Slovakia is a country located in Central Europe and has been known to offer a favorable business environment for both local and foreign entrepreneurs. Registering a business in Slovakia is a straightforward process, but it requires compliance with legal requirements and regulations set by the government. In this article, we will guide you through the process of registering a business in Slovakia.
Table of Contents
Types of Business Entities in Slovakia
Before registering a business in Slovakia, it is important to decide on the type of business entity you want to establish. The most common types of business entities in Slovakia are:
Limited Liability Company (LLC)
This is the most popular form of business entity in Slovakia. It requires a minimum capital of €5,000, and the liability of the shareholders is limited to the amount of their investment in the company.
Joint Stock Company (JSC)
This type of business entity is suitable for large businesses. It requires a minimum capital of €25,000, and the liability of the shareholders is limited to the amount of their investment in the company.
Sole Proprietorship
This type of business entity is suitable for small businesses. The owner is personally liable for the debts and obligations of the business.
Branch Office
A foreign company can establish a branch office in Slovakia. The branch office is not considered a separate legal entity, and the liability of the parent company extends to the activities of the branch.
Steps to Register a Business in Slovakia
Choose a Business Name
The first step to register a business in Slovakia is to choose a unique business name that complies with Slovakian naming conventions. The name should not be similar to any existing business name in Slovakia.
Register the Business Name
Once you have chosen a business name, you need to register it with the Trade Register. The registration can be done online, and the fee for registering a business name is €66.
Obtain a Trade License
All businesses in Slovakia require a trade license. You can obtain a trade license from the local trade office, and the fee for the license varies depending on the type of business.
Deposit the Required Capital
If you are registering a limited liability company or joint stock company, you need to deposit the required capital into a Slovakian bank account.
Draft the Articles of Association
The Articles of Association is a legal document that outlines the rules and regulations of the company. It should be drafted by a lawyer and approved by the shareholders.
Register the Business with the Commercial Register
Once you have completed all the above steps, you need to register your business with the Commercial Register. The registration can be done online, and the fee for registering a business varies depending on the type of business.
Register for Tax and Social Security
After registering your business with the Commercial Register, you need to register for tax and social security. You can do this online, and the registration is free.
Generis Global Can Help You with Your Business in Slovakia
Registering a business in Slovakia can be a complex process that requires compliance with legal requirements and regulations. Generis Global can help you with the legal part of your business journey in Slovakia. Our team of experienced lawyers can assist you in registering your business, obtaining the necessary licenses, and complying with local regulations. Contact us today to learn more about how we can help you establish your business in Slovakia.