In the fifth century BC to the territory of Slovakia came Slavic settlements, and after a short time, this area reached the peak of their power in the form of the Great Moravia. But in the 11th century the land came under the power of Hungary, then Slovak Republic, and later the Austrian empire. Slovakia gained independence in 1918, and soon after that became part of Czechoslovakia. Slovakia during the war was dependent on Germany, and immediately after the war joined the Czechoslovak Republic once again. Slovakia gained full independence in 1993.
At present, Slovakia is an EU member state. This country is attractive to investors because of the relatively low labor costs, however, a large number of Slovak citizens are working in other European markets.
The most common business entities
The most popular and most convenient type of business is a limited liability company (LLC)
In Slovakia, there is a continental legal system, a variation of the Austro-Hungarian law.
There is a minimum registered capital- five thousand EUR, each shareholder must pay at least 750 EUR. At least 30% of each shareholder's investment and half from the total registered capital must be deposited prior to registration.
The main requirements for the directors and shareholders
Slovak companies must have at least one director (if a natural person and not a resident of the EU, he must have a residence permit in Slovakia) and at least one shareholder (up to fifty). Information about the directors and shareholders are kept in a public register.
Disclosure of the company’s beneficial to the government bodies
Information on beneficiaries is disclosed only during audits or by court order.
Declaration for all companies should be submitted within three months of the end of tax period.
All companies in Slovakia must have accounting reports and they must submit financial statements. In some cases it is necessary to perform an audit.