STEPS FOR COMPANY INCORPORATION IN SLOVAKIA
Investors considering the setup of their businesses in Slovakia have in mind the following reasons: political and economic stability, efficient taxation system, highly skilled workforce and so on and so forth.
As general information, foreign investors should know that the process of incorporating a company in Slovakia can prove to be a quite hassle-free one, provided that a series of conditions are met. Needless to say, Slovakia is very open to foreign businesses, offering a welcoming environment for persons who are interested to develop their activities in any field. In addition to that, foreign investors benefit from the same rules and regulations as nationals, and hurdles in company formation by foreigners rarely intervene.
In order to form a company in Slovakia, the shareholders should think about and provide three company names at their discretion. Each company name in Slovakia must be unique and hence each name is verified and approved subject to availability. Concurrently, the client should fill out a standard company incorporation form where information related to the shareholding structure and company’s intended activities is provided. Additional information and documents to be used for the setup of the company include, but not limited to: passport copies, second identification document, such as driver’s license, bank reference letters, utility bills, criminal records, etc.
As the above information and documentation are to be used for the registration of the company, the client should ensure that they are accurate and complete. In the initial stage of the process a scanned copy of the documents should suffice for drafting the company registration documents, such as the Articles of Association, however original certified and apostilled versions should also be provided at a certain point of the incorporation process.
Since Slovakia offers the possibility to register a company remotely, the vast majority of foreign investors choose not to visit the country and to delegate powers to a representative through a Power of Attorney. Based on this specific document, duly notarized and apostilled, the company can be registered with the Trade Register, which is actually the single institution for registering LLCs and other forms of entities. Meanwhile, the company’s documents are executed and the client receives a series of special forms to be prepared and signed by the person with signatory rights within the future company.
The next step would be to open the company’s bank account; the 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.
Following the completion of the above mentioned steps, the documents are submitted for proper registration with the Business Register and the trade license should be expected to be issued by the authorities in question. Completion of all company registration steps is estimated at around 3 weeks.
REQUIREMENTS FOR COMPANY INCORPORATION IN SLOVAKIA
- Any person of any nationality or residence can be director or shareholder in a Slovakian company;
- The director/s of the company should provide clean criminal records
- The shareholders of a company established in Slovakia can be both natural persons and legal entities;
- A company in Slovakia must hold a local registered office (service provided by BridgeWest)
- The share capital for establishing a Limited Liability Company in Slovakia is EUR 5,000;
SERVICES PROVIDED FOR COMPANY INCORPORATION IN SLOVAKIA
> drafting the Articles of Association (necessary for the company incorporation in Slovakia);
The Articles of Association of a company in Slovakia can be signed through Power of Attorney (the same applies to Public Notary proceedings, a step required by the Slovakian Law).
> drafting all other documents required for the incorporation of a company in Slovakia;
These documents include: Specimen Signatures, Special Forms provided by the Company Registration Office in Slovakia, passport copies etc.
> arranging Public Notary procedures (The procedures for incorporating a company in Slovakia have to be done through a Public Notary);
> offering a Registered Office in Slovakia for your company (if required);
The registered office may be any address where the Slovakian company declares to have its headquarters. The registered office will be public.
> setting up a bank account for your company in Slovakia.
This refers both to an initial share capital account as well as a current bank account after the company is formed.
> recommending an accountant in Slovakia;
Accountancy services are recommended for any new business registration in Slovakia.
Establishing a Limited Liability Company;
Spolocnost s Rucenim Obmedzeným (S.R.O - Limited Liability company). This type of Slovakian company can have one shareholder and one director and must maintain a local address (office) and a minimum share capital for opening a company in Slovakia is 5,000 EUR.
Incorporating a Joint Stock Company;
Akciová Spolocnost (A.S. - Joint Stock company) This type of Slovakian company can have at least one shareholder, a management board + the supervisory board and must maintain a local address and a minumum share capital of 25,000 EUR.
Registering a Slovakian branch or subsidiary
Any foreign company is able to set up branch entities in Slovakia. These can be set up as separate entities from the parent company (Slovakian companies having the foreign company as shareholder) or extensions of the parent-company in Slovakia
SLOVAKIA KEY FACTS
> A company that is registered in Slovakia has to pay a 19% rate.
> The is 20%. A reduced VAT rate of 10% applies for medical and pharmaceutical products.
> In Slovakia no withholding tax is applicable to dividents.
> In a nutshell, Slovakia encourages and developed a package of incentives for investors that come from abroad.
Please contact us for more information and prices.
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Call us now at +44 203 287 0408 to set up an appointment with our lawyers and accountants in Bratislava. Alternatively you can incorporate your company without traveling to Slovakia.
As a BridgeWest client, you will beneficiate from the joint expertize of local lawyers and international consultants. Together we will be able to offer you the specialized help you require for your business start-up in Slovakia.