Slovakia is an attractive country for foreign investors mainly because of its low wages, low tax rates and well educated labor force.
– Employment in Slovakia is regulated by Slovak labor Code.
Minimum monthly gross wage / employees is 435 euros. This shall increase from January 2018 up to 480 euros.
Weekly hours: 40 (full time),
Probation period of employee: up to 3 months
Duration of employment: indefinite period, or definite period of time up to 2 years
Employment contract must be in written, signed by both of the contractual parties. The employee shall be registered at Social insurance company before start of the employment.
– Business in Slovakia and all the rules of making business in Slovakia are regulated by Slovak Commercial Code.
The most favorite type of business is a sole proprietary ship or a private limited liability company ( sro).
Basic capital in LLC ( SRO): 5.000 Euros
Minimum share of 1 shareholder in LLC : 750 euros
Types of taxes:
Value added tax ( VAT) 20%
Corporate income tax 21%
Inheritance and gift tax 0%
Income tax of a physical person:
19% if your income is up to 35.022 euros
25 % if your income is above 35.022 euros
– income tax declaration by March 31, for the previous calendar year
– real estate tax declaration by January 31 for the previous calendar year
– motor vehicle declaration by January 31 for the previous calendar year
The OECD in 2017 reported about Slovakia:
The Slovak Republic continues exhibiting robust economic performance, with strong growth backed by a sound financial sector, low public debt and high international competitiveness drawing on large inward investment.
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