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By Travis Kliever
Updated March 8, 2024

Doing Business in Slovakia

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Slovakia, a member of the European Union, has undergone significant economic transformations since gaining independence in 1993. Its economic journey has been marked by a transition from a centrally planned economy to a market-driven economy. Slovakia enjoys a strategic geographical location in Central Europe, sharing borders with five countries, which has been a key driver in attracting foreign investments.

Statistics about the Economy of Slovakia

As of recent data, Slovakia has displayed a stable economic growth, fueled largely by the manufacturing sector, primarily automobile and electrical engineering industries. The GDP of Slovakia hovered around $95.77 billion USD in 2020. The economic stability has also been supported by a relatively low unemployment rate, encouraging a favorable business environment.

Why Doing Business in Slovakia

Doing business in Slovakia offers a range of benefits including a strategic location in Central Europe, well-structured tax incentives, and a skilled workforce that is comparatively cost-effective. Moreover, Slovakia provides a fertile ground for innovation and has a business-friendly environment, which has attracted many multinational companies to set up operations in the country.

Slovakia Business Guides

How to Get a Work Visa in Slovakia

Business Culture in Slovakia

Business culture in Slovakia is largely formal and hierarchical. Decision-making is often centralized, and there is a high regard for organizational hierarchies. Meetings are structured, and punctuality is expected. While Slovak is the official language, English and German are widely spoken in the business community, easing communication for foreign businesses.

Networking in Slovakia

Networking is essential in Slovakia’s business environment. Numerous chambers of commerce and business associations facilitate networking events, providing a platform to connect with potential business partners and industry insiders. Building personal relationships is valued, and it can play a crucial role in the success of your business venture.

How to Hire in Slovakia

Hiring in Slovakia is regulated by the country’s labor law, which outlines the rights and responsibilities of both employers and employees. There are various recruitment agencies and platforms to help find the right candidates. It’s important to be aware of the necessary documentation and legal requirements to facilitate a smooth hiring process.

Introduce the Employer of Record and PEO Solution

As a business looking to expand into Slovakia without establishing a full-fledged entity initially, considering Employer of Record (EOR) or Professional Employer Organization (PEO) solutions can be beneficial. These entities can manage payroll, tax, and regulatory compliances on your behalf, allowing you to focus on business operations and strategy.

How to Get a Work Visa

To hire foreign nationals, companies need to navigate the Slovakian work visa process. Slovakia has a structured visa system, and depending upon the duration and nature of the job, different types of work permits and visas are issued. It is generally the employer’s responsibility to assist in procuring the necessary work visas for their foreign employees.

How to Register a Company

Registering a company in Slovakia involves a series of steps, including choosing a unique business name, defining the business’s nature, and registering with the Slovak Business Register. It is advisable to seek legal assistance to ensure a smooth registration process, adhering to all the regulatory and legal frameworks in place.

How to Acquire Real Estate for Business

In Slovakia, acquiring real estate for business purposes involves navigating a well-regulated market. It is possible to lease or purchase commercial properties through real estate agents. It is important to adhere to the regulations outlined by the local government, including obtaining necessary permits and approvals before making a real estate acquisition.

Conclusion

Slovakia offers a dynamic and evolving market with a strategic location and favorable business conditions. As you plan to venture into the Slovak market, understanding the local business culture, legal requirements, and economic landscape will be crucial. Leveraging solutions such as PEO and EOR can further streamline the process, providing a hassle-free business expansion in Slovakia.

Article By

Travis is a global business development advisor. He has spent the last 14 years supporting business establishment and development in North America, Southeast Asia, and throughout the world. With multiple degrees from the University of Oregon, Travis currently splits his time between the US, and Bali, Indonesia. At RemotePad, Travis writes about remote work, hiring internationally and PEO/EOR business models.