Expand your Business in Slovakia
Posted in News

The biggest share of Slovakian exports are vehicles, machinery and electrical equipment, base metals and chemicals and minerals. Main export partners are German, Czech Republic, Poland, Austria, Hungary.

IMPORT AND EXPORT

Slovakia Balance of Trade Slovakia recorded a trade surplus of 459 EUR Million in June of 2015. Balance of Trade in Slovakia averaged -35.22 EUR Million from 1993 until 2015, reaching an all-time high of 609 EUR Million in May of 2013 and a record low of -865 EUR Million in December of 2005. The biggest share of Slovakian exports are vehicles, machinery and electrical equipment, base metals and chemicals and minerals. Main export partners are German, Czech Republic, Poland, Austria, Hungary. The biggest share of Slovakian imports are machinery and transport equipment, intermediate manufactured goods, fuels and chemicals. Main import partners are Germany, Czech Republic, Russia, Korea, China.

REASONS FOR INVESTING IN SLOVAKIA

Reasons for investing in the country include:

  • Absence of tax on dividends and profit shares
  • Favourable labour and production costs
  • Availability of a highly skilled workforce
  • Strategic location
  • Satisfaction of established investors
  • Integration with the world economy
  • Governmental incentives
  • Euro currency

The Slovak Commercial Code provides various options for structuring business entities. The most popular choice for foreign investors is to set up an enterprise, or branch office of a foreign company.

All business entities must be registered in the Slovak Commercial Register. The legal forms available are:

  • Enterprise or branch office of a foreign company (podnik alebo organizačná zložka podniku zahraničnej osoby)
  • Joint-stock company (akciová spoločnosť, a.s.)
  • Limited liability company (spoločnosť s ručením obmedzeným, s.r.o.)
  • Limited partnership (komanditná spoločnosť, k.s.)
  • General partnership (verejná obchodná spoločnosť, v.o.s.)
  • Co-operative (družstvo).

CONTRACTS OF EMPLOYMENT

All types of employment contract must be in writing and the subject of work must be described.

The contract of work must include:

  • The type of work for which the employee was accepted and its brief description
  • The place of work performance (the municipality and organisational part, or other specified place)
  • The day the work starts
  • Salary conditions, unless agreed otherwise in the collective agreement
  • Working time
  • Payment terms
  • Duration of paid holiday
  • Length of notice period.

TYPES OF WORK CONTRACT

  • Full-time agreement
  • Work performance agreement
  • Agreement on temporary jobs for students
  • Agreement on work activities.

REMUNERATION

The minimum salary is EUR 380.00 monthly or EUR 2.184 / per hour. The employer is obligated to submit to all his employees written detailed information about the wage calculation and all contribution fees for the employee’s as well as the employer’s part.

TRIAL PERIOD

Employees can have a trial period of a maximum of three months.

Manager’s Office
HR & Financial Dept

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