Starting a Business in the Slovak Republic

This table summarizes the procedures and costs associated with setting up a business in Slovak Republic.

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Legal Form: Spolocnost s Rucenim Obmedzenym (s.r.o.)
City: Bratislava

	Procedure	Time to complete:	Cost to complete:
1	Check the uniqueness of the proposed company name	1 day	€3.00 (excluding VAT) for research in the Commercial Register
2	Notarize articles of association and related documents	1 day	Cost EUR 2,35 for notary signature.
3	Apply at the One stop shop for trade licenses, tax registration and health insurance company compagny	1 week	Administrative fees are €3.00 for a standard license; €16.50 for a trade or craft related business and €33.00 for a special license (concession)
4	Open a bank account	1 day	EUR 16,5
5	Apply for registration	5 days	165,75 euro if the application is submitted electronically, 331,5 euro (hardcopy)
6	Register with pension, sickness, and disability insurance and unemployment insurance at the local social insurance company (Socialna poistovna)	1 day	no charge

Procedure 1.: Check the uniqueness of the proposed company name
Time to complete:: 1 day
Cost to complete:: €3.00 (excluding VAT) for research in the Commercial Register
Name of Agency:
Comment:: There is an option to check the name on line without charge (100 SSK at the Commercial register maintained by the Commercial Court).

Procedure 2.: Notarize articles of association and related documents
Time to complete:: 1 day
Cost to complete:: Cost EUR 2,35 for notary signature.
Name of Agency:
Comment:: An amendment to the Commercial Code (effective February 1, 2004) canceled the requirement that a company of one shareholder be established by articles of association executed by notary deed. The only formal requirement is the verification of founders’ signatures. Company establishment without professional help takes longer. Legal services fees starting from EUR 495.

Procedure 3.: Apply at the One stop shop for trade licenses, tax registration and health insurance company compagny
Time to complete:: 1 week
Cost to complete:: Administrative fees are €3.00 for a standard license; €16.50 for a trade or craft related business and €33.00 for a special license (concession)
Name of Agency:
Comment:: According to an amendment to the Trade License Act effective as of October 1, 2007, One-stop shop centres (centres of first contact) were introduced at the Trade Licensing Offices. The one application form contains application for trade licenses, for tax registration and registration with the health insurance company.
An individual, who is already registered in the system of mandatory health insurance submits with the application for trade license also the name of the insurance company, where he/she is registered.
For nationals, it is only necessary to submit data required to obtain an extract from the criminal record. The Trade Licensing Office will apply for the extract from criminal record itself.
According to the fee schedule dated as of October 1, 2007, the applicant has to pay a fee per license : Administrative fees are now €3.00 for a standard license; €16.50 for a trade or craft related business and €33.00 for a special license (concession)

Procedure 4.: Open a bank account
Time to complete:: 1 day
Cost to complete:: EUR 16,5
Name of Agency:
Comment:: The cost of opening a bank account varies from bank to bank but in average is EUR 16,5 . Minum shareholder´s capital to be paid is EUR 750, before registering the company at least 30% of each shareholder´s capital (30% of EUR 750) and a total of at least EUR 2500 must be paid

Procedure 5.: Apply for registration
Time to complete:: 5 days
Cost to complete:: 165,75 euro if the application is submitted electronically, 331,5 euro (hardcopy)
Name of Agency:
Comment:: Registration changed from a judicial to an administrative process, and court clerks became responsible for company registration. A special registration form is required to apply for registration at the County Registry Court. This form may be downloaded from the Slovak Commercial Register Web site (www.orsr.sk).The registration form can also be submitted by electronic means. The form must be signed by a secure electronic signature. In this case, the signature of the executives or the authorised person need not be certified. (There are transitional technical problems with getting electronic stignatures so the online system is not commonly used yet).
165,75 euro if the application is submitted electronically, 331,5 euro (hardcopy)

The proposal for company registration must be signed by all executives, and their signatures must be certified. If the executive is represented by an authorized person, the signature must be certified in the power of attorney.

The County Registry Court must enter changes to a Commercial Register entry, and add or delete an entry, within 5 working days of receiving the completed registration form and its supporting documents.

The County Registry Court assigns the business identification number.

Procedure 6.: Register with pension, sickness, and disability insurance and unemployment insurance at the local social insurance company (Socialna poistovna)
Time to complete:: 1 day
Cost to complete:: no charge
Name of Agency:
Comment:: For social security, the company must register itself as an employer within 8 days of its first employment contract becoming effective and must register all new employees with the Social Insurance Company before their first working day. The registration forms are available at the official Social Security Company Web site (www.socpoist.sk). The forms must be submitted electronically, by fax, or by SMS and supplemented by submitting a written official form in 3 days. If an company has more than 8 employees, monthly reports must be submitted electronically to the Social Security Company.