Starting a business in Slovakia implies respecting the legislation imposed by the authorities in this country. The first step related to setting up a company is to choose a suitable type of company and then make sure the investor respects the legal requirements when it comes to the registration of that specific business form.
The main law which provides for the registration of any type of company in Slovakia is the Company Act. It covers the following:
The Company Law also provides for the rights and obligations of the Trade Registrar in Slovakia.
Our experts in company registration in Slovakia can offer detailed information about the Company Law and its requirements when it comes to incorporating a business. We can also assist with the EORI registration procedure in Slovakia.
According to the law, the following types of companies are available for registration in Slovakia:
A special type of structure for foreign companies is the representative or liaison office, however, this is not regarded as a commercial entity because it cannot undertake such economic activities. It is also possible to set up non-profits organizations, associations, and clubs, however, these are not recognized by the Commercial Code.
Our company registration advisors in Slovakia can offer detailed information about each type of company and can help foreign entrepreneurs select the suitable legal entity in accordance with their needs.
Registered as limited liability companies, shelf companies and holdings are very popular in Slovakia.
The shelf company, also known as a ready-made company, is already registered and can be bought by local and foreign entrepreneurs interested in starting a business in a fast manner. Shelf companies have many advantages, among which a registered address, a bank account, a tax, and a VAT number. This means that from a legal point of view, the shelf company is ready to start operating as soon as it was purchased.
Once bought, the shelf company must undergo certain changes which can be effectuated by the new owner. Among these, the shareholding structure, the management structure, the registered address, and even the trade name can be changed.
Another business form which is usually set up by foreign companies is the holding company. A Slovak holding company can be created with the purpose of owning shares or assets in other companies. The holding company offers tax advantages most of the times, being a proper tax minimization solution.
Our local advisors can help foreign investors interested in acquiring shelf companies or setting up holding companies in Slovakia.
The branch office is a satellite of a foreign company which can operate in Slovakia. In order to open such business form, a foreign company is required to complete a few formalities, among which filing a set of documents with the Companies Register and obtaining the necessary licenses with the competent authorities.
The main characteristics of a branch office in Slovakia are:
The establishment of a branch office in Slovakia is often suitable to companies in the financial sector. Also, companies from both EU and non-EU countries will find it easy to open this type of company in Slovakia.
Another business form suitable for foreign companies is the subsidiary. This will usually take the form of a limited liability company and will imply depositing the same share capital as a Slovak company. Compared to the branch office, the subsidiary will be independent of the parent company and will be able to carry out other activities than the parent company. Nevertheless, it will still be controlled by a foreign company.
It is easy to open a subsidiary in Slovakia, and our local company incorporation agents can offer more information on the establishment of such a business entity.
The following set of documents need to be provided to the Trade Register in Slovakia in order to register any type of company:
In the case of sole traders, a simple registration form must be filed with the Companies Register. In the case of foreign companies, their incorporation documents together with their certificates of registration must be provided upon the opening of branches, subsidiaries or representative offices.
Our Slovak company formation consultants can help foreign investors who want to set up businesses in this country. We offer full assistance in incorporating any type of company, and we can also offer support in tax registration, as well as business consulting services.
No matter the type of company selected, there are specific steps which need to be followed when opening a company in Slovakia. The first step is to reserve the company, which as mentioned earlier, must be unique. In order to ensure its uniqueness, the entrepreneur can reserve up to 3 names.
Then, the company’s Articles of Association must be drafted and notarized by a public notary in Slovakia.
Next, the future business owner must open the company’s bank account and deposit the share capital, followed by obtaining a receipt from the bank that the share capital was deposited. It should be noted that at least 30% of the share capital must be submitted prior to company registration in Slovakia when it comes to limited liability companies.
A certificate indicating that the shareholders have no debts must also be obtained from the tax authorities, and then the company registration procedure can begin with the Trade Register. This implies submitting the documents and obtaining the business license and tax number.
The last step in registering a company in Slovakia is to obtain a VAT number and register for social security purposes.
Please watch our video on the types of companies which can be opened in Slovakia:
An important process when setting up any type of company in Slovakia is obtaining the necessary licenses and authorizations for operating. The business license is issued after the registration with the Companies Registrar takes place, however other special permits can be required based on the activities carried out by the company.
For example, companies operating in the food and beverages sector must obtain a special license for preparing and handling food, respectively for selling beverages. Companies operating in tourism or the IT sectors must also apply for special licenses with the authorities in the respective industries.
You can also rely on us if you need specific information on how to apply for business licenses needed in industries like information technology, finances, and manufacturing – some of the most prolific economic sectors in Slovakia.
When opening a business in Slovakia it is very important to decide from the beginning of the best type of company to operate under. Our local agents can help foreign investors choose the suited type of entity, based on their requirements and will also help them with the incorporation and licensing procedures.
Do not hesitate to contact us for personalized company registration services in Slovakia. Our specialists in company formation in Slovakia can provide you with assistance whether you want to expand your business in this country or you want to open a new company here.