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Open a Limited Liability Company in Slovakia

Open a Limited Liability Company in Slovakia

Different types of companies can be established in Slovakia, depending on the interests and requirements of businessmen. The limited liability company is the most common type of legal entity in Slovakia and can be set up by locals and foreigners alike. Specific legal provisions apply to opening a limited liability company in Slovakia.

Our lawyers in Slovakia can offer you details about the characteristics of this type of business.

Legal conditions for setting up a limited liability company in Slovakia

The Slovak Commercial Code stipulates the legal conditions to be met in order to open a limited liability company in Slovakia. A few things should be considered when starting a limited liability company (spoločnosť s ručením obmedzeným) in Slovakia:

•    the name of the company;
•    the minimum share capital;
•    the company`s members and shares;
•    the executive directors and the way they are managing the company;
•    the scope of the business and registered seat.

The name chosen for the limited liability company in Slovakia has to be unique. The person incorporating the company has to check the uniqueness of the name with the Commercial Register in Slovakia and make sure no other company is using that name.

5,000 EUR is the minimum amount of registered capital and each member must pay at leat 750 EUR. There is no need to set up a bank account in Slovakia and deposit the registered capital; it can be paid in cash. As stipulated in the Slovak Commercial Code, an affidavit concerning the paid in capital contribution in written form has to be attached to register a company instead of the bank statement. A limited liability company in Slovakia can have up to 50 members. The executive director of a limited liability company can be a citizen of an EU/EEA country. In this situation he/she does not need a residence permit in Slovakia. In  case a non EU/EEA  citizen is the company`s director, he/she needs to hold a permanent residence permit in any EU country or a temporary residence permit in Slovakia.

If you want to open a limited liability company in 2024our law firm in Slovakia can prepare all the necessary documentation for company incorporation and registration.

Steps for opening a limited liability company in Slovakia in 2024

There are a few steps to follow in order to start a limited liability company in Slovakia. Here is a list:

•    Propose a name for the company and check its uniqueness – you can apply for a name certificate with the Commercial Register held by the District Court;
•    Draw the articles of association and other relevant documents and have them notarized with a notary public – our attorneys in Slovakia can help you with the completion of this step;
•    Pay the capital contribution and receive an affidavit from the custodian of funds;
•    Apply for a trade license, register for income tax with the District Court;
•    Register with pension, sickness, disability and unemployment insurance with a local insurance company.

If you want to open a company in Slovakia in 2024 and decide for a limited liability entity, our law firm can guide you.

Why open a limited liability company in Slovakia in 2024?

The Slovak limited liability company remains the most popular business form among local investors in 2024. It can be successfully employed by foreign entrerpreneurs also, as they can benefit from the same registration requirements as local ones.

The limited liability company is also the most suitable legal entity for those who want to expand their operations in Slovakia in 2024 as it can be used for the incorporation of a subsidiary.

We are also glad to announce that the process of setting up a Slovak limited liability company is one of the simplest at the level of 2024.

Economic projections for Slovakia in 2024

The Slovak economy contracted to 0.2% in the 3rd quarter of 2023 from a growth rate of 0.4% in the second quarter of the same year. Even if household spending is still low, the benefits of trade abroad outweigh the drawbacks. EU funding will be the deciding element in this year’s economic performance, providing a major fiscal stimulus. However, these resources need to be used swiftly and effectively by the nation. One of the largest European banking groups anticipates a 1.3% GDP growth in 2023 and a 2.3% GDP growth in 2024. In 2025, economic ascension is expected to continue, as the GDP is predicted to increase by 2.6%. This means a 0.6% growth per year.

If you need legal assistance in opening a limited liability company, don`t hesitate to get in touch with our team solicitors in Slovakia.