Introduction

If you're looking for an attractive place to start a new business, Slovakia has a lot of things going for it. It's relatively easy to register a company in the country, there are lots of incentives from the government and its neighbors in Western Europe are close by (but not too close!).

Low taxes.

●     Low taxes.

Compared to other European countries, Slovakia has some of the lowest tax rates in Europe. Taxation on corporate profits is 19% and personal income tax is a flat 15%. A VAT rate of 20% applies to nearly all goods and services sold in Slovakia (the exception being certain agricultural products).

Free trade zone access.

A free trade zone is a designated area where companies can conduct business without having to pay local taxes. These areas are popular among foreign companies that want to set up shop in Slovakia but don't have their own offices or staff, as well as those looking for an alternative location outside of cities like Bratislava or Kosice.

The benefits of operating in a free trade zone include:

●     Lower costs associated with setting up operations (i.e., rent) because there are no taxes on goods sold within the zone; instead, they're taxed when they leave the premises.

●     A simpler process for obtaining permits and licenses needed for doing business in Slovakia as opposed to traditional locations like Bratislava or Kosice which have stricter regulations regarding construction projects within city limits

Low wages.

Low wages are a big reason to set up a business in Slovakia.

The average wage in the country stands at $1,000 per month and is lower than that of its European neighbors: Poland ($1,500), Hungary ($1,400), Czech Republic ($1,300) and Austria ($2,000). In addition to being cheaper than other EU states with similar economies such as Germany or France (where it's around $3k), Slovakian salaries are also less than half those paid out in the US--$3-4k per month on average.

Relatively low cost of living.

The cost of living in Slovakia is lower than in many other European countries. In fact, it's also cheaper to live here than in the United States and Australia!

The average salary for a worker in Slovakia was USD 2,939 per month in early 2018. This means that if you earn an average wage and pay 20% tax on your income (which is how things work), then your take home pay would be about USD 2,050 per month or less than EUR 1,500 at current exchange rates. If we assume that your rent costs about EUR 400 per month (for example) then this leaves plenty left over for food shopping and other expenses such as transportation costs etc., which are also generally affordable when compared against other western countries

The Slovak government wants to attract entrepreneurs, so it's offering a lot of incentives to start new businesses in the country.

The Slovak government wants to attract entrepreneurs, so it's offering a lot of incentives to start new businesses in the country.

In order to set up a company you need:

●     A registered address (for example an office) in Slovakia. You can rent one or buy it if you want permanent ownership;

●     The name of your company must end with ".sk", which is an Internet domain reserved for Slovak companies;

What are the requirements to set up a business in Slovakia

To start a business in Slovakia, you will need to:

●     Open a bank account. You can open an account at any bank or other financial institution. Different banks have different requirements for opening accounts, so make sure to check with them first before applying. For example, some banks require you to have been living in the country for at least six months before they will grant you an account; others may ask that you show proof of income (such as pay stubs) or have someone else vouch for your creditworthiness by acting as guarantor on the application form. The process usually takes between one and three weeks depending on how complicated it is--but once approved, this will give your new business access to capital needed for growth and expansion throughout its lifespan!

●     Obtain a Business License & VAT Number: To set up shop legally within Slovakia's borders (and avoid fines), companies must apply for both licenses through their local municipality office (which serves as both tax authority).

Can non-residents set up a business in Slovakia

Yes, non-residents can set up a business in Slovakia. The only requirement is to have a Slovak bank account. This can be opened by the non-resident or the resident partner (if you are doing business together).

Can non-residents apply for a business bank account in Slovakia

Yes, non-residents can apply for a business bank account in Slovakia. However, you'll need to provide a copy of your passport and proof of address as well as a copy of your company registration certificate and your company's bank statement.

Conclusion

Setting up a business in Slovakia is relatively easy, especially if you're looking to do it from abroad. The Slovak government has made access to many services for entrepreneurs easier and cheaper than ever before. There are also many incentives available that can help you get started quickly and easily without having to spend too much money upfront on things like office space or equipment rental fees

 Please note that a jurisdictions’ requirements may change from time to time. Please contact us for current requirements in this jurisdiction.