Turnkey entrepreneurship in Slovakia
Entrepreneurship (podnikanie, živnosť) is one of the most popular ways to get a residence permit in Slovakia. And the status of an entrepreneur has its own characteristics, which we will touch on in this article.
What are the benefits of entrepreneurship in Slovakia?
- The European Union has very strong legislation to protect business. In Slovakia, as an EU country, it also applies.
- Živnosť opens for you access to the European market and all its advantages.
- It has a transparent taxation system. Lower tax rates for Slovak IE compared to other EU countries and compared to s.r.o.
- If you open an entrepreneurship and meet the basic requirements, you can get a residence permit in Slovakia quite readily. There are no problems with the extension, if you can prove that your income during the financial year was not less than 20 times the subsistence minimum (5360 € from 1.07.2023 to 30.06.2024).
- There are no problems with the withdrawal of funds from the entrepreneur’s account. It’s as simple as with regular accounts.
- Entrepreneurship gives you access to public health insurance. Yes, this will require you to pay a monthly insurance premium. But you will have access to as many medical services as possible. What’s more, all your children under the age of 18 will receive state health insurance.
- A tax bonus is provided. For children up to 18 years of age in 2023 it is 140 € per month. For children over the age of 18 it is 50 € per month.
- One entrepreneur has the opportunity to carry out several types of trading activities. At the same time, they can be completely multidirectional.
When should I consider opening a sole proprietorship in Slovakia?
- This is a great option for small business owners (cleaning, auto service, beauty salon, small-scale retail, etc.)
- It is common for new businessmen to start an entrepreneurship. For many, it is an opportunity to get away from working “for an uncle” and start offering their services or products directly to customers. So many of our clients, as manicurists, builders, designers, accountants, drivers, etc., have been able to launch their business here and obtain a residence permit for the business.
- It is also suitable for those who plan to work in Slovakia, concluding a contract for the provision of services.
- Entrepreneurship in Slovakia is the best choice if you have a remote job and would like to move to the EU.
How much tax should I pay if I have a Slovakian entrepreneurship?
- Profits up to 5646 € per year are not taxable.
- 15% – if the taxable income does not exceed 49,790€ per year. If the taxable income is greater than €49,790, there is a 19% tax on the part of the tax base up to €41,445 (inclusive) and a 25% tax on the part above that.
- If the previous year’s turnover exceeds 7,824 €, you have to pay social contributions from 216,13 €/month. The amount is for 2024, taking into account the turnover for 2023.
- Payment of public health insurance from 84.77 € for 2023.
Registering a business in Slovakia does not take much time if you have the appropriate experience and knowledge. After obtaining a license, you can immediately conduct business and accept payments. Our company Slovakia Garant provides services not only for opening a sole proprietorship in Slovakia but also for accounting support and all necessary reporting. You can be calm about your business!
Entrepreneurship in Slovakia "turnkey" in 2 weeks
Registration as an individual entrepreneur (živnosť)
360€
Legal address for 1 year in the city center Stare Mesto, address Michalska 9, Bratislava (first year/each subsequent year)
240/120€
Licensed activity, support
50€
Change in the trade register
200€
Registration as a VAT payer under §7a
200€
Rent a workplace in Slovakia Garant's office (including an equipped desk, Internet, kitchen, meeting room)
250€/month
Relocation of business to Slovakia
Individually
Advising on individual client's request (development of a business plan, calculating the scheme of the company, the purchase of cars for the company, market research, etc.)
Individually
Maintenance firm without VAT and without employees INCLUDING annual reporting with the movement of 2-3 invoices per month, the price for the year
350€