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How to Make Changes to Your Slovak Company

Updated on Wednesday 06th May 2020

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How-to-Make-Changes-to-Your-Slovak-CompanyStarting a business in Slovakia is now simple than ever, considering the government has improved the legislation which also favors foreign investors interested in doing business here. There are also cases where a company starts down a path and needs to reconsider the business strategy or making specific changes. According to the Slovak Company Law, various changes can be brought to a company provided that the shareholders notify all the authorities involved.

Below, our company formation agents in Slovakia explain the main changes which can be made in a company in this country. We can assist in making various changes in a Slovak company.

What are the changes which be made in a company in Slovakia?

The list of changes which can be brought to a company in Slovakia is not extensive, yet it can be very important as it can affect the company’s business direction and even its size. Here are some of the common changes usually made in a Slovak company:

  1. the business or legal address of the company is one of the most frequent changes met in Slovakia;
  2. the shareholding structure of the company can also be changed in Slovakia, however, certain criteria needs to be respected;
  3. the company management can also be changed in a Slovak company – certain conditions must be respected, though;
  4. the company’s trading name can also be changed, if the business changes its object of activity;
  5. the share capital of the company can be altered by increasing or decreasing it within the limits of the law;
  6. the legal form of a business can also be changed in Slovakia, according to the Company Law.

Our company registration advisors in Slovakia can help you establish if you need to make changes in your company.

Changing the legal address of a Slovak company

Often, foreign investors setting up businesses in Slovakia use virtual office addresses for a quick company incorporation procedure. However, the virtual office is a temporary solution, which is why a legal address change is imposed after a few months. Changing the registered address of a company in Slovakia implies filing an application with the Commercial Register and notifying the tax authorities, the licensing authorities and the clients of the company on the change.

Changing the company address in Slovakia, however, is not complicated and can be completed in a matter of days.

Changing the trading name of a company in Slovakia

Another common change in a Slovak company is that of the trading name. Most of the times, such changes are brought to companies undergoing mergers or acquisitions, but there are also cases of rebranding when businesses change their business directions.

Changing the trade name of a company in Slovakia implies undergoing the same procedure as when changing the legal address. A notification and a request in this sense must be filed with the Trade Register in Slovakia, followed by the notifications submitted with all the relevant authorities.

If you decide to open a company in Slovakia and need guidance on the procedures to be completed, our consultants are at your disposal with personalized services.

Share capital and shareholding amendments in a Slovak company

Changing the shareholding structure in a company in Slovakia will automatically trigger share capital changes, as the distribution of the shares will need to be amended.

When changing the share capital of a company, there are two directions a business can follow: the most common one is for private companies to go public, case in which an increase of the capital will take place, and the second implies a public company changing into a private one, which will imply a decrease of the share capital.

These kind of changes in a company in Slovakia need to respect the following conditions:

  • - the share capital of a private company cannot be decreased below of the value of 5,000 euros (the minimum amount of money required for registering this business form);
  • - the share capital of a public company cannot be lower than 25,000 euros, according to the Company Law;
  • - the shareholding structure of each type of company must have at least one shareholder at all times, otherwise the company will face liquidation and dissolution;
  • - all the changes brought to a company must be notified with the Trade Register and amended in the company’s Articles of Association.

Those who want to set up companies in Slovakia, will also find interesting the following economic facts:

  • - Slovakia is expected to turn into the fastest growing developed economy in the world in 2019 and 2020, according to OECD;
  • - by the end of 2019, the Slovak economy is expected to register a growth of 4.3%;
  • - by the end of 2020, Slovakia’ Gross Domestic Products is set to grow by 3.6%;
  • - Slovakia is in the top 25 countries in the world in terms of infrastructure development.

If you need assistance in making any changes to your company in Slovakia, please contact our local consultants.

 

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Call us now at +421948899236 to set up an appointment with our consultants, who are handling company formation in Slovakia. Alternatively you can incorporate your company without traveling to Slovakia.

As our client, you will benefit from the joint expertize of local accountants and international consultants. Together we will be able to offer you the specialized help you require for your business start-up in Slovakia.

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