What is the Slovakia Business Residence Permit?

Slovakia is attractive to entrepreneurs due to its relatively low taxes. Income tax is 22%. VAT is usually 20%, and in some cases 10%. To conduct business, you must obtain the appropriate residence permit, as not every status entitles you to engage in entrepreneurial activity. 

How to Obtain a Business Permit as a Resident?

Prepare the documents in advance. To obtain a Slovakia business residence permit, you will need a standard set of documents: 

• application in Slovak;
• valid passport;
• company or sole proprietorship registration;
• proof of financial means (bank statements).

No criminal record certificate is required. 

You can submit documents for your family at the same time. For spouses, a marriage certificate is required. For children, birth certificates. Each family member must prove their financial security. 

The application is submitted either at the consulate of your country or at the Foreigners’ Department in Slovakia. It takes 2-4 weeks to collect the documents. All documents are valid for only 90 days. 

What Are the Taxes for Business Immigrants?

A work permit in the country gives foreigners all the rights, but with them come responsibilities. The main ones are related to taxes and mandatory payments. 

You can start a business without-in-depth knowledge of local financial regulations. Accounting is often handled by third-party firms, whose services cost around €30 per month. 

The income tax rate for companies and entrepreneurs is 15%. If income exceeds €49,000 per year, 20% VAT applies. Reports are submitted annually or quarterly. 

Advantages of Doing Business in Slovakia

Obtaining a residence permit in Slovakia is easier and faster than in many other European countries. Business registration is straightforward, and foreigners work under the same conditions as local entrepreneurs. 

Commercial activity opens up access to contracts with various organizations and allows you to quickly adapt to the local environment. You can purchase residential or commercial real estate here, and the attitude of residents towards immigrants remains friendly. 

The country’s membership in the European Union provides access not only to the European market, but also to the global market. Additional advantages include affordable loans, moderate taxes, and relatively low labor costs.