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+421 917 442 035

Šancová 4007/48 81105 Bratislava, Slovakia

office@euro-pass.sk

Termination of activity as an individual entrepreneur

Termination of business in Slovakia: full support of the termination of activity as an individual entrepreneur. 

 

If the business in Slovakia is no longer needed for some reason, the question about its termination arises. You should not leave the individual entrepreneur just as it is, without termination. There are several reasons for this:

 

  •     prior to the liquidation, there are obligations to file a tax return annually. In addition, there may be expenses related to the maintenance of the address and postal services;
  •     this may negatively affect your stay in Slovakia and when crossing the Schengen area. 

 

There are 3 ways to terminate a business:

  1. Reregistering. To do this, you need to find a buyer – a person who wants to buy your business. It is usually quite difficult to do this, because the company may have hidden debts. Therefore, in most cases, entrepreneurs prefer the registration of new companies without prehistories and possible debts. 
  2. Bankruptcy. A complex and lengthy procedure. 
  3. Liquidation of the company or termination of an individual entrepreneur/a private entity.

Need a consultation?

You can get a free * consultation on all additional issues during the day! Our specialist will contact you within 1 hour.

make an appointment for a consultation

*detailed long consultation, support of you in registration of documents can be paid in addition.

Since October 2020, there have been changes in the legislation of Slovakia regarding the liquidation of the company. There is a new requirement which is depositing 1500 euros to the notary’s account. This deposit can be returned in full if the company has no debts to the state authorities. This requirement comes from the fact that the liquidation of the company is the final process. After its completion, there is no company and its successor. Therefore, there is no way to recover the debt.

Termination of the activity of an individual entrepreneur / a private entity in Slovakia is much easier and faster. If an individual entrepreneur turns out to have some debt after the completion of the procedure, it is assigned to the individual who opened the business. 

Our company provides full support in the process of termination of the activity of an individual entrepreneur, starting from entering into the liquidation and collecting necessary documents to deleting data about a private entity from the register. Usually, the whole process lasts up to two months. 

Frequently asked questions

What business can be opened in Slovakia?

Slovakia is a developing and promising country. You can open any kind of business in any sphere. This can range from opening your own small outlet to sell a variety of goods or a café and up to building a cottage village or skyscraper. It is very important to remember that in order to achieve maximum success you need to personally engage in this business.

Is it possible to buy an existing business?

Yes, the Internet is full of offers to sell an existing business. 

Where to go to process the documents?

When processing the documents, we accompany you to the Foreign Police Department to submit the application in person.   You can also submit the application in person at the Foreign Police Department at your place of residence if: - you are in Slovakia on the basis of a valid temporary residence permit; - you are in Slovakia on the basis of a valid national visa; - you do not need a visa to stay in Slovakia; - you are the holder of a Certificate of a Slovak living abroad; - you have been granted tolerated residence (acc. to Paragraph 58 section 1, points a-c or section 2)   If you are not in Slovakia, the application is submitted to the Embassy of the Slovak Republic in your country. At the embassy, you have a personal interview for the purpose of a preliminary assessment of the application.

How to buy a business in Slovakia?

Buying a business in Slovakia will allow you to easily enter into contracts with European companies on a direct basis and do business in the EU.   We provide assistance in choosing the right business and drawing up all the necessary documents.   You can consider buying a foreign company that has or does not have a corporate bank account.   In addition, we provide the opportunity to receive nominee service, as well as legal or accounting services for a foreign company.

Can foreigners open a business in Slovakia?

Yes, they can. Slovakia is a developing European country. Legislation here is aimed at supporting and developing business, and investment is supported by government programs. Starting a business in Slovakia is a legal way for foreigners to obtain a residence permit.   Our specialists will provide full support in the process of registration and opening of an individual entrepreneur / a private entity in Slovakia on a turnkey basis.

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