The question of how to organize a profitable business in Slovakia worries many domestic entrepreneurs. This is not surprising, since the country has many advantages for doing business and is interested in investment from abroad. The country is advantageously located in the center of Europe, can offer a relatively affordable workforce and is included in the list of the most promising countries for starting a business.
Why is it profitable to have a Slovak company?
- Slovakia, like Montenegro and Bulgaria , is noted as a country of economic growth.
- Political stability.
- More than 300 million possible consumers within 1000 km.
- Many European Union countries within 2000 km.
- Member of the European Union since 2004.
- It is a country that took part in the signing of the Schengen Agreement .
- The country has introduced the euro.
- The wage rate is several times lower than in Western European countries.
- Land for industrial facilities, technology parks and office space for any choice.
- Well developed infrastructure.
- European level legislative system.
- Possibility of obtaining a European loan for doing business on preferential terms.
- Relatively low taxes and good business opportunities.
Opening a company
Business immigration to Slovakia has long ceased to seem like something impossible. The country has created all the conditions to make the process of registering a new enterprise easier than in other EU countries.
There are also many opportunities to buy a ready-made business at quite reasonable prices without bribery and bureaucratic delays, while the time spent will be within a few months, and the result will definitely please any entrepreneur.
In the video they will share with you their experience of doing business in Slovakia.
Registration of a new company
Before opening a business in Slovakia, you need to make sure that the chosen type of activity does not require permission from government agencies or obtain the appropriate license. This procedure applies to all businessmen, regardless of whether they are citizens of the country or foreigners.
Here are some categories of activities that will require a permit:
- tourist agency;
- real estate;
- translation services bureau;
- language schools;
- energy supply enterprises;
- finance;
- insurance agencies;
- catering establishments or food production enterprises;
- cargo transportation.
Company form
There are several types of societies:
- partnership;
- company of shareholders;
- OOO;
- partnership of faith.
The more common forms of companies for starting a business in Slovakia are:
Limited Liability Company. Well suited for those interested in immigration to Slovakia. Such a business in Slovakia is attractive because for registration it is enough to have one shareholder and a person performing directorial functions, a legal entity. address and statutory amount from 5000 euros.
The registration process itself is quite simple:
- choose a name for the company;
- confirm the presence of authorized capital;
- determine the founder and the ratio of shares between partners;
- appoint a general director;
- register a legal address;
- approve the type of activity.
Joint stock company – this type of organization implies that the company will have:
- one founder;
- several directors forming the board;
- observers;
- Slovak address;
- amount – from 25,000 euros.
Documentation:
- Founding agreement and charter of the organization.
- Certificates confirming that none of the managers have been previously convicted.
- Confirmation of the official address of the company.
- Bank statement confirming capital availability.
Private enterprise
You can also register as an individual entrepreneur to run your own business. For example, if we open a small business based on the provision of intermediary services or small sales, then it is better for him to remain a private entrepreneur, who is required to make contributions to the social fund after some time.
Monthly premiums for health insurance will depend on your salary level. Registration of a business in Slovakia takes about a month . The last step is to enter the new company into the Trade Register.
Residence permit
The owner of the company can safely conduct business in the country only after he becomes a resident and receives the status of director. To obtain a residence permit in connection with entrepreneurial activity, you will need to draw up a business plan.
After the embassy or police receive the required documents for a residence permit from the applicant, the business plan will be submitted to the Ministry of Economy. If it is approved there, law enforcement agencies for foreign citizens of Slovakia will begin to consider the application for a residence permit.
If the company was purchased ready-made, there is no need to provide a business plan, but it may be needed in the future, so having it is still desirable. If the company is a limited liability company, then only the person who is listed as its general director can count on obtaining a residence permit.
The best niches for doing business in Slovakia
Registering a company in Slovakia is not a difficult matter; you just need to fill out the documentation correctly, stock up on an amount sufficient to contribute the authorized capital and meet the requirements for obtaining a residence permit. Making a business successful is another matter. An important factor in this is choosing the right field of activity.
What is the best business to open in Slovakia:
- Tour service. Slovakia has long positioned itself as a tourist country with many attractions and attractive resort areas, but there is one caveat for businessmen who are just planning to develop in this direction – there is a lot of competition in both the small and large segments. Therefore, you need to have really worthwhile ideas to take your place in this industry.
- Trade. The fact that the people of Slovakia love sweets is known firsthand and for many enterprising businessmen, it is obvious that opening a confectionery shop, coffee shop or catering establishment with affordable prices and its own zest would be a win-win option.
- Services. This industry really needs new companies that can satisfy the needs of Slovak citizens. An obvious shortage can be seen in the area of minor repairs of mobile and computer equipment, hairdressing and copying services, as well as clothing and shoe repair shops.
- Hotel business. Due to the favorable geographical location of the country, a large flow of tourists regularly comes to Slovakia; they are impressed by the pricing policy of hotels in Slovakia, as well as the abundance of recreational complexes and mineral springs in nature, for which the country is famous. Therefore, this industry in Slovakia is profitable. The only thing that stops many entrepreneurs is the relatively high starting capital for purchasing a hotel property.
Whatever niche an entrepreneur chooses in Slovakia, he can be sure that the legislative, political and economic systems in the country will help develop business in the best possible way.