Foreign entrepreneurs wishing to start their business in Slovakia must comply with the Commercial Code. This regulatory document regulates the requirements for the authorized capital, the type of company that can be registered. Also, it establishes a list of required securities for opening a company by a resident or non-resident of the country.
When planning to open a subsidiary company in Slovakia, there are no restrictions for foreign investors. According to the Labor Code of the state, an individual, a legal entity can open a company of any form independently as a sole shareholder or together with other foreign persons. An advantage of opening a company by foreigners in Slovakia is the complete absence of discrimination against visitors. The state creates maximum conditions for the work of foreign business.
How to open a subsidiary company in Slovakia
At the beginning of the company registration procedure, the uniqueness of the selected name is checked. After confirming uniqueness, the name is reserved. After that, the company receives trade licenses, income tax registration, health insurance.
Then you need to open and top up a bank account. This procedure is required. Further, information about the opening of the subsidiary company is transferred to the Regional Registration Court.
This authority will list the company in the Commercial Register. The procedure takes less than 5 working days from the date of receipt of the completed registration form, confirming its documents. Then the company will receive a personal identification number.
Reservation of a trading name when opening a subsidiary company in Slovakia
Foreign investors who want to open a subsidiary company in Slovakia must first make a reservation for the company name. There are various aspects to consider when choosing a brand name. The first requirement is that it should be unique. But still, future shareholders must offer three names, including the final one used to register the firm. Once the booking certificate has been issued, you can proceed with the business registration procedure.
Opening a bank account in Slovakia
All transactions of the firm go through a local bank account. When opening a corporate bank account, a local bank, or the Slovak branch of a foreign financial institution can be used. The procedure is quite simple. It can be completed as quickly as possible if all documents are prepared by the time the bank account itself starts opening.
Among the documents that must be submitted when opening a corporate bank account, the following must be present:
- copy of the charter;
- information about the representative of the company who has become a liaison and interacting with the bank.
Other information is required when a particular bank puts forward the terms of cooperation. Besides, when opening a corporate account, you can link a merchant account in case an e-commerce firm is opening.
What share capital do Slovak companies need?
When opening a corporate bank account, its first use will be to deposit the share capital of the future company.
When it comes to the share capital of a Slovak company, there are several aspects to consider. For example, private, publicly-traded firms with limited liability are required to comply with the Companies Act and have a minimum share capital. Individual entrepreneurs, partnerships can contribute the amount of money that they consider necessary to carry out professional activities using the Slovak market.
Separately, it is necessary to stipulate the requirements regarding the authorized capital, the opening of private, public limited liability companies. It should Consider, that for private companies, the minimum amount is € 5,000, of which € 750 must be deposited upon registration. When opening state-owned enterprises, the minimum amount required is EUR 25,000, of which EUR 7,500 is paid-up capital.
What documents need to be prepared when opening a subsidiary company in Slovakia?
A shortlist of standard documents when opening a branch of a company in Slovakia:
- notarized charter of the organization;
- a document confirming the payment of the registration fee;
- bank certificate of deposit, confirmation of a unique name.
Tax registration when opening a subsidiary company in Slovakia
One of the most important steps regarding the opening of a subsidiary company in Slovakia is associated with taxation. All companies in Slovakia must receive a tax number and a VAT number. It allows them to carry out financial transactions, commercial activities.
To register a company in Slovakia, all shareholders need to obtain permission from the local tax office, where they plan to set up the business. The permit will be issued if the members of the company have no debts to the Slovak tax and customs authorities.
When the documents are submitted correctly, without errors, the newly formed Slovak company will be able to start trading in about four weeks.
When opening a company in Slovakia, the following terms can be taken into account:
- at least 1 week the documents required by the company are prepared;
- the process of opening a bank account can take up to 4 weeks, so it should be started on time;
- a trading name is booked for about 1 day;
- company registration in the Commercial Register takes less than 1 week.
