Slovakia attracts business immigrants with relatively low tax rates among EU countries. The amount of income tax in the country is 22%, the VAT standard rate is 20% and at reduced it is 10%. VAT refund is provided. Incoming and outgoing dividends are not taxed within the country. To compare, in Austria, the income tax is 38%.
If a foreign citizen plans a company opening a Slovakia entrepreneurship and its management, this allows them to claim a work permit-based temporary residence card in Slovakia. Permission to work in Slovakia now is not only the basis for applying for a residence permit but also the possibility of receiving legal wages. Nevertheless, the procedure of issuance is of Business visa Slovakia, Schengen Visa, and EU temporary residence and TRC Slovakia quite challenging from the legal side, and entails a major investment of resources, time, and effort.
What are the Requirements for Getting Business Residence Permit in Slovakia?
To apply for a residence permit in Slovakia through business activity, an immigrant must open an individual firm or entrepreneurship on the republic’s territory. A residence permit in Europe requires submitting a full documents package that comprises an EU work permit and documents required for entrepreneurship state registration. This verifies the availability of the legal grounds for immigration to Slovakia. The Slovak immigration authorities will then consider the issue of granting you this status.
Our company Live and Study in Europe has far-reaching practical experience in business activity registration and services for work permits for individuals throughout the world. Our dedicated team assists in further legalization in Slovakia including legal assistance in obtaining the work permit invitation, Schengen Visa D, and TRC issuance. Notably, our approach is transparent, as we do not require any hidden costs.
If you choose our company to apply for an EU permanent residence or work permit in Slovakia, we will collect the entire documents package for submission to the Slovakia immigration authorities on a turnkey basis.
Why Choose Slovakia for Business Activities?
Individuals who received a residence permit in Slovakia via business activity can launch any company type in this republic. An immigrant entrepreneur will have all the same rights as residents of this country have.
Check out some more of the business immigration rights:
- The company owner can hire employees for work, both Slovaks and citizens of another country, and use their service, both in Slovakia and on any other EU country’s territory.
- The right to use reduced loans in Slovakia.
- Get licenses and special permits for setting up a large business in Slovakia and the EU.
If you have doubts, refer to Immigration lawyer Europe. We can assist you in finding a professional one.
Besides, Business TRC Slovakia gives such benefits:
Taxes for Business Immigrants
With all the rights given after getting a permit for work in Slovakia, you have some responsibilities, particularly – taxes, and other required fees.
- To launch a business in Slovakia, immigrants do not have to know all the monetary regulations here. For accounting, you may use the services of a third-party company for approximately 30 € a month;
- Since 2020, for companies and individual entrepreneurs in Slovakia the income tax rate is 15%;
- For businessmen with a yearly income of over € 49,000, VAT is at a 20% rate;
- Tax reports are submitted once a year or quarterly.
How Do I Get a Business Residence Permit?
The required documents need to be prepared in advance, in your own country. What official papers should you submit for business immigration to Slovakia, and where to send them? The typical list of papers for an entrepreneur residence permit in Slovakia contains:
- Application on a special form filled out in the Slovak language;
- Valid international ID or passport;
- No criminal record certificate;
- Registration certificate for an individual business or company;
- Documents confirming the financial support of business activity – certificates from bank accounts;
Along with the package for immigrants, you can instantly submit documents to a residence permit for your family members – aimed at family reunification. For the spouse, you must provide a marriage certificate and birth certificates for children. For each family member, you must confirm his or her financial security: clarify the required minimum amount on the banking account at the consulate.
If you have decided to apply for a business residence permit in your country, contact the local consular department. If you are filing in Slovakia, apply to the Foreign Police Unit. Gathering the documents takes from two to four weeks, so start it in advance. Keep in mind that all the listed papers are valid for 90 days only.
What to Do on Arrival
The final stage of business immigration to Europe, Slovakia takes place upon arrival in the country. At this stage, you will have to:
- Find Accommodation
- Open a banking account
- Register as a private entrepreneur company
- Apply for the residence permit
- Pass a medical examination
- Get the trade register extract
1. Find Accommodation
In Slovakia, the fastest way to do it is to contact a real estate agency: so you will find a suitable apartment or house within 1-2 weeks. in most cases the landlord pays for the agents’ services. When you choose a place to live, sign a lease agreement and request a property ownership paper from the landlord. These documents need to be submitted to the police.
2. Open a bank account
Choose a suitable account — an entrepreneur or a company. Deposit the required sum for authorized capital and immediately take a certificate with a wet seal of the bank.
3. Register as a private entrepreneur or register your company
The documents to collect and the place to apply to depend on several factors. You can get a detailed consultation with our company on this topic.
You can open your own company or buy a ready-made business for immigration. Slovak laws do not prohibit entrepreneurs who have bought a controlling stake or work under a franchise.
4. Apply for a residence permit
The issuance procedure of a residence permit is standard. You submit documents to the Foreign Police or the consulate, and then you are assigned the date and time of the interview with local migration officers. On the specified day, you will answer questions about further activities. The department will review your application and, in case of a positive decision, will send an SMS message. It will be possible to take a passport and a plastic residence permit card within a few days, the documents will come by mail.
5. Pass the medical examination
This must be done in 30 days after receiving the residence permit card. The examination aims to exclude any presence of infectious and other diseases dangerous to society. You must submit the doctor’s report to the police unit.
6. Get the trade register extract
This is the final stage of immigration, which must be completed within 60 days after you get a residence permit.
To simplify the immigration process, you can contact our company “Live and Study in Europe.” We will advise, help you choose the organizational and legal form of activity, collect documents and open a business in Slovakia. Besides, we will help you get several types of visas including a Schengen Visa, a Business visa to Europe from India, and a Business visa to Europe from Nigeria.