5 Tips for Starting a Business in Slovakia

Written by: Bridgewest

5-Tips-for-Growing-a-Business-in-Slovakia.jpgForeign investors who want to open a company in Slovakia should know that the business environment available here provides many advantages. Thre are several ways in which the investor can optimize his business and our team of Slovakian company formation specialists can provide more information on how a company can benefit of a favorable environment that can boost its value. . 
 

1. Taxation system, favorable to Slovakian businesses

 
Investors opening a company in Slovakia benefit of a favorable taxation system, which is considered to be, overall, one of the lowest in terms of tax burden within the European Union’s member states. Since the taxation level is lower than in other countries, businesses set up here can develop faster, as the investors will retain a larger share of the profits. At the same time, the entrepreneurs should choose a business structur. By choosing the appropiate type of structure, the investor can can benefit of a flexible taxation system

 

2. Choose a developed economic sector 

 
It is important to choose an economic sector which is well represented on the market or one that has positive prospects. Slovakia is a state that developed its economy mainly based on export relationships with other states. The main trading partners are represented by Germany and Czech Republic, while the main exports refer to cars and motor vehicles trade. 
 

3. Establish a business plan 

 
One of the main tools available when considering opening a business in Slovakia is the business plan, a document which sets out the main objectives of the future company. A solid business plan should contain short-term and long-term objectives. 
 

4. Choose to work with professionals in the field in which the company will operate

 
The human resources are essential for the well-being of any business, regardless of the place of incorporation. According with the profile of the company, the investor should verify the share of workforce with a high degree of professional skills – which can refer to tertiary studies or to persons who have followed professional education. In this sense, Slovakia can provide a highly educated workforce with a superior level of language skills (English being one of the most common). A relevant aspect related to the language skills is that 97% of the Slovakian citizens are fluent in a foreign language; our team of company formation agents can assist local and foreign investors with details related to the characteristics of the labor market
 

5. Treaties for the avoidance of double taxation 

 
A business can be further developed if the investors are tax-residents of a country with which Slovakia has signed a treaty for the avoidance of double taxation. If so, the investors can benefit of various tax exemptions and incentives, as prescribed by the specific agreement signed in this sense. 
 
Persons who need further information on the way in which a business can be developed in Slovakia can contact our team of company incorporation representatives for assistance. 
 
 

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