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Slovakia: a Place to Grow

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Slovakia: a Place to Grow 16th Edition Your key to understanding the Slovak business environment and its challenges € 7 investmentinvestment ADVISORYADVISORY GUGUIDIDEE 2015/20162015/2016 17th Edition Your key to understanding the Slovak business environment € 7 investment ADVISORY GUIDE 2016/2017 Slovakia: a place to grow general partner content advisor general partner content advisor titulka.indd 1 18. 11. 2016 11:44:39 titulka.indd 1 20. 11. 2015 13:30:43 The Slovak investment environment Contents 3 through the eyes of the Investment Support Association - ISA Investment Advisory Guide CONTENTS Investor’s checklist 4-13 Slovakia basics 4 Slovakia & central Europe: distances, population 4 Trade Development Agency different type of production for example electric goods etc. Foreign direct investment: overview 5 Industrial parks in Slovakia 6 (SARIO) has 42 projects with Following the manufacturing industry are the services (20%) Slovak infrastructure 6 the investment potential in and IT sector (10%). Business service centres (BSCs) 7 Information on Slovak regions 8-9 progress. Investment Support the end of this election term in 2020, courts should act faster and the rule of law Structure of regional economies, Largest companies in Slovak regions 8-9 Association (ISA) reports that it ISA: Queries by sectors should improve. That is at least the vision of Justice Minister Lucia Žitňanská, who Useful contact details 10 prepared 94 investors´ queries in took up the post in April 2016 – one that she also held once before. Industry in Slovak regions 10 By Timeline: Construction of a new plant 12 the year 2016. For now, it is still just a vision and a promise, just like the one to scrap tax licences, which the gov- Timeline: Establishment of a new company 13 Services ernment pledged to do by 2018, but which still lacks an actual legislative proposal. Meanwhile, the recent Timeline: Mass recruitment 13 20% changes in taxes and levies, set to become effective as of 2017, come as a disappointment to entrepreneurs IT 10% active in Slovakia. Much like the tax on dividends, some see the changes as violating the principle of Opportunities 14-25 Other single taxation. Automotive industry 14 ISA: Queries by individual months 18% Startups 18 Even though the tax policy might not always be a cause for celebration among businesses and there Information technology (IT) 20 remains a lack of qualified workers in some sectors, Slovakia has confirmed its position as an automotive Investment opportunities: patents and startups 22 13 Agriculture 23 12 industry stronghold. 11 11 11 Manufacturing OthTheer three carmakers operating in the country hit production records in 2015, and they are expected 26-43 9 Industry Government policy & legislation to 18%repeat or increase those numbers in 2016. Construction is underway in Nitra for the premises of the Tax changes and combating shells 26 7 7 7 52% 6 Legislation: FAQ from Slovak clients 27 fourth carmaker to join them, Jaguar Land Rover (JLR). It is expected to boost economic growth, and Interview: Justice Minister 28 increase the high technological standard for car production. Supporting investments in Slovakia 30 Legislation: FAQ from foreign clients 31 The ink on the contract between JLR and Slovakia was hardly dry before the question was asked Criminal liability of legal entities 32 whether Slovakia could become a home to yet one more carmaker. Yes, it can, say market watchers. But it 10 largest law firms in Slovakia 37 10 largest international law firms in Slovakia 38 January February March April May June July August September October The aim of the ISA is to assist investors in the penetration will need to focus on innovation and smart solutions, and electric cars could be an answer for that. 10 largest Slovak law firms 39 to the Slovak market. The five years of existence of the associ- And there is a potential for this development, given the thriving startup ecosystem in the country, Law firms - Top 5 all-time deals in Slovakia 40 which is mostly shaped by the private sector. People from the startup community believe that the poten- Law lirms - 2015/2016 top 5 deals in Slovakia 41 Slovakia´s investment environment showed the potential ation has profiled main fields, in which members support the International law firms in Slovakia 42 for grow and to surprise of some, this is not happening only investors - Architecture & Design, Audit & Tax Services, tial could be even more promising if only public initiatives did not run parallel to private ones, serving as Slovak law firms in Slovakia 43 competition rather than a partnership. in the western part, but throughout the country. Investors Development Services, Construction Engineering, Environ- mental Advisory, Euro Funds Assistance, Energy, Finance & But none of that shapes the atmosphere of the country as much as the corruption scandals and per- Economy & business environment 44-51 are interested to explore new opportunities in the other ception of corruption have, particularly over the past year. People are losing their trust in institutions and Slovak economy 44 Accounting Services, Insurance Services, IT & Telecom, Legal Statistics: Slovakia & the European Union 45 regions of Slovakia as well. Among the most frequently the political situation in the country. Much like in other countries in the region, this leads some voters to Investment highlights 46 expressed factors are the educated workforce with lower Services, Recruitment & HR Services, Management Advisory, Chambers of commerce 48 look toward extreme alternatives. Consulting firms: management 49 labor costs in a combination with high productivity and Real Estate. These fields show the results of cooperation In a time of economic growth and prosperity, this looks to be the main challenge now facing the Consulting firms: finance and tax 50 most importantly – Eurozone membership and overall11 between ISA, their experts and experiences and SARIO with country. Consulting firms: specialised 51 stability. The region itself is responsive and keen to help in know-how. Using their means and professional experience, By Michaela Terenzani, The Slovak Spectator 7 7 the SARIO/ ISA can assist the investors even in setting up Labour market & education 52-57 job creation with the 6multilevel cooperation of the regional Labour market: overview 52 5 5 their business case. This provides Slovakia with the potential Job portals 53 government, local schools and universities, which could be HR companies in Slovakia 53 seen as huge benefit3 and step forward. Successful projects in of attracting new investment, bringing in (along with the IS Statistics: wages & labour costs 54 2 Statistics: labour market 55 the regions could work as an example of continuously company) also up-to-date technology or entire research depart- Employment relations in Slovakia 56 improving investment environment of the country. It ments. FAQ: Dealing with Slovaks 56 y y l y t r r N FIN r r a ly e e a a rch ri u us b b S remainsu uthe trutha thatp all theM regionsJune of JSlovakia have quiteo n r A ug t a b M A tem c Real estate 58-65 J e p O F e Róbert Šimončič large advantage in educated, productive and multilingualS EST Real estate market overview 58 General Manager of SARIO and Chairman of the ISA Executive Committee RUS Real estate prices in Slovakia (sale, rent) 60 Moscow workforce which tops EU statistics. According to the Euro- DK IRL LT Construction firms 62 Copenhagen pean Commission, Slovak labor force ranks third in the GB Vilnius BY Real estate consulting 63 Developers 65 NL Warsaw EU in attaining upper secondary or tertiary education and B Real estate agencies 65 Brussels D PL for the automotive industry. Although the truth Using their means and professional experience, L Prague Kyiv 80% of our population speaks at least one foreign language. CZ UA SK F Vienna MD Foreigners in Slovakia 66-69 Inis thatterms the of performance,“wheels” of Slovakthat sector labor forceserved ranks as afirst in the SARIO/ISA-tandem can assist the investors CH A H SLO RO Chisinau What foreigners ask before relocation to Slovakia? 66 CEE labor productivity charts and yet still keeping high Bucharest Trade licences and doing business in Slovakia 66 “vehicle” for other industry sectors as well. The P Belgrade even in setting up their business case. This AND I BIH Lisbon SRB Soa FAQ: EU citizens - dealing with immigration authorities 67 cost efficiency. From the perspective of the structural BG E FAQ: Non-EU citizens dealing with car manufacturers accelerated the development of provides Slovakia with the potential of attracting Rome AL MK investment demands, there is not sole emphasis on car Tirana immigration authorities 68 industrythe entire anymore supply-chain, for several deli yearsvering now. theEven necessary if the data new investment, bringing in (along with the GR TR Relocation companies 68 Athens showsproduction that theinputs, automotive as well industry as support still services.have massive company) also up-to-date technology or entire M CY Index 70 impactAlong onwith investments, that, Slo vakiaas evidenced is gradually by the becominglatest Jaguar an research departments. LandroverSSC for the investment entire Euroin Nitra,-African which region.results in According massively expand subcontracting companies and increasing total to independent analyses, the SSC-sector employs employment ISA reports reflect that almost 40% of invest- Róbert Šimončič ment35 to queries40 thousand in manufacturing people deli industryvering servicesare focused for on General Manager of SARIO and Chairman of the ISA Executive Committee SP016088/001 titulka.indd 2 18. 11. 2016 11:14:01 4 Investor’s CheCklIst Investor’s CheCklIst 5 SloVAKIA Basics (more information pages 14-25) Government structure: parliamentary In Slovakia, there is a special levy for Ratings Main economic activities by gross Main import countries (2015): Main sectors by no.
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