Doing business in Slovakia is a dream for many foreigners. But where to start? This article will guide you through five basic steps to kick-start your business.
Step 1: Choosing the appropriate form of business The most common form of business for individuals is entrepreneurship. Another option is to establish an s.r.o. (limited liability company). A foreigner can also set up a branch of the parent company in Slovakia. Once you’ve chosen the form of business, in the first step, obtain all the necessary confirmations and licenses.
Step 2: Familiarizing yourself with the tax system Find a tax advisor who will guide you through the Slovak tax laws. Initially, it is essential to register with the local tax office to obtain a tax identification number (DIČ). This number will serve as the identification number for all your tax obligations.
Step 3: Bank account and financial matters Although legal entities and individuals doing business in Slovakia are not legally obliged to open a bank account, it is a step that you will likely not avoid. If you operate as a sole proprietor, you can choose between a personal and a business account. If you are a legal entity (s.r.o.), you must open a business account.
Step 4: Employee selection Use job portals or the offerings of the Labour Office. You can also approach employment agencies or leverage the power of social media. Once you find the right employees, do not forget to register them for health and social insurance. Then prepare employment contracts.
Step 5: Marketing and market entry Before starting your business, conduct thorough market research and identify your target audience. Also, carefully study the competition. Only then invest in the right form of the marketing mix. Regardless of the form of business, we recommend: • Utilizing available online marketing tools (SEO, online advertising, social media) • Creating a professional and engaging website • Participating in networking events to strengthen the promotion of your business