Start a private business
If you are thinking of setting up a business there are a number of issues you need to consider. Different supports and regulations apply, depending on your particular situation. You may be employed, unemployed or someone who is coming from outside Slovakia to set up a business. Local enterprise services provide supports to local businesses that are starting up or in development. Their role is to stimulate economic activity at local level and to promote microenterprises. You can find information about their training programmes and start your own business courses as well as mentoring and financial supports.
Nationals of the EEA or Switzerland do not need permission to set up a business in Slovakia. If you are a non-EU/EEA and non-Swiss national and you wish to open a business or invest in the state, you may apply for permission. You can set up a business as a sole trader, as a partnership or as a limited company. The type of structure you choose depends on the kind of business you are running, with whom you will be doing business and your attitude to risk. It is advisable to get the advice of a solicitor or accountant when considering the structure for your business. It is relatively simple to set up as a sole trader but if your business fails, your personal assets could be used to pay your creditors. Your main legal obligation is that you must register as a self-employed person. If you wish to use a business name you must register your business name with the registration office.
Partnership is where two or more individuals agree to run a business in partnership with each other. The partnership agreement should be drawn up by a solicitor. The partners are jointly responsible for running the business and if it fails all partners are jointly responsible for the debt. If you set up your business as a limited company, the business is a separate legal entity. If the company gets into debt, the creditors generally only have a claim on the assets of the company. The company must be registered with the company registry and the company reports and accounts must be returned each year. How your business is taxed depends on whether it is incorporated as a company. If it is a company then it is liable for corporation tax. If your business is not incorporated you are considered to be a sole trader and you pay tax under the self-assessment system.
If you are starting up a business and decide to recruit staff you must register. There is a guide for employers who are starting a new business with a paid employee, including details on topics such as the minimum wage, social insurance, leave and health and safety.
Current information on setting up a business in Slovakia including fees
Slovak Business Agency is the oldest specialized non-profit organization for the support of small and medium-sized enterprises. It offers many resources for starting and development of your business
You may be interested to consider the Microloan Programme providing financial support to micro and small entrepreneurs through micro-credits with preferential terms but with no state aid element