Company Formation in Slovakia
In Slovak republic non-residents have constitutional right to carry out business under the same conditions as residents. They can undertake either as sole traders or as shareholders (partners) in a company. To form a company it is not required to have a residence permit.
Below we provide most important information about company formation in Slovak republic. In this article when we use word “company” we are speaking about so-called Limited liability company (“s.r.o.” or “spol. s r.o.”). This is the most common type of company in Slovakia, since the shareholders have almost no responsibility for its debts. Formation of different kind of companies, such as Partnerships or Limited Partnerships only differs slightly.
Following documents are necessary for company formation in Slovakia
- Memorandum of association contains intention of founders (shareholders) to form a company. It contains fundamental details about company, such as recognition of shareholders and executive directors, scope of its business, name of the company and place of its seat. Memorandum must also contain information about the amount of stock capital. Signatures of all founders must be authenticated. If there is only one shareholder, memorandum is replaced with so-called Deed of establishment.
Shareholder (also Partners, in Slovak “spoločník”) is a person who owns a share in a company. This entitles him to participate in company`s management and in the profits. It is not obligatory for a partner to be a resident in Slovak republic. The position of a shareholder does not grant a residence permit. Also legal person can be a shareholder.
Executive director (in Slovak “konateľ”) is a person who acts in the name and on behalf of a company. Residence permit is required for executive director to perform his duties for person who is not a citizen of European Union countries or OECD countries. If there is no reason for refusal of en entry to Slovakia, the position of executive director is enough for a person to obtain a temporary residence permit (3 years).
It is acceptable for a partner to be an executive director also, but it is not a rule.
- Declaration on oath according to section 105a of the Commercial Code. This section lays down a restrictions affecting formation of companies. If a person is a sole shareholder in three companies, he/she can not be a sole shareholder in another company. Company can not be a sole shareholder in two companies.
- All shareholders are required to submit tax office`s consent with them being shareholders.
Tax office is obliged to issue such consent if the shareholders have no debts in health and social insurance, tax and custom.
- Executive directors have to submit specimen of their signature. The specimen does not have to be authenticated.
- The minimum stock capital for company is 5 000 eur. The contribution of every shareholder must not be less than 750 eur. The contributions must be paid to custodian of contribution (one of the shareholders or a bank) and put on an autonomous account. Custodian then issues a confirmation of paid contribution for every shareholder. Custodian is responsible for contributions are really paid.
- License to carry out business. There are few categories of licenses. Some of them are accessible for everyone (unqualified licenses) but some are only given to those who prove certain education or qualification. The company needs to have a competent representative to carry out these categories of trades. Together with license, company receives identification number (“IČO”)
After the completion of these documents shareholders (all of them together) submit an application for the incorporation of the company into official business register. Court shall issue so called Declaration of incorporation of company into Business register within 5 working days, but there can be also some slight delay.
Now all that is left is registration for corporate income tax. This application must be submitted to the local tax office. Tax office will deliver Declaration of registration to the company.
At this point the company formation process is finished and company is ready to carry out its business.
If you decide to use our assistance by company formation in Slovakia, you will get this kind of support:
- Initial consultation where you will tell us about your future plans. This consultation can be in person, by telephone or by e-mail.
- We will prepare documents for your signature.
- We will verify the signed documents electronically and send them to the competent Trade Licensing Office, Commercial Register and the Tax Office.
- We will advise you on how to deposit the registered capital into a separate bank account. Or, we will open the bank account for you and pay up the registered capital.
- We will pay the fee to register your company in the Commercial Register.
- Once the company has been duly incorporated, we will send you an original extract from the Commercial Register, including all documents of incorporation.
Our complete company formation package guarantees you full assistance and payment of all fees associated with establishing a company in Slovakia.
What is the cost of complete company formation?
How long does it take to form the company?
* the final price does not include 20% VAT
Optional company formation services in Slovakia:
- Virtual registered office in Slovakia starting from EUR39 per month
- Accounting in Slovakia starting from EUR70 per month
- Fixed price with no hidden fees.
- Your company will be registered in the Commercial Registry within the agreed time, guaranteed.
- Services within the Slovak Republic are provided by a contracted partner of podnikajte.sk, FONTIONNEL s.r.o., which has already served more than 2,500 satisfied clients.