Slovak Commercial Code
Slovak Commercial CodeUpdated on Monday 22nd April 2019
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The Slovak Commercial Code regulates the status of investors, some relations connected to business activities and business obligations. The Code also states that foreign entrepreneurs are welcomed to do business in Slovakia under the same regulations and benefits as the Slovak residents and the most important aspect is for the business to be registered in the Commercial Register.
The Slovak Republic has a consistent set of commercial laws and they are generally complying with international standards. A few of the most relevant areas of investment activities are: concessions, energy, corporate governance, judicial capacity, secured transactions, telecommunications etc. Our Slovak solicitors can provide you with complete information on the new laws and regulations, so you can feel free to contact our team.
The new amendment to the Slovak Commercial Code
This new amendment implies some new regulations in late payment in commercial activities. The main goal of these rules is to prevent late payment in contracts that are closed after the first month of 2013. While the previous regulation permitted some contractual freedom, having almost unlimited will of the parties in the contract, the new amendment narrows down the choice to some extent. Other changes involve new requirements for the decisions of a LLC's general meeting and also some additional clarity on the election process of the supervisory board members by employees.
Other aspects of the Commercial Code in Slovakia
Foreign investors can establish their businesses in the Slovak Republic either through a subsidiary or by creating a branch office for a parent-company overseas.
For conducting business in this country, a foreign entrepreneur should obtain various permits and licenses. Business activities can fall into three main categories:
- free trade licenses (intermediary activities, wholesale, retail);
- trade certificates for the performance of activities which require a certain degree of professional qualification (concessions);
- conditioned trade licenses (for which special criteria need to be met, being performed after notifying the Trade Licensing Office).
Investors may operate business activities starting from the day of incorporation. The trade license should normally be issued within five days and the certificates for trading in not more than a month, depending on the type of the business activities.
The Commercial Code also specifies that a foreign citizen has to acquire a residency permit in the Slovak Republic when intending to perform any business activity on the country's territory.
Our Slovak lawyers can assist you to register your company in the Slovak Republic and to decide on what type of legal entity best suits your interests. We can offer information and advise you concerning laws and new provisions in this country and our law firm in Slovakia can take care of various legal matters related to business activities.