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In the light of the ongoing events in Ukraine, many entrepreneurs and citizens are forced to leave the country and search for new locations to carry on with their business activities and everyday lives. Slovakia, as a neighbouring country, offers various opportunities for newly established businesses and entrepreneurs. In this publication, we provide a brief overview for Ukrainians who would like to enter the Slovak market and summarize the necessary steps and obligations that should be taken into account.
At the moment, the Slovak government has not announced any preferential rules for entrepreneurs relocating from Ukraine. However, there are numerous universal incentive programs to invest in Slovakia.
In general, there are 4 categories of projects that can be supported by the investment incentives: tourism, industrial production, technological and shared service centres.
Each category has specifically defined conditions that needs to be met in order to apply for the investment incentives. In general, the incentives can be provided as:
The provision of the state aid is governed in particular by the EU law that forms the basic legal framework also for the Slovak authorities.
Relocating a business from Ukraine to Slovakia is not recommended, since the process is expensive and long-term. A better solution is establishing a new company, which becomes either the mother or daughter company of the Ukrainian company.
Recommended company type: Limited Liability Company (s.r.o.)
Minimum registered capital: EUR 5000
The entrepreneur is obliged to:
Citizens of the EU or EEA (except Slovak citizens) who will form the statutory body have to prove their integrity by obtaining and submitting the criminal record from the state of citizenship or residency.
Non-EU or non-EEA citizens (e.g. citizens of Ukraine), in order to become members of the statutory body, must have a residence in Slovakia. Currently the process on granting the residence permit has stopped, since the police focuses mainly on the refugees and granting them temporary refuge. Therefore, Ukrainians can establish a company only if they choose an EU/OECD citizen as the statutory body.
The fine for unauthorized trading ranges from EUR 1,659 to EUR 3,319 in Slovakia.
Slovak legislation measures include Lex Ukraine, which facilitates the employment process of refugees.
We have years of experience in supporting businesses to grow in Slovakia. Benefit from our free 1-hour long market entry consultancy that includes:
We can provide full-range support to Ukrainian companies planning to enter the Slovak market and help with navigating the country-specific statutory requirements – starting from advisory on choosing an optimal form of conducting business activity and taxation to a smooth incorporation process.