Doing business of Foreign Persons in Slovakia

Yes, as long as you have been granted residence as a Slovak Living Abroad, you may conduct business activities, including within a joint-stock company. This follows directly from Section 29(3) of Act No. 404/2011 Coll. on the Residence of Foreigners. A Slovak Living Abroad may thus serve as a statutory body of a commercial company (managing director, member of the board of directors).

It is necessary to distinguish a shareholder from a statutory body (e.g., a managing director or a member of the board of directors). Generally, foreign nationals—including third-country nationals—may be owners (partners, shareholders) of a commercial company in Slovakia regardless of the purpose of their granted residence, or they may not even have residence granted in the territory of the Slovak Republic at all. The Commercial Code also does not preclude a foreign person from being a member of the board of directors.

Similarly, your wife may engage in business activities provided she has residence for the purpose of family reunification. This follows from Section 27(6) of the Act on the Residence of Foreigners (“A third-country national who has temporary residence for the purpose of family reunification may conduct business; this shall not apply in the case of a family member under subsection 2(e) or (f), who may not conduct business.”)

In general, the Commercial Code allows foreign persons the same business conditions as natural and legal persons conducting business in the territory of the Slovak Republic. This fact follows from Section 21(1) et seq. of the Commercial Code: “Foreign persons may conduct business in the territory of the Slovak Republic under the same conditions and to the same extent as Slovak persons, unless otherwise provided by law.” “For the purposes of this Act, a foreign person shall mean a natural person with a residence or a legal person with a registered office outside the territory of the Slovak Republic.” However, in each specific case, it is necessary to take into account the specifics regulated by the Act on the Residence of Foreigners.

The legal regulation permits the establishment of a joint-stock company by a single founder, provided that the founder is a legal person. A natural person alone cannot establish a joint-stock company. The Memorandum of Association and the Foundation Deed must contain the same requirements. Current legal regulations require the participation of a notary to draw up a notarial deed when drafting the Foundation Deed or the Memorandum of Association.

A natural person who is a foreign national, as well as a foreign legal person (company), may serve as a shareholder of the company. In the case of a natural person, it is generally not required to submit any special documents to the Commercial Register; in the case of a foreign company, an extract from its foreign commercial register or other record in which it is registered must be submitted, naturally with a translation into the Slovak language and provided with an apostille or superlegalization, if required (the Slovak Republic has international treaties with certain countries, and such certification is not necessary).

A foreign national may also serve as a managing director of an s.r.o. The foreign national must submit a criminal record extract either from their country of origin (of which they are a national) or from a country where they have resided for at least 6 months during the last 5 years. If the foreign national is from a European Union member state, it is sufficient to submit an unofficial translation of the criminal record extract. In the event that the foreign national is from a third country (non-EU), the criminal record extract translation must be official, prepared by a translator registered in the register maintained by the Ministry of Justice of the Slovak Republic.

If the foreign national is not a citizen of an EU or OECD member state, they must have a registered residence within the territory of the Slovak Republic. Residence in another EU country is not taken into account.

According to the opinion of the Foreign Police Department of the District Directorate of the Police Force (OCP PZ) in Trnava, which we managed to obtain, “the law does not regulate this specific issue, but in general, the final balance of the last month is important.” According to the statement from the Directorate of the Border and Foreign Police (RHCP) in Prešov, “the final balance must reach the amount stipulated by law.” The OCP PZ in Nitra also concurs with these statements, asserting that “the specified amount must be the balance in the last month of the account statement.” Similarly, according to the opinion of the RHCP in Bratislava, “the required account balance must be present in the account as of the date the confirmation is issued; there may be transactions in the account during the preceding months. Provided the individual is residing in the territory of the Slovak Republic lawfully, they may submit an application for temporary residence.”

Regarding the application for temporary residence for the purpose of business in Slovakia while the foreign national is staying in Slovakia under a visa-free regime, the foreign national has the option to submit the application during this period. This follows from Section 31(3) of Act No. 404/2011 Coll. on the Residence of Foreigners, pursuant to which: “A third-country national may submit an application for temporary residence in person also at a police department, (…) in the case of a third-country national for whom a visa is not required.”

Yes, they can, based on Section 31(3) of Act No. 404/2011 Coll. on the Residence of Foreigners, according to which: “A third-country national may submit an application for temporary residence in person also at a police department if they are residing in the territory of the Slovak Republic on the basis of a valid residence permit pursuant to a special regulation, a granted tolerated stay pursuant to Section 58(1)(a) to (c) or (2), a granted Schengen visa for the purpose of seasonal employment, a granted national visa pursuant to Section 15, in the case of a third-country national for whom a visa is not required, in the case of a third-country national who has been granted temporary refuge in the territory of the Slovak Republic, or in the case of a holder of a Certificate of a Slovak Living Abroad; this shall not apply in the case of a third-country national applying for temporary residence pursuant to Section 23(5), or in the case of a third-country national who has been granted a national visa pursuant to Section 15(1)(b) and applies for temporary residence for a purpose other than that declared upon the granting of the national visa, unless it is an application for temporary residence pursuant to Sections 24 to 26. A third-country national is entitled to reside in the territory of the Slovak Republic until the decision on this application, provided they have submitted a complete application for temporary residence.”