Cabinet okays incentives for start-ups, including Tax Licence Exemption

Start-ups will be exempt from the so-called tax licence for a period of three years starting from 2016. On Wednesday the Cabinet passed an initiative designed to support start-up firms. "We're aiming to introduce a so-called simple joint stock company. In the first place it's designed to make sure that if one wishes to start a business, they shouldn't be exposed to the pressure of coping with a complicated form of business such as a regular joint stock company or a limited liability company," said Prime Minister Robert Fico. The concept is designed to "support the start-up ecosystem in Slovakia by creating a business environment and a system of state assistance that are capable of incentivising Slovak entities and individuals with unique ideas, attract foreign entities with innovative ideas, make investments into start-ups more attractive and create an exceptional image of the country," reads the initiative. On top of the tax licence exemption, the granting of visas for start-ups from outside the EU and the introduction of the simple joint stock company, a national centre for entrepreneurs should be established.