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Relocate Your UK Company to Slovakia After Brexit

Updated on Tuesday 09th February 2021

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Relocate-Your-UK-Company-to-Slovakia-after-BrexitBrexit was one of the most important decisions of the UK Government and it affected both the country leaving the European Union, but also the member states of the European Block. However, people and companies must continue their activities, whether these imply work or economic operations.
 
UK companies with activities in the EU were the most affected by Brexit, but even so, there are actions they can take in order to minimize the damages and continue their operations, and one of them is company relocation.
 
Slovakia and the UK have good trading relations which makes British company relocation here quite appealing.
 
The procedure of relocating a UK company to Slovakia after Brexit is presented below by our local representatives who can also help business owners through the process.
 

Steps for UK company relocation to Slovakia after Brexit

 
The procedure of relocating a British company to Slovakia after Brexit implies the following steps:
 
  1. the British company must cease its activities in the UK and be de-registered from the Trade Register,
  2. in the meantime, the preparations for registering a new firm in Slovakia can begin,
  3. after company deregistration, the documents for incorporating a new business in Slovakia can be drafted,
  4. ultimately, the new company with the same activities is registered with the Slovak Trade Register.
 
Our Slovak company formation consultants can provide a list with the documents that need to be prepared in case of business relocation after Brexit.
 

Documents to prepare in case of UK company relocation to Slovakia

 
Once the British company is deregistered, the procedure of incorporating a new company in Slovakia can begin and it implies preparing the following documents:
 
  • - a trading name reservation (as mentioned above, the name of the former company can be used as long as it is available),
  • - the preparation of new incorporation documents is mandatory,
  • - the company will need new tax identification and VAT numbers (EORI numbers can also be requested),
  • - the business licenses must be obtained in accordance with the Slovak regulations of the industry the company will operate in.
 
You don’t need to worry about opening a new company in Slovakia upon relocating a British business, as the procedure is quite simple and fast to complete. Plus, our agents will be at your service during the entire process.
 

What to consider when relocating a British company to Slovakia

 
When seeking to relocate a UK business to Slovakia after Brexit, there are several aspects to consider. Among these, if the British company is known to the Slovak customers, it will be important to preserve its name for easy recognition. For this purpose, the shareholders can reserve the trading name it had in the UK if it is available in Slovakia. Then, it is important to choose a legal entity that eases the transfer of activities. For this purpose, the limited liability company is often chosen because both forms are available for incorporation in both Slovakia and the UK. Apart from these, this type of business vehicle will enable continuing the activities undertaken in the country of origin.
 
It should also be noted that British company owners have two more options when if they do not want to relocate their businesses entirely in Slovakia after Brexit. These imply the creation of a branch office, however, this will limit the operations of the Slovak business to those of the parent company, and the subsidiary which implies the establishment of an entirely new business, which could lead to losing the substance of the company and creating a new history for the Slovak one that will take time.
 
When having to decide between setting up a new business and relocating an existing one, these are important aspects to consider. However, if you have doubts, our company registration advisors in Slovakia can guide you.
 

Important changes after Brexit

 
Now that Brexit has become reality, it should be noted that several changes will occur. First of all, the movement of UK and Slovak citizens who did not have residence permits for the other country will imply more stringent rules. From a trading point of view, new tariffs will enter into effect when completing customs operations.
 
Even so, according to the British Government:
 
  • - before Brexit, there were more than 100 British companies operating in Slovakia,
  • - Slovakia ranks among the first 25% countries in the world in terms of easiness of doing business, according to the World Bank,
  • - at the level of 2018, exports from UK to Slovakia were valued at 901 million USD.
 
If you want to relocate your UK company to Slovakia after Brexit, do not hesitate to contact us and ask for support.

 

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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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