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Business Start-up Costs in Slovakia

Business Start-up Costs in Slovakia

Updated on Wednesday 14th September 2016

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business-start-up-costs-in-slovakia.jpgIf you are a foreign entrepreneur who intends to open a business in the country, you should be aware of significant issues regarding the costs for starting a business in Slovakia, as well as the time frame involved in opening a company here. The data below shortly outlines the procedure, costs and time frame involving starting up a business in Slovakia with 10 to 15 employees and a startup capital 10 times the per capita gross national income of the local economy (which was 26,110 PPP dollars in 2013). Our solicitors in Slovakia can offer more details on the costs involving other types of companies in this country.
 

Verifying the company name

 
In order to verify the uniqueness of the company name with the Commercial Register held by the District Court, it will cost you EUR 3 to effectuate the research. 
 

Notarizing the articles of association

 
Business start-up costs in Slovakia include the fee for checking a signature at a Notary Public, which is EUR 2.39 without VAT per each signature. The fee for checking a signature at the Registrar’s Office is EUR 1.50 per each signature. The procedure will normally take one day. Our Slovak lawyers can provide more information on the VAT conditions in this country. 
 

Applying for trade license, register for income tax and with the District Court

 
In order to apply for the trade license, income tax and health insurance, a single application form is required, which has to be submitted to the One-stop shop. 
 
The hardcopy application for a normal trade license costs EUR 5 and that for a regulated or craft license – EUR 15. The entire procedure takes three days. Our lawyers in Slovakia can offer more details on the types of licenses required for businesses in this country.
 

Setting up a bank account

 
The minimum contribution of a shareholder is of EUR 750. The standard fee for setting up a company bank account in Slovakia is of EUR 16.5, however this figure can vary depending on each bank and it normally takes one day. 
 

Register with pension, illness and disability insurances & unemployment insurance 

 
The registration with pension, illness and disability insurances, as well as with the unemployment insurance is effectuated with the local social insurance company. The business must register as an employer in maximum eight days after the date it began employing at least one worker for social security. Before the company’s employees start working, the business has to register all new workers with the Social Insurance Company. The procedure takes one day and there are no charges involved.
 
If you need more information about the business start-up costs in Slovakia, as well as the taxation system in this country, we invite you to get in touch with our law firm in Slovakia who can offer full guidance through the registration procedure of a business here.

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