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Slovak Republic lies near the geographical centre of Europe, creating an important junction of trans-european roads, railways, waterways and oil/gas pipeline routes.EU MembershipSlovak Republic joined the European Union on 1 May 2004. Free travel and movement of goods means that you can take advantage of the opportunities in Slovakia without the constraints of doing business across the EU boundary. Please see the following links for more detailed information: UK Trade & Investment on opportunities in Slovakia Flat rate of tax at 19%Since 1989, the post-communist governments in Slovakia built an effective legal and economic framework supporting the private enterprise. Leading global companies in the finance, industrial and consumer sector now have an established presence in Slovakia. To attract more foreign investment and to provide further incentive to domestic enterprise, the Slovak Government introduced a flat rate of corporation and personal tax set at 19% from 1 January 2004. This is the lowest income tax regime in Europe and one of the lowest (excluding tax havens) in the world. Even if you don’t set up your own business in Slovakia, you will benefit from the low taxation indirectly, as your Slovak trading partners will be at a competitive advantage compared to the rest of EU. To find out more about the new tax regime in Slovakia, see these links: Slovak Spectator’s article on 19% uniform tax Low cost base, highly skilled and motivated workforceA quality educational system, relatively low cost of living and a significantly higher rate of unemployment compared to the core EU states combine together to create a labour market that is highly competitive and employer friendly. With government grants available to subsidise job creation and the average gross annual salary being about £3,000, now is the time to outsource, relocate or expand your labour intensive processes to Slovakia. BBC’s article on Slovakia (2.5.2005) |
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