Slovakia, a Central European country known for its welcoming business environment, is an attractive destination for entrepreneurs looking to establish a company. The nation’s robust economy, skilled workforce, and strategic location within the European Union make it a compelling choice for foreign investors. Here is a comprehensive guide to help you register a company in Slovakia.
Types of Business Entities in Slovakia
Before diving into the registration process, it’s crucial to understand the types of business entities available in Slovakia:
1. **Limited Liability Company (s.r.o)**: Most popular among startups and small to medium-sized enterprises.
2. **Joint-Stock Company (a.s)**: Suitable for large businesses requiring significant capital.
3. **Branch Office**: An extension of a foreign parent company.
4. **Sole Proprietorship**: Ideal for individual entrepreneurs.
Step-by-Step Guide to Registering a Company in Slovakia
1. **Choosing a Company Name**
– The name must be unique and not similar to any existing company.
– Ensure the name adheres to Slovak naming conventions and is subject to approval by the Commercial Register.
2. **Preparation of Documents**
– **Memorandum and Articles of Association**: Details the company’s structure, operations, and management.
– **Shareholder Agreements**: Necessary if there are multiple shareholders.
– **Proof of Capital Contribution**: Minimum required capital for an s.r.o is €5,000.
– **Founders’ Identification**: Passport or national ID cards of all founders.
– **Registered Office Address**: A physical address in Slovakia is mandatory for registration.
3. **Opening a Bank Account**
– Visit a Slovak bank to open a corporate bank account.
– Deposit the initial capital into this account and obtain a confirmation of deposit.
4. **Registering the Company**
– Submit the application and documentation to the Slovak Commercial Register.
– The registration fee is typically around €300, but it may vary.
– The registration process usually takes about 10 business days.
5. **Tax Registration**
– Once the company is registered, you need to register for taxes at the Slovak Tax Office.
– Obtain a Tax Identification Number (TIN) and register for Value Added Tax (VAT) if applicable (mandatory if annual turnover is expected to exceed €49,790).
6. **Social Security and Health Insurance Registration**
– Register your employees for social security and health insurance with the respective Slovak authorities.
Post-Registration Requirements
1. **Accounting and Auditing**
– Maintain books in accordance with Slovak accounting standards.
– Hire a local accountant to ensure compliance with Slovak tax laws.
– Conduct annual audits if your company meets certain criteria based on turnover, total assets, and number of employees.
2. **Business Licenses and Permits**
– Depending on your business activity, you might need specific licenses and permits.
– Consult with local authorities or business consultants to ensure you have all necessary permissions to operate legally.
Final Thoughts
Slovakia’s favorable business environment and strategic location within Europe provide numerous advantages for foreign entrepreneurs. The process, while straightforward, involves several steps that must be meticulously followed to ensure legal and operational compliance. Utilizing local experts such as business consultants, lawyers, and accountants can greatly simplify the process, allowing you to focus on growing your business in Slovakia.
Establishing a company in Slovakia paves the way for access to the wider European market, leveraging the country’s skilled workforce, and benefitting from its competitive tax regime. By following this guide, you are well on your way to joining the myriad of successful businesses in Slovakia.
How a Foreigner Can Register a Company in Slovakia:
Here are some useful links that might help: