How to establish a business in Slovakia
(for non EU or OECD applicants)
Owning a company (share participation)
If you are a foreign national (non EU or OECD) who would like to establish a company or own a share in a company in the Slovak republic, there are no legal restrictions to do so.
You can just appoint a proxy (often an approved attorney) who will perform all necessary steps to establish a business entity (company, LLM or LLC etc.) owned by you.
Managing a company (operational participation)
However, if you want to manage a company as a member of the management (CEO), you have to undergo a plethora of time consuming administrative steps.
Here are some of the crucial things you have to process:
- First of all, you should be duly appointed as a member of the management of the company (by the shareholder/s)
- Immediately after that, you should apply for temporary residence permit in Slovakia (max. 3 years, can be extended after expiration by another 3 years)
TEMPORARY RESIDENCE REQUIREMENTS
Application for a temporary residence permit shall be made in person:
- at a Diplomatic or Consular Mission of the Slovak Republic in your country, or
- in person at the Foreign Police Department in the district of your prospective residency in Slovakia.*
*NOTE: Option 2 is viable only if you already reside legally in Slovakia, based on a visa (national or Schengen Visa). Schengen Visas will be the subject of another article by Attorneys CHZ soon.
TIP FROM US: If you go for option 2, you have to keep in mind that the foreign police department of Slovakia has 90 days (can be extended by another 30 days) to approve your application for a temporary residence and the Schengen Visa is valid only for these 90 days after your arrival in the EU. Therefore, it is highly recommended to apply for this temporary residence immediately upon arrival in Slovakia.
Application shall be submitted on an official form. Along with the application you shall submit a valid travel document, two photographs sized 3 x 3,5 cm of your current appearance and other documents, proving:
- Purpose of your residence. Our recommendation is to submit the extract of the business register of the established Slovak company and also the decision of the shareholders proving you have been duly appointed as a CEO of the Slovak company.
- Proof of clean criminal records
- Financial resources for covering the costs of your stay in Slovakia. This shall be evidenced by a confirmation of the bank account balance. This bank account shall be owned by the applicant. The minimum amount needed for this purpose is 198,09 EUR per one month of residence, or 2377,08 EUR total in the case of the stay lasting longer than one year.
- Sufficient financial resources for covering you business activities. This shall be evidenced by a confirmation of the bank account balance of the Slovak company. This bank account shall be not the same one as the bank account containing resources for covering costs of your stay in Slovakia (that would be your personal account). The balance of this business account shall not be lower than 19.809,- EUR.
- Provision of accommodation in Slovakia for at least six months of your stay in Slovakia. A lease agreement, or hotel confirmation should suffice.
The basic requirements for applying for temporary residence in Slovakia are mentioned above. There are some additional requirements, however the above mentioned are the main ones that need to be taken into consideration when exploring business opportunities in Slovakia.
Prolonging your stay in SLOVAKIA
Temporary residence is the first step if you would like to reside in Slovakia for a longer period of time. If your residence in Slovakia goes without any problems, after 5 years (that’s 3 years and a prolongation of the residence by another 3 years) and some additional requirements, you can apply for long term residence.
If you are about to get through the whole process of getting authorized residence in Slovakia please do not hesitate to contact us.
CHZ is ready to guide you at every step of the way.
NOTE: All documents needed for application for the temporary residence shall be translated into Slovak language. The translations must be verified by the Embassy/Consulate or by a Certified Authority. Documents issued by the foreign authorities shall be legalized (apostille or superlegalization) by the relevant authority.
NOTE: Please keep in mind that some of the steps in this article are not strictly required by every competent authority. This article presents the procedure recommended by CHZ based on our experience.