ABOUT SLOVAKIA

Amongst all the countries in Central Europe, Slovakia is a landlocked country known for its mountainous landscapes and rich history. The capital of Slovakia is Bratislava, which is the largest city and the economic and cultural center of the country. According to the report of the World Bank, Slovakia has been classified as a High-Income Economy. The currency of Slovakia is the Euro (EUR) and the value of Indian currency is significantly lower than that of the Euro (approximately 1 EUR = 89 INR at the time of writing this article). The population of Slovakia is approximately 54.2 lakhs as of 2025. The neighboring countries of Slovakia are Austria, Czech Republic, Poland, Hungary, and Ukraine. The most commonly spoken language in the country is Slovak, with a significant portion of the population also speaking Czech, Hungarian, and English, especially in business circles. The majority of the Slovakian population practices Catholicism, but other Christian denominations and other religions are also followed. While Slovakia is landlocked, it has several international airports, with Bratislava Airport and Košice Airport being the main international gateways. Regular flights are available from these airports to various parts of the world, offering convenient air connectivity. Slovakia also benefits from the Danube River, which facilitates riverine trade through its ports like Bratislava.

The standard corporate tax rate for companies in Slovakia is 21%. For small businesses and individual entrepreneurs, certain tax benefits and simplified accounting rules may apply. Opesh Group of companies will be helping you in completing the Due Diligence process which includes financial planning, registration process, business options, and if required, even helping you find a Rental property for your office.

Establishing a business in Slovakia has to be done with utmost care keeping in mind the laws of the country. The Slovak Commercial Code (Obchodný zákonník) and other relevant legislation provide clear guidelines for foreign investors to register a company in Slovakia. A foreign investor who is planning to start a business in Slovakia can form various types of companies, such as a S.R.O. (Spoločnosť s ručením obmedzeným – Limited Liability Company), A.S. (Akciová spoločnosť – Joint Stock Company), Verejná obchodná spoločnosť (General Partnership), or Komanditná spoločnosť (Limited Partnership). A Limited Liability Company (S.R.O.) formed and registered in Slovakia allows foreign investors to own 100% of the company in most sectors.

In case an investor is planning to establish an S.R.O. in Slovakia or a Joint Stock Company business setup, Opesh Group will be helping you in taking the right decision for setting up your business in Slovakia and we will also guide you about how to follow the procedure while formulating your company in Slovakia.

Types of Business which can be started in Slovakia-

Automotive Industry – Slovakia is a global automotive hub, with major international car manufacturers having significant production facilities here. This sector offers immense opportunities for investment in component manufacturing, R&D, advanced materials, and related services, especially with the shift towards electric vehicles. Information Technology (IT) – Slovakia’s IT sector is rapidly growing, supported by a skilled workforce and government initiatives. Opportunities exist in software development, cybersecurity, AI, IT outsourcing, and digital transformation services across various industries. Machinery and Engineering – With a strong industrial tradition, Slovakia excels in the production of machinery, equipment, and engineering solutions. Opportunities include specialized machinery manufacturing, industrial automation, and high-tech engineering services. Renewable Energy and Green Technologies – Slovakia is committed to increasing its share of renewable energy. Opportunities exist in developing solar, wind, hydropower, and biomass energy projects, as well as in providing green technologies and sustainable solutions. Tourism and Hospitality – Slovakia offers diverse attractions, including stunning natural landscapes (Tatra Mountains), historical cities, thermal spas, and cultural heritage. Opportunities are present in developing hotels, resorts, adventure tourism, health tourism, and cultural experiences. Shared Service Centers (SSCs) and Business Process Outsourcing (BPO) – Slovakia has become an attractive destination for SSCs and BPO operations due to its educated, multilingual workforce and competitive operating costs. Logistics and Transportation – As a landlocked country in the heart of Europe, Slovakia’s strategic location makes it a crucial transit hub. Opportunities exist in logistics services, warehousing, multimodal transport, and infrastructure development. Research and Development (R&D) – With a focus on innovation, there are increasing opportunities for R&D centers, particularly in automotive, IT, and specialized manufacturing sectors, often supported by government incentives.

Advantages of Starting Business in Slovakia-

Slovakia is a member of the European Union and the Eurozone, providing direct access to the vast EU single market and the stability of the Euro currency. Its central geographical location in Europe makes it an ideal hub for logistics, distribution, and manufacturing operations serving the wider European market. Slovakia offers a highly skilled and educated workforce, particularly in technical and engineering fields, at competitive labor costs compared to Western European countries. The country has a stable political and economic environment, with a well-developed legal framework that supports foreign investments. Slovakia boasts a modern and efficient infrastructure, including a well-developed road network, rail system, and growing digital connectivity. The government offers various investment incentives for foreign companies, including tax breaks, subsidies for job creation, and support for R&D projects. There is a strong presence of multinational corporations, especially in the automotive sector, creating a robust industrial ecosystem and supply chain opportunities.

Business Opportunities for Indians in Slovakia-

There are excellent and growing business opportunities in Slovakia for new investors who are planning to expand their operations abroad, particularly those looking for a stable and technologically advanced market within the Eurozone. Slovakia actively welcomes foreign businesses and investors. Indian investors can explore vast business opportunities in sectors such as automotive components, IT, machinery manufacturing, and renewable energy. These sectors are experiencing significant growth and offer substantial potential for collaboration and investment.

Imports & Exports-

The imports and exports business is a crucial component of Slovakia’s open and export-oriented economy. Thorough research and development are vital to identify suitable products for import or export and to assess market revenue potential.

Major items which are exported from Slovakia to India-

Motor vehicles and parts Machinery and mechanical appliances Electrical machinery and equipment Iron and steel products Plastics and rubber products

Major items which are imported in Slovakia from India-

Pharmaceutical products Textiles and apparel Organic chemicals Machinery and mechanical appliances Mineral fuels and oils Agricultural products (e.g., coffee, tea, spices)

Manufacturing-

Indian companies can look into setting up manufacturing units in Slovakia, particularly for automotive components, electronics, specialized machinery, and pharmaceuticals, leveraging the country’s skilled workforce and strategic location within the EU supply chains.

Information Technology (IT) and Software Development-

Given Slovakia’s growing IT sector and skilled talent pool, Indian IT and software companies can find significant opportunities for establishing development centers, offering IT outsourcing services, or collaborating on digital solutions.

Automotive Components-

As a major automotive producer, Slovakia offers extensive opportunities for Indian manufacturers of automotive parts and components, including those related to electric vehicle technology.

Renewable Energy-

Indian companies specializing in renewable energy solutions (solar, wind, biomass) can explore investment opportunities in project development and technology deployment in Slovakia, aligning with its green energy goals.

Major Indian companies which are currently working in Slovakia-

Jindal Saw Ltd. (Steel pipe manufacturing) Apollo Tyres (Tyre manufacturing plant) TATA Consultancy Services (TCS) (IT Services, though more through regional hubs) Various Indian pharmaceutical companies (primarily through distribution or partnerships, as Slovakia imports a significant amount of pharmaceutical products from India).

GDP = $139.7 billion (2024 est.) GDP Growth = 2.4% (2024 est.) Ease of doing business rank = Not applicable (World Bank EoDB index discontinued; generally well-regarded in regional competitiveness reports) GDP per Capita = $25,750 (2024 est.)

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