Roadmap for Company Formation in Slovakia

Why consider Company Formation in Slovakia?

Setting up a company in Slovakia is a fast and easy process through Slovakia Business Setup. One of the main benefits of incorporating a business in Slovakia is the low corporate tax rate of just 21%, which is a competitive tax rate as compared to other countries. Additionally, Slovakia's central location in Europe makes it an ideal location for businesses looking to attract markets from both Western and Eastern countries, providing easy access to a large consumer base. Being a member of the European Union, Slovakia has access to a European Single Market, and it offers a stable economic environment with a favourable business-friendly atmosphere. Furthermore, in Company Formation in Slovakia, you can protect your assets from being used as collateral for business liabilities. The country has invested more in infrastructure development, including communication and transportation sectors.

How will the favourable business environment help in Company registration in Slovakia?

Slovakia has taken active measures to create a friendly environment for both domestic and international businesses, stable political policies and a smooth process of company registration in Slovakia. Slovak Companies actively take part in the economic and financial projects created by the EU. The government's business-friendly legal framework is transparent. Slovakia offers a well-established infrastructure, a skilled workforce, and cost-effective business operations, making it a convenient location for business setup in Central Europe. The process of company registration in Slovakia is simplified by the government, which contributes to easy and efficient procedures. This registration of the company offers a vast market and seamless cross-border trade for businesses. The political environment in Slovakia is stable and favourable for investments, with a strong commitment to innovation.

Enterslice helps with Company Registration in Slovakia

Enterslice provides a diverse range of company registration services in Slovakia for company registration in Slovakia to ensure a smooth registration process cost-effectively.

Legal Compliance

At Enterslice, we offer assistance with company registration in Slovakia. We ensure registration with the Commercial Register by the laws for company formation and business. Our legal services in Company Registration in Slovakia comply with the corporate governance principles and rules outlined in the Slovakia Corporate Laws related to the operation of the company. We ensure that company formation in Slovakia meets tax obligations and adheres to VAT obligations as per the regulations stated by the financial administration of Slovakia. Our service in Company registration in Slovakia ensures legal compliance with labour law, environmental law, General Data Protection Regulation (GDPR) in the European Union, and other regulated laws. Additionally, we assist in opening a corporate bank account as per the stated requirement.

Choosing a Company Name to open a company in Slovakia

Enterslice assists with company registration in Slovakia. We can help you choose an appropriate name for your company, check its availability and reserve it in compliance with the naming regulations set by the Slovakian Authorities

Drafting of Documents for business in Slovakia

At Enterslice, we offer assistance in drafting and preparing statutory Documents such as Articles of Association, coordinating and managing the notarization of relevant Documents, and preparing accounting statements, agreements, contracts, and other necessary Documents for your company. Our services ensure that your company complies with the contractual obligations under Slovakian laws. Our team of experts prepares the relevant Documents for company registration in Slovakia and submits them to the Register of Enterprises of the Republic of Slovakia, making the process smooth and hassle-free for you.

Tax Registration

The corporate income tax rate in Slovakia is 21%. Our Company Formation service helps in obtaining the Business Identification Number from the tax authorities by ensuring that the company complies with tax regulations by filing accurate and timely tax returns. We ensure adherence to VAT obligations, maintain proper accounting records, and ensure tax registration.

Types of Business Structures in Company Registration in Slovakia

There are types of companies available that are required to be adopted as per the suitability of your company to open a company in Slovakia.

General Partnership

In Slovakia, General Partnership is a company where the partners are equally liable for the company's debt even with their assets, and all the partners are equally liable for the decision-making process unless it is differently stated in the Article of Association. The tax implication for General Partnership companies is that the profits generated are not subject to corporate income tax because partners are taxed individually on their share of profits.

Limited Partnership

In a limited partnership, there are two or more partners where. One is a general partner, and the other is a limited partner with limited liability in the company. The limited partner must contribute to the share capital of Euro 250, and their liability is the limit of their capital contribution to the company. The tax implication for Limited Partnership companies is that the profits generated are not subject to corporate income tax because partners are taxed individually on their share of profits.

Limited Liability Company in Slovakia

The setting up of a Limited Company is the most common form of business entity for company registration in Slovakia. The company must have a minimum share capital of Euro 5000 to start a business in Slovakia, which is low, and encourage the small and medium-size businesses. Management consists of a board of directors, and there is a requirement for local directors. Half of the minimum share capital needs to be deposited in a bank account before company registration. The Corporate Income Tax rate is 21%, and if required, then there is a VAT registration, and its rate applies as per the requirement mentioned in Slovakia.

Joint-Stock Company

The Joint Stock Company is suitable for larger businesses and can be formed by one or more shareholders with a minimum share capital of Euro 25000 or higher to form a Joint Stock Company as a business entity. The Joint Stock Company in Slovakia is managed by the Board of Directors and supervisory board. The corporate rate tax is 21% for establishing a company as a Joint Stock Company in Slovakia, and if required, then there is a VAT registration, and its rate applies as per the requirement mentioned in Slovakia for a new company.

Co-operative

The cooperative is formed by individual or legal entities joining together for economic, social and cultural needs and member get voting rights as per their contribution. The minimum share capital in Slovakia is Euro 5000.

Representative Office

The company registration in Slovakia helps in the formation of a representative office, which is more limited than the branch office because its role is only to engage in market research and promotion of the business. The tax implications on the representative office are not subject to any corporate tax and VAT because these offices don't generate any profits in Slovakia.

Procedure of Company Incorporation in Slovakia

The formation process of company incorporation in Slovakia is required to be followed for a smooth registration process.

Choose a Form of Business

Our company incorporation service in Slovakia helps you choose the business structure per your specific need for the incorporation of a company.

Choose a Company Name

Our service for Company Incorporation in Slovakia helps in choosing a unique name for your company and its availability in Slovakia which you are planning to incorporate is the first crucial process towards the Company incorporation in Slovakia and registering the name with the Commercial Register as per the Slovak naming Convention.

Preparation of Article of Association

To open companies in Slovakia, our service for company incorporation in Slovakia helps in drafting the Articles of Association and statutory Documents to outline the company structure, activities and internal regulations. Also, includes the details about shareholders, share capital and the other required information about the company incorporation.

Notarial Deed to Register a company

Certain legal entity, such as limited liability companies, requires a notarial deed, and this involves the presence of a notary, which formalizes the establishment of the company.

Appoint the Board of Directors

Company incorporation in Slovakia must appoint a board or director at the time of company formation required by the chosen business structure as the process of company formation.

Register the Company in Slovakia with the Commercial Register

For the successful competition of the company incorporation in Slovakia, our experts will help you to get registration in the commercial register and submit the required Documents such as an Article of Association, proof of depositing the capital and details of the directors or board members.

Obtain a Business Identification Number

Obtain a business identification number so our experts can help you obtain the business identification number from the tax authorities for tax compliance and legal obligations.

Open a Corporate Bank Account

The company incorporation in Slovakia requires you to open a bank account for the company in Slovakia and deposit the required share capital as outlined in the Article of Association to complete the company registration process in Slovakia.

Register with Social Insurance and Health Insurance

Register the employees of your company and employees with social and health insurance authorities for starting a company in Slovakia.

Advantages of Company Formation in Slovakia

There are various advantages of company formation in Slovakia to encourage or attract investors or founders to open a company in Slovakia for business registration.

Favourable Environment

Company formation in Slovakia will help you to take the benefits by providing a business-friendly environment to make regulations which streamline the administrative process and maintain political stability to help businesses achieve success in a diverse range of sectors, getting a gateway of emerging markets in both eastern and western Europe, fostering international trade and attracting investors. Also, Slovakia’s economic growth provides opportunities in sectors including transportation and communication sectors.

Low Tax Rate

Company Formation in Slovakia has a competitive corporate tax rate in the European Union, which is 21%, which states the benefits of doing business in Slovakia for individuals and corporations to enable businesses to maximize profits. Due to the business-friendly tax system foreign investors attract more investment in the company. The company formation in Slovakia helps your company after its initial incorporation, and it generates profit. The company will pay corporate income tax on an annual basis.

Strategic Location

Company formation in Slovakia helps you to incorporate a business in Europe, which has a strategic location and provides businesses with easy access to markets in both eastern and western Europe to make it an ideal hub for trade.

Skilled Workforce

Company formation in Slovakia helps you with a well-educated and skilled workforce at competitive labour costs, making it an attractive destination for businesses seeking quality talent. You can access a pool of professionals who can contribute to the business's success.

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Slovakia’s Economic Overview for Company Formation in Slovakia

Becoming a member of multilateral organizations, including the European Union, the North Atlantic Treaty Organization, the Organization for Economic Cooperation and Development, the United Nations, the Central European Free Trade Agreement, the International Monetary Fund, the World Trade Organization and many others to make Slovakia a beneficial country for the economic growth and it enables Slovakia to have trade advantage with lesser cost and great monetary stability, it also becomes a fastest growing developed economy in the world due to its vibrant business climate and have a stable political and economic regime.

Principle of Taxation for Company Incorporation in Slovakia

There are tax implications provided by the tax authorities that need to be complied with while performing business in Slovakia.

Corporate Income Tax

The standard corporate income tax in every company is 21%, but if your profits are up to Euro 50,000, you will get a reduced tax rate of 15%. If the profits increase from Euro 50,000, then you will need to pay the standard corporate income tax rate to carry out business activities easily.

Personal Income Tax

The flat rate of personal income tax is 15% and the same rate of tax applies to all income levels. As the residents get taxed on their worldwide income, the individual needs to file a return tax filing.

Value Added Tax (VAT)

The Value Added Tax is 20% and applies to supplies, but there is an advantage of reducing the tax rate to 10%, which applies to some goods. VAT registration depends on when the turnover exceeds the thresholds; then, the company needs to register for VAT with the tax authorities.

Documents for opening a Bank Account for Company Registration in Slovakia

Our experts assist in opening a bank account for company registration in Slovakia to perform financial transactions.

Company Registration Documents

These include the establishment Documents, Article of Association and other required Documents received during the process of company registration in Slovakia.

Confirmation from Commercial Register

The confirmation received from the commercial register needs to be provided during the company registration in Slovakia.

Identification Documents

The Passports, visas or other identification required of the director, founder or shareholders who are involved in the company registration in Slovakia.

Proof of Address

The legal address of the Company in Slovakia needs to be provided during the opening of the bank account for further communication.

Tax Identification Number or Business Identification Numbers

The BIN number needs to be submitted during the opening of the corporate bank account in company registration in Slovakia.

Benefits to a Foreigner for Company Formation in Slovakia

A foreigner will have benefits for Company Formation in Slovakia for the smooth functioning of the activities under a common business in Slovakia.

Access to EU Funding

Being a member of the EU, Slovakia has access to various funding programs organized by the European Union where Slovakia get access to the funds for research, development and other strategic programs for the development of the market in Slovakia.

Infrastructure Development

There is an excessive infrastructure development, including the communication and transportation sector, for the development of the country and easy access to the markets for trade, which contribute to effective connectivity and logistics.

Skilled Labour

Company formation in Slovakia helps you with a well-educated and skilled workforce at competitive labour costs, making it an attractive destination for businesses seeking quality talent. You can access a pool of professionals who can contribute to the business's success.

Competitive Tax Rate

Slovakia has a competitive corporate rate tax, which attracts investors to invest and founders to open a company in Slovakia to maximize their profits and get the benefits of the skilled workforce, which contributes to the growth of the company in Slovakia.

Business Friendly Environment

With the company formation in Slovakia, you can take advantage of a business-friendly environment that streamlines administrative processes and maintains political stability, allowing businesses to succeed in a variety of sectors. Additionally, Slovakia offers a gateway to emerging markets in both Eastern and Western Europe, promoting international trade and attracting investors. The country's economic growth also provides opportunities in sectors such as transportation and communication.

Documents required for the Company Formation in Slovakia

The Documents required for the company formation in Slovakia to register a business in Slovakia and comply with the regulations made by the Slovakia government to avoid any discrepancies in the registration process.

Document of Establishment of the Company

The Document on the establishment of the company includes the information of the company, the name and type of the company you have chosen for company formation in Slovakia.

Article of Association

The Article of Association Documents outline the internal rules and information such as the shared capital, rules and regulations to be followed by the company, etc.

Notarial Deed

The notarial deed is required for some companies in Slovakia, which require the confirmation of the establishment of the company in Slovakia.

Proof of Deposited Share Capital

The Documents of deposited share capital issued from the bank are required to be submitted as proof during the company formation in Slovakia.

Proof of Registration with Commercial Register

A confirmation Document is issued by the Commercial Register after completing the formalities and submission of the Documents to the Commercial Register.

Business Identification Number

You need to obtain a Business Identification Number from the Tax authorities and the obtained BIN number needs to be submitted during the company formation in Slovakia.

Identification Documents

Identification Documents such as visas, passports or any other identification Document of directors or shareholders are required.

Proof of Legal Address

The Documents proving the legal address of the company are required for company formation in Slovakia.

Bank Confirmation

A Document from the bank confirming the opening of the bank account and deposit of the share capital in the bank as required for the company formation in Slovakia.

VAT Registration

If the company crosses the required thresholds, then VAT registration is required for company formation in Slovakia.

Step-by-Step Instructions for Company Registration in Slovakia

• Choose the type of Company and name of the company to get it registered with the Commercial Register.
• Prepare and draft the Article of Association and get it notarized by the Slovak Notary Public.
• Open a bank account and deposit the required share capital in the bank.
• Obtain a BIN number from the tax authorities for operating a business in Slovakia.
• Apply for the necessary business license and permits to operate in a particular business sector in Slovakia.

Post-Registration Requirement for the Company Incorporation in Slovakia

Tax Implication

The Slovakia business setup needs to comply with tax obligations, VAT registration if required and the other relevant tax laws for the functioning of the company in Slovakia. The company needs to comply with the accounting statements keep financial records and submit annual financial statements.

Labour Laws

The Slovakia business setup has to comply with labour laws to maintain labour efficiency and provide the company with a friendly environment.

Social and Health Insurance

The Slovakia business setup needs to ensure that the company's employees have health and social insurance.

Business Licenses and Permits Requirements for Company

As per the business activities, Slovakia also needs to obtain a required license or permit from relevant authorities.

Role of Virtual Office in Company Registration in Slovakia

A virtual office in Slovakia has an important role in company registration in Slovakia and offers flexibility and efficiency to businesses to seek cost-effective and streamlined entry into the market. A virtual office provides the physical address of the company for it to open in Slovakia. It allows the business to maintain a professionally registered office in Slovakia and a legal platform for communication related to the company in Slovakia, and it provides the flexibility to work virtually. The virtual office helps in the smooth administrative aspects of company registration, ensuring compliance with the regulations and obtaining a legal physical address for company registration in Slovakia. Our experts help identify the virtual office for your company in Slovakia.

Way to Start a Business in Slovak Ready-Made Company

A ready-made company in Slovakia is like a shelf company or a pre-established company that has already registered but has not started its business activities. The process is acquiring the pre-registered company that already has a legal standing in the market. The benefit of the ready-made company is that you will get a registered business name, existing legal structure and established registration. However, you need to do the due diligence before occupying the company, so our experts will assist you in the due diligence and help you choose the correct ready-made company in Slovakia.