Business environment in Slovakia in terms of attractiveness is considered to be one of the best in Central and Eastern Europe. This is so not only for big investors, but also for small and medium enterprises. Geographic location, reasonable taxes, impressive amount of labor force, accessible state and municipal authorities and developing transport infrastructure make this country a good starting point not only for business in Europe, but also for expansion to eastern markets. Special status of eastern Slovakia due to its position constitutes a kind of natural bridge between Europe and the Former Soviet Union.
Foreigners, doing business in Slovakia, follow the same rules as their Slovak counterparts. The basic requirement for businessmen from third countries (countries that are not members of the European Union) is to obtain an appropriate authorization for temporary residence.
According to the Law on Foreigners (Act no. 404/2011 Z.z.), a foreigner may run a business as a sole trader or a statutory body of a company or cooperative. Temporary residence for business purposes can be obtained for up to three years. The decision on the period of residence is granted at the discretion of the Border Police, but the validity of the first residence permit for the purpose of business is normally two years.
In order to obtain the residence permit for the purpose of business you are normally required to clarify these 4 basic aspects:
– Purpose of stay
– Proof of funds for the purposes of a long-term residence
– Provision of accommodation
– Police clearance