BUSINESS BRIEFS

Founding firms in Slovakia very slow

A WORLD Bank report says that establishing a firm in Slovakia takes almost as long and is as complicated as it is in Botswana.

Business people must arrange at least 10 different formalities, and the process of setting up a business operation lasts at least 3 months.

The study said conditions for business people in Slovakia were far behind those of business people in Australia, Canada, New Zealand, Denmark, and the US.

In terms of expenses, the establishment of a firm in Slovakia costs as much as it does in Australia - $401 (€342) - where the process is the fastest.

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