REGISTRATION OF A BUSINESS (FIRM) IN SLOVAKIA

REGISTRATION OF A BUSINESS (FIRM) IN SLOVAKIA

Author

Prykhodko Andrii

The Slovak Republic is quite attractive for immigration among European countries. The most common way to immigrate is to open a business in Slovakia. The advantage of migration in SLOVAKIA is the possibility of obtaining a residence permit with the right to official employment. Living in such a beautiful country opens up good prospects for career growth.

The main conditions for immigration to the Slovak Republic:

• Business registration;
• Providing a document confirming the availability of rented or purchased housing;
• Availability of funds on the accounts: 4,000 euros on the company’s account, 4,400 for the sole proprietorship and 2,400 euros on the personal account.

Advantages of the Slovak Republic:

• economic and political stability, reputation;
• convenient geographical location;
• favorable legislation, when opening a company, gives the opportunity to issue a residence permit;
• obtaining a tax residency certificate;
• it is possible to voluntarily register the status of a VAT payer;
• existence of agreements on avoidance of double taxation;
• is not included in the Ukrainian list of jurisdictions subject to transfer pricing rules;
• it does not matter which country the founder is a resident of, or a legal entity from any country, including offshore jurisdictions
• investing in Slovakia’s economy, a foreign businessman can count on investment incentives and various benefits.
• having a business in Slovakia, an entrepreneur can work on the markets of other EU countries, as well as open branches and offer his product under the European brand.
• goods/services can move freely from one country to another;
• by opening a company in Slovakia, you will get rid of customs duties and high customs duties;
• Slovak taxation is convenient for a private entrepreneur;
• profitable banking programs are provided to entrepreneurs due to the registration of a company in Slovakia.
• quick receipt of a residence permit after opening your company in Slovakia;

Slovakia ranks first as the best country for international trade and fifth in terms of simple procedures for registering business ownership. Slovakia is a world leader in the field of international trade (No. 1 according to this indicator in the Doing Business-2016 rating, which is compiled annually by the World Bank), here are some of the best conditions for registering property (No. 5 in Doing Business-2016). According to the integrated indicator “ease of doing business”, the country was in 29th place out of 189 participants of Doing Business-2016. It is interesting that over the last year in Slovakia, the conditions for registering enterprises have improved, and in the field of taxation, the country has risen by 36 positions.

What types of legal entities can there be?

There are four types of business associations in Slovakia:

1. General partnership (verejná obchodná spoločnosť),
2. Partnership on faith (komanditná poločnosť),
3. Limited liability company
4. Joint-stock company (akciová kompaniya)

Separate business options:

• Register as an individual entrepreneur: individual or private entrepreneur.
• Registration of a cooperative (družstvo), which is not a commercial organization;
• Opening of a representative office of a foreign company.
• Buying a ready-made business.

Consequently, Slovakia has created favorable conditions for investors, and today it is one of the most attractive jurisdictions for establishing export-import operations with the European Union, international corporate and tax structuring, as well as for business emigration. The location of Slovakia with its direct access to many European countries is especially attractive.