How to set up a company in Slovakia
It is quite easy to set up a company in Slovakia, even for non-residents. To set up a company, a residence permit is not necessary.
In the article below, we give you the essential information about the process of setting up a company and about main rights and duties of its bodies. When using term “company” we mean “limited liability company” (in Slovak „s.r.o.“ or „spol. s r.o.“) which is the most popular form of undertaking in Slovakia. That is because its partners (shareholders) are not liable for company´s debts. The process of setting up other kinds of companies, such as Limited Partnerships or Partnerships is very similar and differs only in minor details.
Below we give you the list of documents required for company to be set up:
- Memorandum of association contains aim of the partners to set up a company – a legal unit different from partners. Partners and executive directors must be identified in Memorandum.
- Partners (also „shareholders“ in Slovak „spoločníci“) – natural or legal persons who own a share in company. The profit of the company is divided between partners. Residence permit is not necessary to be a partner. The position of a partner does not grant a residence permit.
- Executive directors (in Slovak „konatelia“) are natural persons. Executive directors are given the right to act in the name of the company. Residence permit is necessary to be an executive director. The permit will be given to a person if he/she proves she holds a position of an executive director.
It is possible for a natural person to be both: partner and executive director.
Other information which must be listed in a memorandum are: company´s name, place of registered seat, scope of business and the value of company´s stock capital.
A trade license is required to carry out business. Some licenses are available for everyone, but for some licenses higher education or qualification is necessary. A company is allowed to carry out such business through competent representative (a natural person having required education or qualification).
The value of the stock capital must be at least 5 000 eur and at least 750 eur per one partner. Shareholders are obligated to pay their contributions to a custodian of contributions on a separate bank account. Custodian issues a confirmation of paid contribution and he is responsible for the contributions are in fact paid. Only bank or one of the partners are allowed to be a custodian of contributions.
- Declaration on oath according to restrictions stipulated in section 105a of the Commercial Code. These restrictions are related to the right to be a partner of the company. A natural person can be the sole partner in only three companies. A legal person can be the sole partner in only one company.
- All partners need tax office approval. This approval will be given to them if they do not owe money to tax office or to custom office.
- Executive directors must provide specimen of their signature.
At this point, when all necessary documents are finished and the stock capital is paid, all partners together submit an application for the incorporation of the company into business register. The application must be submitted to the competent court. The court will issue so-called Declaration of incorporation of company into Business register within 5 working days since the submission of application.
To operate properly company needs to be registered for corporate income tax. The company must apply for registration.
After the Declaration of registration for corporate income tax is delivered, the company is ready to run. If you are not familiar with the process of setting up a company in Slovakia or just need and advice, please do not hesitate to contact us via the form below.
Our service by setting up a company in Slovakia includes following range of activities:
- We will have an initial consultation where you will tell us about your business vision. This consultation can be in person, by telephone or by e-mail.
- We will draw up 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?
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* 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.