Slovakia Company Formation

Opening a company in Slovakia

Why start a company in Slovakia? What are the advantages in the country of Slovakia?
Slovakia, a country that is part of the European Union, is a convenient solution for many entrepreneurs.

The local currency is the Euro (EUR), and living is very cheap in the country.

Slovakia is a convenient gateway to the European market, with cheap maintenance costs and a local market that understands the English language very well.

Slovakia's strong consumer market has a significant size compared to Europe. The country is in the center of Europe, on the borders of Germany and Austria, and of course the Czech Republic, and this is a very important strategic location for European trade operations, including import/export. The favorable location of the country in Central-Western Europe, where the main transportation routes intersect, allows goods to be exported to all European countries, thus reaching over 500 million consumers.

Slovakia is a perfect place for investment and business expansion. The Slovak government is keen to boost the economy.

Investors see Slovakia as one of the attractive investment destinations in Europe. The tourists are fascinated by the Slovak hospitality and friendliness, by the cultural heritage of Slovakia and the natural wealth of the country.

The Slovak economy is undergoing significant growth with solid foundations in the democratic mechanisms of the country thanks to which the economic system is considered one of the best economies.

The process of opening a company in Slovakia
Opening a company in Slovakia begins with the signing of a notarial power of attorney to open a company by a local agent. The document was then sent with a courier urgently to Slovakia to be processed by a local Slovak notary. After several processes in Slovakia, the customer is required to sign the application for registration in the commercial register, and again send the document to Slovakia. At this stage the company already exists legally and can start business activities.

When the company is opened, a company form is issued from the commercial register (this is the Slovak certificate of incorporation).

In Slovakia there is no need for a local director or a local shareholder. In Slovakia you also do not need any European citizenship to open a company. You can open a Slovak company even if you are a foreign citizen. This means that it is possible to open the company with 100% shareholding in the name of a foreign citizen - in your name, or even in the name of a foreign company. The director can be foreign and there is no need for a local director.

Opening a bank account in Slovakia - current account for the company
Since this is a European country, more or less starting in 2018, those who want to open a bank account are required to come to the country.

However, there is an alternative, and that is opening an internet bank account. Indeed, similar to our "Zero One" bank, there are internet banks in Europe that would be happy to accept your company in Slovakia as a customer.

Equity Capital
The minimum equity required to start a company is 5,000 euros.
However, there is no need to deposit this equity before opening the company, and the capital can be considered as a debt of the shareholders in the company's balance sheet.

After opening the company, the bank account can be opened for the purpose of starting operations.

VAT registration
After the opening of the company, at the same time as the opening of the current bank account for the company, the registration of the new company in VAT will also be carried out. The company will receive a VAT number and can start trading.

EORI number
If you need to, we can obtain an EORI number for you so that you can import or export with the company within Europe.
EORI is an abbreviation of Economic Operators Registration and Identification number.

Company maintenance
The company requires annual maintenance of payment of fees, annual submissions, local address (which we will provide for you), as well as submissions to the tax authority.
However, all costs in Slovakia are low due to the relatively cheap cost of living.

Tax in Slovakia
The corporate tax rate in Slovakia is 22%.
For sales to the domestic Slovak market, the VAT is expected to be 23% in 2025 after the president signed the tax hike.

Questions and answers
Question: Is it necessary to physically fly to Slovakia to open a company in Slovakia?
Answer: The entire process is carried out remotely and at no stage is it necessary to physically come to Slovakia. There is no need to fly to Slovakia to open the company, nor the company's bank account. The entire process of opening the company and in most cases also the company's bank account, are carried out remotely without setting foot on Slovakian soil.

Question: Who provides the local address for the company in the new Slovakia?
Answer: We will provide the local address.

Question: How can I find a good accountant who can take care of the company in our new Slovakia?
Answer: We will connect you with a local accountant.

Question: If I want to come to Slovakia to open a bank account, what should I do?
Answer: We will try ahead of time to arrange a meeting for you at the branch in order to sign the account opening forms, so that everything will be in order before you arrive, so that you don't just walk around the city in order to find which branch will accept you and open a bank account for a company in your new Slovakia.

Question: What type of company in Slovakia should I open?
Answer: Similar to the Czech Republic, Slovakia has two types of companies:
The first type is a limited liability company ("Sp. z o.o."). This is the LLC.
SRO companies are considered more flexible in terms of organizational structure and easier to operate on a daily basis. They are suitable for investments of different scopes.

The second type is "joint stock company", that's how I imagine it can be translated into Hebrew. In English this type is called Joint Stock Company (JSC) and in Slovak AS
AS companies are generally designed for large-scale investments. As a result, they are less flexible from a legal point of view and much more formal in terms of organizational structure and day-to-day operations. On the other hand, they are great for raising capital, because their shares can be issued on the Slovakian stock exchange, and they can issue securities of various types.

Foreign investors often choose SRO companies, i.e. companies of the first type, unless their business requires the company to be of the AS type (for example, if it is planned to establish a new bank or insurance company).

Question: Do you need a European passport to open a company in Slovakia?
Answer: There is no need for a European passport. We can open a company in Slovakia for any foreign citizen as long as he has a valid passport.

Question: How long does it take to open a company in Slovakia?
Answer: The process of opening the company, including signing the power of attorney and sending it, should take about 3 weeks. After that, the process of opening a bank account takes between 3-4 weeks, depending on the readiness of the banks to accept the new company as a customer. Of course, these are times that depend on third parties, so this is only an estimate.

Question: Is it possible to open a company in Slovakia for a person with American citizenship or a person living in the USA?
Answer: Yes. We know how to open a company in Slovakia for a person with American citizenship or a person living in the USA.

It seems trivial that a person with ties to the USA could open a company in Slovakia, but we assure you that this is not the case. Today, all banks in Slovakia without exception refuse to open an account for a new Slovak company if its owner has any ties to the USA. Therefore, we are probably the only ones, and certainly one of the few in Slovakia, who know how to open a company in Slovakia for a person with American citizenship or who lives in the USA.

Question: How much does it cost to open a company in Slovakia?
Answer: Click here and get in touch and get a current quote without obligation!