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BUSINESS IN SHORT

Rules for granting state aid to change

THE ECONOMY Ministry has already drafted an amendment to the law on investment aid, the SITA newswire reported on November 19.

THE ECONOMY Ministry has already drafted an amendment to the law on investment aid, the SITA newswire reported on November 19.

“Regarding the inflow of foreign investments the economic policy [of the government] will be focusing mainly on the support of established investors, expanding their activities in Slovakia, through post-investment care and their more intensive involvement in industrial research and development,” the Economy Ministry wrote as quoted by SITA.

Both foreign and local investors already established in the country will be obliged to create new job positions when requesting investment aid, with a minimum increase of 20 percent of the average number of jobs in the past 12 months, but no fewer than 40 employees. Aid will not be provided to investors who promise only to maintain already existing jobs.

Newly created job positions will have to be maintained for at least five years.

Other changes include stricter conditions for providing investment stimuli in technological centres and centres of strategic services. Such applicants will have to increase the educational structure of their employees, with at least 70 percent of employees having university education, SITA reported.
The amendment is scheduled to become effective as of April 2013.

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