Establishing a Business
Establishing a business
Slovakia is an ideal investment destination because of its political economic stability strengthened by the common European currency Euro, competitive taxation system tax, and availability of highly skilled and educated workforce offering the highest labour productivity in the CEE region with favourable labour costs. Steadily growing infrastructure, large selection of industrial land and offices available for purchase or lease, harmonised investment incentives and high innovation potential for R&D projects are further assets of the country. Last but not least, the country has a favourable location in the heart of the Europe, between East and West, and between Poland, Hungary, Austria and the Czech Republic.
Slovakia offers great advantages to foreign investors: strategic location between East and West with great export potential, the common European currency Euro and eight lowest debt of GDP in the EU27. In 2010 Slovak economy recorded a 4% GDP growth, one of the highest in EU.The country enjoys positive ratings from international rating companies and gained the best position among the CEE countries in World Bank’s Doing Business Report 2008 - 2013.
Currently the best investment opportunities are observed in sectors of R&D, Design & Innovation, Technology centres, ICT & SW development, BPO -Regional headquarters, High-tech sectors and Tourism centres. Additional opportunities can be found in the traditionally strong sectors with the growth potential in Slovakia: Machinery & Precision engineering, Automotive, Metallurgy & Metal processing, Electronics and Chemistry & Pharmacy. The attraction of Slovak investment environment is proved by constantly raising number of foreign investors and volume of foreign direct investment in the country.
TOP Reasons Why to Invest in Slovakia
- Safe investment environment: political and economic stability
- Central European hub & favourable geographic location with great export potential
- Fastest growing Eurozone member within the last 10 years (CAGR)
- Slovakia 10 Year CEE Leadership in Doing Business 2004 - 2013 (World Bank)
- CEE Leader in Physical Property Rights Security (PRA)
- CEE leader in labor productivity and in TOP 10 hard working countries (OECD)
- High adaptability of labor force to different culture management styles
- Nr. 9 worldwide in adapting to new technologies & high innovation potential
- Official currency EURO as one of a few countries in CEE
- Large selection of industrial land & offices
- Steadily growing infrastructure network
- Attractive investment incentives
All these unique selling points are highly attractive to investors. When looking at any investment the ease of implementation and the security of the investment are key factors to consider. The World Bank Ease of Doing Business Rankings and the Property Rights Index show Slovakia scores highest on both fronts when compared to other CEE countries. Slovak labor force is standardly perceived by foreign investors as educated, motivated, adaptable to culturally different management styles with great multilingual competencies and very positive attitude to work habits. According to OECD Slovakia is one of TOP 10 hardworking countries along with the countries like United States or Japan.
On the plus side, Slovakia is the CEE leader in labor productivity and investment freedom. The investment climate and unique advantages of Slovakia have been shaping the country from a potent precision component manufacturing, metallurgical and automotive assembly hub to a knowledge based economy. Slovakia with its well-diversified and developed base is solidly positioned to retain and expand its foreign investor base.