The share transfer tax was abolished in the year 2000. Managing directors are under a statutory obligation not to compete with the GmbH . There is no legal requirement that one or all managing directors be domiciled in Austria. The shareholders' assembly may also issue instructions to the managing directors. Resolutions of the shareholders' assembly can be passed in writing, if all shareholders agree.
Resolutions usually require only a simple majority of the shareholders present.
In other cases, a supervisory board may voluntarily be established. Generally, no staff representatives have to be appointed as members of the advisory board as long as it cannot exercise controlling influence on the managing directors. However, all companies exceeding at least two of the aformentioned criteria also have to publish a reference to this filing. General Political and Economic Information 3.