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±¹Á¦¹ý·ü¿¬±¸¿ø International Legal Research Institute - Korea.
Tel. [+82] (0)10-5295-0621, (0)2-557-3476 Fax. (0)303-0080-7001
Website. www.ilri.co.kr  Email. info@ilri.co.kr


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PETERKA & PARTNERS


ESTABLISHMENT OF A LIMITED LIABILITY COMPANY UNDER SLOVAK LAW

The process of establishment of the company lasts approximately one month after we are provided with all the required documents and the company¡¯s details.
However, the presentation below should not be considered as exhaustive or as the legal advise as it serves only as preliminary and general information relating to the establishment of a limited liability company under Slovak law.

1. The minimum registered capital of a limited liability company in Slovakia is SKK 200,000 (approximately USD 7,400).

The minimum amount of the contribution of one member of the limited liability company is SKK 30,000 (approximately USD 1,115).

The establishment of a limited liability company includes in particular the following steps:
- the execution of a Memorandum of Association / Founding Deed,
- the acquisition of the respective trade authorization and
- the incorporation of the company in the Commercial Register.



2. PROCEDURE

2.1 MEMORANDUM OF ASSOCIATION / FOUNDING DEED

The first step in establishing a company is to execute a Memorandum of Association, substituted by the Founding Deed in the case of a sole founder.

2.2 TRADE AUTHORIZATION

2.2.1 THE PROCEDURE OF ACQUISITION OF THE TRADE AUTHORISATION

In order to perform any business activity, the company must obtain the trade authorisation, either in the form of a Trade Certificate or in the form of a Trade Licence.

A Trade Certificate should be issued within 7 days and a Trade License within 30 days of the date of the submittal of the complete application.

Please note that through a power of attorney we can represent your company before the Trade Licensing Office.

2.2.2 THE SEAT OF THE COMPANY

To apply for a trade authorisation, the company must prove its ownership title or lease agreement relative to the real estate in which it will hold the seat of the company.

Should you need a temporary virtual seat of the company, we are able to provide such a seat for a temporary period of time, for a consideration of SKK 7,900 per month (approximately USD 290). Alternatively, we can, at your request, forward to you contact details of specialised companies providing services regarding a virtual seat.

2.3 REGISTRATION OF THE COMPANY

2.3.1 THE PROCEDURE OF REGISTRATION OF THE COMPANY

Prior to the filing of the request of registration of the company into the Commercial Register, a sole shareholder must fully pay up his contribution.

Should the company have more than one shareholder, the minimum registered capital to be paid up prior to the filing of the application for the registration of the company is SKK 100,000 (approximately USD 3,700). Moreover, every shareholder must pay up at 30% of his monetary contribution.

The competent court will register the company into the Commercial Register within 5 days of the date of the submittal of the complete motion of registration.

Subsequently, the company will have to register with the competent tax administrator for income tax within 30 days following the registration of the company.

Please note that the VAT registration is not obligatory, unless the turnover of the company for the consecutive 12 months amounts to SKK 1,500,000 (approx. USD 55,560).
Through a power of attorney, we can represent your company in the proceedings before the Commercial Register as well as before the tax administrator.

We are also available to open an account in the bank on the basis of a power of attorney.



3. REQUIRED DOCUMENTS

Please note that the following documents will be required for the establishment of a limited liability company:

• An original or verified copy of the extract from the Criminal Register not older than 3 months of all Executive Directors of the established company and the responsible person of the established company;

• An original or verified copy of the extract from the Commercial Register of the founder, not older than 3 months, if the founder shall be legal person.

Please note that the following extracts from the Criminal Register must be to be submitted on behalf of a person who is not a citizen of another EU member:

• An original  or verified copy of the extract form the Criminal Register from South Korea (original accompanied by Apostille);

• An original or verified copy of the extract form the Criminal Register from each country where the prospective Executive Director  resided continuously for more than 3 months in the last 5 years (original accompanied by Apostille, if applicable);

• An original of the extract from criminal register from Slovakia.

The Slovak extract from criminal register can be obtained either in Slovakia (the procedure can take up to 2 weeks) or at a Slovak Embassy abroad (the delays of procedure can differ but usually take up to 2 months) and the following documents have to be presented at the filing of the application:

• original of the passport of the prospective Executive Director;

• original of the birth certificate of the prospective Executive Director (accompanied by Apostille) and officially translated into Slovak if filed in Slovakia.

The delivery of your Slovak extract can be assured by our law firm on the basis of power of attorney with certified signature (shall your signature be notarized by a Notary Public in the Korea an Apostille is required) as well as of the abovementioned documents.



4. VERIFICATION OF THE SIGNATURES AND DOCUMENTS

As to the signature of the documents, basically it is not necessary to sign the documents in Slovakia. However, signatures on some documents must be verified before Notary public and in such a case the respective deeds are subject to further verification (by means of so called Apostille).



5. VISA INFORMATION

According to the mutual agreement between the South Korea and the Slovak Republic the Korean citizens do not require visa status for a short visit, which should not be longer than 90 days and does not allow them to commit any labour activities.

If a Korean citizen wishes to stay in Slovakia for a period longer than 90 days a visa must be obtained through the Slovak Embassy in Seoul.

For more detailed information on the visa obligation please the Slovak Embassy in Seoul. Please find below the contact details.

Upon your request we are prepared to assist you with the communication with the Slovak Embassy.

Embassy of the Slovak Republic in Seoul, Republic of Korea
389-1, Hannam-dong, Yongsan-ku, Seoul 140-210, Republic of Korea
Tel: 0082-2-794 3981, 794 5420
Fax: 0082-2-794 3982
E-mail: slovakemb@yahoo.com

In this context we would like to draw your attention to the fact that a residency permit for a person who shall be appointed to the function of the statutory body, e.g. the Executive Director, proxy, director of the branch office, is not required under Slovak law.

Subsequently, if you wish to act as an Executive Director of the Slovak limited liability company, you do not need to apply for the residency permit in Slovakia.


Our services are provided on hourly basis.
Our hourly rates (not including VAT and expenses) vary from SKK 3,600 (approximately USD 135) to SKK 7,800 (approximately USD 290) depending on the seniority and experience of the lawyer working on the case.

We offer you our services relating to the establishment of the limited liability company in the Slovak Republic for a lump sum of SKK 99,000 (approximately USD 3,670) not including VAT and charges.

Please note that the indicated lump sum will apply only for registration of the limited liability company with a scope of business within the free trades. Shall the new company undertake a special activity requiring a special licence or authorisations under Slovak law, an additional payment according the time spent pursuant to our hourly basis, will be required.

These services will include taking all the necessary steps up until the company is incorporated in the Commercial register, including particularly the drafting of all the necessary documents, any eventual translations of these documents into the English language (however, not the certified translation), representation before the Trade Licensing Office, and registration in the Commercial Register and at the Tax administrator.

The charges incurred by the establishment of a limited liability company should not exceed SKK 20,000 (approximately USD 740) and it includes namely court fee for the registration of limited liability company which amounts to SKK 10,000 (approximately USD 370) and  administration fee for the trade certificates.

The fees are invoiced on monthly basis. Our invoices are accompanied by a detailed day-to-day overview that specifies the particular lawyers working on the case, the time spent on the case and a brief description of the work performed.
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