Is it possible to obtain a residence permit in the EU if you open a business there?

To obtain a business residence permit in Slovakia, you need to register a company or sole proprietorship or become a co-founder of an existing business. A document package is required, including a company registry extract, a business plan, proof of financial resources for business development, a legal address, and a certificate of no criminal record. Additionally, it is important to have rented or purchased housing in Slovakia and obtain a confirmation letter from the property owner verifying your residence.

The processing time for a business residence permit application is at least 60 days from the date of submission of all documents to the Slovak immigration office. In some cases, particularly when additional documents are requested, the processing period may be extended to up to 120 days.

To obtain a residence permit, you must demonstrate that you have sufficient minimum capital to support your registered business and ensure the livelihood of yourself and your family. On the business account, you should have an average of €5,700, and on your personal account, an average of €3,500 per adult and 50% of that amount per child.

The initial business residence permit in Slovakia is typically issued for 1-2 years, and for OECD countries, it is usually for 2 years. To extend it, you need to demonstrate active business operations, tax payments, contributions, and compliance with all business activity requirements. The residence permit can be extended for up to 3 years if all obligations are successfully met.