Today it is already clear that Slovakia, a beautiful, peaceful and modern country located in the center of Europe, is a desirable destination for immigration. One of the ways to immigrate to Slovakia is to open an independent business within its borders. Relative to most EU countries, in Slovakia it is easy and profitable to open and run a business. Here are some things you should know if you are considering immigrating to Slovakia and intend to start a business in the country.
What kind of business can you open in Slovakia?
There are several options that the state encourages, also regarding foreigners coming to open a business in Slovakia. You can invest in real estate, open a business such as a bar or a hospitality hostel. There is a preference for a business whose management requires a sought-after profession: technology businesses, car services, hair salons, construction, metal processing and other areas where there is a shortage of local businesses. Food production can also be considered , but of course you have to find out what the local requirements are. There is also a requirement for pharmacies, travel agencies and of course high tech start-ups. But this requires a different level of licensing.
Regardless of the type of activity planned, your new company must be registered as an exempt dealer, as an authorized dealer or as a limited liability company. Each type of registration has its own advantages.
What are the immigration conditions for business people?
Business immigration to Slovakia is an option that many consider as a legal way to move to one of the most beautiful countries in the European Union. A temporary residence permit for the business owner in Slovakia can be extended up to 5 years, after which you will be entitled to the status of permanent residents. Of course, family members also receive a temporary residence permit together with you.
What will you have to do? Register the business legally, prove that you have the option of housing and money available in the accounts for both your livelihood and the development of the business. These are all conditions to get a temporary visa.
Visas for opening a business in Slovakia
A business visa is a visa granted to those who open a business in Slovakia, and for this purpose a deposit in an account of only a few thousand euros is required, which makes this option attractive. After the business has been active for a year and you have proven its profitability, you can get an extension of your temporary resident status. The advantage is that you don't depend on employers or places of study to get a visa and extend it. The matter depends only on you. If you have an independent business or work as a freelancer, this option can suit you in several respects. In general, in Slovakia the conditions for businessmen are extremely favorable, the taxes are low relative to Europe, and the cost of living there is several levels lower than other EU countries. This is also a good way to eventually get the Slovakian passport.
In Slovakia, starting a business and managing it requires familiarity with the local bureaucracy, with the taxation rules, government system activity and many other areas in which we specialize. For this reason, at this stage it is recommended to use the assistance of our experts. We can assist in opening a business, obtaining the license, submitting documents for the businessman's visa, finding housing and integrating into the place, also for your family. In fact, we will be with you until you feel that the move has been successfully completed and you are getting along in the new place.
The most profitable fields in Slovakia
The field of tourism. Slovakia is a country that attracts tourists from all over Europe, with attractions such as ski resorts and thermal springs. However, setting up a tourism business may prove to be complex because there is a lot of competition in the field.
The food industry, such as confectioneries, food stalls, restaurants, cafes, candy production, etc., may be successful in Slovakia, and it should be considered for those whose profession it is. The raw products are considered good and the demand for such businesses is high.
Information technology is of course the sought-after field, therefore many start-ups are opened, it is a field with a guaranteed future in Slovakia as well, as in almost all the world.
Other areas that are thriving are everything related to the automotive industry. A foreign entrepreneur can earn quite a bit from the entire field of car repairs, car sales, car rental and more.
How to register a business in Slovakia
If you are thinking about opening a business in Slovakia, you will have to prepare the necessary documents in advance. After you collect the complete package, a notarization is required of the documents that need to be translated into the Slovak language, and subsequently your new company must be registered in the commercial register and the tax authority. In addition, a license from the Ministry of Trade is required that essentially authorizes you to engage in the type of business activity detailed in the documents you prepared. This license is only given to a resident of Slovakia, but since opening the business will give you the right to temporary residency, this is not a problem. There are businesses that do not require a license - you should find out in advance.
In the next step, approach the bank
In order to register a business in Slovakia, you must open a bank account in the country and deposit at least 5,000 euros. In addition, 15,000 euros are required as a deposit for the development of the company, but if you as founders receive a residence permit and temporary residency, this money can be spent.
It should be remembered that the minimum income you will need in the business to continue to enjoy a residence permit is 12,000 euros, when it is a net annual income in your account after paying the tax.
We at Rstate assist our customers in the entire process of starting and managing a business, and we will be happy to provide you with advice on the matter!
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