Weighing the Pros and Cons of Starting a Business in Slovakia
Strategically situated from Vienna on the river Danube close to Austrian and Hungarian borders, Slovakia is one
of the most is politically stable EU Member States. Also known as the central European leader in economic
development, Slovakia is known to have an open economy. It is situated in the heart of Europe, and its capital,
Bratislava, is the focus for investment in the country, and is undoubtedly the center of interest among investors
that are interested in investing here. Geographically, Slovakia is at very centre of Europe, with a tremendous
combined market potential.
The economic climate
The Slovak Government has set comprehensive and deep structural reforms that have focused on developing a
business friendly environment for investors, and this allows for provision of regional investment and
employment aid for investment or expansion projects of industrial production, technology centers, strategic
service centers, and complex tourism centers. Slovakia has been named as one of the 20 most investor friendly
countries in the world by the World Bank. The labor productivity in terms of GDP per hour worked demonstrates
a very strong labor productivity growth in Slovakia. The investor friendly policies that have been adopted by the
government are the main force behind the acute raise of foreign direct investment. The Slovakian economy
continues to grow due to a significant progress in the macroeconomic stabilization and structural reform.
The main business opportunities and cities in Slovakia
The automotive sector is currently one of the fastest growing sectors in Slovakia. Due to the low cost base of
Slovak businesses and its membership in the EU, it is possible to reduce costs and increase profits. The main
areas for business in Slovakia include the Automotive Industry, Clothes and fashion, Food and drink,
environment, and education and rural development training. While the main cities that can be considered for a
business expansion in Slovakia is Bratislava, Koice, Preov, Ilina, and Nitra.
Overcoming the Challenges with a business expert
When e xpanding business overseas , it is no easy task to gain a stronghold in an unknown territory which may be
laden with many unforeseen pitfalls. Every country has different laws, and it is a challenge to be with all the
details of the various countries. Planning ahead along with a reliable partner is the key when starting a business
in Slovakia. Problems in business can happen at any point, but with the assistance of a professional, it is possible
to keep all difficulties at bay. You can get all the necessary assistance in various areas of business like HR, Legal,
payroll, expatriate advice, international accounting, employee benefits, etc.
Also read on - sas compliance, expat tax advice