Company Management in Slovakia

Most investors in the Slovak Republic realize how important it is for a company to have a good management group. Evaluating management is however a difficult job, as so many aspects comprising it are intangible. Therefore, when starting a business in Slovakia, an investor should pay attention to some key factors related to the company’s management.

Managing a company in Slovakia and its implications

When businessmen choose to invest in Slovakia by opening a company here, they should be aware that the country’s business field is going through a transition, as it is adopting a free market system.

If you have Slovak peers, in order to reach a successful cross-cultural management, it is recommended to reinforce the importance of agreed deadlines and timescales, as you can find flexibility with regard to schedules.

Standard procedures are usually followed by subordinates, as company management in Slovakia tends to focus on a strong hierarchical structure. When forming a company in Slovakia, there is a tradition of teamwork and thus, work units come together so as to create plans and discuss ideas.

Key factors of a Slovak company management

A strong management in Slovakia is one of the most important elements in a successful company. The management is the one making strategic decisions and also the one directing others to look after the main factors that ensure a successful company.

Management should generally run the company in the interest of the owners, but sometimes it can happen that the interests of the shareholders are different from the ones of the managers and that is when problems can arise. Managing a company in Slovakia implies handling numerous aspects, such as:

• • finding suitable employees for your type of business;
• • communications office;
• • maintaining a Registered Office address in Slovakia;
• • signing contracts and agreements;
• • different accounting activities (invoicing customers, transactions and acquisitions, posting all accounting entries, registration for VAT purposes etc);
• • various financial activities (management of the company bank account etc).

You can contact our Slovak company formation experts as they can be of help in providing you with further information about company management in Slovakia and also about other legal matters you may be facing.