Slovakia residence permit for business
Slovakia issues a residence permit to those who conduct business in the country. Forms of participation can be different - individual entrepreneur or SRO (Slovak version of LLC), creation of business or purchase of business. To obtain the status, you will need permanent accommodation, minimum amounts on accounts and a detailed business plan, and to renew it, you will need profit on the company's accounts and permanent residence in the country.
Program's details
- Residence permit for 1-2 years with the right of extension
- Very quickly 3–4 months
- For the whole family spouses and children
- 2 options A sole entrepreneur or company
- Minimum investment €4,300 / €21,500
- Required personal capital and accomodation
- Visiting Schengen area up to 90 days in half a year
- Permanent residence and citizenship in perspective
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About the Program
Slovakia welcomes foreigners who are ready to invest in its economy, but such a way as buying real estate will not be enough to obtain a residence permit. Therefore, wealthy foreigners often resort to setting up or buying a business in the country. There are two main forms for this - IP and SRO (Slovak analogue of LLC). The scheme of actions for them is similar, but the minimum costs will differ. It is possible to become a sole entrepreneur for a modest amount, but the attitude of the authorities towards the owner of a profitable company will be better.
The main condition is a convincing business plan, sufficient funds in personal and corporate accounts, as well as the availability of accomodation in Slovakia. You can prepare a full package of documents, including a business plan, and apply for a residence permit in your home country, or you can do it upon arrival in Slovakia with a national visa D. The second option is preferable: if you have already settled in the country and started a business, the probability of refusal is much lower.
The property you provide as your permanent address can be owned or rented. At the same time, the purchase of real estate significantly increases the chances of a positive decision - the authorities treat those who have already invested in the local economy much better.
And one more important point. According to Slovak law, only a citizen of Slovakia or a foreigner with a residence permit can be a director of a company or a proxy of a sole entrepreneur. This means that until you receive a residence permit, a local resident will formally run your business in the country. That is, within three months or more it will be necessary to pay a salary to a nominee representative.
The first residence permit is issued for a period of 1-2 years, depending on home ownership and business characteristics. After 5 years of residence in Slovakia, a foreigner receives the right to permanent residence permit, after another 3 years - to citizenship.
The issuance of a residence permit on the basis of a business is regulated by Law No. 404/2011 "On Residence of Foreigners".
Conditions for obtaining a residence permit
- from €4 300
Sole entrepreneur
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- the minimum amount on a corporate account of a sole entrepreneur should be from €4,300
- the minimum amount on the personal account of the applicant should be €2,580
- there should be permanent address for all applicants for a residence permit (real estate owned or leased)
- from €21 500
Company
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- the minimum amount on a corporate SRO account should be €21,500
- the minimum amount on the personal account of the applicant should be €2,580
- there should be permanent address for all applicants for a residence permit (real estate owned or leased)
To extend the residence permit, the size of the profit and taxes paid from it will be decisive. For a company, the annual profit should be at least 60 minimum living wages (about € 13,000), for sole entrepreneurs - at least 20 minimum living wages (€ 4300). If the profit is twice as much, the residence permit will be extended by two years, if three times - then by three. In order to reach the desired indicators, business owners often artificially increase the size of their profits by paying extra from their own funds. This option also needs to be taken into account, because the success of your business is not guaranteed.
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Requirements for the Applicants
- Having a business plan. It will be examined at the Ministry of Economy of Slovakia for the potential benefits of your business for the development of the country.
- Accomodation (owned or rented). It is recommended to conclude a lease agreement for 2 years - this motivates to issue a longer residence permit.
- The presence of minimum amounts on personal and business accounts. They are calculated based on the minimum living wage in the country. From 1 July 2020 it is € 215 per month.
- The applicant's personal account must contain at least 12 minimum wages for each adult and half of the amount for a child. An sole entrepreneur should have at least 20 living wages on the account. The company account should have at least 100 living wages.
- There should be no criminal record.
- Medical checkup. Applicants for a residence permit should not have dangerous infectious diseases.
An entrepreneur can apply for a residence permit for a spouse and children as well. Relatives receive a residence permit for family reunification, the spouse has the right to work for hire.
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Documents
Personal
- Application form.
- International passport valid for 1.5 years in stock.
- Internal passport.
- 2 photos for a Schengen visa (3 x 3.5 sm.)
- Certificate of no criminal record at the place of residence. If in the last 3 years you have lived abroad for more than 6 months, you will also need a certificate from this country.
- TIN from the applicant's homeland.
- Permanent residence address.
- Power of attorney in the Slovak language, certified by the Slovak consulate.
- Medical insurance.
- Confirmation of sufficient funds in the personal account.
- Receipt of payment of duties.
For the family
- Marriage certificate.
- Birth certificates of children.
- Police certificate of no criminal background for the second spouse and children over 14 years old.
- Medical insurance for each family member.
- A statement from the main applicant that he undertakes to support his family in Slovakia.
For the business
- Certificate of registration of a sole entrepreneur or a business plan for an LLC.
- Extract from the commercial or business register.
- An extract from the business account to confirm the provision of business activities.
All foreign language documents must be translated into Slovak and officially certified. All certificates are valid for 3 months.
Additional expenses
- State fees
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€250 for the main applicant. This amount includes the fee for filing an application, for the production and delivery of a residence permit card. The fee for the application of the spouse will be half as much, for children under 18 years old it is not charged.
- Legal expenses
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€1,500 - 5,000 - this amount may include the preparation of a full package of documents, accompanying the applicant in official institutions, opening a bank account, registering a company, translations and notarization of documents, etc.
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Rights and Obligations
- To conduct business and work for hire in Slovakia.
- To travel to the countries of the Schengen area.
- To get permanent residence after 5 years and citizenship of Slovakia - after 8 years of residence in the country. In this case, you will need to pass a language proficiency exam. The first citizenship can be retained.
- To educate children in schools and universities for free.
- To benefit from medical services and social benefits.
- To pay all applicable taxes on personal and corporate income.
- To extend the residence permit, you should stay in Slovakia for at least 183 days during a calendar year.
The procedure for obtaining
