4 changes in the Commercial Code from 1.2.2023
The amendment to the Commercial Code brings 4 interesting changes that will simplify and speed up your business.
- Form Ltd.: Possibility to register form Ltd. via the electronic form submitted to the District Court Žilina in just 2 working days. All you have to do is fill in a standardized memorandum of association (form), which will be posted on the website of the Ministry of Justice of the Slovak Republic.
- SICAV more attractive for investors: A joint-stock company with variable share capital (so-called SICAV) will be able to issue shares of various kinds, e.g.: founding and investment shares associated with the right to repurchase to the SICAV account. The purpose of this change is to make investing through SICAVs more attractive.
- Simplified establishment of an organizational unit: Possibility to establish an organizational unit of a foreign entity in the territory of the Slovak Republic without the need to obtain a trade license in advance. A trade license comes into existence on the day of registration in the Commercial Register. The option can only be used by the founder who has an open account with a bank in an EU or EEA Member State. The head of such an organizational unit must be kept in the Slovak Register of Natural Persons. An organizational unit may have a maximum of 15 free trades registered in the subject of business.
- Exchange of information between business registers within the EU and EEA: If a Slovak company establishes an organisational unit in an EU or EEA country, the Slovak Business Register will enter information on the existence of such an organisational unit in the foreign register directly in the Slovak Commercial Register. The Slovak Commercial Register automatically notifies the change in the identification data of the Slovak founder of an organisational unit to the foreign commercial register. This eliminates the obligation for entrepreneurs to duplicate entries of the same data in the registers of different countries.
In case of futher questions.
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