Slovakia is a popular destination for expats looking to start their own business or become self-employed. With its strategic location, business-friendly environment, and skilled workforce, Slovakia offers many opportunities for entrepreneurs. In this article, we will explore how self-employment and start-ups work for expats in Slovakia, including a step-by-step guide on how to register as self-employed or set up a company.
How self-employment works for expats in Slovakia
Foreigners are allowed to work as self-employed individuals in Slovakia, but they are required to obtain a valid work permit and register their business with the relevant authorities. Self-employed individuals are also required to pay taxes and social security contributions, and there are restrictions on the types of businesses that can be operated.
Step-by-step guide on how to register as self-employed in Slovakia
Here is a step-by-step guide on how to register as self-employed in Slovakia:
- Obtain a valid work permit or visa that allows you to work in Slovakia.
- Register your business with the Slovak Business Register (ORSR) and obtain a trade license.
- Register for social security contributions with the relevant authorities.
- Obtain any necessary licenses or permits for your business activities.
Can you work as a digital nomad in Slovakia?
Yes, Slovakia is an excellent location for digital nomads, with a well-developed infrastructure and a growing entrepreneurial scene. There are also co-working spaces and shared offices available in major cities such as Bratislava, making it easy for digital nomads to work from Slovakia.
How to start a company in Slovakia
Starting a company in Slovakia involves several steps, including choosing a legal structure for your company, registering with the ORSR, obtaining the necessary licenses and permits, and registering for taxes.
Step-by-step guide on how to set up a company in Slovakia
Here is a step-by-step guide on how to set up a company in Slovakia:
- Choose a legal structure for your company, such as a limited liability company (LLC) or a sole proprietorship.
- Reserve a company name and obtain approval from the ORSR.
- Prepare the necessary documents, such as the articles of incorporation and the bylaws.
- Register your company with the ORSR and obtain a trade license.
- Obtain any necessary licenses or permits for your business activities.
- Register for taxes with the Slovak Financial Administration.
Incentives and programs for expats
Slovakia has several programs and incentives in place to encourage foreign investment and entrepreneurship, including:
InvestSlovakia
InvestSlovakia is a government agency that promotes foreign investment in Slovakia. The agency offers a range of services to assist foreign investors, including information on investment opportunities, incentives, and regulations.
Slovak Business Agency
The Slovak Business Agency is a non-profit organization that provides assistance to entrepreneurs in Slovakia. The agency offers a range of services, including access to funding, mentorship, and training.
Other incentives
In addition to these programs, there are other incentives available to expats who want to start a business in Slovakia. These include tax incentives for certain industries, such as research and development, and grants and loans for startups in certain sectors.
Challenges of doing business in Slovakia
While Slovakia offers many opportunities for entrepreneurs, there are also challenges to doing business in the country. One of the main challenges is the regulatory environment, which can be complex and bureaucratic. The legal system can also be difficult to navigate without local knowledge, and corruption can be an issue in some sectors.
Another challenge for expats is cultural differences and language barriers. Slovak business culture may differ from what expats are used to in their home countries, and communication can be difficult if they do not speak the local language.
Starting a business or becoming self-employed in Slovakia can be a rewarding but challenging experience. While the country offers many opportunities for entrepreneurs, there are also bureaucratic procedures and cultural differences to navigate. However, with the right approach and the right resources, it is possible to succeed in Slovakia’s growing entrepreneurial sector. By following the steps outlined in this article and taking advantage of the available incentives and programs, expats can establish successful businesses and contribute to Slovakia’s economic development.