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2. Expanding a Business

Why Expand to Slovakia?

Slovakia is recognised as an open market economy and the Slovakian government has made considerable progress in stabilisation and structural reform, it has helped the economy grow more. Since the end of communism, heavy industry and agriculture has declined, however the services sector has increased. Slovakia is known as the central European leader in economic development and rated by World Bank as one of the 20 most investor friendly countries in the world.

What are the Attractions for UK Businesses?

With its strategic locations, being in the heart of Europe and boarding with the Balkan region, it has plenty of opportunity for trade and export. Licensing or incorporating a business in Slovakia are also valuable options.

English is the unofficial second language, just in front of German. With the government continuing to implement a pro-business agenda, Slovakia has been named the 36th economy in the world for ease of doing business.

Business Opportunities

• Automotive Industry - Stampings and Pressings, Fasteners/Fixings, Plastic Mouldings, Design Engineering Services, Testing Services
• Education & Skills vocational education, rural development training, lifelong learning, ICT in Education, English language
• Clothing and fashion - British fashion is generally well regarded and opportunities exist for well-known fashion brands that offer good quality clothes at reasonable prices
• Water key projects planned in drinking water supply, sewerage and wastewater treatment
• Environment - waste management, air pollution, soil decontamination projects and there is also demand for environmental services (audits, etc.).
• Food and drink - confectionery, sauces, cereals, spirits, tea and ethnic foods.

The main cities, that are also the bet location when starting up a business in Slovakia are:

• Bratislava
• Koice
• Preov
• Ilina
• Nitra

Challenges foreign companies face

Slovakia has faced many challenges as a country and has had to reform its economy to move forward. There are the usual challenges that face businesses and planning ahead is the key when starting a business in Slovakia. Research your possible location, your target market audience and have a well written business plan under you belt. Problems in business can happen at any point and normally in ways we don't expect.

Click here to Ask an Expert about Expanding a Business in Slovakia