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Biotech start ups in Austria backed by new public funding

27. June 2013

Biotech companies in Austria are to benefit from new funding and tax incentives recently announced by Austria’s Minister of Economic Affairs, Reinhold Mitterlehner.

There are currently 113 Biotech companies situated in Austria employing more than 23,000 people. Now Austria’s Minister of Economic Affairs Reinhold Mitterlehner has announced a new boost of funding budget to encourage the development of Vienna as a pioneering hotspot for start-up Biotechs.

Enterprises which focus on research and development projects to cure or treat rare diseases will benefit from the £42.4 Million grant. This grant expands on two long-term funds which have funded and will continue to fund young start ups, mainly spin offs with academic background. Most Biotech start ups in Austria make use of an excellent seed financing program which will work as a non-interest-bearing-loan up to £850,000.

However, new tax incentives in Austria may now attract even more international Biotech start-ups. From July 1st the minimum corporate income tax will be lowered to £425, less than a third of what it was previously. In addition, limited companies will need a lower minimum capital requirement of £8,500 compared to the previous amount of £30,000. Companies with research and development expenditures can retrieve 10% of those expenditures tax free as a bonus.
The biggest biotechnology conference in Europe, BIO Europe , is taking place in Vienna this year in November, further underlining Austria's support of the Biotech sector.

To find out more about Biotech companies in Austria please visit www.lifescienceaustria.at/en. To read about funding opportunities in Austria please click here and here (content in German).

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