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Slovakia drops in Doing Business ranking

SLOVAKIA has slipped in the Doing Business 2014 ranking compiled by the World Bank.

SLOVAKIA has slipped in the Doing Business 2014 ranking compiled by the World Bank.

Slovakia ended in 49th place in the Doing Business 2014 ranking, released on April 15, which is a drop from the previous year’s 43rd placing. In the Starting a Business category, however, Slovakia fell 28 points from last year’s 80th place to 108.

“This is due to the newly-introduced obligation for those requesting their company to be entered into the Business Register, to request the consent of the respective tax authority with [the company to be registered],” Slovak Business Agency (SBA) spokeswoman Dominika Bíziková said, as quoted by the TASR newswire.

The office issues the consent within five working days, but only in the event that the applicant does not owe more than €170 in taxes or tolls. Foreign applicants only need to submit a written statement that they do not have tax and toll debts in Slovakia in order to receive the consent of the tax office, she explained.

According to the SBA, a company has 90 days to register with the Business Register since the day it is founded, and the registry court will make the entry in the registry within two days since the propsal to register is delivered. These deadlines were introduced as of January 1, 2014.

The Business Registry entry costs €331.50, and if submitted electronically, the fee is halved.

The basic capital and the share payments of businesses must be deposited in a special account in a bank as of December 1, 2013. The basic capital must be at least €5,000.

Source: TASR

Compiled by Michaela Terenzani from press reports.
The Slovak Spectator cannot vouch for the accuracy of the information
presented in its Flash News postings.

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