Incorporate in Slovakia
Slovakian company & taxation - FAQ
/ The answers given to the questions have general character , in certain unique cases the answer may be different from the ones written down /
/ We have chosen the questions from the information requests arriving to /
Would you send some client references for me ?
No ! We treat our clients confidentially. We don’t give out any kind of information about our clients , including the firm's name. In a case, if you have an interest in an actual company you can survey it’s public data in the Slovak registry on the webside www.orsr.sk.
Is it better to establish a new company or to buy one whitch is already existing ?
We suggest to set up a new company in all cases, because we may not know an economic company's past record with completeness if it was founded and run with others. Buying a firm may carry serious dangers and unfortunately the deficiencies, the fine may come forward after years.
May a Slovak ltd. proprietor be a foreign country citizen?
Yes. In this case it is necessary to not forget the fact that the measure of the tax on dividends is in Slovakia 0%, but the tax on dividends has personal character, so in this case the foreign country citizen pays after dividend incomes recorded on the foreign countries the relevant tax burden in the country according to the citizenship.
May be not Slovak union member state legal entity / economic company / proprietor for the Slovak firm?
Yes, he may be. Merely the law condition limits that an one-man economic company may not possess an one-man Slovak economic company.
May be not Slovak, legal entity registered apart from a union / economic company / proprietor for the Slovak firm?
Yes, he may be. For example firms registered in USA or also Caymanian economic company may obtain a property part in a Slovak ltd. too.
May a Slovak ltd.’s manager be a Slovak citizen only?
No. Managing position may be held on an identical manner for EU countries citizens if they disposes with valid certificate of good conduct. Any EU or OECD a member state's citizen may hold the managing position in a Slovak ltd.
It is possible to found an one-man ltd.? What kind of benefits and disadvantages it has?
Yes, it is possible. There is not a binding or a disadvantage in the look of the function and accountancy.
It does not cause a problem at a firm, if the announced are member’s of EU ?
No. Slovak economic company may employ any citizen from EU.
Is it obligatory to employ the manager as an employee ?
No.
Is depot needed for the company foundation or it is enough to have a post office box if the firm is dealing only with trade /with merchandise transmission/?
Based on EU's regulation a firm must dispose with registered seat and it is necessary to be in evidence. The post office boxes , garages and other solutions with not an economic function do not accomplish these conditions. In the case if the firm does not continue depot originating activity such as shop retail the registered seat is enough. For our client's we provide real seat service, which means that on firm's seat addrese is a real office, with assistance in working hours , office service. So in this case if on the firm seat’s arrives an official or business search our collegue receives it and if it is necessary will made the stepswith the agreement of the client (for example immediate or delayed notification of information for the manager or delegate , receiving of smaller mails etc. ).
How large minimal capital stock is necessary?
The Slovak ltd.’s / s.r.o. / prescribed signed minimal capital stock is 5.000 Eur .
How much time is it necessary to keep the sum on the account?
The proprietor makes a statement about putting the capital stock at his disposal at the time of the signature of the social contract.
The firm's capital stock can be treated equally on a bank account or in cash desk. In as much the firm's equity capital is not on a bank account, only in a house cash desk , it is necessary to justify it with a cash desk income voucher too.
How many activities may a firm put on in Slovakia ?
Any amount what is realistic. Because the definition of the scopes of activity is large , for example „ merchandises small- and wholesale trade not subject to licence extended „ , like this a ltd. pursuing more activities will be enough the entry of 6-8 activities.
How is the process of foundation a Slovak ltd. going on?
Based on EU's regulation the citizens of any EU member state may establish corporation in any member states of the union.
The completion of the social contract happens with a public notary.
It is necessary to get certificate of good conduct for the firms representation persons,or manager. It is necessary to demand this at a competent authority according to the citizenship and makes authentic translation to a Slovak language.
The capital stocks minimum for ltd. have to be 5.000 Eur , but it is necessary to make available declaration before a notary at the time of the completion of the social contract.
According to the seat on competent Trade Licensing Office will follow the permitation of trade licenses which will take at least 5 workdays.
After the acquisition of the permit the founder documents will be send to the registry court, where the registration will happen.
Then follows the opening of the bank account and on end the entry at the local inland revenue office and the claim of the tax numbers. Approximately 30 days are all of the processes.
Essential difference opposite the Hungarian regulation is that the Slovak firm without the tax number can not sign contracts and make activities.
The registered firm on the other hand is simply verifiable through public and internet which can be attained promptly for anybody on the Slovak firm register ( www.orsr.sk ).
The majority of the scopes of activity of the trade and the services is not to a permit bound. Our clients' personal appearance is necessary in Komárno only for the completion of the charter by the public notary and the opening of the bank account.
Are you providing accountancy service ?
Our firm don’t have book-keeping activity . For our clients we recommend accountant offices. On the other hand we provide international taxational counsel for our clients whole year, concerning the coordination between our partners and accountant in case of need. So our clients will manage to get directly the informations from the accountant ,and in the other hand will get our help in the international taxation. In the course of the collaboration our firm represents his clients' interests in the look of the book-keeping in all cases.
What's going on if I founded the firm and later I will have questions in connection with the firm's function ?
We are available for our clients personally or on a telephone whole year, free of charge.In case of need we provide help with office routine in area of komárom (bank modifications, inpayment,etc. )
How much the firm modification costs if it will be necessary in the future?
This depend on the case , averagely 400 - 500 Eur .
May my Slovak firm sign a contract with EU firms?
Naturally may sign a contract with firms inside the Union and outside the Union.
My Slovak firm may dispose with community / Eu / tax number ?
Yes, may dispose. It is necessary to observe that it is necessary to apply for the community tax number separately.
May a Slovak firm open a bank account in a foreign country bank?
Yes, but in all cases it is necessary to make an announcement to the competent Slovak authorities inside the particular deadline.
How much is the Internet banking developed in Slovakia?
It is the same like anywhere in Central Europe.
It is necessary to pay contribution after the proprietors? If yes how much?
It is not necessary to pay a contribution after the proprietors of the firm.
Is it obligatory to employ an employee?
This depends on the economic company's function naturally , but there is not regulation like this universally.
How much the minimum wage and what kind of contributions it is necessary to pay?
In Slovakia the basis minimum wage is currently / 2009. January / 295.5 Eur /. Because of the announced scope of activities have to be multiplied with the undermentioned coefficients : 1.0 , 1.2 , 1.4 , or 1.6 .The measure of a minimum wage accepted for a manager of smaller firm can be like this : 295.5 X 1.4 = 413.70 Eur / 8 hours or 206.85 Eur in 4hours employment.
From the employer's part the social and public health contributions is 35.2 % , so in a present case : 413.70 Eur X 0.352 = 145.62 Eur / / month ( 8 hours employment ) or 206.85Eur X 0.352 = 72.81 Eur / ( 4 hours employment )
The burden of a personal income tax in a present case is :
27.73 Eur in case of 4 hours employment or 62.97 Eur in case of an 8 hours employment.
In Slovakia it is possible the 4 and 8 hours employment equally.
What kind of interval it is necessary to admit VAT ?
Monthly or quarterly.
What's going on if I have VAT reclaim ?
Based on the relevant measures the content of VAT reclaim will be transferred onto the firm's bank inside 60 days. There is not other prescribed cheque.
Is it worth to establish a Slovak firm only from the aim of shopping a car ?
No . On a longer distance sure no. Based on the union regulation in as much the economic company does not pursue commerce provably / so is out of order in an economic sense / it’s fictitious status is raised.Other hand an economic company working in a truth may possess a company motor vehicle even into a member rental claim. The member credit is tax-free in Slovakia. In the case of the member credit it is important to take into consideration the justifiable of incomes, in as much the Slovak firm's proprietor is Hungarian tax resident private person.
It is necessary to make a road register for a motor vehicle which is property of the firm?
Yes, it is needed.
Can be miscalculated only the motor vehicle which is tested for a commercial motor vehicle? If not, what kind of expenses are there / company car tax/ ?
Quasi any kind of company car and its expense can be miscalculated. There is no separate company car tax. Beyond this the proprietor with other citizenship /his employed motor vehicle can be lend for the firm / for example Hungarian registration number car / , on the base of value of fuel on the average consumption justified with a voucher can be miscalculated as an expense and car amortisation too!
