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Open a Company in Slovakia

Open a Company in Slovakia

Updated on Saturday 17th April 2021

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Foreign entrepreneurs who want to start their own businesses can open companies in Slovakia, in accordance with the Commercial Code. The law provides for the requirements in terms of documents, share capital requirements and types of companies available for registration.
 
No matter the type of company to be registered, all the documents must be submitted with the Slovak Trade Register which will issue the business’ Certificate of Incorporation.
 
Our law firm in Slovakia can guide foreign and local investors who want to open companies in this country. Our lawyers can also offer details about the main types of  taxes in Slovakia and how to comply with the taxation system in this country.
 

What are the types of legal entities I can register in Slovakia?

 
The following types of entities can be set up in Slovakia by both local and foreign investors:
 
  1. sole proprietorships which are available for single entrepreneurs doing business on their own;
  2. partnerships which can be general or limited and must have at least to two members;
  3. limited liability companies which can be private or public and which require at least one shareholder;
  4. subsidiaries, branches and representative offices which are available for foreign companies operating in Slovakia.
 
Our lawyers in Slovakia are at your services with detailed information on all types of companies in order for you to make an informed decision when starting a business here.
 
When a single individual opens a business with no capital and the whole liability for the profits and debts is owned by him/her, the business is registered as a sole proprietorship (zivnostnik).
 
When at least 5000 EUR are available, the founder can open a limited liability company in Slovakia (Spolocnost s rucenim obmedzenym). It’s a form of business intended mostly for small and medium-sized companies. The number of shareholders cannot exceed 50 and their liability is limited by the contribution to the capital. The general meeting of the shareholders, which is the supreme authority in the company, will appoint an Executive which is responsible for the daily decisions. If the capital is higher, a Supervisory board can also be appointed in order to watch the director’s activity and report it to the general meetings.
 
 
 
 
The Joint Stock Company in Slovakia-Akciová spoločnosť is a type of company designed for a large type of business which can provide the minimum share capital of 25,000 Euro divided into stocks. The Public joint stock company in Slovakia can list a part of its stocks at the stock market from the European Economic Area. This way the stocks are freely transferable which leads to an increase of the share capital. Unlike the private limited liability companies, the joint stock companies must have a reserve fund which consists in 10% of the joint stock company’s capital. The daily management of the joint stock company is assured by the board of directors and the supervisory board appointed by the general meeting of the shareholders. The Supervisory Board must be formed by at least three members while the number of Directors can be decided in the Articles of Incorporation.
 
In a Slovak General Partnership (verejná obchodná spoločnosť) the partners are equally liable for the company’s debts even with their own personal assets. All the decisions are equally taken by the partners unless it’s stipulated differently in the partnership agreement.
A limited partnership-komanditná spoločnosť in Slovakia is formed by at least two members called general partners and the silent partners. The silent partners must make a contribution to the legal entity’s capital of at least 250 Euro and their liability is based on this contribution. The general partners are not required to make any initial contribution and have unlimited liability and decisional power but their assets are not protected in case of liquidation.
 
Foreign companies are allowed to set up branch offices, subsidiaries, and representative offices, depending on their needs. Our lawyers in Slovakia can offer more information on these business forms. In case you want to open a company in another European country, for example in Greece, we invite you to contact our partner law firm in Greece.
 

What are the steps for company incorporation in Slovakia?

 
At the beginning of the incorporation procedure, the name chosen for your company is checked for uniqueness and a certificate must be issued with the reserved name.
 
The notarized articles of association and related documents along with the certificate of name reservation must be deposited at the One stop shop for trade licenses, income tax registration, and health insurance company.

After that, the share capital must be deposited in a bank account and along with the trade licenses, the certificate of bank deposit must be delivered to the District Court for registration which will deliver the information to the County Registry Court. Then, this authority will state it in the Commercial Register entry no later than 5 working days from receiving the completed registration form and its supporting documents. As a result, the company will receive a business identification number. 
 
 
We invite you to read about the procedure to open a company in Slovakia in the infographic below:
 
Open a Company in Slovakia
 

Trading name reservation upon opening a Slovak business

 
Foreign investors who want to open companies in Slovakia must first make the company name reservation. There are various aspects to consider when selecting the trading name and the first requirement is for it to be unique. For this purpose, a verification can be made with the Trade Register. Even so, the future shareholders will be required to propose three names, among which the one they intend to use.
 
Once the reservation certificate is issued, the business registration procedure can continue. Our solicitors in Slovakia can assist with the opening a business from the beginning of the procedure which implies the reservation of the trading name.
 

Legal address requirements for company registration in Slovakia

 
One of the most important requirements for opening a company in Slovakia is for it to have a legal or registered address in this country. This is mandatory in the case of domestic companies, however, foreign ones must also have legal addresses here if they operate through branches or subsidiaries. Those looking to prospect the market can set up representative offices which require formal addresses.
 
For a speedy company registration procedure, it is possible for business owners to use virtual office services which can be provided by our lawyers in Slovakia.
 

Bank account opening in Slovakia

 
All the transactions of a company must pass through a local bank account. For this purpose, a local bank or a Slovak branch of a foreign financial institution can be used for the opening of the corporate bank account. The procedure is rather simple and can be completed in a fast manner if all documents are prepared at the time the bank account opening procedure has started.
 
Among the documents that need to be filed upon the setting up of the corporate bank account are the a copy of the Articles of Association, information of a company representative who will represented the business in the relation with the bank and other information, depending on the requisites of the bank. Also, when opening a corporate account, a merchant account can be linked to it in the case of e-commerce companies.
 
Our law firm in Slovakia can set up corporate bank accounts based on a power of attorney.
 

Share capital requirements for companies in Slovakia

 
Since we have mentioned the opening of the bank account, it should be noted that its first use will be that of depositing the share capital of the future company.
 
When it comes to the share capital of a Slovak company there are several aspects to consider among which the fact the private and public limited liability companies are bound by the Company Act to have a specific minimum share capital each. Sole traders and partnerships, on the other hand, can deposit the amount of money they consider necessary to start the operations.
 
When it comes to the share capital requirements for opening private and public limited liability companies, it should be noted that in the case of private entities the minimum amount of money subscribed is 5,000 euros, out of which 750 euros must be deposited upon incorporation. In the case of public entities, the minimum amount required is 25,000 euros, out of which 7,500 euros is the paid-up capital.
 
Our lawyers in Slovakia can offer more information on the share capital requirements when starting a business here.
 

What documents are required for the incorporation of a company in Slovakia?

 
Some of the documents required for the registration of a company in Slovakia are the following:
 
  •  notarized articles of association;
  •  the proof of payment of the registration fee;
  •  the bank deposit certificate and the proof of unique name.
 
Our lawyers in Slovakia can inform you upon the entire list of necessary documents and can submit them with the responsible authority.
 

The Articles of Association of a Slovak company

 
The most important documents to be prepared when opening a business in Slovakia are the Memorandum and Articles of Association which must be drafted and notarized prior to being submitted with the Companies Registrar.
These documents must contain the following information:
 
  •  the date of incorporation of the company and the date when its activities will start;
  •  information about the company’s shareholders who can be natural persons or corporate entities;
  •  information about the company’s directors and managers who must be natural persons;
  •  information about the share capital of the company and its division among the shareholders;
  •  the address of the company, information about the company’s object of activity and the value of the shares.
 
Additional information, such as shareholder agreements and special clauses, can also be included in a Slovak company’s Articles of Association.
 
Our attorneys in Slovakia can help with the preparation and notarization of the company’s Articles of Association.
 

Tax registration when opening a company in Slovakia

 
One of the most important steps related to opening a company in Slovakia is related to the registration for tax purposes. All companies in Slovakia must obtain a tax number and a VAT number which will enable them to complete financial transactions and commercial activities.
In order to register a company for taxation in Slovakia, all the shareholders must obtain clearance from the local tax office in the city where the company will operate. The clearance will be given provided that the company members do not owe any money to the Slovak tax and customs authorities. We also invite you to watch our video:
 
 
 

How quickly can I incorporate my company in Slovakia?

 
If all the documents are properly submitted, the newly formed company in Slovakia can begin the trading activity in about four weeks. 
 
The following timeline can be considered when opening a company in Slovakia:
 
  • at least 1 week for the preparation of the documents for opening the company;
  • the bank account opening process can take up to 4 weeks, which is why it should be started in time;
  • the reservation of the trading name is completed in 1 day;
  • the incorporation of the company with the Trade Register does not take more than 1 week.
 
Another aspect to consider will be the business licensing process which depends on the authority issuing the permit.
 
For more details about the company formation procedure or for complete guidance, please contact our law firm in Slovakia.