Doing Business in Slovakia 2014

Bratislava´s Castle

Content

General Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

Business environment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

Labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

Why Slovakia? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34

Legal system . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39

Taxation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49

4 Doing Business in Slovakia

General Information

Slovak countryside

5Doing Business in Slovakia

Official name

Regions

Type of government

Area

Member of

Official language

Population

Currency

Electoral system

Capital

Time zone

Proportional representation

Slovak Republic

Bratislava, Trnava, Trenčín, Nitra, Žilina, Banská Bystrica, Prešov, Košice

Parliamentary system

49,035 km2

EU, Euro Area, Schengen Area, OECD, WTO, NATO, etc.

Slovak

5.4 million

Euro €

Proportional representation

Bratislava

GMT + 1 hour

4 years (Parliament), 5 years (President)

History

Slovakia (Slovak Republic) was established in 1993, gaining independence af-ter the peaceful partition from what was formerly known as Czechoslova-kia, which was when it became a constitution.

The country is abundant with culture, history, beautiful scenic views and a variety of attractions set in the striking countryside. The High Tatra mountain range is the highest one of the Carpathian mountain range, running down the country’s North-Eastern border, with its highest peak being Gerlachovský

Štít, at 2,655m. Although Slovakia is enclosed, the river Danube runs south-west of its border, connecting the country to Hungary and Western Europe.

Landscape

Čachtice Castle


Geography & Climate

Having a continental cli-mate, Slovakia has four seasons, where summers can get very hot and win-ters can get very cold.Landlocked in the central part of Europe, it is often referred to as the “Heart of Europe” and spreads over an area of 49 035 km2, bordering Austria (south-west), Czech Republic (north-west),

Hungary (south), Po-land (north) and Ukraine (east). This predisposes the country to be an im-portant transit area linking several different parts of Europe. Slovakia itself is administratively divided into 8 regions classified as Higher Territorial Self-gov-erning Units.

Bratislava

POLAND

HUNGARY

AUSTRIA

CZECH REPUBLIC

UKRAINE


Political System

Slovakia is governed un-der a parliamentary de-mocracy. It consists of one president acting as the constitutional head of state, prime minister act-ing as the head of executive and parliament. The former President was Ivan Gašparovič (2004 – 2014) and the current President is Andrej Kiska who star- ted his Presidency in 2014. Slovakia’s Prime Minister is Robert Fico

Slovakia’s economy is considered an advanced economy, which went from being a communist, centrally planned economy to a democratic, market-driven economy with high levels of priva- tization, most banks be-

Economy

(2012– ) from the SMER-SD political party whose opposing political parties are OL’aNO, Most-Híd, KDH, SDKÚ-DS and SaS, with other: independent parties being secondary players in the country’s politics. Within the Par-liament, the Slovak Na-tional Council consists of 1 chamber with 150 MPs and the body of state consists of 13 Ministries.

ing privatized and rising levels of foreign invest-ment. Although it’s GDP mainly comes from the tertiary sector, the indus-trial sector is also highly contributive due to its car manufacturing and ele- ctrical engineering.



Number of Bednight

Arrivals and bednights in Bratislava according to the source markets (2013)

Source: Statistical Office of the Slovak Republic, http://www.statictics.sk, 2014

Czech Republic

Poland

Russia

Other

Germany

Italy

France

Total Foreign

Austria

USA

Hungary

Total Domestic

Great Britain

Ukraine

China

Spain

Total

87,348

36,175

22,992

70,387

35,461

20,914

40,425

26,405

16,006

36.357

24.665

14,560

Number of Arrivals Index 2013/2012 Index 2013/2012

202,227

647,760

299.970

13,838

947,730

3.69%

8.70%

47.66%

27.02%

12.53%

5.77%

13.45%

29.61%

26.24%

10.92%

98.98%

11.55%

14.35%

16.06%

17.06%

-5.19%

15.10%

136,104

59,260

44,264

114,570

58,714

35,493

58,595

41,476

24,809

65,216

46,119

25,547

345,980

1,075,787

844,036

19,640

1,919,823

-3.85%

5.02%

38.09%

23.70%

8.89%

5.60%

15.17%

20.87%

4.83%

7.92%

140.70%

6.98%

6.81%

11.43%

11.42%

3.45%

11.43%

Tourism

Due to Slovakia’s rich history, strong founda-tion of culture, enchant-ing natural landscapes and countless castles, churches, caves, resorts, mountains, museums, exhibitions etc., tourism has been a very prevalent

industry in the country, as we are seeing more and more tourists from all over the world, especially from surrounding European countries, Great Britain and Asia.


0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

Total Foreign Total Domestic Total

Number of Arrivals


1,000,000

700,000

300,000

900,000

600,000

200,000

800,000

400,000

500,000

100,000

0

Source: Statistical Office of the Slovak Republic, http://www.statistics.sk, 2014

Czech republic

Germany

Austria

Great Britain

Poland

Italy

USA

Ukraine

Russia

France

Hungary

Spain

China

Other

Number of Arrivals


0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

Total Foreign Total Domestic Total

Number of Bednights



Number of Bednights

Czech republic

Germany

Austria

Great Britain

Poland

Italy

USA

Ukraine

Russia

France

Hungary

Spain

China

Other

Number of Bednights


Business Environment


Slovakia is now considered one of the most attractive countries for doing business in Europe. Thanks to its economic transformation and both political and economic stability, in recent years, the investment climate in the country has improved markedly. Slovakia be-came one of the most ra- pid reformers in the world and transformed the old system to a new, modern, democratic and transparent system of the State. Slovakia has enjoyed high levels of growth for much of the current decade, and maintains itself amongst one of central Europe’s strongest performers.

In 2007, the economy ex-panded by 10.4% (edit: 2013 it was 2.3%) - the highest rate in Central and Eastern Europe. The economy grew by a fur-ther 6.6% in 2008, but its growth decelerated dramatically in the final quarter, reflecting the im-pact of the global finan-cial crisis. Nowadays, Slovakia is seen as a very prospective country, with very positive European Commission macroeco-nomic forecasts for the following years, declaring it to have one of the grea-test growths in the Europe.

Village of Spania dolina


GDP Slovakia

The Gross Domestic Product (GDP)The Gross Domestic Product in Slovakia was worth 95.80 billion US dollars in 2013. GDP in Slovakia averaged 36.92 billion USD from 1982 until 2012, reaching an all time high of 97.90 bil-lion USD in 2008. The GDP value of Slovakia represents 0.15% of the world economy.

GDP Annual Growth RateGDP in Slovakia expan- ded 2.40 % in the first quarter of 2014 compared to the same quarter of the

previous year. The GDP Annual Growth Rate in Slovakia averaged 3.78% from 1998 until 2014, reaching an all time high of 13.10% in the fourth quarter of 2007.

Slovakia GDP per capitaThe Gross Domestic Product per capita in Slovakia was last recorded at 14961.92 US dollars in 2012. The GDP per Capita in Slovakia is equivalent to 121% of the world’s average. GDP per capita in Slovakia averaged 10022.40 USD from 1984 until 2012,

reaching an all time high of 14961.92 USD in 2012.

GDP Real PricesThe GDP Real Prices in Slovakia increased to 16615.70 million EUR in the first quarter of 2014 from 16516.60 million EUR in the fourth quarter of 2013. GDP Real Pri-ces in Slovakia averaged 12821.52 EUR million from 1997 until 2014, reaching an all time high of 16615.70 million EUR in the first quarter of 2014.

*Average yearly exchange rate / Note: Amount in EUR was calculated with the average exchange rate in the respective year. Source: The Statistical Office of the Slovak Republic, http://www.statistics.sk, 2014

Real GDP Growth

Inflation

SKK/EUR*

Registered level of unemployment

Export in EUR bilion

Nominal wage of inflation (conversion rate)

4.70%

8.40%

15.20%

6.30%

41.49

19.4

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

5.20%

7.50%

14.30%

10.10%

40.05

29.6

6.50%

2.80%

11.60%

9.20%

38.59

32.9

8.50%

4.30%

10.40%

8.60%

37.25

40.9

10.40%

1.90%

8.40%

7.40%

33.78

47.3

6.40%

3.90%

7.70%

8.10%

31.29

49.5

-4.70%

0.90%

11.40%

3.00%

30.126 (official since 1/1/2009)

39.7

4.00%

0.70%

12.50%

3.20%

48.27

3.30%

3.90%

13.20%

2.20%

3.40%

3.60%

14.00%

2.40%

0.90%

1.50%

14.20%

1.40%

56.4 68.3 64.4


-10.00%

-5.00%

0.00%

5.00%

10.00%

15.00%

20.00%

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Real GDP Growth

Inflation

Registered level of unemployment

Nominal wage inflation (conversion rate)



2004

2003

2009

2005

2010

2006

2011

2007

2012

2008

2013

15.20%

7.70%

14.30%

11.40%

11.60%

12.50%

10.40%

13.20%

8.40%

14.00%

14.20%

Slovakia Government Debt to GDP


0

2

4

6

8

10

12

14

16

Real change inGDP

Real wagegrowth

Change inemployment

(SU)

Unemploymentrate (SU)

Inflation Current account(% of GDP)

2014

2015

2016

Source: Ministry of Finance of the Slovak Republic, http://www.mfsr.sk, 2013

Forecast of the Ministry of Finance of the SR

Real change in GDP %

Real wage growth %

Inflation %

Unemployment rate (SU) %

Current account (% of GDP)

Change in employment (SU) %

2.9%

1.1%

0.5%

13.8%

2.4%

1.7%

2014 2015 2016

3.3%

1.9%

0.7%

13%

2.4%

2.4%

3.6%

2.3%

0.8%

12.1%

2.3%

2.8%

16%

12%

4%

10%

2%

14%

6%

8%

0%


Inflation

Current inflation (CPI)Inflation is based on the consumer price index, which is the measure of the average price which consumers spend on a market-based “basket” of goods and services.

Current harmonised inflation (HCPI)The harmonised inflation is based upon the har-

monised consumer price index. The index is a mea-sure of the average price which consumers spend on a European countries’ market-based “basket” of goods and services.

Corruption

The position of Slovakia in perceiving and fighting corruption has improved over the few last years.

The country scored 47 points and thus placed 61st in the Corruption Perception Index (CPI) in 2013, which measures the public sector’s levels of corruption in countries worldwide. However, this situation is still not balanced. This is due to the parliament not passing any stricter rules

pertaining to property dis-closures, as well as due to conflict of interests. Even after 2013, Slova-kia belongs to one of the few European countries where the high judicial representative was not found guilty of corruption.Corruption still remains a serious problem in Slova-kia, but the newly-created NGOs fighting against corruption give us the hope for a clean public sector in the near future.


Slovakia recorded a Go- vernment budget deficit equal to 2.80% of GDP in 2013/2014. Govern-ment budget in Slovakia averaged -5.37% of GDP from 1995 until 2013, achieving its best results in 2007/2008, when the level went to -1.80% of GDP.

Slovakia Government Budget Deficit

Slovakia is amongst the first few countries that reduced its government deficit below 3% of Gross Domestic Product after the global financial crisis.

2005

2010

2006

2011

2007

2012

2008

2013

2009

2014

-2.40%

-8.00%

-2.80%

-7.50%

-3.20%

-4.80%

-1.80%

-4.50%

-2.10%

-2.80%

Slovakia Government Budget Deficit

2005

2010

2006

2011

2007

2012

2008

2013

2009

2014

41.50%

35.60%

34.20%

41.00%

30.50%

43.60%

29.60%

52.70%

27.90%

55.40%

Slovakia Government Debt to GDP

Source: http://www.tradingeconomics.com, 2014


Foreign Direct Investment

Thanks to Slovakia’s geo-graphical position, every investor can easily travel to neighbouring capitals such as Vienna, Buda-pest and Prague. On this reason, Slovakia is very keen to attract fo-reign investment, and has had great success in doing so. Slovakia is seen as a success model for oth-er countries in creating a very investment-friendly environment.

Slovakia made starting a business easier by spee-ding up the processing of applications for trade

licenses, income tax registration and health in-surance registration.

Foreign Direct Investment (FDI) in Slovakia has in-creased dramatically. FDI inflow grew more than 600% from the year 2000 and cumulatively reached an all-time high of, 17.3 billion USD in 2006, or around $18,000 per cap-ita by the end of 2006. Foreign Direct Investment in Slovakia averaged 2.10 billion EUR from 2000 un-til 2013, reaching an all time high of 4.04 billion EUR in 2002.

Great factories such as KIA Motors, Peugeot-Cit-roën, Volkswagen and U.S. Steel Košice were at-tracted by Slovakia’s cen-tral location, a cheap and skilled labor force, a relatively liberal labor code, low wages, and an attrac-tive tax rate transformed Slovakia into the largest per capita producer of cars in the world. The car industry is responsible for Slovakia’s strong growth figures, and the sharp re-duction in unemployment rates.

Note: 2009-2013 Slovakia ranked the second among mentioned countries in the region.Source: Doing Business Report 2014, World Bank, http://www.doingbusiness.org

Country

Czech Republic

Slovakia

Romania

Poland

Hungary

Bulgaria

Rank

65

49

73

45

54

58

Easy of Doing Business - Country Ranking


Labor


Slovakia is one of the leaders in the region re-garding labor productivity. The human capital is very large and the Slo-vak workforce is mostly well educated and highly skilled. The main foreign languages spoken are En-glish, German, Hungarian or Czech.

According to the Statistical Office of the Slovak Republic, in the 3rd quarter of 2013 the number of people working abroad for up to 1 year increased by 10.3%. The number of people working in the building industry is the highest, being at 33.3%, the industrial activities are in the second place, with 20.6%, and as far as the European Member States are concerned, Slovak citizens are working particularly in the Czech Republic (31.2%) and Austria (27.4%).In the 3rd quarter of 2013 there were 15 514 job va-cancies available in the Slovak economy. The numbers of job vacancies increased mostly in public

administration, defense and compulsory social security. Moreover, there was a significant growth in the area of temporary accommodation and ca-tering, industrial produc-tion, and in the area of power, gas, and steam supply. A decrease in job vacancies was reported in the branches of pub-lic health, social services and the building industry.

The highest number of job vacancies was reported for qualified staff and craftsmen, most of them in the Prešov Region. The second highest number of job vacancies was reported in the sector of services and trade, most of them in the Bratislava Region and the third highest number of job vacancies was reported in the sector of machinery operators and mechanics, most of them also in the Bratislava Region.The lowest number of job vacancies was reported in the sector of qualified staff in agriculture, forestry and fishery.


Labor productivity is ex-pressed as GDP per hour worked. In comparison with other neighboring countries, Slovakia holds the first position. Gro-wing labor productivity

Labor Indicators:

depends on three main factors: investment and saving physical capital, new technology and hu-man capital.

Source: Eurostat, 2013

Slovakia

Bulgaria

Czech Republic

Lithuania

Estonia

Hungary

Latvia

Romania

Poland

10.4

4

11.7

9.2

7.7

10.7

2005 2006 2007 2008 2009 2010 2011 2012 2013

11

4.1

12.4

9.7

8.2

11.1

11.8

4.3

13

10.3

8.7

11.1

12.1

4.3

13

10

8.8

11.3

11.8

4.3

13

10.3

8.3

10.9

12.3

4.5

12.8

10.8

9.4

11

12.6

4.7

13

10.8

10.1

11

12.8

4.8

13.2

11.2

11.3

13.2

4.9

13.1

11.2

11.5

5.9 6.3 7.9 7.3 7.2 7.6 7.9 8.2 8.4

4.6 4.9 5.2 5.6 5.4 5.3 5.4 5.4 5.6

10.68.4 8.6 8.8 9 9.1 9.8 10.2 10.4

10.3 10.6

Labor productivity is expressed as GDP Euro per hour worked. In comparison with other countries in Central and Eastern Europe Slovakia holds the first position.

0%

2%

4%

6%

8%

10%

12%

14%

2005 2006 2007 2008 2009 2010 2011 2012 2013

Slovakia

Bulgaria

Czech Republic

Estonia

Latvia

Lithuania

Hungary

Romania

Poland0%

2%

4%

6%

8%

10%

12%

14%

2005 2006 2007 2008 2009 2010 2011 2012 2013

Slovakia

Bulgaria

Czech Republic

Estonia

Latvia

Lithuania

Hungary

Romania

Poland


Slovakia’s Productivity

Productivity in Slovakia in-creased to 127.80 Index Points in the first quarter of 2014 from 127.50 In-dex Points in the fourth quarter of 2013. Produc-tivity in Slovakia averaged 98.08 Index Points from 1995 until 2014, reaching

an all time high of 127.80 Index Points in the first quarter of 2014 and a record low of 65 Index Points in the first quarter of 1995. Productivity in Slovakia is reported by the Eurostat.

Minimum Wages

Minimum Wages in Slo-vakia will be increased to 352 EUR in January of 2015. Minimum Wages in Slovakia have averaged around 205.39 EUR from 1999 until 2013, reaching

an all time high of 337.70 EUR in June of 2013 and a record low of 69.40 EUR in June of 1999.

2012

2014

2008

2009

2010

2011

2013

Minimum Wage €

327.2

352

241.2

295.5

307.7

317

337.7


Slovakia’s Productivity

122

124

126

128

Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14

Slovakia Productivity

Source: http://www.tradingeconomics.com | Eurostat, 2014


Wages in V4 - Average monthly wage and labor costs in 2013

0

200

400

600

800

1000

1200

Average monthly wage in EUR

Average monthly wage inEUR

Source: National Statistical Offices of Czech Republic, Hungary, Poland, Slovakia, Bulgaria, Romania, 2013

0

50

100

150

200

250

300

350

400

2008 2009 2010 2011 2012 2013 2014

Minimum wage in Slovakia

Wages by Region in Slovakia

Minimum Wage in Slovakia


0

200

400

600

800

1000

1200

1400

€

€

Bratislava Region

Trnava Region

Žilina Region

Trenčín Region

Banská Bystrica Region

Nitra Region

Prešov Region

Košice Region

1184

€

848

798

816

772

Wages by Region

776

718

853


Wages by Region in Slovakia


Employment and Unemployment

Basic forms of employ-ment in Slovakia• employment for an in-definite period• temporary employment – defined period• part time employment• working from home and teleworking• employment of a stu-dent of a vocational school or institute.

Employment is for an in-definite period if the em-ployment contract does

not expressively specify the duration of the em-ployment or where the legal requirements for signing an employment contract for a temporary period cannot be com-plied with. An employment contract for a temporary period may only be signed for a maximum period of 3 years.

Employment starts on the day specified in the employment contract. An employment contract may specify a probationary pe-riod, which should not be more than 3 months and

Basic Rules of Employment in Slovakia

can be extended up to 6 months in the case of certain managerial posi-tions. The notice period is 2 months.

Liptovsky Mikulas


The standard maximum weekly working time for employees in the Slovak Republic is 40 hours, un-less conditions of work are hazardous/arduous and require the maxi-mum amount to be low-er. Employees that work two-shift operations can therefore work up to 38.75 hour per week. The employer can demand on

Working Time

average a maximum of 8 hours of overtime work per week, but not more than 150 hours per year. Any additional overtime work or different working time account requires the employee’s approval and must be stated in the writ-ten employment contract.

Every employee that works constantly for 60 calendar days for one employer is entitled to an annual paid holiday. Minimum annual paid leave is 4 weeks, whereas employees with at least 15 years of work experi-ence and/or 33 years and over are entitled to a minimum of 5 weeks annual paid leave.After 4 hours of work per day an employee is enti-tled to contribution to his board (in the form of meal tickets redeemable for a restaurant or canteen meal). The basic leave en-titlement of paid holiday is at least 4 weeks (20 days) in a calendar year. It can be even longer, provided

Holidays

it is set in the collective agreement.The employer and em-ployee may agree on a combination of notice pe-riod and severance pay-ments (if the employee continues to work for the employer during a part of the notice period then he/she should be entitled to a proportional severance payment).When on holiday, wages are distributed according to the employee’s month-ly average salary.State holidays are clas-sified as paid leave and are regarded as additional holidays to those that are normally entitled to an employee.


Employment Contract

Slovak law requires all employment relationships to be established with a written employment con-tract between an employer and an employee. The duration of this contract may be both fixed and indefinite. If the contract is tied to fixed terms, the maximum it may be cu-mulatively concluded for is 2 years, with the option of being extended or con-cluded twice within these 2 years. A contract is in-definite unless explicitly stated otherwise in writ-ing. However, failure to do so does not render a verbal contract invalid. The following employ-ment terms must always be agreed in the employ-ment contract:

• type of work • place of work • date of commence- ment of work• salary (unless in bar gaining agreement)

The employer is obliged of familiarizing the em-ployee with health and safety regulations, work rules and any other necessary collective agree-ments. An employment contract can be termina- ted by mutual agreement of both the employer and employee. Moreover, the employer can terminate the employment imme-diately if the employee is found guilty of criminal of-fence or is found to be in serious breach of working discipline.

An individual may only be employed with an estab-lished working relation-ship or a working/tempo-rary residence permit, as in accordance with the Act on Illegal Work and Illegal Employment. The principles of free move-ment of labor apply to all EU/EEA citizens working

Employment of Foreigners

in the Slovak Republic, as well as those from Swit-zerland. No work permit is needed for employ-ees from these countries so long as they possess travel documents or an identity card. Citizens from other countries must obtain a work permit and residence visa.


Written termination of contract through:• mutual agreement• termination notice• immediate termination• termination within a probationary period

Who can terminate the contract:• employer (may termi-nate employment only due to reasons according to the Labor Code i.e. due to business restructuring/

Termination of Employment Contract

re-allocation and employ-ee not agreeing with new place/conditions, due to employee being redun-dant due to organizational changes, or due to vio-lation of work discipline contingent post a written notification stating this disrespect and the possi-bility of dismissal)• employee (does not require stating of reason/s)

Conditions of Effective Termination:

• both employer and em-ployee can do so during a probationary period, a regular employee for 3 months and an executive employee for 6 months without an explicitly stat-ed reason• it is necessary to pre-sent a written notice to the other party at least 3 days in anticipation of planned termination

• if employee decides to leave employer’s institu-tion during notice period, he/she is obliged to reim-burse this compensation in the amount of his/her monthly average salary in the length of the notice period • there is option of nego-tiation between the em-ployer and employee if both parties are willing.

Reservoir of Liptovska Mara


What is considered as contract termination?

• Expiry of a fixed-term labor contract• Expiry of foreigner’s residence permit

If the reason for termina-tion is health related or organizational, the em-ployer is obliged to pay the employee a seve-rance allowance, which is determined according to the employee’s month-ly average salary and the number of months/years he/she has worked at

Discharge from Employment

the employer’s institution. This is also subjected by the Labor Code, which requires monetary com-pensation and a notice period given that the em-ployment relationship was of the duration of a mini-mum of 2 years.

The general conditions for trading by a natural person are that the per-son concerned is aged 18 and has legal capacity and integrity. When regis-tering a trade, a subject of business must be selec- ted. It is necessary to de-termine what professional competence is required to operate a trade according to the type of trade. To register for a trade the fol-lowing must be submitted to the District Authority, Trades Licensing Depart-ment. The information required

Working ConditionsSelf - employment

for requesting an extract from the criminal records, a common contact point, the data required for registration at the Tax Office and in the system of man-datory health insurance, an administrative fee, and evidence of professional qualifications and experi-ence if required. It is pos-sible to apply for a trade license online.

Until the amount of con-tributions is determined, the sole trader may pay social security contribu-tions on a voluntary basis.


It is possible to obtain a self-employment allow-ance from the Office of Labor, Social Affairs and the Family if the condi-tions are met.

The scope of taxation of an individual working in the Slovak Republic de-

pends on tax residency status. An individual who resides in the Slovak Re-public for more than 183 days, either continually or in several periods, or who is domiciled in the Slovak Republic is considered a Slovak tax resident.

Unemployment rate in Slovakia decreased to 12.80% in May of 2014 from 12.96% in April of 2014. Unemployment rate in Slovakia averaged 14.18% from 1994 until 2014, reaching an all time high of 19.70% in March of 2001 and a record low of 8.70% in December of 2008. However, in Slovakia there are substantial re-gional differences. For example, in the Bratislava

Unemployment Rate

Region figures are much lower. The level of unem-ployment is bigger in the Eastern parts of the cou-try including cities with the greatest unemployment rates such as Rimavská Sobota, Revúca, Poltár, Kežmarok or Rožnava. In general, unemployment is not an advantage, al-though a benefit for em-ployers is the availability of highly skilled, compe-tent employees.

Bratislava Region

Trnava Region

Žilina Region

Trenčín Region

Banská Bystrica Region

Nitra Region

Prešov Region

Košice Region

5%

8%

11%

12%

18%

Unemployment Rates in %

11%

18%

17%



Source: Statistical Office of the Slovak Republic, http://www.statics.sk, 2013

Unemployment Rate in Slovakia

0%2%4%6%8%

10%12%14%16%18%20%

BratislavaRegion

TrnavaRegion

TrenčínRegion

NitraRegion

ŽilinaRegion

BanskáBystricaRegion

PrešovRegion

KošiceRegion

%

%

Statue of Čumil, Bratislava




2003

2008

2004

2009

2005

2010

2006

2011

2007

2012

15.2%

7.7%

14.3%

11.4%

11.6%

12.5%

10.4%

13.2%

8.4%

14%

Unemployment Rates in Slovakia

2013/Jun

2013/Nov

2013/Jul

2013/Dec

2013/Aug

2014/Jan

2013/Sep

2014/Feb

2014/Apr

2013/Oct

2014/Mar

2014/May

14.25%

13.5%

13.99%

13.5%

13.7%

13.61%

13.84%

13.49%

12.96%

13.66%

13.28%

12.8%


0%

2%

4%

6%

8%

10%

12%

14%

16%

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012




The Retirement Age of Women in Slovakia in-creased to 61 in 2013 from 59.75 in 2012. The

Retirement Age of Men in Slovakia remained un-changed at 61 years.

Slovakia Retirement Age – Women/Men

55

56

57

58

59

60

61

62

2009 2010 2011 2012 2013 2014

Women

Men

2009

2010

2013

2011

2014

2012

57

58.25

59

61

61

Women Man

59.75

61

61

61

61

61

61

Slovakia Retirement Age – Women/Men

Age


Why Slovakia?

Bratislava´s Castle and Danube River


Strategic position in the center of Europe

Political & economic stability

Investment incentives

EU member state since 2004

Extraordinary telecommunication infrastructure

Schengen zone member

Efficient road, rail & air networks

Low labor costs & high labor productivity of highly skilled workforce

Trans-European water transportation via the Danube river

International schooling service

Why bring your business to Slovakia?


Renting industrial and office spaces in Slovakia is rele-vantly un-problematic and cost-effective.

Real Estate Close-Up

Length of Lease• Average lease length is usually 5 years• The city center lease length is usually 3-5 years and in the outskirts it is usually 5-7 years• A market standard of 3-year break options has been commonly imple-mented.

Rental Deposit• Annually, indexation

Rental FinancesPrime Headline Rents€ 13.5 – 15.0 sqm/month

Inner City Rents Bratislava I €13.0 – 15.0 sqm/month Bratislava II & V €12.5 – 13.5 sqm/month

complies with European CPI values• The deposit quantum on a standard basis is equal to 3 months’ rent and is usually reimbursed through a bank guarantee or cash deposit.

Payment Terms• Conventionally, rents are paid in advance on a quarterly basis.

Outer City Rents€8.0 – 10.0 sqm/month

(All values refer to prime amounts achieve in a constricted number of prime properties).

Market Conditions

Office Space Market


Prime Headline Rents (Greater Bratislava Area esp. Devínska Nová Ves) €3.80 – 4.80 sqm/month

Prime Headlines Rents in Eastern Slovakia (around Košice airport) €3.60 – 3.90 sqm/month

Incentives a 1 month long rent-free period can be ob-tained on each yearly lease duration.

Source: Bratislava City Report, 2013

Industrial Space Market

Apollo Bridge, Bratislava


Since the declaration of independence in 1993 Slovakia has handled several hundred successful

investment projects from various countries and in a wide range of industrial sectors.

Success Stories

Investors by Country of Origin

USA US Steel, Emerson, DELL, Whirlpool, IBM, HP, John-son Controls R&D Centre, AT&T, Accenture Tech-nology Solutions, Getrag Ford, Honeywell, Amazon

Germany Siemens, Volkswagen, T–Systems, Continental Au-tomotive Systems

United KingdomCP Holdings Ltd, KMF, Boxperfect, Amylum, Hi-Tech Mouldings, Tesco

FrancePSA Peugeot Citroën, Alcatel, Bourbon, CCN Group

SpainAluminiuim Cortizo, ESNASA, Plastics Alt Camp, Cikautxo

Austria

OMV, Mercedes–Benz, Schenker, Erste Group

ItalyMagneti Marelli, Gener-ali, Brovedani, SISME, CAME, ZANINI, Immergas

SwitzerlandSwiss RE, Schindler

KoreaSamsung, KIA Motors, Mobis, Hyundai

TaiwanAU Optronics, ESON, Foxconn, Delta Electron-ics

JapanPanasonic, Sanyo, Mitsui, U-shin, Siix, Sumitomo Wires, Brother Industries, Yamagata, Yazaki, Fuso, NMB –Minebea, Kitani Electric, Misuzu

ChinaLenovo

BrazilEmbraco


Legal System

Slovak National Theatre, Bratislava


The legal system in Slova-kia is relatively new and is still evolving. Slovakia is a parliamentary democra-cy and its legal system is

The Slovak Constitution was ratified on Septem-ber 1, 1992. It became fully effective on January 1, 1993 when Slovakia became independent.

The preamble talks about basic ideas and spiritual heritage of saint Cyril and Methodius what explain characteristics of Slovak people: “We, the Slovak

The head of state is the President of the Repub-lic, but the functions of the President are mostly representative. The real executive power has the

Introduction

Constitution

Political System

modelled primarily on the German legal system but also on systems of other western democracies.

nation, mindful of the po-litical and cultural heritage of our forebears, and of the centuries of experience from the struggle for national ex-istence and our own state-hood, in the sense of the spiritual heritage of Cyril and Methodius and the historical legacy of the Great Moravian Empire...”.

Prime Minister, who is in turn politically responsible to the parliament, which is called the National Coun-cil of the Slovak Republic.


The legislative power is mostly vested in the Na-tional Council of the Slo-vak Republic. The Parlia-ment has 150 members. The State has a system of proportional representa-tion that may seem more

Divisions of Powers:The Legislative Power

The executive power is shared between the Pres-ident of the Republic and the Government.Government is the high-est body of executive

The Executive

democratic because seats are available to even minor political parties that passed the 5% minimum requirement in the Nation-al Council elections.

power. It consists of the Prime Minister, deputy Prime Ministers and Min-isters. The Government is politically responsible to the Parliament.

Main Square, Bratislava


The Constitution divides the judiciary into two groups: the Constitutional Court and general courts.

Judiciary

General Courts

In Slovakia are three le-vels of general courts: district courts, regional courts and the Supreme Court. District courts are the courts of first instance for all cases and regional courts act as courts of appeal. The Supreme

Court hears appeals from first-instance decisions of regional courts and appeals against appel-late decisions by regional courts and by the Su-preme Court itself.

The Constitutional Court is located in Košice. The Constitutional Court has the power to review the constitutionality of any

Constitutional Court

legislation and the com-pliance of lower level legislation with higher-level legislation.


In Slovakia there are also territorial self-governing units: municipalities and regions.Municipalities, as well as regions (higher territorial administrative units), have their own administration elected by persons per-manently residing in them.

Each municipality has a major and an assembly, and larger municipalities,

Local and Regional Authorities

as well as regions, also a council. There are 8 regions and around 3,000 municipalities in Slovakia.

The local and regional au-thorities have two types of powers: • the power of self- administration • the delegated state authority

Slovakia has an overall good and consistent set of commercial laws, one of the most advanced in the EBRD’s region. The concessions/PPP laws are generally in compli-

The secured transactions framework is one of the most advanced in Eu-rope. However, further measures aimed at im-proving the registration of

Set of Commercial Laws

Transactions Framework

ance with international standards and the public procurement legal frame-work is based on the sound principles of the EU public procurement policies.

mortgage rights, with the view of cutting down on the time required should be considered.


Under the Slovak law, concessions and PPP projects are the subject of a complex legal frame-work consisting of a num-ber of different laws and government resolutions. Although such fragmen-tation is not an obstacle to the implementation of PPP projects. In the recent EBRD

Concessions / PPPs

Concessions / PPP Sec-tor Assessment, the Slo-vak Republic scored as being in high compliance with respect to compli-ance of the legal frame-work with international standards and medium in effectiveness with respect to how the laws work in practice.

One of the fundamental laws in the business law is the Commercial Code. This Code regulates busi-ness activities that are defined as systematic activities conducted inde-pendently by an individual or legal entity, in their own name and under their own responsibility for the pur-pose of making a profit.

The Commercial Code sets out these basic types of commercial compa-nies:A general partnership is a legal entity made up of at least two partners, who guarantee its liabili-ties with all of their assets jointly and severally.

Legal Forms of Doing Business

A limited partnership is a personal company with two groups of partners: general partners and lim-ited partners. The general partners guarantee the li-abilities of the partnership jointly and severally with all of their assets, and they are entitled to act on behalf of the compa-ny. The limited partners guarantee the liabilities of the partnership on a re-stricted basis, up to the amount of their unpaid contribution as entered in the Commercial Register. A limited liability com-pany generates basic capital from the mandato-ry deposits of the partners and guarantees against a


breach of its liabilities with all of its assets. The part-ners guarantee up to the amount of their unpaid contribution. The value of the mandatory basic capital must be at least EUR 5,000, and each partner must contribute at least EUR 750.A joint stock company is a capitalised commer-cial trading company with an obligation to generate basic capital. As a legal entity it is responsible for its liabilities through all of its assets. The sharehol- ders do not guarantee the liabilities of the company while it is in existence. The value of the compa-ny’s basic capital must be at least EUR 25,000.A cooperative must have at least five mem-bers. This does not ap-ply where its members include at least two legal entities. Enterprise or or-ganizational branch of an enterprise of foreign per-son provides that foreign persons can conduct

business in their business or offices located in Slo-vakia in accordance with the Slovak Commercial Register. The founder of enterprise or organiza-tional branch is liable for the obligations of the en-terprise or branch. Supra-National forms:from May 1 2004, the forms of legal entity rec-ognised in Slovakia in-clude the so-called "su-pra-national forms" of business entity: • European Economic In-terest Group may be reg-istered as an entity in the Commercial Register and is closest in legal form to a general partnership;• European Company (SE) most closely resem-bles a traditional joint stock company as estab-lished under Slovak law;• European Cooperative (SCE) most closely re-sembles the legal form of a cooperative as estab-lished under Slovak law.


Trade on the territory of the Slovak Republic can be carried on by a natural person or a legal person who notifies the Trade Li-censing Office (Point of Single Contact) and ac-quires Certificate of Trade Authorisation. Trade shall be notified by filling a form for a natural person or a legal person.

An individual or a legal entity has a duty to register a trade at the Trade Licensing Office. The Trade Licensing Offi- ces issue trade licences to parties registering a trade. Trades fall into two cate-gories in Slovakia:• notifiable trades, which

Commercial Register

Trade Licenses

Registration of a Business

All forms of business in Slovak Republic are sup-posed to be registered within the Commercial Register. Registration of individual entrepreneurs

is voluntary. A business may only commence operations in Slovakia once the registration formalities have been completed.

Applicant for a Certificate of Trade Authorisation has to meet all general conditions for trading or if required by also special conditions for carrying on trade (professional or oth-er qualification). All Trade Licensing Offices in the Slovak Republic work are Points of Single Contact.

can operate on the basis of a notification, provid-ed that certain conditions have been fulfilled;• concession trades, which are allowed to operate on the basis of a con-cession.


Business activities can be also divided into these three categories: 1. “open” trade licences that may be performed as of the day of the noti-fication of such business activities to the Trade Li-censing Office;2. conditioned trade li-cences for which a special qualification is required or special criteria must be met;3. trade certificates for

performance of activities requiring higher degree of skills or special profes-sional qualification.

Certain professions and businesses as for exam-ple lawyers, pharmacists, interpreters, brokers, banks, insurance compa-nies, etc. are not subject to the Trade Licensing Act, but are regulated by other Slovak regulations.

Investment Incentives

Eligible ProjectsFour types of projects may be granted invest-ment aid:• industrial production• technological centres• dhared service centres• tourist sector.

Eligible CostsThe investment aid is granted as a percentage of the eligible investment expenditure. Eligible costs are the costs of:• land acquisition• buildings acquisition• technological equipment and machinery ac-

quisition• intangible fixed assets.

All tools, production and technology equipment must be new, acquired under market conditions and manufactured not more than two years.

Moreover, under the In-vestment Aid Act, inves-tors can apply for:• investment grants• corporate tax relief• new job grants• the possibility to acquire property at a lower price than market value.


Rules for obtaining in-vestment aid:• The investment aid is depending on a percentage of the eligible invest-ment expenditure which varies from 25% to 35%.• The percentages are based on the on regional aid map for Slovakia which is determined by the European Commis-sion. Investments in the Bratislava region are not eligible for investment aid.• Investments in low un-employment regions may receive less investment aid while investments in high employment regions will receive greater aid.

Other roles: It is current practice that the total aid cannot

exceed EUR 30,000 per newly created job.

• An eligible investment project must create at least 40 new jobs.• The investment project cannot start before the re-ceipt of a provisional ap-proval issued by the Slo-vak Ministry of Economy.

Investors may apply for subsidies under the EU Structural Fund programs. New programs are set up for the period 2014-2020. Funds will be destined for local and regional support to improve infrastructure, health care, etc.

The Act on Bankruptcy and Restructuring applies to the settlement of claims against a debtor who has gone bankrupt. A debtor is in bankrupt-cy if either insolvent or excessively indebted. A debtor is insolvent if un-able to meet at least two financial obligations of more than one creditor for more than 30 days from maturity date.

Bankruptcy and Restructuring

A debtor is deemed to be excessively indebted if:

• it is required to main tain accounting books according to the Act on Accounting;• it has more than one creditor;• the value of its liabilities exceeds the value of its assets.


Taxation


An individual’s tax liabili-ty is derived from the taxable income. Slovak tax residents are liable to per-sonal income tax on their worldwide income, sub-ject to provisions under applicable double taxation treaties. Slovak tax nonresidents are taxed only on income from Slovak sources, including Slovak sourced salaries, rent and interest. Dividends are in general not taxable, un-less they are distributed out of profits earned prior

to January 1 2004. The tax year is the calendar year and the income is taxed at a progressive tax rate of 19% and 25%:

• The 19% tax rate will apply to the tax base up to 176.8 times the cur-rent amount of the sub-sistence minimum per annum (i.e. the amount of 35,022.31€ for 2014).• The tax base in excess of this limit will be taxed at the 25% tax rate and several other issues.

Taxation of Individuals

Residency

Tax Residents In accordance with the Slovak Income Tax Act, an individual will general-ly be considered a Slovak resident for tax purposes if: • the individual is granted permanent residence sta-tus in Slovakia, or• the individual stays for a minimum of 183 days in a calendar year in the terri-tory of Slovakia, whether consecutive or otherwise.

Tax Non-residentsIf individuals do not have a permanent residence or common presence in Slovakia, they are not considered to be Slovak residents and thus they are only liable to pay ta-xes on their Slovak source income (i.e. income from activities performed in or related to Slovakia). Additionally, individuals working for a Permanent Establishment (PE) whose salary costs are borne by


the PE are subject to per-sonal income tax even if they are not in the coun-try for at least 183 days in any 12-month period. Income can be subject to Slovak tax regardless of whether or not it is remit-ted to Slovakia. Double taxation avoidance trea-ties may shift the right to tax the income from Slo-vak sources to the other country. For example, ex-patriates who are employ-ees of foreign companies and are paid from abroad for activities performed in Slovakia could in some cases be exempt from personal income tax in Slovakia.

Taxable Income Taxable income com-prises specified catego-ries of income, less the deductions allowable for each category and certain general deductions. The income categories are as follows:• income from dependent activities (i.e. employment activities);• income from indepe-dent activities (i.e. entre-preneurial activities, for e- xample, partnerships and professional consultan-cies and self-employed individuals), including

rental income;• income from capital (i.e. interest, dividends dis-tributed from pre-2004 profits etc.) and other income (including gains other than exempt gains).

Employment Income Income from employment activities includes any monetary and nonmone-tary benefits related toemployment obtained by an employee (or in spe-cific cases by other per-sons).Income tax prepayments must be withheld or paid from employment income on a monthly basis and remitted to the tax authorities.

When an individual who is an employee of a foreign company performs activities for the Slovak company, the individual can be treated as an ‘economic employee’. A number of tests apply to determine whether an individual should be trea-ted as an economic employee, but broadly this applies in cases where the foreign employer’s contractual obligations, in terms of the services provided by the individual, are to provide manpower


to the Slovak employer who supervises and takes responsibility for the activities of the individual.The Slovak company is treated as effectively leasing manpower and is deemed to be the eco-nomic employer of the individual (often an expa-triate). The salary paid to the expatriate by the foreign employer is subject to Slovak income tax as if the individual were on the Slovak company’s payroll. The tax is normally col-lected by withholding at source from payments of the service fee incorpo-rating the charge for the employee from the foreign entity to the Slovak employer (e.g. by deduc-tion from the amount in-voiced) unless it is agreed that it will be collected in some other way such as through tax prepayments.

Entrepreneurial Activi-ties Income from entrepre-neurial and other self-em-ployed activities is sub-ject to Slovak taxation in accordance with general tax principles. Individuals who are not Slovak tax

residents will be taxed on Slovak sourced in-come. Broadly, expenses incurred to attain, secure and maintain the income of the taxpayer are de-ductible for tax purposes.As an alternative to actu-al costs, a flat deduction of 40% of income can be claimed provided the in-dividual is not registered for VAT purposes, but capped at EUR 5,040 annually (EUR 420 per month in specific cases).

Rental IncomeIncome from the rental of real estate or movable property is subject to Slovak tax. Depreciation may be claimed against the income from letting a building, generally over a period of 20 years (the property is then deemed to be used for the busi-ness purposes which has an effect on the possi-bility to exempt its sale). Deductions can also be claimed for interest and finance charges, repairs and maintenance and real estate taxes. Some limitations may apply if the property is not included into business assets.


Income from CapitalIncome from capital in-cludes securities income, profit shares from partner-ships and interest income. Each item of taxable in-come is subject to specific tax rules and generally the Slovak entity making the payment will withhold tax at source, which will constitute the final tax lia-bility for the recipient. Dividends paid out of prof-its earned after January 12004 are not subject to tax. An individual who is a Slovak tax resident must include all taxable foreign sourced interest income in his/her taxable income (as well as divi-dend income, if taxable). Subject to the provisions of applicable double tax-ation treaties, foreign tax paid on dividends and interest received can be offset against the Slovak tax liability on the same in-come up to the amount of the Slovak tax liability. Tax paid on dividends which are not subject to tax in Slovakia cannot be offset against any other tax lia-bility in Slovakia.

Tax-exempt IncomeCertain types of income are exempt from tax, e.g.:• income (capital gains)

from the sale of immov-able assets after 5 years from acquisition, or, if the asset was used for busi-ness purposes, after 5 years from the date when the taxpayer ceased to use the asset for business purposes;• income (capital gains) from the sale of movable assets or, if the asset was used for business purposes, after 5 years from the date when the taxpayer ceased to use the asset for business purposes;Non-monetary benefits that are not subject to tax in Slovakia include e.g.:• the employer’s share of payments on behalf of the employee to the compul-sory social security sys-tem;• reimbursement of busi-ness travel expenses up to the statutory limit.

Salary Earned from AbroadIn general, non-residents are not subject to Slo-vak income tax on com-pensation attributable to work performed outside Slovakia. Slovak tax resi-dents are subject to tax-on non-Slovak source income unless exempt under the provision of a


double taxation avoid-ance treaty. Unilateral ex-emption applies to income earned by a resident from dependent activities from foreign sources, from a country with which Slo-vakia has not entered into a double taxation treaty, as long as such income is documented as taxed in the country of origin, as well as from countries, with which the double taxation treaty exists, if this is more beneficial (i.e. replacing the foreign tax credit method laid down by the treaty). The unilateral exemption also ap-plies to income for work performed for the EU as long as it is taxed by the EU.

Deductions from In-comeThe following may be de-ducted from taxable in-come by both residents and nonresidents:• mandatory social secu-rity contributions paid by the employee in Slovakia or abroad;• a general non-taxable personal allowance and spouse allowance. How-ever, the personal allow-ance of a given year is gradually decreased, de-pending on the amount of the taxpayer’s tax base and the spouse income. The individual must be a Slovak tax resident or a non-resident deriving at least 90% of income from Slovak sources to benefit from these allowances.

Reduction of Tax

Child AllowanceThe taxpayer’s tax liability is reduced by an annual child allowance of 21.41 EUR monthly per child (this amount is applica-ble during the first half of 2014; for the period from July to December

2014, a new amount will be announced by the re-spective authorities). This is however subject to cer-tain conditions, including a 90% Slovak source in-come test for non-resi-dents.


Personal Income Tax

Compliance An annual personal in-come tax return must be filed with the tax author-ities no later than by the end of third month fol-lowing the end of the tax period (in general the cal-endar year). Payment of the personal income tax liability is also due by the filing date. A notification to the tax authorities on the extension of the filing deadline and tax payment date up to a maximum of a further 3 (in some cases 6) months can be made at

the latest by March 31 of the following year. There are significant penalties for non compliance with the regulations. In some cases, a tax return does not have to be filed, e.g., if the taxpayer had only employment income and provided that the employ-er has performed, upon the taxpayer’s request (which must be made no later than February 15), a yearly tax settlement on behalf of the taxpayer (subject to further condi-tions).

EU RegulationsSince the accession of Slovakia into the EU on May 1 2004, the EU So-cial Security Regulation has been applicable in Slovakia. As a result, so-cial security rules, includ-ing Council Regulation (EEC) No. 883/2004 on the coordination of so-cial security systems are applicable, unless any transitional arrangements have been agreed be-tween Slovakia and other

Social Security

member states. This regulation states, subject to specific exceptions, that the law of the state where the employment is exer-cised should apply. This means that an employee assigned from another member state to perform work for a Slovak compa-ny becomes, in principle, subject to the Slovak so-cial system.

However, the EU Regula-tion includes exemptions


allowing an assigned em-ployee to remain in his/her home social security sys-tem. There is a specific exemption available if the assignment is not expec- ted to exceed 24 months.

The EU Regulations are not applicable to individ-uals who are not sub-ject to the social security scheme in some of the EU, EEA states or Swit-zerland. Such foreigners who are employed in Slovakia by a Slovak entity must contribute to the Slovak social security system, unless a bilateral agreement provides otherwise.

Slovak Domestic LawAccording to the Slovak social and health care security system, an indi-vidual pays contributions to the social security and health care systems as below. It should be noted that Slovak social security payments are subject to a “cap” for 2014.

Inheritance and Gift Tax There is no inheritance tax in Slovakia. There is no gift (donation) tax but gifts received in connection with employment or en-trepreneurial activity may represent taxable income.

Source: National Statistical Offices of Czech Republic, Hungary, Slovakia, Bulgaria, Romania, 2013.

Social security paid by employer

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

35.00%

40.00%

Social security paid by employer

Social security paid byemployer


The Slovak tax system comprises the following taxes:• Income taxes (personal income tax, corporate income tax);• Value added tax (VAT);• Excise duties;• Municipal taxes (including real estate tax);• Special levy for regulated entities;• Bank tax.

Inheritance and gift tax was abolished with ef-fect from January 1 2004. Real estate transfer tax was abolished with effect from January 1 2005. Legal entities that are seated in Slovakia or

whose place of effective management is seated in Slovakia are generally regarded as tax resident and liable to pay Slovak corporate income tax.

A taxpayer should register with the tax authorities by the end of the month fol-lowing the month in which a permission to conduct business in Slovakia was obtained. Further, a tax-payer should notify the tax authorities of changes in registration by the end of the month following the month in which such changes arose.

Taxation of Businesses

Corporate Income Tax

Corporate income tax is levied on legal entities when their seat or their place of effective manage-ment is located in Slova-kia. Non-resident entities

are liable to pay Slovak corporate income tax only on income derived from Slovak sources.


Corporate income tax is computed by reference to the “tax base”. The tax base is generally gross in-come of the entity less re-lated expenses, modified by a number of adjusting items. The general tax rate is 22% of the tax base.

Not taxable income ex-amples:• shares in profit after tax,e.g., in the form of divi-dends paid to share-

holders who participate on the share capital of the entity distributing dividends from profit after tax (unless the distributed profit was generated prior to January 1 2004); • dividends paid after April 1 2004 by a Slovak subsidiary to an EU Par-ent Company (as well as from an EU Subsidiary to a Slovak Parent company) even if such dividends re-late to profits earned be-fore January 1 2004; the

0 10 20 30 40 50

1993

1994

2000

2002

2004

2013

2014

%

%

Corporate Income Tax Rate

Source: KPMG in Slovakia, http://www.kpmg.sk, 2013

1993

1994

2004

2000

2013

2014

2002

45

40

29

19

23

22

%

25

Tax Base and Rate

% % % % % %


receiving (parent) compa-ny needs to directly pos-sess a holding of at least 10% of capital at the time of distribution; • income received from inheritance or donations,

and payments related to liquidation surpluses and settlement amounts to which the sharehol- ders became entitled from January 1 2004.

Tax Deductible and non-Deductible Expenses

As a general rule, ex-penses for generating, ensuring and maintaining taxable income booked in the records of the taxpayer are tax deductible un-less they are specifically listed as tax non-deductible items (see following examples). Documenta-tion should be kept on file to support deductibility.

Certain expenses, e.g., contractual penalties, have to be paid (i.e. not only accrued) in order to qualify as tax deductible costs. Correspondingly, a taxpayer receiving such payments should tax the income in the tax period when the invoiced amount is received.

Examples of tax deduct-ible items:• tax depreciation costs;• tax residual value of de-preciable assets sold;

• obligatory social secu-rity contributions paid by an employer;• expenses incurred for the provision of health and social facilities for employees;• operational expenses of facilities used for protec- ting the environment;•taxes and fees, other than those listed as non-deductible items (see below);• expenses incurred by the founder of a perma-nent establishment (PE) for the purpose of this PE, including management and administration ex-penses; regardless of the place where they were in-curred, provided specific conditions in the Income Tax Act are fulfilled;• advertising costs, with the exception of repre-sentation and high value promotional expenses.Advertising costs are


costs incurred for the advertisement of the tax-payer’s advertisement of goods, services, im-movable property, trade name, trade mark, trade labeling of products, and other rights and liabilities related to the taxpayer’s activities carried out with the intention to generate, maintain or increase his income;• interest paid on credits and loans taken for busi-ness purposes;• specific types of re-serves and provisions, e.g. reserves created for supplies and services not yet charged; reserves for the audit of financial statements and prepara-tion of tax return; and cer-tain bad debt provisions (subject to limitations). The rules for creation and release of reserves and provisions are regulated directly by the Income Tax Act.

Examples of tax non-de-ductible items:• penalties and fines ot-her than contractual (e.g. penalties/fines imposed by state or municipal au-thorities);• accounting depreciation costs which exceed tax

depreciation costs;• individual and corpo-rate income tax and taxes paid on behalf of another taxpayer;• expenses incurred in providing proper work-ing, social and health care conditions for employees exceeding limits set by law;• expenses for business trips above the allowable limit;• expenses for the gene- ration of tax-free income;• shortages and damages exceeding the compen-sation received (shortag-es and damages qualify in certain cases as a tax deductible expense);• representation expenses (with the exception of promotional items with a purchase price not ex-ceeding EUR 16.60 per item);• losses derived from the sale of receivables.Unrealized foreign ex-change losses and gains from receivables and lia-bilities can be excluded from the tax base provi-ded the appropriate deci-sion has been made and notification filed with the respective tax authori-ty within the time limits specified by law.


Tax Period / Tax Return Filing

The tax period is usually a calendar year. Howe- ver, it is possible for companies (not individuals) to notify the tax authorities that a taxpayer will use an accounting period that is not identical to a calendar year, i.e. a period of 12 consecutive calendar months (a so-called financial year). Such an accounting period then also becomes the tax period.A tax return should be filed with the respective Tax Authority within 3 months following the end of the tax period. In general, it is possible to extend the filing period by up to 3 months based on a notification filed with the respective tax authority within the statutory deadline for filling the respective corporate income tax return, or by up to 6 months if the taxpayer has foreign sourced income.There is no group taxation in Slovakia. All entities are taxed separately.There is a special tax treatment for partnerships which are in principle trea-ted as wholly transparent (general partnerships) or partially transparent

(limited partnerships).

Tax losses• Tax losses incurred for 2009 can be carried forward in 2014 for the last time. Tax losses incurred for the 2010 to 2013 taxable periods can only be carried forward over four years and in equal portions in each taxable period. Tax losses incurred from 2014 onwards may be carried forward over a maximum of 4 years in equal parts.• A company wound up without liquidation (e.g., on a merger), is allowed to transfer the right to carry forward its tax losses to its legal successor to set off against subsequent taxable profits. The legal successor may deduct the tax loss of the dissolved legal entity as long as the dissolved entity and its legal successor are liable to corporate income tax and at the same time as long as the purpose of the restructuring was not solely to decrease or avoid the tax liability.• Different rules may apply to losses of companies benefiting from various tax incentive schemes.


Tax Depreciation

Tax depreciation is a tax deductible expense and is calculated for tax purpos-es at statutory rates. Both straight-line and accelerated methods of depre-ciation as defined by the tax legislation are allowed.

Companies may have dif-ferent depreciation rates for accounting and tax purposes. Intangible as-sets and low value fixed assets (if depreciated and not directly expensed) must be depreciated in line with the accounting depreciation.A taxpayer may depreci-ate assets which it leases under a financial lease as defined by tax legislation.

In such a case the leased asset may not be depreci-ated by the lessor. Some assets are not depreciable, e.g. land. Goodwill may under certain restructuring schemes and conditions be depreciated also for tax purposes.

In the case of assets put into use after December 31 2011, the tax depreci-ation is calculated based on specific rules, e.g. in the fist year of depreci-ation proportionally to the number of months in which the asset was used.

Depreciation: Straight-line Method

Computers, mechanical tools, cars, printers

Some machinery and equipment used for con-struction and roads, machinery for agriculture, fur-niture, etc., assets not allocated to a specific group

Some machinery and equipment, special technical equipment, cooling equipment, stationary

metal structures

Pipelines, buildings, electric and telecom munica-tions networks

1-Apr4 years

6 years

12 years

20 years

1-Jun

1-Dec

20-Jan

Type of Assets Useful Life Annual Depreciation

Source: Tax Directorate of the Slovak Republic, http://www.drsr.sk, 2013


Computers, mechanical tools, cars, printers

Some machinery and equipment used for construction and roads, machinery for agricul-ture, furniture, etc., assets not allocated to a

specific group

Some machinery and equipment, special technical equipment, cooling equipment,

stationary metal structures

Pipelines, buildings, electric and telecommuni-cations networks

45

7

13

21

6

12

20

Type of Assets First year Subsequent years

For increased residual value

Source: Tax Directorate of the Slovak Republic, http://www.drsr.sk, 2013

Depreciation: Accelerated Method (in years)

4

6

12

20

Thin Capitalisation Rules

Thin capitalization rules do not apply in Slovakia.

Permanent Establishments

The phrase “Permanent Establishment” (“PE”) is a term used in tax legislation to define a fixed place of business, which represents a taxable enti-ty in the territory in which it is located in Slovakia. A PE can be either a branch that is registered in the Commercial Register, or an unregistered unit that has no legal status (“deemed PE”). Thus, for

instance, a person who acts on behalf of a foreign company and repeatedly enters into agreements on its behalf, under a power of attorney, may also be considered to create a PE of the foreign company.

Under present law, a PE is constituted when one-off services have been per-formed in the territory of Slovakia for more than 6


months within a period of 12 consecutive calendar months. In other cases, a PE is constituted if a fixed place through which the activities of the foreign en-tity are carried out in Slo-vakia is available. The pa-rent company can register the PE immediately, but in all cases the PE must be registered within 30 days

of the date when the PE was constituted.

Whether or not a PE is created is subject also to the provisions of applica-ble double tax treaties. Generally speaking, all employees assigned to a PE are subject to Slovak personal income tax.

Withholding tax is deducted from certain types of income derived in the ter-ritory of Slovakia by both residents and non-resi-dents at a single rate of 19% in case of payments to treaty countries or 35% in case of payments to non-treaty countries (the list of treaty countries was published by the Minis-try of Finance of the SR on their website). Such income comprises main-ly interest and revenues derived from participation certificates, from certifi-cates of deposit, and from deposit letters.In the case of non-resi-dents, withholding tax is also charged on interest and royalties, subject to exemptions under the

EU Interest and Royalty Directive if the payment is to an EU associated company. According to the EU Interest and Royal-ties Directive, interest and royalty payments to EU associated companies are exempt from with-holding tax under certain conditions. The rate of withholding tax can be re-duced in accordance with applicable double taxa-tion treaties.Slovak entities are also obliged to deduct a with-holding tax of 19% from payments for business, advisory and consulting services if they are made to a non-treaty country before a PE is constituted (the first 183 days of ac-tivity in Slovakia).

Withholding Taxes


If the supplier comes from a treaty country, and it is likely that a PE will not be constituted, then no with-holding tax applies.In addition to withholding tax, Slovakia also levies a “security tax” on pay-ments to PEs.If a PE exists or is likely to be established, a Slovak entity making payments to the PE must withhold a security tax from all pay-ments at the rate of 19% in case of treaty countries or 35% in the case of non-treaty countries. The obligation to withhold se-curity tax does not apply to payments in respect of a Slovak PE of an entity based in the EU, whichis taxable on its world-wide income in the re-spective EU country and

is not considered as a tax resident in Slovakia. The security tax represents an advance payment of the corporate income tax liability of the PE, which is then credited against its actual tax liability. It is possible to agree the can-cellation or reduction of this advanced payment on the basis of specific approval from the relevant tax authority.The taxpayer making the payment is obliged to remit withholding taxes and security tax within 15 days of the following month and to notify the tax authority regarding the amount of payment. As of January 1 2011, the tax withheld is mostly regard-ed as a final tax.

Štrbské Pleso Lake


Slovak tax law contains transfer pricing rules which are largely based on OECD principles (es-pecially OECD Transfer Pricing Guidelines), which permit the authorities to adjust prices charged between foreign rela-ted parties that are not in accordance with the arm’s length principle (fair market value). Pri- cing methods (compa-rable uncontrolled price method, resale method and cost plus method) and profit methods (profit split method and transac-tional net margin method) are allowed on this basis. The transfer pricing rules for transactions between domestic entities have been abolished. There is an obligation to keep special documen-tation on the transfer pricing method used be-tween foreign related par-ties. The rules for drafting and keeping the required transfer pricing documen-tation are issued by the Ministry of Finance of the SR by means of secondary legislation. The trans-fer pricing documentation must be submitted to the Tax Authorities within 15 days of their request, oth-

erwise the Tax Authorities may impose penalties on the taxpayer, also repeatedly.Grants and incentives in Slovakia has historically had extensive investment aid legislation, which attracted many investors to the country and which created many new jobs. The investment incentives are available for three categories of foreign invest-ments including industrial production, technological and strategic service cen-ters, such as software development, high tech and customer support centers. Also investments in the tourist sector may qualify.

Under the Investment Aid Act investors can apply for:

• investment grants;• corporate tax relief;• new job grants;• the option to acquire reap property at a price lower than market value.

The Act on Investment Aid formalizes the proce-dures applying to invest-ment aid. The legislation is aimed to boost invest-ment in the regions with

Transfer Pricing


high unemployment rates and particularly supports investments in technological and strategic cen-ters. It also supports in-vestments in the tourism sector. Conditions on pro-vision of investment aid vary depending on type of the investment, loca-tion and other parameters of the project. Different conditions are applicable on each mentioned sec-tor. Contrary to projects which are funded by EU structural funds the aid to be awarded under this program is fully funded by the Slovak state budget.Investment aid granted by the Slovak Government is considered state aid and should therefore be fully compatible with the Eu-ropean Union State Aid regulations.The following factors should be considered when pursuing invest-ment aid in Slovakia:

• The investment incen-tive amount is determined on the basis of a percentage of the eligible invest-ment expenditure or a percentage of the gross salary costs;• The investment aid var-ies from 10% to 35% of the eligible costs (invest-ment or salary). The state

aid intensity is depending on the unemployment rate in the respective district; the maximum percentage as of July 1 2014 will be lowered to 35%;• All incentives are sub-ject to limits set by the EU state aid law and in specific cases must be notified to the European Commission;• The eligible investment expenditure include in-vestments into land, buildings and tangible and intangible assets;• The investment project cannot start before re-ceipt of a provisional ap-proval to be issued by the Slovak Ministry of Econo-my;• There is no automatic entitlement to incentives or other grants under this legislation in Slovakia and all incentives need to be agreed with the Slovak Government;• Bratislava region is ex-cluded from state aid;• Based on latest experi-ences the Slovak authori-ties are reluctant to award cash grants. Corporate tax relief is the preferred aid category.Further, investors may apply for subsidies under the EU Structural Fund program. A new program is currently being set up


for the period 2014-2020. However few informa-tion is available about the schemes under which companies can apply.Note that most of the funds will be destined for local and regional projects to improve infrastructure, health care, etc. Further many schemes under the EU structural fund programs will be aimed at the small and medium sized businesses. How-ever some programs may be eligible for large com-panies.Further significant (EU) funds will be made avail-able for research and in-novation (Horizon 2020). Horizon 2020 is meant to stimulate European re-search in order to develop

the European knowledge economy and society. Ap-plications can be submit-ted after the publication of a call. The program is divided into three objec-tives:

• excellent science;• competitive industries;• better society.

The above is a summary of the status as of April 1 2014. We understand that the Investment Aid Act will be amended effective from July 1 2014. In this publication are incorpo-rated all changes publicly known at the time of final revision of the brochure. Up to date information could be found at www.mhsr.sk.

Indirect Taxes

Value Added Tax (VAT) Slovakia implemented the EU Council Direc-tive 2006/112/EC of No-vember 28 2006 on the common system of value added tax as well as other amending EU VAT Direc-tives.

VAT RegistrationSlovak taxable persons, with their seat, place of business, establishment

or residence / habitual abode in Slovakia, must in general register for VAT if their cumulative turnover for previous up to twelve calendar months reached EUR 49,790. Specific rules apply mainly to: • a person who acquires a business or a part of a business of a VAT payer;• a legal successor of a VAT payer dissolved with-


VAT deregistration can be applied by:• a taxpayer whose tax-able turnover dropped below EUR 49,790 for the previous twelve calendar months;• an entity, registered for the acquisition of goods from another EU Member State, if the total value of the acquired goods did not reach EUR 14,000 in the relevant as well as

previous calendar years;• a foreign entity performing distance sales, if the total value of the supplied goods did not reach EUR 35,000 in the relevant as well as previous calendar years.

Application for VAT deregistration is obligatory for a taxpayer who ceased to perform economic activi-ties.

out liquidation;• a person supplying im-movable property unless a VAT exemption applies.

Voluntary VAT registration is possible, however, if the applicant is not performing taxable supplies yet, he may be requested to provide a VAT deposit to the Tax Authorities for a period of 12 months. VAT grouping for group com-panies is allowed if certain conditions are met.Foreign persons are obliged to VAT registration in Slovakia if:• they start performing economic activities in Slo-vakia which are subject to VAT (certain exceptions apply);• their distance sale (sup-

plies of goods from out-side Slovakia to Slovak non-taxable persons) turnover reached EUR 35,000;• they supply goods sub-ject to excise duties via distance sale to Slovak non-taxable persons for personal consumption.

VAT registration without entitlement to deduct in-put VAT is obligatory for:• taxable persons or le-gal entities which acquire goods from another EU Member State at a value of at least EUR 14,000 in a calendar year;• who acquire/render ser-vices from/to another EU Member State under cer-tain conditions.

VAT Deregistration


Tax Authorities can dere- gister ex-off a VAT payer, who:• does not carry out eco-nomic activity in Slovakia;• repeatedly does not fulfil its administrative obliga-tions e.g. does not file VAT returns, does not pay VAT liability, is not reachable at the respective address or does not meet its obliga-tions during tax inspec-tion. The list of these VAT payers is published on a Tax Directorate web site.

VAT RatesThe standard VAT rate in Slovakia is 20%. A re-duced rate of 10% ap-plies to medicaments, certain medical aids and books (subject to certain conditions).

Input VAT RecoveryA taxpayer is entitled to deduct VAT from pur-chased goods and ser-vices used by the taxpay-er for his own supply of goods and services as a VAT payer. In general, the taxpayer can recover the input VAT provided that:

• a VAT liability arose with respect to the purchased goods or services, in the case of import of goods, the import VAT was paid;

• the VAT was applied on the supply (by the suppli-er/the customer/the cus-toms authorities);• the taxpayer has a valid VAT document (invoice/customs document).

No VAT recovery is possi-ble on purchased goods or services for the pur-pose of:

• entertainment or amuse-ment;• VAT exempt output sup-plies without entitlement to input VAT recovery, mainly certain activities in the public interest e.g. postal services, medical care, education, spor- ting and cultural services, public broadcasting and television, as well as other activities e.g. financial and insurance services, sale and lease of real estate (option to tax exists), sale of a business under cer-tain conditions.

VAT PeriodThe VAT period of newly registered VAT payers is strictly a calendar month. A quarterly VAT period can be opted for VAT pay-ers after they have been registered for at least 12 months and their total turnover in the preceding


12-month period did not reach EUR 100,000.

VAT ReturnVAT return is filed within 25 days following the pre-vious VAT period. As of January 1 2014, electron-ic filing of all tax filings (not

only VAT returns) became obligatory for all VAT pay-ers. Sending tax filings to tax authorities in a paper form is no longer possible.

Slovak VAT refund claim rules

Source: KPMG in Slovakia, http://www.kpmg.sk, 2013

* of the year following the year for which the application is filed** if the application is filed for a period less than a calendar year but at least 3 months*** if additional information is requested by the Tax Authorities

within the EU

outside the EU

30 September* 50/400** electronic 4/8*** months

30 June* 50 in paper 6 months

Foreign Person EstablishedDeadline for Application

Minimum Amount [EUR]

Form of Application

Period for Refund

EC Sales ListEC Sales List, in which in general, intra-community supply of goods and services must be reported, is filed within 25 days following the previous calendar month, in an electronic form. Quarterly filing is possible, if the value of the goods reported does not exceed EUR 100,000 in the respective quarter and in 4 previous calendar quarters. This threshold should be reduced to EUR 50,000 in the course of 2014.

VAT Ledger Statement Since 2014, VAT regis-tered persons are obliged to file a „VAT Ledger Statement“ with the Slo-vak Tax Authorities. The VAT Ledger Statement must contain a detailed list of issued and received invoices for the respective VAT period on/from which the VAT registered person has applied/deducted Slovak VAT. The VAT led-ger statement is filed for each tax period together with the VAT return, by the 25th day following the end of the respective


tax period by electronic means.

RefundsTaxable Persons – VAT registered in SlovakiaAn excess input VAT claim reported via a VAT return is not paid to the VAT pay-er immediately, however should be carried forward and offset against a (po-tential) VAT liability reported in the following tax period. The (part of the) excess input VAT claim which cannot be so offset, should be refunded to the VAT payer within 30 days after the filing of the fol-lowing period VAT return. Alternatively, an accelerated refund is possible i.e. within 30 days following the deadline for filing the VAT return for the respective VAT period, if specific conditions are met.

Foreign Taxable Persons – not VAT registered in SlovakiaA foreign person established and registered for VAT in another EU Member State can claim a refund of Slovak VAT invoiced to him by a Slovak supplier, in line with the conditions set out in Council Directive 2008/9/EC laying down

detailed rules of the refund of valued added tax. Fo- reign persons established outside the EU can also claim the Slovak VAT in line with rules set out by the 13th Council Directive 86/560/EEC, however, this is based on a reciprocity rule. In order to succeed, during the period for which the VAT refund is claimed, the foreign person:• could not have its seat, place of business, fixed establishment or resi-dence in Slovakia (within EU in the case of a non-EU person);• could not supply goods or services in Slovakia (subject to certain excep-tions).

Foreign IndividualsAn individual with no residence in any EU coun-try, exporting goods (except for fuel) from Slo-vakia, can file a request for a VAT refund of Slovak VAT if:• the amount of the goods exported outside the EU stated in the purchase document exceeds EUR 175;• the individual possesses a document on purchase of goods issued by a tax-payer;• export is carried out


within three months fol-lowing the end of the month of purchase;• the Customs Office of the respective EU coun-try certifies the export of goods.

Customs DutiesSince May 1 2004, cus-toms rates are based on the EU customs tariffs and depend on the clas-sification of goods and their origin. Customs duty is normally payable within 10 days of the date of im-portation of goods. Nor-mally, payments cannot be deferred for more than 30 days.

Excise DutiesExcise duties are gov-erned by separate acts

which set out the condi-tions under which excise duty is levied on mineral oils, alcoholic drinks, to-bacco products and elec-tricity, coal and natural gas (referred to as “excisable products”). The tax treat-ment is harmonized with the EU Directives. Taxable persons are all legal enti-ties and individuals who produce these excisable products in Slovakia or to whom excisable products are released in Slovakia. Excise duties are stipulat-ed in accordance with the EU legislation generally as a set amount per unit of measure for each group of products, except for cigarettes, where the tax rate also contains an ad valorem component.



Municipal Taxes

Real Estate TaxReal estate tax is a mu-nicipal tax paid by own-ers of buildings (including private and weekend houses), apartments and land, or by tenants of land, registered with the cadastral register, and is determined by the size, location and the type of buildings, flats and land.The real estate tax on buildings is in general computed as the number of square meters con-structed, multiplied by the respective tax rate. The base tax rate is EUR 0.033 per square meter but the Municipal Au-thority may increase or decrease the rate and de-termine different rates for various types of buildings; the highest rate may not be higher than 40 times

The Motor vehicle tax is imposed on vehicles used for business purposes only. The taxable base is determined as a combi-nation of vehicle weight and number of axles for lorries and trailers and for personal cars the tax de-

the lowest rate. In addi-tion, the Municipality may impose a surcharge of up to EUR 0.33 per each ad-ditional floor.Owners of land, or in specific cases tenants, must pay real estate tax in respect of the land. The tax base of the land is in general the product of the area of the land and its of-ficial value per square me-ter. The base tax rate is 0.25% but the Municipal Authority may increase or decrease the rate and determine different rates for various types of land; the highest rate may not be higher than 5 times the lowest annual rate. For land where a nuclear facil-ity is located, the rate may not exceed 100 times the base rate.

pends on the engine vo- lume in cubic centimeters. It should be noted that if an employee uses his private vehicle for busi-ness purposes of his/her employer, the employer is obliged to pay the attributable motor vehicle tax

Motor Vehicle Tax


for the month in which the vehicle was used for such a purpose.Tax rates are set by the regional administrations. The law stipulates mini-mum rates for lorries and trailers.Other municipal taxes Other taxes which may be imposed by Municipal authorities include Dog Tax, Public Area Usage Tax, Accommodation Tax, Vending Machines Tax, Gaming Machines Tax, Tax on Entry and Stay of a motor vehicle in historical parts of towns, Nuclear Facility Tax. There is also an obligatory local fee on communal waste and mi-nor construction waste.

Special levy for regu-lated businesses Businesses subject to this levy are regulated entities – legal entities:a) operating in one or more of the following a- reas (possessing the ap-propriate license):• energy;• insurance and re-insurance;• public healthcare insurance;• electronic communica

tions;• pharmacy;• postal services;• railway transport;• public water conduits (distribution) and sewe- rage;• air transport;• healthcare providing.

b) at least 50% of busi-ness income is derived from the activities in regulated areas.

Subject to this levy are not only domestic enti-ties, but also branches of foreign entities licensed in one of the regulated areas in another member state of EU or EEA. The rate of this levy is 0.00363 per month (4.356% per year), the liability is calculated as 0.00363 times the sum of the estimated accounting result (profit) of the com-pany adjusted in line with the Slovak Accounting Standards, if exceeding EUR 3 million. This levy for businesses in regu-lated industries is due by the end of each calendar month. The levy is subject to an annual clearance based on the actual profit for the respective period.


Bank Tax

The base of this tax is de-termined as an aggregate of liabilities of the bank de-creased by the amount of positive equity, long-term debt provided to a branch of a foreign bank, amount of subordinated debt and

value of the protected de-posits. The bank tax in the amount of 0.1% of the tax base per calendar quarter (i.e. in total 0.4% per year) and it is due by 25th day of the respective calendar quarter.


Published by:

Doing Business In Slovakia

Contacts:Slovak Republic

Taliansko-Slovenská obchodná komoraMichalská 7811 01 BratislavaSlovak RepublicMr. Giorgio DovigiTel: +421 2 541 31 290E-mail: [email protected]

Hungary

BCE Innovációs Központ Nonprofit Kft.1093 Budapest, Fővám tér 8E-mail: [email protected]

Pócsmegyer Község Önkormányzata2017 Pócsmegyer, Hunyadi u. 6Németh Miklós polgármester+36-26/814-843E-mail: [email protected]

www.husk-cbc.eu http://inkubatorkaz.pocsmegyer.hu

All rights reserved. No part of this brochure may be reproduced, stored in a retrieval system, transmitted, in any form or by any means (electronic, mechanical, photocopying, recording or otherwise) without the permission of the copyright owner. This document underwent a language check. This pubblication was published within the “Magyar-Szlovák Közös Inkubációs Központ Pócsmegyeren” project, implemented through the “Hungary - Slovakia Cross-border Co-operation Programme 2007 – 2013” co-financed by ERDF.

Disclaimer: The sole responsibility for the content of this publication lies with the authors. It does not necessarily reflect the opinion of the European Union. Neither the partners nor the European Commission are responsible for any use that may be made of the information contained therein. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as the date is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

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