Law-Blog discusses (in German) the pros and cons of Germans resident in Germany creating a limited company.

Law-Blog bespricht die Argument für und gegen die Gründung einer Auslands-Gesellschaft.

There was a decision of the European Court of Justice in September 2003, C 167/01, (English ) finding that companies properly founded in one member state should be recognized in full in every other state.

Before that , the German courts tended to find against those who founded companies abroad, on what seemed like moral reasons. The Austrian courts were much more up to date!

123recht.net has another article on the topic (originally via Handakte WebLAWg).