Registration of a Corporation in Slovakia

Types of Corporations in Slovakia

• Limited Liability Companies (with the suffix S.R.O.)
  - One person is sufficient to form a company.
  - The shareholders may be individuals or a limited company.
  - The liability of the owners of the company is limited to the sum of capital invested.
  - The total number of shareholders will not exceed 50.
  - The basic minimum capital may not be less than SK 200,000.
  The minimum capital for individual shareholders in the company may not be less than SK 30,000.
• A Joint Stock Company (with the suffix A.S.)
  - The company may issue and sell shares to the public.
  - A board of directors manages the company.
  - The shareholders' liability is limited to the sum of capital invested.
  - The minimum number of shareholders is 2. When the shareholder is a limited company, one shareholder is sufficient.
  - The basic minimum capital will not be less than SK 1 million.
  - A general meeting of the shareholders must be held within 60 days of founding the company.

Founding a Foreign Company in Slovakia

• A Memorandum and Articles of Association must be drafted for the company.
• A company representative who is a Slovak resident must be appointed. Occasionally the lawyer who assisted in registering the company is appointed.
• A bank account must be opened.
• An authorization must be obtained from the bank of the deposit of the starting capital as required in law.
• A "business license" must be obtained according to the nature of the business.
• Registration must be effected with the "Commercial Registrar". This is a process that takes several months. The registration is according to the business address of the company.
• The company must be registered with the income tax and national insurance authorities.