The steps to start a business in Slovakia

If you are a foreign entrepreneur who intends to open a business in Slovakia, you should be aware of significant issues regarding the costs of starting a business in the country, as well as the timing associated with launching a company.

Several factors influence the costs required to start a business in Slovakia. One of the most important is the type of structure chosen by the future business owner. For foreign investors, a limited liability company is the most common form of business due to the many benefits it offers from a financial point of view.

Regardless of the type of structure chosen, the steps to follow when starting a business in Slovakia are listed below:

Selection and reservation of a trade name for the business
in the case of a sole trader, this step is usually skipped
Submission of documents to the Trade Register for obtaining a certificate of registration
Preparation of statutory documents of the company
in the case of joint-stock companies with limited liability
Registration for tax,
VAT and social security purposes at the local tax office in the city where the company will operate
Opening a corporate bank account
and depositing the authorized capital in accordance with the requirements of the law
Applying for the necessary licenses
(general business license and special permits), depending on the industry in which you plan to work.

We have mentioned above that Slovak sole proprietorships don’t need to reserve a trademark, as they can operate under the name of the business owner. Registration of the name of an individual entrepreneur is free of charge in the Commercial Register of Slovakia.
Our specialists in Slovakia can help with the registration of any type of company in accordance with your business goals in the country.

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The main costs associated with starting a business in Slovakia

Opening a company in any country implies the payment of various taxes and fees. This also applies to Slovakia, where several steps in the company registration procedure involve fees. However, they are generally low, so they do not create problems for those who want to establish a business enterprise in the country.

Here are the main costs that an entrepreneur must consider when setting up a company in Slovakia:

1
Creation of registration documents, which consist in drawing up and notarization of the Charter
2
Fees for registration and issuance of tax identification
3
Translation and notarization of various documents in case of foreign investors
4
License fees, which depend on the industry in which the company will operate

There are also procedures that are free of charge when setting up a business in Slovakia and among them we can mention the following:

Trade name reservation
Registration for VAT purposes
Registration for the purposes of pension insurance, sickness insurance, disability insurance and unemployment insurance
License fees, which depend on the industry in which the company will operate

Another aspect to consider when it comes to the costs of starting a business in Slovakia is the appointment of a custodian of funds when contributing the share capital. This procedure is free.
Our consultants can explain in detail the cost associated with each procedure if you intend to launch a business in Slovakia.

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