Overseas investors who are interested in opening a company in Slovakia need to appoint a board of directors, according to the rules and regulations in the country, regarding the duties and the attributions that come with such an important role. Our solicitors in Slovakia can provide you with ample details about the director’s responsibilities regarding the company he manages. You can also receive information about the taxes that need to be paid by each entity with legal activities in Slovakia.
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The responsibilities of a director of a Slovakian company
According to the Labor Code and Commercial Code in Slovakia, a statutory body and a director are two different things, each of them with clear responsibilities. For instance, the statutory body is directly involved in a company’s decisions, no matter the aspects or areas, which cannot be handled by the supervisory board or the general shareholders.
The director of a company in Slovakia can be a legal or natural person, Slovak or non-Slovak resident, who needs to understand the responsibilities that come with such position and to act in the best interest of the enterprise. Among the significant duties of an executive of a firm in Slovakia, it is good to remember that they need to verify the corporate documents and the financial statements in order to familiarize with the present situation of the company.
The Commercial Code provisions in Slovakia stipulate that a manager can pay for the damages of a company, if the shareholders want to claim such reimbursements. There are cases where the breaches of duties are found, therefore, the executive can be liable for the caused damage in a Slovakian company. Information and details in this matter can be found from our representatives.
The requirements to become a director of a company in Slovakia
Our lawyers in Slovakia can provide you with facts about the principles that prohibit the admission at particular roles for certain groups of individuals who want to become directors. On the other hand, a company in Slovakia can be managed by a board of directors, legal or natural individuals, no matter the citizenship. The same rights are considered for both local or foreign directors, with the difference that the appointed executive from overseas will need to apply for a work permit in Slovakia.
Regarding the resignation of a director of a Slovakian enterprise, this will take effect on the first day of the meeting of the shareholders, when a new one will be appointed.
If you need useful information about the methods of appointing directors for a company in Slovakia, it is recommended to contact our Slovakian law firm.