Providing financial assurance is needed to show you have financial assets to live in Slovakia and to do business on the territory of the Slovak Republic. Let’s go into details and analyse the issue from two different perspectives: a sole trader/self-employed entrepreneur or a statutory body of a company or cooperative.
When doing business as a sole trader/self-employed entrepreneur it is necessary to documentarily confirm that you have the following amount of money:
- The amount of money that is equal to 12 minimal living wages – 2377,08 EUR (12 x 198,09 – minimal living wage). This money is a confirmation that you won’t become a burden for the social system of the Slovak Republic. You must provide a bank reference showing you have this sum on you bank account, that must be opened in your name. (Your bank account can be opened in one of Slovak banks as well as in a bank of your home country, but in the latter case your bank reference must be translated into the Slovak language by a court interpreter, registered in the Ministry of Justice of the Slovak Republic).
- The amount of money that is equal to 20 minimal living wages – 3 961,80 EUR (20 x 198,09 – minimal living wage). This money is a confirmation that you have enough financial means in your possession in order to do business in Slovakia. You must also provide a bank reference showing you have this sum on you bank account, that has to be opened in your name. (Your bank account should be opened in one of Slovak banks on the basis of a valid trade license).