austria is assigned a Business Register Number (FN). It consists of a maximum of 6 digits and one check letter. Just enter this number in the search bar, and you will be taken to the business you are looking for. Make sure the letters and digits are correct and not in the wrong order.
  • Company Name: The second option available is where you just have to enter the official name of a company, and you will get the relevant information.
  • Given Results: After searching for a company, you get the address, legal form, EUID (European Unified ID), and annual financial statements, as well as an extract from the commercial register that is available in a paid form and can be accessed upon request.

Challenges to Verify a Company in Austria

• Data Accuracy and Update

Since the information on firmenbuch.at is fetched from the official Austrian Commercial Register, its accuracy and timeliness depend upon the official registry’s frequency of updates. Lag in data synchronizations can sometimes lead to outdated company information.

• Language Restriction

The website operates mainly in German, which poses a big challenge for non-German-speaking users who seek to verify company information. This adds a layer of difficulty, especially for foreign customers trying to conduct due diligence on Austrian companies.

• Restricted Access to Important Documents

On the Company HF Data website, some of the detailed reports and extracts require a fee. This creates a barrier for users who need frequent and detailed data access, especially smaller businesses or individuals who may not have the budget for these services.

Suggested Read: How to Verify a Company in Turkey?

How to Verify an Ultimate Beneficial Owner UBO in Austria?

The Register der Wirtschaftlich Berechtigten in Austria is a public register to enhance transparency and combat money laundering. Established under the EU Anti-Money Laundering Directive and the Austrian Financial Market Anti-Money Laundering Act (FM-GwG), companies must disclose their ultimate beneficial owners.

A beneficial owner is an individual who directly or indirectly owns or controls more than 25% of a company’s capital or voting rights. The purpose of the UBO identification is to make it more complicated for criminals and organizations to use assets they have obtained or sourced illegally. Being a hub for comprehensive data on the UBOs of legal entities, this register ensures transparency in terms of the financial operation of organizations, making sure they comply with AML regulations.

At present, the register of the beneficial owners has been updated, and it provides comprehensive information. You can get basic information such as name, date of birth, nationality, and extent of their beneficial ownership directly from the BO register. The KYB can help you access the UBO information through our enhanced KYB checks for the data that has limited access and is selectively available. When looking for UBO data, it is always challenging to know which data is reliable and which one needs to be double-verified. Our experts are here to help you in this regard so that you don’t have to go through the pain of visiting multiple sources to fetch the essential information.

Conducting AML Checks on Businesses in Austria

One of the crucial steps to verify a company in Austria is to conduct anti-money laundering checks on them. At The KYB, we conduct two types of checks: one on the company and the other on the individuals who control it. Choosing to verify a company in Austria through us means that you are making everything transparent and partnering with legitimate business partners only.

When onboarding a business, it must be screened against the government databases. The KYB provides accurate information on Austrian companies in real time to support AML compliance programs by accessing data directly from official sources. You can check the AML risk of a business in our back office besides retrieving company documents on demand. This means that you not only get company data but can also check the associated risk. To verify a company in Austria, implemented checks include: 

• Sanctions Screening
• Adverse Media Screening
• PEP Screening

The real-time reports provide the transparency required to ensure regulatory compliance for operational efficiency.

Austrian Business License and Certificate Verification

Austrian Financial Market Authority

FMA is the key regulator for the financial market in Austria. It oversees banks, insurance companies, and securities firms to ensure they operate in accordance with national and EU regulations. To get information on the licensed banks, you can search for company databases legally authorized to operate in Austria. It can sanction businesses that are not compliant with financial regulations to ensure transparency and trust in the financial market.

Austrian Customs Authority

This regulatory body is responsible for overseeing trade-related activities in Austria. By working under the Federal Ministry of Finance, it enforces customs laws, collects duties and taxes on imported goods, and implements EU and national regulations related to import/export activities. The Austrian Customs Authority occasionally issues warnings about entities not authorized to engage in customs-related activities in Austria.

Why Choose The KYB?

In summary, verifying an Austrian company requires diligence and a lot of patience. While the process may seem arduous, following the right steps can simplify the procedure, saving you a lot of hassle. Being the world’s largest corporate data source provider, we help you ensure you get accurate business data in real time. To verify a company in Austria, you can get insights into its legal status and risk profile and gain a comprehensive view of it, including directors, shareholders, and ultimate beneficial owners.

Strengthen each stage of the onboarding with The KYB comprehensive checks. Our team of expats can help you onboard a business seamlessly by providing you with the most accurate and updated company information. With our API-integrated KYB data, you get the company details with just a click of a button, which reduces time by 85% per business onboarding. Get data with ease and simplify your business verification.