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Schoenherr Assists with First-Ever Digital Foundation of LLC in Austria

Schoenherr Assists with First-Ever Digital Foundation of LLC in Austria

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Schoenherr has helped found SASR Alpha Fifty-Seventh Investment Management GmbH — the first limited liability company in Austria ever founded by digital means.

The legal basis for digital foundation of a company in Austria, Schoenherr reports, is the country's Electronic Notarial Forming Law, which came into force on January 1 of this year.  According to Schoenherr, "the founding steps were carried out by videoconference and confirmed by qualified electronic signature. As a result, limited liability companies can now be established independently of the physical whereabouts of the persons involved."

"The possibility of digitally establishing GmbHs is a first, important step in the digitization of Austrian company law," explained Schoenherr Partner Thomas Kulnigg, who led the firm's team. "Although some steps can still be optimized, conducting foundations and other corporate actions digitally will soon be completely normal."

SASR Alpha Fifty-Seventh Investment Management GmbH was registered in Austria's Commercial Register on October 16, 2019. 

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