I wonder if anybody could help .. I am considering to open a "branch" in Slovakia of my existing CIC registered in the UK. However, in Slovakia, there is no CIC type of the organization recognized and the most similar type to the CIC recognized is NGO (non governmental org). Secondly, I guess I need to speak to an international legal expert about it .. so I wonder if any of you might have any suggestions how to go about this or know somebeody who might know? Many thanks!!
A CIC can operate in Slovakia and have a community of interest there, just remains registered and tax paying in the UK.
Our recent survey is showing maybe 8% of respondents had a community of interest overseas.
Thank you John! Useful information for the future reference!
But in fact, we need to register this "branch" in Slovakia as we will then gain an international status for the company and also because of the practical reasons - such as making the business in Slovakia will be much easier if this done via company registered in Slovakia. Also, it will open up opportunities to apply for Slovakian governmental fundings etc ..
Indeed, the legislation on the ground is usually the main driver. I'm far from an expert on Slovakian law, but i'll just mention that 'foreigners' can do joint ventures and wholly own subsidiaries and there is no requirement for local participation.
There are a lot of rules around establishing a branch of a non resident company, one key point to consider is it must appoint a resident individual or a company to represent it in its dealings with the tax authorities. The representatives may be held jointly and severally liable for the tax debts of the permanent establishments of non-resident entities, which they represent.
Size of projects etc might make a material difference to your decision.
Best of luck!