How to open a firm in Slovakia: A simple guide for foreigners

Are you looking to start a firm in Slovakia? Excellent! Slovakia is very attractive for entrepreneurs and investors due to its favorable legal and tax system, ample human resources, and membership in the European Union.

Now, let’s get to the practical steps of starting a firm:

Choose a suitable legal type of firm. Decide whether you want to establish a sole proprietorship, a limited liability company, or a joint-stock company. Each option has its advantages and disadvantages, so consider which best suits your business intentions. In Slovakia, the most popular form of business is a sole proprietorship, followed closely by a limited liability company.

Select the subject of business, the registered office, and the name of the firm. These are matters you need to clarify right from the start. You can choose from dozens of business subjects. Additionally, you need to choose a location for your business and ensure that all local regulations are met. When it comes to the firm’s name, you can base it on your preferences.

Prepare important documents and obtain necessary permits. If you decide to operate as a sole proprietor, you must apply for a trade license and register at the trade license office. If you choose to establish a limited liability company, there is more to do: you need to draw up the articles of association or the memorandum of association, deposit the initial capital, appoint a director, determine the signature pattern, and obtain permits in the form of trade certificates. It is also necessary to register the company in the commercial register. The process of founding a joint-stock company is even more complicated, and we recommend seeking assistance from a professional.

Register with the tax office. The tax office will issue you an identification number, which you will need to fulfill your tax obligations.

Open a bank account for your firm.

Tip for the impatient: Buying a ready-made company. If you don’t want to waste time dealing with formalities, contact a firm specializing in establishing ready-made limited liability companies. Buying a ready-made company is a suitable solution for investors who want to start operating immediately. The cost for a ready-made company is typically a few hundred euros.