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Doing business in Slovakia as a foreigner

Doing business in Slovakia as a foreigner in practice

A foreigner who wants to run a business in Slovakia and live here deals with two things at once: the company and residence. They depend on each other. Temporary residence for business requires a working business and proof of financial means, while the company needs a bank account, a registered office and someone to manage it. On top of that comes the question of where the entrepreneur will pay tax.

We run the project as a whole. We set up the limited company (s.r.o.), prepare the documents and file the residence application on your behalf, help with the paperwork for the bank and explain the tax residence rules. For more complex international structures we work with tax advisers. Before starting, we verify the client's identity and the source of funds, as Slovak anti money laundering law requires.

What we help with

  • Setting up an s.r.o. and registering it in the Slovak Commercial Register
  • Applying for temporary residence for business
  • Documents for opening a bank account
  • Explaining the tax residence rules
  • Holding structures for several companies
  • Consultations in Slovak, Czech and English

Worth knowing

Residence for business

Temporary residence for business is governed by Section 22 of Slovak Act No. 404/2011 on the Residence of Foreigners. Among other things, the applicant shows a source of income and financial means.

Tax residence

Under Section 2 of the Slovak Income Tax Act No. 595/2003, an individual who usually stays in Slovakia for at least 183 days in a calendar year is a Slovak tax resident. Where another country also claims residence, the double tax treaty decides.

Managing from abroad

A foreigner without Slovak residence can be a shareholder and managing director of a Slovak s.r.o. Running the company entirely from abroad, however, has tax implications to consider.

Price of setting up an s.r.o.

Our fee for setting up an s.r.o. is €300 excluding VAT, plus a €220 court fee. By law, one personal visit to Žilina and two identity documents are required.

Common questions

  • Yes, the Slovak Commercial Code does not require the director to live in Slovakia. If the company is managed only from abroad, though, this can affect its tax residence, so we look at it together with your residence plans.

  • Banks carefully check identity, the source of funds and the business plan. We help prepare the documents banks usually ask for, such as a Commercial Register extract and a description of the business.

  • Slovak, Czech and English. Filings with Slovak authorities and contracts are in Slovak, and we explain their content to you.

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This page is for general information, reflects Slovak law at the time of writing and is not a substitute for advice on your particular matter.