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Buying a European shelf company with VAT number

Whenever you need to start doing business immediately in a European country and you need a company with a VAT number, you don’t have to wait for the bureaucratic procedures.

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We encourage you to contact our partner law firms in Bucharest: Rolegal and E&C, both part of our legal network.

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Set up a Company in Slovakia

January 30, 2013, 12:27 pm
BridgeWest

The Slovak Republic is a fruitful place to invest, being a country with political and economical stability, which over the last decade has undergone significant structural changes with a vision to become one of the best destinations for potential investors. In setting up a company in Slovakia, the most common business forms chosen are the limited liability company and the joint stock company. Foreign investors willing to develop a business in Slovakia have to obey the same rules and regulations as a domestic ones, as provided by the Commercial Code.

 

Preliminary activities before registering a Slovakian Limited liability (LLC) and joint stock companies (JSC) in Slovakia

In order to set up a company in Slovakia, the founder for both types of business forms must agree upon a foundation act. In this sense, Limited liability companies have to establish a Memorandum of Association or a Foundation Deed and in some cases, the Articles of Association, and joint stock companies must provide a Deed on Establishment, a Memorandum of Association and the Articles of Association.

The company’s founders must also open a bank account in order to deposit the minim share capital provided by the Slovakian Law. The bank account can be opened either by the company’s administrator, either by an assigned person for this operation. The minimum share capital for opening a Limited Liability Company is SKK 220,000 and for a Joint Stock Company there must be deposited at least SKK 1,000,000. The bank institution will issue an authorization that certifies that the starting capital has been deposited, as required by law.

Information about the company’s structure must be provided, the shareholders names and identification data in case of Joint Stock Companies, and information about the managing partners in case a LLC is opened.

The founders must also verify the uniqueness of the chosen name for the company at the Commercial Register. The Commercial Register will issue a certificate for the uniqueness of the name and a fee of EUR 3 is charged. 

 

Registration of the Limited Liability and Joint Stock Company with the Commercial Registrar in Slovakia

An important step in setting up a company in Slovakia, in order to undertake business activities, consists in the registration with the Commercial Registrar.

For accomplishing this important phase, the founders need to submit a registration form, along with other requested documents: the trade license issued by the local Trade Authority, the foundation deed and the receipt from the bank that certifies the deposited capital. The application must be signed by all executives, and their signatures must be certified by a public notary.

 

Registration for Social Security in Slovakia

After the incorporation procedure has been accomplished, the company must register as employer. This action must be performed a day before the first employment contract comes into force. In the same time, each employee must be registered with the Social Insurance Company, eight days before the employee starts working. In this sense, there are certain application forms that must be completed and submitted, being available on the website provided by the Social Security Company. The application can also be submitted in electronically form and is free of taxes.

 

Founding a Slovakian company from abroad

Foreign investors willing to set up a company in Slovakia are attracted by the country’s geographical position, political and economical stability, advantageous tax burden compared to Western Europe, skilled and proper educated workforce and low labor costs at relatively high productivity.

Foreign investors from member states of the European Union can set up a company in Slovakia by following the same procedure as a national entrepreneur. However, foreign citizens of countries that are not EU members need a temporary residence in Slovakia before they can enter as statutory representatives in the Commercial Register.

 

How long does it take to found a Slovakian company?

The procedure of setting up a company in Slovakia lasts about 10 to 14 working days, as obtaining a trade license from the Slovakian Trade Authority takes about a week, the registration with the Commercial Registrar is completed within 5 days, while the rest of the procedures are finished in no more than one day.




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