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New rules make starting limited liability companies more difficult

New rules for establishing a limited liability company will come into effect in October 2013, at which point they will be required to deposit at least €5,000 into the bank until the state office registers the new company. The government is proposing this change (created by the Justice Ministry) so that business partners will have a better chance of getting their money back from an indebted company.

New rules for establishing a limited liability company will come into effect in October 2013, at which point they will be required to deposit at least €5,000 into the bank until the state office registers the new company. The government is proposing this change (created by the Justice Ministry) so that business partners will have a better chance of getting their money back from an indebted company.

However, the Sme daily wrote in its Tuesday, May 28 issue that this purported reason might not necessarily be true, as a single day after being officially registered, the company can withdraw the money and spend it on office supplies. On the other hand, the step will make the enterprise more difficult for people who want to start a business with less money, forcing them to borrow money, Sme wrote.

The SITA newswire wrote that Austria has decreased the amount required to start a limited liability company – from €17,000 to €5,000. SITA quoted the Austrian Justice Ministry as claiming that the average amount of stock capital in the European Union is €8,000, with Germany requiring only a symbolic €1, for example.

(Source: Sme, SITA)
Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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