Company Set Up In Slovakia
Slovakia is a mountainous landlocked country in the heart of the EU. Generally recognized as an open market economy, the country is quickly rising to become a central leader in European economic development. It’s regarded as one of the most investor-friendly places by WEF.
Its proximity to other member countries, fast-growing GDP, and well-educated workforce that’s available at low rates make Slovakia a very attractive location for foreign investors.
The scenic beauty of this little Slavic country is comparable to famous European destinations such as the Alps or the Dolomites. The Slovakian government realizes the great potential of the country as a major travel destination. As such, to accentuate the country’s appeal, the government offers tax relief on profits earned in the first five years to foreign investors who choose to invest at least 1.5 million EUR into the Slovakian tourism sector.
Other investment opportunities in Slovakia include forestry, textile, heavy industry, information technology, and agriculture.
Additionally, Slovakia’s skilled workforce is waiting to be employed by foreign investors who are considering setting up a lucrative business opportunity in the country.
CompyCo coordinates the process of establishing a business in Slovakia through its network of licensed professionals. With expertise in incorporation, taxation, banking, and HR, our network ensures that you can navigate local requirements efficiently while focusing on your investment goals.
Forms Of Companies In Slovakia
- S.r.o. “spoločnosť s ručením obmedzením” —private limited liability company
- A.s. “Akciová spoločnosť” —public limited company
- K.s. “Komanditná spoločnosť” —limited partnership
- V.o.s. “Verejná obchodná spoločnosť” —general partnership
- “družstvo” —cooperative
- “živnosť” —sole proprietorship
The difference between S.R.O. and A.S. in Slovakia
In Slovakia, the most common types of companies started by foreign investors are S.R.O and A.S.
In the Slovakian S.R.O., the amount of their subscribed shares is the limit of each member’s liability. The minimum share investment is 5000 EUR, and the company may have between 1 to 50 shareholders.
The Slovakian A.S. may have at least 1 shareholders, and the minimum share deposit is 25 000 EUR. Management and supervisory boards are also mandatory.
Fundamentals Of A Limited Liability Company
Corporate Tax in Slovakia | VAT in Slovakia |
|---|---|
21% | 20% |
Fundamentals of limited liability companies in Slovakia
| Limited liability company | spoločnosť s ručením obmedzenim- S.R.O |
| Minimum Share capital | 5000 EUR |
| Registered office required | Yes |
| Physical office required | No |
| Min. number of Shareholders | 1 |
| Min. number of Directors | 1 |
| Local Director required | A minimum of 1 director has to be EU citizen |
| Other requirements | All partners need to obtain police records from their country |
| Bank signatory must travel | Yes |
| Timescale for company formation | 4 weeks |
| Timescale for bank account opening | 7 days |
| Timescale for obtaining VAT number | 14 days |
| Statutory audit requirements | No |
| Shelf companies available | Yes |
How can I set up my company in Slovakia?
Establishing a business abroad can feel complex, especially if you don’t speak the local language. Through CompyCo’s coordinated support and network of licensed professionals in Slovakia, you gain access to tailored guidance for a smooth incorporation process.
Our network begins by assessing your business needs and advising on the most suitable company form. Key steps in the Slovak registration process include:
Submission of required documents (founder details, company activity, name and address, and executive/supervisory board details).
Validation of the company name by the Commercial Registry and notarization of signatures.
Obtaining trade licenses, which require supporting documents such as an extract of the executive’s criminal record, the Memorandum of Association, and proof of tax payment.
Final registration with the Commercial Registry, opening a business bank account, and obtaining a VAT number.
The process can also be completed online, and in most cases, company registration in Slovakia takes no longer than two weeks.
Slovakia is rapidly emerging as a destination of choice for foreign investors, offering favorable business conditions, political stability, a flat tax rate, and a straightforward company setup process.
Through CompyCo’s wide network of licensed professionals in Slovakia, you gain access to local expertise and guidance to help you make informed decisions and remain compliant with the country’s laws and regulations.
For non-resident investors, we can coordinate representation by appointing licensed professionals under Power of Attorney to act on your behalf, including securing licenses and managing formalities without requiring your travel.
Contact our consultants today to learn more about company registration and opening a bank account in Slovakia.
Bank Account Opening
Slovakian banks are ranked among the most stable and secure financial institutions in the Eurozone. Regardless of company type, having a corporate bank account in Slovakia simplifies business operations and offers access to low interest rates on deposits. The country also allows non-residents to open bank accounts with minimal restrictions.
With many international banks operating branches in Slovakia, investors have a wide range of options. The first step is obtaining bank approval, which depends on the applicant’s country of origin, business activities, and supporting documentation. For non-residents, opening a bank account is generally straightforward and typically requires proof of identity, an address in the home country, and in some cases, a Slovak residence permit.
Through CompyCo’s network of banking professionals, we coordinate the process by connecting you with the right institutions, preparing the necessary documentation, and ensuring your interests are represented locally.
Need advising about bank account opening in Slovakia? Fill in our form and we’ll be in touch in no-time.
Accounting & Taxation
Here are a few accounting and taxation obligations to take into consideration:
- In Slovakia, the tax year corresponds to the calendar year.
- Financial statements, including a profit and loss account, and an annex and a balance sheet must be submitted to the Company register every year.
- All Slovakian companies must maintain books of the total payments received and expenses incurred, details of debit and credit, and total sales and purchases.
- There’s a flat income corporate tax rate of 21%on all net income for tax residents in Slovakia.
- The standard VAT rate in Slovakia is 20%.
- A reduced rate of 10% applies to some types of goods
- All invoices issued by Slovakian traders must contain specific VAT information, such as the VAT number of the supplier, the VAT rate applied, and the amount of money collected as VAT.
- Companies are issued VAT numbers with the format of the country code SK, followed by a 9-digit number, ending with a letter.
How can you employ staff in Slovakia?
Hiring qualified employees is one of the most effective ways to drive business growth. Yet, setting up operations in a foreign country with limited knowledge of the workforce and local labor laws can be challenging. Ensuring compliance with Slovakia’s employment regulations is also a critical part of building a sustainable team.
Through CompyCo’s network of HR professionals, we coordinate solutions that make it easier for you to access Slovakia’s highly skilled and cost-effective workforce. By leveraging our local connections, you gain support in recruiting, drafting compliant employment agreements, managing payroll, and securing necessary work permits.
Our coordinated HR and payroll solutions cover the full employment cycle — from the first hire through long-term workforce management — giving you the confidence to focus on growing your business while staying compliant with Slovakian regulations.
Have any more questions? Take a look at our HR services page for more information about our International HR services!
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