Minister Dr. Margarete Schramböck has congratulated Xencio for entering the Austrian market. The department of Digital and Economic Affairs addressed a letter to Xencio to encourage open communication.
John Shen, the CEO of Xencio GmbH, is one of the first recipients of the newly implemented Red White Red card, start-up category. Having been through the application process, his feedback is seen as especially relevant in improving and simplifying the process.
As a result, officers from the Ministry held meetings with John, in order to engage in an open discussion about the transition process to Austria. Start-ups usually find bureaucratic processes to be time consuming and rather complicated.
The recommendations that were put forward during the meetings with the ministry have resulted in proposed changes to the Red-White-Red Card Application process. The ministry hopes that the new changes will improve the Austrian Start-up ecosystem and attract new and promising Start-ups to enter the Austrian Market.
The proposed changes include, getting rid of the requirement for proof of housing and also the lowering of minimum salary requirements.
For a full list of changes, please refer to the link below:
After taking part in the goAustria program of the Global Incubator Network (GIN), the Vienna based Xencio GmbH was founded in January 2019. Xencio plans on empowering Austrian businesses with a virtual CFO to improve their strategic business decision making. Minister Dr. Margarete Schramböck assures Xencio her full support for their mission.