Dress code in Austria tends towards the more formal and people take a pride in their appearance. Therefore, it is safest to wear smart, business-like clothes for first meetings in order to make a professional impression.
Men are best advised to wear a dark suit or smart sports jacket with trousers and a tie. Women should wear smart business suits or dresses.
As with many western countries, attitudes with regard to what is business-suitable in terms of dress is changing rapidly and, if in doubt, it is best to check with a local contact in advance. Remember that it gets cold in Austria so make sure to pack appropriate clothing for the season.