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

 

Deadlines:

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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