Last updated: 19 Apr 2012
Doing business
Business culture
Business tips
Business practices and etiquette in the Slovak Republic are a cross between those of western Europe and the USA on the one hand, and eastern Europe and Russia on the other. While English is increasingly accepted as a business language in the Bratislava area, German is more common throughout the country. Russian is widely understood but may not always be welcomed. Many Slovak companies have English speakers among their top managers.
Successful business in the Slovak Republic generally requires the establishment of a good personal relationship and a feeling of mutual trust. Social conversation prior to business is the norm, and launching directly into business may impede the development of a good personal relationship with the Slovak business partner.
To initiate and maintain effective business relations, you should have regular face-to-face meetings, and maintain frequent telephone, fax and email contacts in between visits. After an initial meeting, written summaries of goals, objectives, and points of agreement or disagreement are encouraged to minimise misunderstandings between business parties.
Dress conservatively for official meetings. During meetings with business partners, in banks, public offices and during official or cultural events men wear business suits with tie.
Use surnames until you are invited to use first names.
Ask if a meeting can be conducted in English and provide an interpreter if necessary.
Use titles and positions as these are highly regarded and routinely appear on business cards.
Do not arrange a visit during the summer holiday months of July and August. Be aware that many companies are closed between 24 December and 2 January.
Setting up in the Slovak Republic
Setting yourself up to do business in the Slovak Republic is a complex (but perfectly achievable) undertaking requiring plenty of planning and forward thinking. Obtaining the necessary permits and papers and setting up appropriate entities in the Slovak Republic takes time, and people considering doing business in the Slovak Republic should allow adequate time to be ready by their desired deadlines. Always check the legal, tax and accountancy regime well in advance, but get regular updates as the law can change frequently.
Austrade is prepared to advise you and search for adequate partner for your business activities. The partner search will depend on whether you are merely plan to export or trade in the Slovak Republic or whether you are intending to establish a permanent presence or purchase a business or company there. You will need to find out what permits or licences are required, which may include work/residency permits, trade licences and industry-specific permits relating to financial services regulations or environmental regulations, for example.
Banking and finance
The competitive landscape in the Slovak Republic is dominated by three institutions:
- VUB, the local subsidiary of Italy’s Banca Intesa, accounts for about 17 per cent of total assets and 18 per cent of loans.
- Slovenska Sporitelna, which is majority owned by Austria’s Erste Bank, has a market share of around 21 per cent in assets, 14 per cent of loans and 26 per cent of deposits.
- For Tatra Banka, the largest foreign operation of Austria’s Raiffeissen Bank, the bank constitutes 15 per cent of assets.
The top three banks in the Slovak market have strong positions but are not crushingly dominant.
Links and resources
Government, business and trade
Ministry of Economy – www.economy.gov.sk/
Government of the Slovak Republic – www.government.sk/
Ministry of Agriculture – www.mpsr.sk
Ministry of Construction & Regional Development – www.build.gov.sk
Ministry of Finance – www.finance.gov.sk
Ministry of Foreign Affairs – www.foreign.gov.sk/
Slovak Investment and Trade Development Agency – www.sario.sk
News and media
The Slovak Spectator – http://spectator.sme.sk/
Slovensko – www.slovensko.com
Please note: this list of websites and resources is not definitive. Inclusion in this list does not imply endorsement by Austrade. The information provided is a guide only.