Slovakia is an Eastern European country that has been an independent state for a comparatively short time since it parted with the Czech Republic on December 31, 1992. Any newly independent country needs foreign investments to develop its economy. Slovakia is not an exception and the local authorities are doing their best to make the country attractive for foreign entrepreneurs. In particular, they have simplified the procedure of registering a company in Slovakia and introduced some special perks for foreign investors.
What are the main advantages of registering a company in Slovakia?
There are multiple reasons why you should consider opening a business company in Slovakia. The most compelling of them include the following ones:
- The tax system is simple and transparent in Slovakia.
- The VAT can be returned and other tax benefits are also available; the profit tax is 22%.
- A low tax on dividends is charged in the country.
- The company founder can come from an offshore jurisdiction.
- All property-related disputes can be resolved at the international arbitration court.
- The reporting system is plain in Slovakia. The fiscal year starts on January 1 and ends on December 31. The reports have to be filed once a year before March 31 of the following year. This is also the date by which the taxes for the previous year have to be paid.
- A company registered in Slovakia can engage in duty-free trade with all EU countries. Your opportunities for working with European partners and clients will be truly amazing if you open a company in Slovakia.
- Foreign investors’ capitals are efficiently protected in Slovakia.
If you would like to register a company in Slovakia, International Wealth experts will gladly assist you in the process.
Why Slovakia?
Slovakia offers serious advantages to businesspersons based in the country. The main advantages include the following ones:
- Slovakia has been improving its international rankings for many years in a row.
- Slovakia is superb for engaging in international trade and it is among the countries where company registration procedures are the easiest ones.
- Slovakia qualifies as a country with an open market economy that is able and willing to pay back its debts. Slovakia is assigned the following rankings by the international rating agencies: Standard & Poor’s – A STABLE; Moody’s – A NEG; Fitch – A+ STABLE.
- According to Eurostat, the economy of Slovakia has been steadily growing over the last few years. At the same time, the prices are 31% lower in Slovakia than they are in other EU countries.
- A business company stationed in Slovakia will have 350 million potential customers living within 1 thousand kilometers. The country is economically and politically stable and the Danube River allows transporting goods at low costs. You will find a wide choice of vacant land plots in Slovakia for your manufacturing facilities. The choice of offices for your company is simply huge.
- Slovakia is located in the center of Europe and borders on Hungary, Czech Republic, and Austria. The remotest European capital is accessible within one hour by plane from Slovakia.
Charter capital for a company registered in Slovakia
If the company is registered by a foreign national in Slovakia, its charter capital has to be not less than 20,000 €. The foreign company founder is eligible for a residence permit in Slovakia but your company will have to be an active one if you want to keep the permit. In addition, your company will have to make at least 12,500 € per year after taxes.
What type of company can you register in Slovakia?
You can choose one of the following types of company to register in Slovakia:
- General Partnership (verejná obchodná spoločnosť),
- Limited Partnership (komanditná spoločnosť),
- Limited Liability Company (spoločnosť s ručením obmedzeným) that has up to 50 founders,
- Corporation (akciová spoločnosť) if the number of shareholders exceeds 50.
Plan a visit to Slovakia
It would be reasonable to visit the foreign country where you plan to establish a company. What would you find in Slovakia? Well, it is a Central European country with a rich history. Slovakia has a well-developed heavy industry and agriculture. Besides, it is a popular tourist destination visited by vast numbers of people every year.
What places of interest can you find in Slovakia?
Slovakia offers a combination of beautiful nature and a high level of comfort. The country is perfect for traveling with little children. Older children can engage in adult activities such as mountain skiing or rafting. The ski tracks are too simple for professionals (not steep enough) but they are perfect for newbies. As far as rafting is concerned, your choice is diverse: you can go down a fast roaring stream or paddle your canoe in calm water.
If you enjoy hiking, you can go on various excursions in Slovakia. If you want a peaceful and quiet place, you can find a nice resort in the country. If you would like to drive through Slovakia, the roads are of the highest quality in the country and you can easily find comfortable campsites. Slovakia is within the Euro Zone so bring euros to the country.
The terrain is mountainous or hilly in Slovakia. The temperature in the winter is between -10 and +5 Celsius and it can be as high as +30 in the summer.
Sites to see in Slovakia
The main attractions in Slovakia are its castles. There are lots of them and some are so beautiful that filmmakers often look for footage in Slovakia.
If you are fond of modern art, you should visit Medzilaborce, the native town of Andy Warhol. There you can find some of his works seldom displayed and learn more about the artist’s family and early life.
Entertainments in Slovakia
Slovaks love carnivals, celebrations, and theatrical performances in the open. They celebrate something every week of the year! Pancake Week, ghost festival, 10-day beer tasting, Coronation Day, and so on and so forth. You can be almost certain that there will be some sort of festival when you are in Slovakia.
Visit Cicmany village to learn about the traditional Slovak lifestyle. It is an ethnological museum with people living normal lives in brightly colored wooden houses. If you visit the place during a folk festival, you will see Slovaks wearing national costumes and you can try some traditional food. Certainly, you can buy a nice authentic souvenir to take home with you.
You will certainly like it in Slovakia if you go there and if you decide to register a business company in the country, please do not hesitate to request professional assistance from International Wealth experts (see the link above).
