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Slovakia

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Buying a European shelf company with VAT number

Whenever you need to start doing business immediately in a European country and you need a company with a VAT number, you don’t have to wait for the bureaucratic procedures.

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We encourage you to contact our partner law firms in Bucharest: Rolegal and E&C, both part of our legal network.

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BridgeWest is specialized in special corporate structures designed for tax minimization. No matter where you want to incorporate your company, you will need to consider how you can legally minimize costs.

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Guide to Company Incorporation in Slovakia

May 12, 2011, 12:19 pm
BridgeWest

 

 

1. What is the minimum share capital of a Limited Liability Company in Slovakia?

In Slovakia most entrepreneurs incorporate limited liability companies due to their simple structure, short incorporation period and minimum capital requirements of 5,000 EUR.

2. What is the minimum share capital for a Joint Stock Company in
Slovakia?


The Slovakian Joint Stock Company is designated for business at a larger scale, having a more complex structure and a minimum capital requirement of 25,000 EUR. 

3. Are there any special requirements for establishing a Slovakian Limited Liability Company?


The Limited Liability Company is the most common form of business organization due to minimum requirements and the liability of the shareholders which is strictly restricted to the amount invested by each in the company's capital. In order to set up a company in
Slovakia, entrepreneurs must ensure the chosen company name is not already in use. Any Slovakian company needs to be registered with the Trade Register of Slovakia. In order to do so an application must be forwarded. The application can be submitted by the company owners or a legal representative authorized with power of attorney to do so. Not more than 50 members can form a Slovakian limited liability company. Slovakian limited liability companies must have registered offices in Slovakia where all formal documents need to be kept and there is no requirement as to the nationality of the shareholders.

4. How can I register for VAT in
Slovakia?


The minimum threshold for mandatory registration for VAT in Slovakia is 49.790 EUR. The standard VAT rate is 20% with a reduced rate of 10% for certain medical equipment and pharmaceuticals, while the financial operations are exempt. Therefore companies that registers for VAT need to submit an application with the tax authorities of Slovakia prior to commencing activities, immediately after obtaining the registration certificate from the Slovakian Trade Register. If the application is accepted the VAT number is issued in a little more than a week.

5. How can I open a bank account in Slovakia?


Companies in Slovakia need to have a bank account
 in order to deposit their initial capital and operate future transactions. In order to open a bank account in the Republic of Slovakia, certain documentation is required. Most Slovakian banks require the presence of the account owner and the submission of the company’s articles of association, the company registration certificates and ID’s of the representatives. However certain banks accept working with company representatives authorized to open a company bank account with power of attorney.

6. How can I recruit personnel in
Slovakia?


Slovakian job websites are the best solution for a new company looking to hire employees. An entrepreneur can create a company account and place announcements, selecting the most appropriate candidates for the workplaces offered. Also Slovakian recruitment agencies offer the best suited solutions for a company in need of employees.

7. What is the average salary in
Slovakia?


The average salary of Slovakia is over 750 EUR.

8. What is the overall economic situation in
Slovakia?


The Republic off
Slovakia has a continuously developing economy, resembling more and more to a highly developed country. Since joining the EU, and the euro currency the country has made outstanding progress in terms of diminishing unemployment rate, improving many business sectors and transcending to a free market economy. In the last few years nearly the entire economy has been privatized and foreign investment has been constant. The Slovakian government has taken measures to improve the business sectors that have been less productive as a cause of the global crisis, offering limited incentives for investors. However the foreign investment climate is welcoming, and there are no preferential treatments for Slovakian entrepreneurs in the detriment of foreign ones. The foreign investors are especially attracted by the weak labor code, cheap and skilled labor, a low 19% corporate and individual tax on profits, no dividend taxes, and the good geographical location.  The main investor comes from the Netherlands, Germany, Austria, Italy and United States.

Among the members of OECD and the EU, Slovakia managed to reach the highest GDP over the years and it considered an important economic force.

 

BridgeWest offers Company Formation in Slovakia.

 




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