Who Can Do Business in Slovakia?
Foreigners in Slovakia can start a business if they have a valid residence permit. It can be temporary or permanent, depending on the situation and the chosen field of activity.
How to Start a Company?
Registering a Slovakia business depends on the chosen form - sole proprietorship or company. Usually, you need a trading license (if required) and entry in the Commercial Register.
EU citizens and citizens of other countries have the right to open a business. Foreigners must:
- be at least 18 years old;
- have full legal capacity;
- have no criminal record related to the business activity.
For certain fields, additional confirmations of qualifications and experience is required.
What's Better: Buying a Company or Starting a New One?
Starting a business in Slovakia can be done in two ways: creating a new enterprise or purchasing an existing one. Buying an existing enterprise is quick and offers advantages in terms of customer base and reputation, but it requires adapting existing processes.
Creating a company allows you to build a system from scratch and tailor the brand to your own strategy, although it takes more time and requires additional investment. When comparing, it is essential to consider the price of the existing brand and the costs of registration, authorized capital, equipment, and marketing, as the difference can be significant.
Basics of Local Labor Law
The labor market here is strictly regulated, and employees’ rights are protected by law. Salaries must meet minimum requirements, and paid vacation (20-25 days), sick leave, and maternity leave are provided.
Termination of the contract is possible only for valid reasons and subject to a notice period (1-3 months). Dismissal is prohibited during protected periods, and additional procedures are required for collective redundancies. In some cases, severance pay is paid.
Intellectual property is protected by state authorities. Patents, trademarks, industrial designs, and copyrights are controlled by specialized agencies and organizations.
