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Slovakia

Steps to Set Up a Company:

Slovakia

Choose a Business Structure

  1. Sole Proprietorship (Živnosť): Single owner, full liability.
  2. General Partnership (Verejná obchodná spoločnosť - v.o.s.): Two or more partners, shared liability.
  3. Limited Partnership (Komanditná spoločnosť - k.s.): General and limited partners.
  4. Limited Liability Company (Spoločnosť s ručením obmedzeným - s.r.o.): Separate legal entity, limited liability.
  5. Joint-Stock Company (Akciová spoločnosť - a.s.): Separate legal entity, limited liability, shares can be traded publicly.
  6. Simple Joint-Stock Company (Jednoduchá spoločnosť na akcie - j.s.a.): Newer form of joint-stock company, often used for startups.
  7. Branch (Organizačná zložka podniku zahraničnej osoby): A branch of a foreign company operating in Slovakia.
  8. Representative Office (Reprezentatívna kancelária): Limited to marketing and promotional activities, cannot conduct business transactions.

Register Your Company

  1. Choose a Company Name: Ensure it is unique and follows naming regulations.
  2. Prepare the Articles of Association: Outlining the company’s structure and rules.
  3. Notarize the Articles of Association: Required for certain company types.
  4. Open a Bank Account: Deposit the initial capital required for the company type.
  5. Register with the Slovak Business Register: Submit the incorporation documents and pay the registration fee.
  6. Obtain a Tax Identification Number (DIČ) from the Tax Office: For tax purposes.
  7. Register for Value Added Tax (VAT) with the Tax Office: If applicable.

Open a Slovak Bank Account

  1. Set Up a Business Bank Account: Necessary for managing business finances.

Obtain Necessary Licenses and Permits

  1. Check Industry-Specific Requirements: Depending on the nature of your business, you may need specific licenses or permits.

Comply with Slovak Employment Laws

  1. Employment Contracts: Draft contracts that comply with Slovak labor laws.
  2. Register with the Social Insurance Agency (Sociálna poisťovňa): For social security purposes.
  3. Health and Safety Regulations: Follow guidelines from the National Labour Inspectorate.

Accounting and Reporting

  1. Set Up an Accounting System: Maintain accurate financial records in compliance with Slovak accounting standards.
  2. Annual Financial Statements: Prepare and file annual financial statements.
  3. File Annual Tax Returns: Submit annual tax returns to the Financial Administration of the Slovak Republic.

 

Laws and Regulations to Consider

Corporate Law

  1. Commercial Code (Obchodný zákonník): Governs the formation and operation of companies.
  2. Civil Code (Občiansky zákonník): Governs contracts and obligations.

Tax Law

  1. Income Tax Act (Zákon o dani z príjmov): Governs corporate income taxation.
  2. Value Added Tax (VAT) Act (Zákon o DPH): Governs VAT regulations.

Employment Law

  1. Labour Code (Zákonník práce): Governs the terms and conditions of employment contracts.
  2. Social Insurance Act (Zákon o sociálnom poistení): Governs social security contributions.
  3. Occupational Health and Safety Act (Zákon o bezpečnosti a ochrane zdravia pri práci): Sets health and safety standards for workplaces.

Data Protection Law

  1. Data Protection Act (Zákon o ochrane osobných údajov): Governs data protection and privacy.

Environmental Law

  1. Environmental Protection Act (Zákon o ochrane životného prostredia): Governs environmental protection and sustainability practices.

Intellectual Property Law

  1. Patent Act (Zákon o patentoch): Governs the protection of patents.
  2. Trademark Act (Zákon o ochranných známkach): Governs the protection of trademarks.
  3. Copyright Act (Autorský zákon): Governs the protection of copyrights.

By following these steps and adhering to the relevant laws and regulations, you can successfully establish and operate a company in Slovakia. It’s advisable to consult with legal and financial experts to ensure full compliance and smooth setup.

When to Consider Setting Up a Company in Slovakia:

  1. Strategic Geographic Location: Slovakia’s location provides access to markets in Central and Eastern Europe.
  2. Stable Economic Environment: Slovakia offers a stable macroeconomic environment with opportunities for growth.
  3. Skilled Workforce: Access to a highly educated and skilled labor pool, particularly in technology, engineering, and manufacturing.
  4. Developed Infrastructure: Slovakia has a well-developed infrastructure, including transportation, telecommunications, and energy.
  5. Innovation and Technology: Slovakia has a focus on innovation and technology, with numerous research institutions and tech hubs.
  6. Quality of Life: Slovakia offers a high standard of living, excellent healthcare, and a rich cultural heritage, making it attractive for expatriates and international employees.
  7. Favorable Investment Climate: Slovakia offers various incentives for foreign investment and a supportive regulatory environment.
  8. Access to EU Market: As an EU member state, Slovakia provides access to the EU single market, facilitating trade and business operations within the EU.

By considering these factors and aligning them with your business goals, you can determine if setting up a company in Slovakia is the right move for your organization.

DALL·E 2024-07-08 12.02.10 - An illustration promoting Grant and Grahams global support for setting up companies. The image features a globe with various business icons around it
How to Set Up a Company

Step-by-Step Guide: How to set up a Company

Setting up a company involves a series of crucial steps that require careful planning and execution. From choosing the right business structure to understanding legal and tax obligations, each stage is vital to the successful launch and operation of your business. This step-by-step guide provides a comprehensive overview of the key processes involved in establishing a company, ensuring you have the knowledge and tools needed to navigate the complexities of business formation.