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Open a Financial Company in Slovakia

Open a Financial Company in Slovakia

Updated on Tuesday 02nd July 2019

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Open-a-Financial-Company-in-SlovakiaThere are many performant economic sectors in which foreign investors can set up companies in Slovakia, however, the financial industry is among those who have maintained a steady pace in terms of development.

Foreign entrepreneurs or companies can set up financial companies, respectively, branch offices under the Slovak legislation in the financial field. Below, our lawyers in Slovakia present the main requirements which need to be complied with when opening a financial company in this country. You can rely on for business registration services, if you want to set up a financial company in Slovakia.

Legislation in the financial sector in Slovakia

Starting a financial business in Slovakia is a good choice for those interested in operating in an industry which offers various options when it comes to the services to be provided. Based on the financial field one decides to set up the Slovak company in, one or more laws must be respected.

The financial legislation in Slovakia is quite extensive which is why we present below some of the most important and relevant laws under which one can create a financial company:

  1. Law No. 566/1992 on National Bank of Slovakia which provides for the establishment of Slovakia’s Central Bank;
  2. Law No. 747/2004 on the Supervision of the Financial Market which provides for those interested in marketing various financial instruments;
  3. Law No. 492/2009 on payment services which provides for companies providing payment services;
  4. Law No. 566/2001 on securities and investment services and Law No. 429/2002 on the Stock Exchange in Slovakia;
  5. Law No. 39/2015 on Insurance and Law No. 747/2004 on the Supervision of the Financial Market applicable to insurance brokers;
  6. Law No. 659/2007 on the Introduction of the Euro in the Slovak Republic, after the country became a member of the EU.

 

After entering the European Member, most of the EU regulations on banking and other financial sectors have been harmonized with the national legislation.

Our Slovak lawyers can offer detailed information on the regulations you need to comply with based on the type of financial services you want to provide through your company.

How to register a business in order to operate in the financial field in Slovakia

Apart from the specific legislation which provides for financial companies, setting up a business in Slovakia implies respecting the conditions imposed by the Company Law. This act provides for the requirements to be respected when registering any type of company in Slovakia.

Local and foreign investors who want to open financial companies in Slovakia first need to choose a suitable business form, and the best choices in this case can be the private and the public limited liability companies. Foreign companies can set up branch offices which is the most employed structure in the financial sector in Slovakia.

The registration of the company must be completed with the Slovak Trade Register and is followed the licensing procedure with the Central Bank of Slovakia and the Financial Supervisory Authority.

Our law firm in Slovakia can assist local and foreign entrepreneurs interested in setting up financial companies in this country.

Types of financial companies in Slovakia

There are various types of financial companies one can open in Slovakia, among which:

  • - banks which can be set up against a minimum share capital of SKK 500,000,000 and a minimum deposit of SKK 1,000,000,000 for mortgage transactions;
  • - insurance and reinsurance companies which can offer various services and types of insurance policies;
  • - fintech companies which have been recently introduced and now fall under the supervision of the Financial Supervisory Authority;
  • - investment funds which can market various financial instruments on the Slovak Stock Exchange;
  • - companies which offer financial advisory and payment services, including e-payment services.

 

Our lawyers in Slovakia can offer more information on the various regulations financial companies need to company with.

Overview of the financial industry in Slovakia

A few years ago, the Slovak Government has enabled a new regulatory system based on innovation and in which financial advisory and financial mediation play an important role. This has determined:

  • - an increase of 3.4% of the sector in 2017, which one of the highest growths at EU level;
  • - an increase of consumer and housing loans of 12% between 2017 and 2018;
  • - corporate loans also grew by 7% between 2017 and 2018;
  • - Slovakia is home to 25 banking institutions at the moment.

 

If you are interested in opening a financial company and need assistance, please contact our Slovak law firm.