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Company Formation in Slovakia

Updated on Sunday 05th December 2021

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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

In the list below, our team of consultants in company formation in Slovakia has prepared a list of things investors should be mindful of when starting a business. These are just some of the basic requirements and for a more comprehensive presentation, you can address to our team of specialists
  • the director of a company in Slovakia can be a Slovakian citizen or resident or a foreigner;
  • the director/s of the company should provide clean criminal records;
  • the founders of a Slovakian company can have the quality of natural persons or corporate entities;
  • a company in Slovakia must hold a local registered office (service provided by BridgeWest);
  • the required capital for a Slovakian limited liability company is of EUR 5,000.

Company formation services provided in Slovakia

In this section, you can see the list of services that you can request when opening a company in Slovakia. Our list of services is not limited to the matters presented in this section, but these are the main services that we offer in relation to the registration of a local business: 
  • 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);
  • opening a corporate bank account for a company incorporated in Slovakia.
The latter service takes into consideration two types of accounts – the initial one, when the investors will simply deposit the company’s required capital, and the second one, open after the company starts its activities, and which will be used as a current bank account for daily financial transactions. We can also recommend an accountant in Slovakia, as 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 EUR 5,000.
The process of company formation in Slovakia for a limited liability company imposes that each shareholder will submit at least EUR 750 as a personal contribution at the company’s capital. As presented earlier, the company can be founded by foreigners, who can have the quality of shareholders or directors, but there are minimum requirements that have to be met. 

For instance, in the case in which the person appointed as the company’s director is a foreigner, then the person must submit a criminal record certificate, issued by the authorities of the country where the person last resided in the last five years (which implies that the foreigner has permanent residency in that country). The criminal record must be issued with maximum 90 days before the documents are filed, in order to be considered a valid document. 

Europe has a unified system regarding the law on shareholders and directors, so similar requirements will apply, but since each country has national sovereignty and has the right to implement its own rules, differences may appear, thus, each country can have its particular set of requirements, which can be more stringent or more relaxed. Very simple rules regarding the company’s directors can be found in countries that allow offshore incorporation

For foreigners who have been living in Slovakia for more than six months, the requirement above will not apply, as they can simply request a criminal record from the Slovak police. For more information on other requirements when opening a local company, our team of consultants in company formation in Slovakia remains at your disposal.  
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 and a supervisory board and must maintain a local address and a minumum share capital of EUR 25,000.  
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% corporate tax rate. The VAT rate in Slovakia is 20%. A reduced VAT rate of 10% applies for medical and pharmaceutical products. In Slovakia no withholding tax is applicable to dividends. With regards to the VAT in Slovakia, investors should know the following:
  • the main rule of law though which VAT is applied in this country is given by the Act No. 222/2004 Coll. On Value Added Tax;
  • the latest modifications of the document are available starting with 1 January 2021;
  • entities that apply for VAT registration in Slovakia will be registered in a period of 21 days since the moment when the application was made, in accordance with the stipulations of the Article 4, paragraph (3);
  • the change of status of an entity that is registered as a VAT payer will be registered by the local authorities in a period of maximum 30 days since the notification to change is submitted and it will be reflected on the entity’s tax registration certificate;
  • the obligation to register for VAT as an individual who acquires goods from another member state of the European Union (EU) is imposed if the value of the goods is above EUR 14,000 (the sum refers to the net value, after calculating the taxes due, and it refers to the overall value achieved in a financial year). 
Please mind that in most of the cases, companies will be considered VAT payers. Thus, investors who will start the process of company formation in Slovakia must also verify all the conditions that they have to respect regarding their tax obligations. It is also important to be aware of that the tax obligations of a company can differ based on the legal entity of the company. 
The tax obligations of local and foreign businesses operating in Slovakia must also be concluded in a given period of time, in accordance with the accounting procedures applicable here. Our team of specialists in company formation in Slovakia can offer advice on this matter; if you need accounting services for you business, do not hesitate to address to our team. 
Our consultants can help businesses register with the Slovak Ministry of Finance, as well as with all other institutions that are involved in the process of company formation in Slovakia. It is also worth knowing that the VAT registration is a mandatory step in all European countries, but this tax can be avoided in the case of those who are interested in starting the process of offshore company formation, because offshore jurisdictions do not apply most of the taxes which are customarily charged by most countries. 
In a nutshell, Slovakia encourages foreign investments and developed a package of incentives for investors that come from abroad. Please contact our team of consultants in company formation in Slovakia for more details on starting a company here, as well as on our services and prices.