If you are going to start a limited liability company,you have chosen the most popular form of business in Slovakia. Maybe you would expect to do this seemlessly, but you have to realize that we live in Slovakia. Set aside time, strong nerves, and prepare for a rather complicated “administrative ride”to start your own limited liability company. Nonetheless, if you don’t have time we can help you to arrange and set up an Ltd. for you.
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What is the procedure for establishing an Ltd.?
Since the average person certainly does not establish an Ltd. every day, knowledge of the process does not really belong to general education and ordinary literacy. The procedure is determined by law. The state in which you establish the company determines all the conditions and also the entire administrative process. Complete, verified and up-to-date information guaranteed by the Ministry of Justice is available on the central public administration portal.. The whole process of establishing an Ltd. can be summarized into several successive steps:
1. Choice of trade name and registered office
- in the publicly available database of the Commercial Register, check,whether the business name you have chosen is not used by someone else
- if you do not check this and the trade names match, you registration will be refused
- if you are not based on your own premises, the consent of the property owners must be signed with officially certified signatures
2. Selection of the subject of business
- you must have a trade license for the subject of business
- if you do not have a trade, they will issue it to you within 3 working days of receiving all the necessary documents
- if you do not establish a “single-person” Ltd., , – s.r.o., one of the partners must be the administrator of the company’s deposit
- the amount deposited by one partner must be at least 750 €
- the contributions of all partners together – ie the share capital of the company – must be at least € 5,000
- the shareholder's contribution may also be non-monetary
3. Preparation of founding documents
- the founding documents must be attached to the submission of the application for entry in the Commercial Register
- if your company has one founder, it is a charter
- in the case of several partners, a partnership agreement is required
- if the registered office of the company is rented, a lease agreement or the officially certified consent of the owner is required
- if the founder is on the list of tax debtors,the consent of the tax administrator is also required
4. Company registration
- electronically through the service Proposal for entry, change and deletion of data in the commercial register with a qualified electronic signature
- in person through a single contact point – usually at the trade licensing department of the district office
- if the company’s founders are registered in the list of debtors, the court will reject the registration
- the deadline for registration in the Commercial Register is 2 working days,the day of registration is the date of the beginning of the business
5. Notification obligations after registration
- within 30 days from the start of the business, the company must be registered with the locally competent tax administrator, who will assign a VAT number
- if a company at least one employee,it must be registered with the health and social insurance company within 8 days of starting the business
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How long will it take?
Establishment of a common Ltd. takes about a week. in just 7 working days. If you want to set up an Ltd. as a VAT payer, the whole process can take several weeks. Although the submissions in connection with the establishment of an Ltd. can be handled electronically, do not expect the processing of these tasks to be quick. Such an agenda is “on the table” continuously, the date of submission is what determines the legal deadlines..
However, this is not entirely true; in practice, the dateon which your application is assigned to a specific official or judge and he begins to process is also very crucial. A paradox is that even though you communicate electronically, several state institutions, for example, must send you requests for additional information “on paper”i.e. by regular mail. In this way the statutory time limits of several days can be extended to several weeks..
Establishment of an Ltd….
…is a relatively complex process in our country with the conditions and procedures set by law that must be met and adhered to. The basic condition is integrity and a “clean shield”when it comes to taxes. If you dont have time or experience needed for the establishment of an Ltd., leave it to us.. We are at your disposal and we will make sure that all the required procedures are followed. This way you can omit any stress or complications.