On Friday, the National Council passed the first law written at the federal level in a purely feminine form. Startups should take advantage of the Flexible Capital Companies Act. It was not only the content of the law that gave rise to debate in the plenary.
The law, written in a purely feminine form, creates a new legal form that represents a kind of hybrid model between a limited liability company (GmbH) and a stock company (AG).
The FPÖ criticized the writing form as a strange “ideological experiment” intended to transform society. The Freedom Party also criticized the content. According to MP Harald Stefan, the new company form will not make starting a business any easier.
Compete for the best ideas
The ÖVP, which had previously also criticized the purely feminine form of the law, defended its adoption. Ultimately, the faction “accepted the wording because it was about the content,” said MP Bettina Zopf. “With the feminine form we do not help one entrepreneur or a single employee, but with the content of the law we do,” Zopf emphasizes. This would make starting a business more modern, easier and internationally attractive.
A piece of the law:
Justice Minister Alma Zadic also emphasized that the law would “create the preconditions for the implementation of the best ideas in this country.” This is intended to prevent founders from emigrating to other countries.
Because the laws were previously only written in the masculine form, even though people of all genders were intended, this law opted for the purely feminine form of the law to consciously make female shareholders, founders and entrepreneurs more visible.
Pink-red criticism of the content
SPÖ and NEOS were not bothered by the form, but by the content of the law. Henrike Brandstötter of the Pinks was disappointed that the law had failed to make the Austrian location more attractive. SPÖ MP Ruth Becher saw this the same way, and she also criticized the fact that security had been given up in favor of flexibility and that there were shortcomings in transparency.
In the subsequent roll-call vote, there was ultimately a clear majority in favor of the law with 83 yes votes and 65 no votes.
What does the FlexKap law say?
In terms of content, the flexible capital company (FlexKapG) is based on the GmbH Act, but has – for example in the area of capital measures – additional design options that were previously reserved for companies.
The new FlexKapG is ‘packaged’ in a corporate law amendment act. This is, among other things, intended to reduce the statutory minimum capital of the GmbH from the previous 35,000 euros to 10,000 euros.
It was also decided to amend the Digitalization of Companies Act. As a result, directors and board members of share companies or cooperatives will in the future be temporarily excluded from these activities if they have been sentenced to more than six months in prison for an economic crime such as breach of trust or fraud. This “disqualification” lasts three years. This implements an EU directive.
Source: Krone
I am Ida Scott, a journalist and content author with a passion for uncovering the truth. I have been writing professionally for Today Times Live since 2020 and specialize in political news. My career began when I was just 17; I had already developed a knack for research and an eye for detail which made me stand out from my peers.
