Start Your Business in Slovakia! These Advantages Make It Worthwhile

If you’ve ever thought about starting a business in Slovakia, now is the right time! In this article, we’ll highlight several benefits of doing business in Slovakia and provide a brief guide on how to start a business from scratch.

Top advantage: Take advantage of state support for entrepreneurs

The Slovak Republic currently offers numerous programs and grants to support entrepreneurial activities. You can especially benefit from EU funds under the Slovakia Program and the Recovery Plan, which provide resources for improving energy efficiency, research and development, and process and production digitization. Other options include subsidies for the agricultural sector and the cultural and creative sectors (e.g., the Arts Support Fund, Creative Europe Program, Audiovisual Fund). For entrepreneurs in green energy, the Green to Business scheme from SIEA is available.

Additional benefits of doing business in Slovakia
Other advantages include Slovakia’s strategic location, enabling easy access to major markets in neighboring countries. Thanks to its good transportation infrastructure, you can trade with partners in countries like the Czech Republic, Hungary, Austria, or Poland, expanding into foreign markets. Compared to other Western European countries, the costs of starting and operating a business in Slovakia are lower. Rental prices, energy costs, and labor costs are favorable, along with tax benefits for small and medium-sized enterprises (e.g., the first year of business for sole traders). Slovakia also boasts a skilled workforce. Many Slovaks speak English and other languages and have completed higher education.

How to start a business in Slovakia from scratch?

● Find a Good Idea: What do you enjoy? What are you good at? What problem can you solve?
● Create a Business Plan: Define goals, strategies, target audience, competition, finances, and marketing.
● Secure Financing: Consider personal resources, loans, grants (EU funds, Recovery Plan), or crowdfunding.
● Establish a Sole Proprietorship or LLC: Choose the appropriate legal form and complete all necessary formalities.
● Build Your Brand and Find Customers: Create a logo, website, social media profiles, and promote yourself online and offline. Reach your target audience.
● Educate Yourself: Use services from mentors, advisors, incubators, and accelerators.