In the final episode of this series we will describe the necessary steps you need to take in order to start a business in Slovakia, what documents you need, what to watch out for and few other tips.
Ing. Peter Pauer, CEO
First decision you will need to make is to choose between establishing a new company or buying existing shelf company (also know as ready made company). Both choices have their advantages and disadvantages.
Ready made company
Ready made company is the fastest way to start a business. You can literally start sending invoices and sign contracts the very next day after you sign the transfer of the title. Ready made company is a great option also if you want to become VAT payer right from the beginning. You simply buy an VAT payer ready made company and you are all set. One thing to keep in mind is the company’s background and history. You want to make sure that the company you are buying is clean and without any debts. Therefore it is wise to choose the partner from whom you are buying the company carefully. If you choose to buy the ready made company from EMINEO PARTNERS, the history and clean company record is guaranteed in contract. The company’s address and business activities can be changed during the process of company transfer to the new owner.
Company formation
Establishing a brand new company may take up to 6 weeks according to the total amount of registrations and other inquiries at the Business register. You cannot start doing business before the company was registered. Advantage is a new company without any history (which may be also disadvantage in some cases). If you are not familiar with Slovak laws and procedures when establishing a company it is highly recommended to contact professionals who can take care of the whole process of company formation and make sure that all obligations are met. This can save you lot of time, money and trouble.
Necessary documents
In both cases, you will need
- passport or ID
- criminal record excerpt – not older than 3 months
- confirmation of your address
- KYC form – Know Your Customer form containing basic information about company’s partners and managing directors.
Other necessary arrangements
Seat of the company
Every company registered in Slovakia has to have a seat. If you have your own property you can use that. If not, we can provide you with an virtual address for the company.
Central Government Portal
Since 1st of July 2017 it is obligatory for every company in Slovakia to use this portal for communication with the authorities. State agencies and authorities no longer communicate via regular mail. All documents will be send to your uniqe electronic mailbox, wheter you activated it or not
Accounting
There are just two things certain in life – death and taxes. Reliable high-quality accounting services can be the difference between hussle-free business operation and total disaster. Remember, even if you do not conduct any business and the company is has zero transactions, you still need to communicate with authorities. In some cases you need to send monthly reports to the Tax office and in all cases you need to prepare yearly income tax return and financial statement.
The process of establishing company
It is strongly recommended to contact a professionals who can arrange the whole process for you. If you choose EMINEO PARTNERS to cooperate with, we will provide you with free consulting session at the beginning, we will take care of the whole process and we will provide the necessary support after the company is established.
After you bring all necessary documents, the lawyer will proceed with the submission at the Business register. We will notify you as soon as the entry has been made. The whole process can be as simple and hussle-free as that.
The information above on this website is intended to give you a basic overview of tax, accounting, and legal regulations. They do not in any way serve as a guide for their application in practice, which may differ significantly from the legislation in force at the time. The information on this website does not guarantee legal, accounting, tax or other professional advice or services. As such, information should not be taken as a substitute for professional consultations with accountants, tax, legal or other advisors. EMINEO PARTNERS shall not be liable and shall not be liable for any discrepancies, omissions or results obtained from the use of this information. All information and examples are provided without any guarantee of their applicability in practice. EMINEO PARTNERS is not obliged to reflect the applicable legislation on the information and examples provided on this website.
