SLOVAKIA – THE INVESTMENT
BRIDGE BETWEEN EAST AND
WEST
Gerta Sámelová Flassiková
alianciaadvokátov
Slovakia – Slovenská republika
Slovakia
• State formation date : 1 january 1993
• Capital : Bratislava
• EU member since : 1 May 2004
• NATO member since...
Slovakia centre of Europe
• Slovakia has very good geographical position sometimes
it is called the heart of Europe
• Also...
Economy
• Economy – an open economy
• Real GDP reached 3.5% in 2012 and it was one of the
fastest rates among all EU count...
Economy
• Russia is considered as very important market for the
Slovak exporters
• Eximbanka – official bank institution w...
Labour market
• The labour productivity in Slovakia is the highest in the
CEE region
• Highly qualified employees. This is...
Links
• Slovakia and Russia are traditionally connected
in several ways
• Slovak territory is crossed by several transport...
Russian companies in Slovakia
• Sberbank – 3rd largest European bank began its activity
in Slovakia on 15 February 2013 af...
Russian companies in Slovakia
• Lukoil – 14 gas stations and further under construction
• Gasprom daughter company Vemex E...
Potential Projects
• Russian railroads – the construction of the wide railroads
across the territory is Slovakia is strong...
Potential Projects
 Production and reparation of the boats
 Lodenice Komárno (shipyards Komarno) has built over
60 per c...
Potential Projects
• Nuclear energy
• 50% of the energy in Slovakia is produced in two nuclear power
plants. All the block...
Tourism
 On a relatively small territory Slovakia can offer a great variety of
both active or passive holidays.
 Slovak ...
Tourism
• High Tatra mountains gives the good combination of winter sports and
summer activities.
• skiing,snowboarding or...
Doing business in Slovakia
• Why to do the business in Slovakia
• Country with a stable economic and political situation
•...
Legal aspects of the business
• The most usual way to set up a business is to establish or purchase a
company – limited li...
Real estate
 In principle there is no legal limitation for the foreigners
to acquire the real estate in Slovakia.
 Certa...
Real estate
• Once the contract is signed before the notary it should be
filed to the Cadastre office which shall within 3...
Taxation
• From the 1 January the Income tax for the companies has
increased from 19% to 23%.
• Highly critisized step
• V...
Schengen Visa
 Should you like to visit EU for the purpose of
 Tourism
 Business
 Conference
 Sport
You should apply ...
Schengen Visa
• From december 2012 - joint decision of the Slovak Foreign Ministry
and Ministry of Economy on the special ...
Thank you for your attention
• Speaker : Gerta Sámelová Flassiková, managing partner
• Firm: alianciaadvokatov ak s.r.o.
•...
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Gerta Samelova Flassikova. The Investment Bridge between East and West 07.06.2013

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Gerta Samelova Flassikova. The Investment Bridge between East and West 07.06.2013

  1. 1. SLOVAKIA – THE INVESTMENT BRIDGE BETWEEN EAST AND WEST Gerta Sámelová Flassiková alianciaadvokátov
  2. 2. Slovakia – Slovenská republika
  3. 3. Slovakia • State formation date : 1 january 1993 • Capital : Bratislava • EU member since : 1 May 2004 • NATO member since : 2004 • Schengen member : 27 Dec. 2007 • Euro (€) : 1 January 2009 • Population : 5.5 million • Political system : Parliamentary democracy • Government : Left wing from March 2012
  4. 4. Slovakia centre of Europe • Slovakia has very good geographical position sometimes it is called the heart of Europe • Also location of our capitaI city Bratislava is very favourable - only 60kms to Vienna, 320kms to Prague, 200kms to Budapest. • Large EU companies often use Slovakia as a starting point for their further steps eastward • The same applies for the Russian and Asian companies on their way to the EU
  5. 5. Economy • Economy – an open economy • Real GDP reached 3.5% in 2012 and it was one of the fastest rates among all EU countries • Russia is Slovakia´s 3rd largest business partner • Export to Russia - mainly cars • Strong in – world´s largest car producer per inhabitant (Volkswagen, PSA Peugeot Citroen, Kia Motors) • Further export –machinery, medical equipment, pharmaceutical products, paper products • Imports from Russia – mainly raw materials
  6. 6. Economy • Russia is considered as very important market for the Slovak exporters • Eximbanka – official bank institution which supports the export of the Slovak companies supported Slovak exporters to Russia within last 2 years with almost I billion Euro. • Due to Russia ´s membership in the WTO since 2012 further development of the mutual business relations is expected
  7. 7. Labour market • The labour productivity in Slovakia is the highest in the CEE region • Highly qualified employees. This is also the reason why many foreign investors are coming to Slovakia • Average wage lower than in the neighbouring countries • Unemployment rate 13.5, but varies widely from region to region
  8. 8. Links • Slovakia and Russia are traditionally connected in several ways • Slovak territory is crossed by several transport corridors • Traditionally there are the pipelines such as oil and gas pipelines Družba and Bratstvo built in the 1962 and 1968. • Transeuropean water corridor of the Danube river crosses 10 countries before it flows into the Black Sea
  9. 9. Russian companies in Slovakia • Sberbank – 3rd largest European bank began its activity in Slovakia on 15 February 2013 after having purchased the Volksbank • Sberbank has concluded with the Slovak government an Agreement on Support of Investments and further 5 agreements on collaboration is expected to be signed shortly with the Slovak institutions • The bank focuses on the small and medium companies and retail • The bank provides the loans under better conditions than in Russia
  10. 10. Russian companies in Slovakia • Lukoil – 14 gas stations and further under construction • Gasprom daughter company Vemex Energo – provides gas for households • further around 200 small and medium companies
  11. 11. Potential Projects • Russian railroads – the construction of the wide railroads across the territory is Slovakia is strongly considered. The president of the Russian railroads Vladimir Jakunin stated during his visit in Slovakia in April that the most practical route would be through the Slovak territory • 450kms on the Slovak territory, 60 kms in Austria • 11 thousand working places • Investment of 6,5 billion € • It shall reduce the transportation time of goods from Asia to Europe from 30 to 14 days
  12. 12. Potential Projects  Production and reparation of the boats  Lodenice Komárno (shipyards Komarno) has built over 60 per cent of the boats which are still sailing on the Russian rivers  Renewable sources of energy- urgent need for diversification Slovakia´s energy sources. Opportunities for thermo, solar, biomass, biogas,geothermal, hydro biofuel and alternative fuel technologies.
  13. 13. Potential Projects • Nuclear energy • 50% of the energy in Slovakia is produced in two nuclear power plants. All the blocks were built after the Russian design. • discussions with Rosatom which considers purchase of 49% of the shares of the company JESS which shall build the new nuclear reactor. • Conditions of Rosatom is the long term fixation of the the electricity price
  14. 14. Tourism  On a relatively small territory Slovakia can offer a great variety of both active or passive holidays.  Slovak Spa  Slovakia is one of the richiest countries of the world regarding the number and quality of mineral water resources. There is a great number of healing spas, as well as large family aquaparks.  All the spas can be visited all year round  The spa heal mainly  Dermatological problems  Arthritis  Cardiac problems
  15. 15. Tourism • High Tatra mountains gives the good combination of winter sports and summer activities. • skiing,snowboarding or sledging in the winter • tracking, climbing, hunting or fishing in the summer
  16. 16. Doing business in Slovakia • Why to do the business in Slovakia • Country with a stable economic and political situation • Very good telecommunication coverage • Good standard of living and relatively low costs of living • Slovakia – member of the Schengen Area, which guarantees the free movement of persons once you are there • Traditional culture of the country is a combination of the European and Slavic culture
  17. 17. Legal aspects of the business • The most usual way to set up a business is to establish or purchase a company – limited liability company • Established within a short visit to Slovakia • Registered capital - Euro 5000, only formally, from October to be deposited in the bank • Registration of the company within 5 working days from filing to the court • The director (konatel) of the company who acts on behalf of the company can be either a local person or a Russian citizen with the residential permit – max 3 years. • Recently a business plan has been required from the businessmen at the foreigner´s s police
  18. 18. Real estate  In principle there is no legal limitation for the foreigners to acquire the real estate in Slovakia.  Certain limitations apply to the foreign individuals who would like to purchase agricultural land.  Purchase of real estate is still considered as a relatively safe form of investment  Use the lawyer for drafting the contract  Attention to be paid to –  Property title and owner  Non existence of the burdens  Form and time of payment
  19. 19. Real estate • Once the contract is signed before the notary it should be filed to the Cadastre office which shall within 30 days pass a decision on the registration of the property title (15 days for extra payment) • The purchaser shall become the owner of the real estate only when this decision is passed, not by signing the purchase contract. • There is an internet portal where you can check most of the existing real estates in Slovakia (in Slovak only)
  20. 20. Taxation • From the 1 January the Income tax for the companies has increased from 19% to 23%. • Highly critisized step • VAT tax is 20%
  21. 21. Schengen Visa  Should you like to visit EU for the purpose of  Tourism  Business  Conference  Sport You should apply for Schengen visa which entitles you enter the whole Schengen territory 22 countries (from Slovakia in the east to Portugal in the west, from Finland in the north to Italy in the south) Sometimes required an invitation - If from individual, proof of coverage the costs related to the stay - If from company, similar subject of business, coverage of the costs - 30 days for issuance of the visa
  22. 22. Schengen Visa • From december 2012 - joint decision of the Slovak Foreign Ministry and Ministry of Economy on the special regime for the citizens of Russia and Ucraine • If the purpose of the visit is tourism, visit of the relatives or business the applicants shall receive multiple entry 2 years Schengen visa • If the applicant has used legally this 2 year Schengen visa he/she may acquire multiple entry 5 year Schengen visa • The Foreign Minister stated that there will also be effort from the side of the consulates to shorten the period from 10 days to 48 hours. • It is also planned that the application for the visa could be arranged through the postal service from certain appointed places.
  23. 23. Thank you for your attention • Speaker : Gerta Sámelová Flassiková, managing partner • Firm: alianciaadvokatov ak s.r.o. • Website: www.aliancia.sk • Tel.: +421 2 57101313 • Fax: +421 252453071 • Email:flassikova@aliancia.sk The content of the presentation cannot be applied as legal counselling as this will always be subject to actual and specific knowledge of the client’s situation.

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