Setting up a company in Slovakia

The most common forms of Slovakian company types are the limited liability company and the joint stock company, and most of the incorporation regulations, set out in the Commercial Code, apply the same way to Slovakian entrepreneurs and foreign entrepreneurs.

Preliminary activities before registering a Slovakian Limited liability (LLC) and joint stock companies (JSC) in Slovakia
Both the Slovakian Limited Liability Company and Joint Stock Company must agree upon a foundation act. Limited liability companies have to establish a Memorandum of Association or a Foundation Deed and in some cases, the Articles of Association, and joint stock companies must provide a Deed on Establishment, a Memorandum of Association and the Articles of Association. A bank account must be opened by an administrator or a person assigned to do so and an authorization must be obtained from the bank certifying that the starting capital has been deposited, as required by law. The structure of the company, including shareholders names, in the case of JSC, and managing partners, in the case of LLC, must be provided along with information as to what activities will the company have.

Registration of the Limited Liability and Joint Stock Company with the Commercial Registrar in Slovakia
 It is mandatory for any company willing to undertake business activities to register with the Commercial Registrar in Slovakia. For the incorporation of the company, the Commercial Registrar requires a registration form, a trade license issued by the local Trade Authority, the foundation deed and the receipt from the bank that certifies the deposited capital. The proposal for company registration must be signed by all executives, and their signatures must be certified.

Registration for Social Security in Slovakia
 The company, LLC or JSC, must register as an employer within 8 days of the first employment contract and must register all employees with the Social Insurance Company before they start working. In order to obtain registration, there are some forms that need to be completed, available at the official Social Security company web site and they can be submitted electronically.

Founding a Slovakian company from abroad
Foreign entrepreneurs may lead local businesses, but citizens of countries that are not EU members need a temporary residence in Slovakia, before they can enter as statutory representatives in the Commercial Register.

How long does it take to found a Slovakian company?
Obtaining a trade license from the Slovakian Trade Authority takes about a week, and registration with the Commercial registrar is completed within 5 days, while the rest of the procedures are finished in no more than one day. A Slovakian company is formed in approximately a week and a half.