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BUSINESS ENVIRONMENT IN SLOVAKIA IN RELATION TO SMEs
Daniel Pitonak
Visegrad experience for Ukrainian government & business, April 12, 2016
4
01 Stimulation of
SME grow
02 Increasing
competitiveness of SMEs
03 Internationalisation of SMEs
01 Extend of SME survival rate on the market
04 Better Access
of SMEs
to finance
2015 1993
02 Extend employm. rate in the private sector
03 Boost innovation performance of SMEs
04 Stimulate entrepreneurial spirit
05 Eliminate the process of SME marginalisation
06 Improve competitiveness of SMEs on intl. markets
SBA Objectives Become more specific over the time in order to address actual needs of SMEs
SBA Activities
1
2
3
4 5 National Business Center
(NBC) Complex support over the whole life cycle of SMEs on the basis of one-stop-shop concept
Centre for Better Regulation
Part of the national RIA process
Financial schemes for SME
Microloan and risk capital finance
Specific SME support programmes
Mentoring, advisory, capacity development services for SMEs
Monitoring of the business environment
Support for interested in business
Awareness raising and consultancy/ mentoring services
5
National Business Centre (NBC)
Systematic support measure to SMEs using the concept of one-stop-shop
FRONT OFFICE Opportunity to obtain a complex information under one roof, complex business support
FINANCIAL SUPPORT Provision of financial resources for growth and development of business (implementation of innovations, technology transfer, expansion)
CREATIVEPOINT Stimulation of creativity
SUPPORT PROGRAMMES Providing entrepreneurs and potential entrepreneurs with a support in each stage of the life cycle
NON-FINANCIAL SUPPORT Creation of favourable environment in order to stimulate creation and development of companies, motivation and education of people interested in business
COWORKING AND INCUBATOR FOR ENTREPRENEURS To reach synergy effect, access to the superior equipment and services
National Business Centre project
ONE-STOP-SHOP (provision of
combined services tailored to SME
needs)
6
Implemented by 2 Strategic Partners
NBC = Interface for the knowledge exchange between academia and business sector and
acceleration of cooperation.
Establishment of the National Business Center in Bratislava.
Slovak Business Agency
Providing entrepreneurs and
potential entrepreneurs with a broad
portfolio of services and complex
business support under one roof, so
called one-stop-shop.
Goal
Support for R&D cooperation between the academic and industrial
sphere
Centre for Science and Technical Information
Intensifying cooperation in the field of R&D between academic
institutions and economic practice and increasing innovative activities of technology oriented companies.
Goal
National Business Centre project
7
NBC
Special Support Programmes
• Acceleration programme for
potential SMEs
• Incubation programme for newly
established and existing SMEs
• Internship programme for SMEs
and young people
• Growth programme for existing
SMEs with growth potential
Organisation of networking events,
workshops, seminars, individual and
group counselling
Front office with various
institutions providing
complex business support
Access to finance
Complex support of intellectual and
industrial property, patent protection
and other
Interface between business,
R&D and academic field
Spaces with suitable
infrastructure, Creative Point
National Business Centre project
Services for SMEs provided by the NBC
Start of operation: June 2016 8
SLOVAKIA – Basic Data
• Number of inhabitants: 5.4 million
• Membership: OECD (2000), NATO (2004),
EU (2004), Euro (2009)
• GDP/person (PPP): €14 000 (77% of EU avg./ 2014)
• GDP growth: 3.6% (2015)
• Share of the private sector in GDP: 93.4% (2009)
• Inflation: -0.4% (Febr. 2016)
• Public debt to GDP: 52,3%
– CZ: 41%, HU: 75.8%, PL: 51.5%, SLO: 83%, A: 86.2% (2015)
• Unemployment rate: 11% (2015)
• Average salary: €956 (2015)
• World largest car producer per capita! (183 pcs in 2014)
9
Restructuring of the bank sector, privatisation of banks
Labour market reforms - more flexibility in the employee-employer relationship
Public finance management reform
Strengthening of the rights of creditors, reform of bankruptcy proceedings, register of guarantees
Tax reform – transfer from direct to indirect taxes, single rate 19% (income tax, VAT), cancellation of accession tax
Simplification of rules for establishing companies – Points of Single Contact
Key Economical Reforms: 1999 - 2005
10
Slovakia - Top reformer for 2003
Results of the Reform Period
11
2005 - Slovakia among the economies
with the best business conditions
� 2015 – Slovakia, 29th place in the Ease of doing business index
Country 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Czech Republic 77 79 80 81 84 82 83 81 83 82 82 85
Croatia 56 57 58 58 61 64 62 59 60 61 61 59
Hungary 62 62 62 62 61 63 64 65 65 65 66 68
Poland 48 49 50 50 53 55 59 62 64 64 67 68
Slovenia 83 86 86 86 87 89 85 83 83 82 82 83
Slovakia 55 57 60 63 67 71 71 73 73 74 75 77
Portugal 78 77 80 80 79 79 81 81 78 76 78 78
GDP per capita in PPS, Index (EU28 = 100)
Alignment to EU Level
Source: Eurostat
12
Country 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Czech Republic 3.6 4.9 6.2 6.5 5.0 1.7 -5.4 2.0 2.2 -0.9 -0.7 2.0
Croatia 5.6 4.0 4.1 4.8 5.1 2.1 -7.3 -1.4 0.0 -1.9 -0.7 0.0
Hungary 4.1 5.0 4.5 4.1 0.7 1.1 -6.4 1.0 2.1 -1.0 1.8 4.0
Poland 3.7 5.2 3.6 6.3 7.2 3.9 2.5 2.7 4.7 1.7 1.8 3.5
Slovenia 2.8 4.3 3.8 5.3 6.4 3.1 -8.7 0.9 0.4 -2.8 -1.1 2.9
Slovakia 5.4 5.2 6.4 8.2 10.6 5.3 -5.5 4.6 3.3 1.4 1.3 2.4
Austria 0.3 2.1 1.4 2.8 3.3 1.2 -4.0 1.6 2.7 0.4 -0.4 -0.3
Real GDP per capita growth rate - Percentage change on previous year
Sustainable GDP Growth
Source: Eurostat/ World Bank
13
Composition of SMEs in Slovakia (December 2015)
SME - Size Categories
14
Source: National Statistical Office
micro-enterprises (0-9 empl.)
515 236 (96.9%)
small enterprises (10-49)
12 984 (2.5%)
medium enterprises (50-249)
2 843 (0.5%)
SME total
531 063 (99.9%)
Large enterprises (250+): 666 (0.1%)
Total all enterprises:
531 729
15 15
1) Natural Persons
• self-entrepreneurs (self trade licences)
• freelance occupations
• independent farmers
2) Legal Persons
• limited liability companies
• joint stock companies
• public commercial company
• special limited partnership
• Cooperative
• European-type companies
SME – Legal Forms
Source: National Statistical Office
SMEs are divided into 2 basic legal categories:
Share of legal forms
(in number, 2015)
15
16 16
SMEs position in the national economy
SME economical share Share on employment 71.7% Share on added value 54.5% Share on profit 57.5% Share on revenues 53.5% Share on export 29.3% Share on import 42.7%
SME financial situation SMEs with positive operating results (share) 65.6% Return on revenues, based on EBITDA (median) 5.2% Total debt assets (median) 62.5% SMEs with bank loans (share) 17.7%
Source: National Statistical Office
Financial Statements Register
16
SME position in financial indicators (2014):
SMEs distribution by sector (end of 2014)
Zdroj: ŠÚSR
Structure of SMEs in Slovakia
Source: National Statistical Office
18
Source: SBA, on the basis of data of Statistical Register of Organisations
19
General SME Development
Development of numbers of SMEs according to legal forms
10 0
55
9 4
72
8 8
86
8 5
34
8 1
91
8 0
17
7 7
28
7 4
95
7 5
79
7 8
49
13 6
83
12 7
52
15 1
75
16 7
25
17 1
89
17 9
74
18 3
78
19 0
69
20 3
82
21 9
25
24 4
83
73 5
54
83 0
89
92 7
82
100 9
16
119 2
60
126 7
50
142 4
17
153 2
83
164 1
57
181 2
90
195 7
273
36 6
40
344 8
70
364 1
85
374 3
82
392 8
41
387 8
76
384 2
02
375 7
22
359 5
74
352 7
07
337 1
82
433 9
32
450 1
83
481 0
28
500 5
57
537 4
81
540 6
17
552 7
25
555 6
08
551 6
08
563 5
01
565 2
41
7 5
34
0
100 000
200 000
300 000
400 000
500 000
600 000
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
indepemdent farmers freelancers legal entities small trade licensees total SMEs
Source: SBA, on the basis of data of Statistical Register of Organisations
20
SME Development – Legal Entities
Source: SBA, on the basis of data of Statistical Register of Organisations
21
SME Development – Natural Persons
Structure of SMEs – Legal Entities
Structure of SMEs - legal entities, by sectors
14,1
%
7,5
%
39,7
%
33,6
%
5,2
%
13,4
%
7,5
%
38,8
%
35,4
%
4,9
%
12,6
%
7,1
%
37,6
%
38,1
%
4,6
%
12,0
%
7,2
%
36,1
%
40,3
%
4,4
%11,2
%
7,4
%
34,3
% 43,2
%
4,0
%10,3
%
7,7
%
33,0
%
45,2
%
3,8
%9,8
%
8,0
%
31,5
%
47,0
%
3,5
%9,5
%
8,1
%
30,5
%
48,5
%
3,4
%9,1
%
8,1
%
29,8
%
49,6
%
3,3
%8,8
%
8,0
%
29,1
%
51,0
%
3,2
%8,6
%
8,0
%
28,3
%
51,7
%
3,5
%
0%
10%
20%
30%
40%
50%
60%
industry construction trade services agriculture
Sh
are
s
20042005200620072008200920102011201220132014
Source: SBA, on the basis of data of Statistical
Register of Organisations
22
Structure of SMEs – Natural Persons
Structure of small trade licensees, by sectors
17,3
%
17,0
%
34,2
%
29,4
%
2,1
%
17,1
%
18,1
%
32,9
%
29,4
%
2,5
%
19,0
%
18,3
%
32,6
%
26,8
%
3,3
%
19,5
%
19,3
%
31,4
%
26,1
%
3,7
%
19,6
%
21,0
%
29,6
%
26,2
%
3,6
%
16,7
% 22,8
% 28,1
%
29,0
%
3,4
%
16,4
%
23,0
% 27,4
%
29,8
%
3,4
%
16,3
%
23,0
% 27,0
%
30,3
%
3,4
%
16,1
%
22,6
%
26,6
% 31,2
%
3,5
%
15,9
%
22,7
%
26,2
% 31,5
%
3,7
%
16,4
%
22,8
%
25,8
% 31,2
%
3,9
%
0%
10%
20%
30%
40%
industry construction trade services agriculture
Sh
are
s
20042005200620072008200920102011201220132014
Source: SBA, on the basis of data of Statistical
Register of Organisations
23
Structure of SME, LE – Industry Sector
Source: SBA, on the basis of data of Statistical Register of Organisations State at the end of 2014 24
Source: SBA, on the basis of data of Statistical Register of Organisations
Structure of SME, LE – Services Sector
State at the end of 2014 25
SME Economics – Gross Production
Source: SBA, on the basis of data of Statistical Register of Organisations
29
SME Economics – Added Value
Source: SBA, on the basis of data of Statistical Register of Organisations
30
Source: SBA, on the basis of data of Statistical Register of Organisations
SME Economics – Profits
31
Shares of SMEs (including natural persons-entrepreneurs)
in employment in the business economy in 2013
42,9%
14,6%
14,2%
28,3%
micro (0-9) small (10-49) medium (50-249) large (250+)
Source: SBA, on the basis of data of Statistical Office of the Slovak Republic
30
SME Characteristics – Employment
Shares of SME on employment in the business economy, 2015 (including Natural Persons)
Source: SBA, on the basis of data of Statistical Office of the Slovak Republic
31
SME Characteristics – Export
32
SMEs Support System – Legal Framework
Legal framework
Principal development strategy for the period 2014 – 2020:
- Smart Specialisation Strategy (cross cutting)
Different economic strategies applied by line ministries:
- ICT Development strategy
- Industrial strategy (Industry 4.0)
- Conception for support of start ups
- Foreign Economic Relations strategy
- Etc.
→ No specific strategy for SMEs
Act on the support of SMEs - basic legal norm for providing support for
SMEs » in progress
Application of the EU Small Business Act » slow progress
Regulatory impact assessment » applied/ SME test performed by SBA
→ Frequent changes of legislation
32
33
SMEs Support System – Legal Framework
Application of Think Small Principle
So far rather few examples
- Online registration of a new company (Points of Single Contact)
- Micro accounting units set by the Accounting Act
- Simplified joint stock company introduced from 2017 by Commercial Code
- Simplified processing and application of VAT for small companies
- Exception from statistical duties for micro-companies
Situation is expected to improve after full operation of RIA & SME test
- Ex ante assessment of regulations
- Ex post assessment of regulations
- Consultancy with business stakeholders
- Preparation of alternative solutions
33
Institutional framework:
Governmental level - central government bodies – policy development, sourcing of
support mechanisms, implementation of EU and national programmes
Key ministries involved:
Ministries of Economy, Education and Science, Agriculture, Labour and Social Affairs
Specialized agencies, funds and financing institutions – implementation of specific
support instruments
Support agencies: Slovak Innov.&Energy Agency, Sario, CVTI, Agency for Support of
Research&Development
Public financing institutions: Eximbank, Slovak Guarantee and Development Bank, Slovak
Investment Holding
Regional level – regional self-administration, universities, agencies – implementation
of regional tools and activities
(regional self-governments, regional devel. agencies, VTP Zilina, RAICs)
SBA (former NADSME) - specialized agency for provision of comprehensive support for
SMEs
(National Holding Fund – venture capital)
SMEs Support System – Institutional Framework
34
SME Support System - Financing
EU Structural Funds
EU horizontal programmes
State budget
Private initiatives
grants, financing instruments (e.g. JEREMIE)
grants, financing instruments (Horizon 2020, COSME, EaSi, EIB/ EIF)
EU Common Agricultural
Policy
subsidies/ grants, advisory, direct payments
subsidies, tax incentives, public fin. institutions, advisory programmes, active labour policy
mentors, business angels, start up hubs etc.
35
Financing - according to the scope of importance
Ways of SME Financing in Slovakia
Source: Report on the State of SMEs in the SR 2013, SBA
23,8%
5,7%
2,1%
14,0%8,1%
1,0%
7,3%
36,4%
1,7%
EU grants EU Support to Rural Development State budget grants
Active Labour Market Policy EU supported loans State budget supported loans
Guarantees Venture Capital Incentives
Structure of SME Financial support (2013)
23,8%
5,7%
2,1%
14,0%8,1%
1,0%
7,3%
36,4%
1,7%
EU grants EU Support to Rural Development State budget grants
Active Labour Market Policy EU supported loans State budget supported loans
Guarantees Venture Capital Incentives
36
zdroj: ŠBA
Assessment by Global Entrepreneurship Monitor
Attitudes of respondents to entrepreneurship, GEM APS Survey (% of positive responses)
Successful entrepreneurs are respected in community
Entrepreneurship represents a recommendable career choice
Possession of skills and competences required for entrepreneurship
Media interested in presenting of successful entrepreneurs
There are suitable business opportunities available in my area
37
Source: European Commission
Assessment of SME Conditions based on SBA
38
SBA = Small Business Act – principal EU initiative in support of SMEs
Slovakia SBA profile 2015
EU average +/- 0,5 standard deviations
Slovakia
Key Challenges for SMEs in Slovakia
Initiate the trend of grow from micro-level
Increase expansion to EU, and in particular to non-EU markets
Expand innovation, development of sectors with high rate of added value
Foster cooperation with academia, engage in commercialisation of R&D results
Greater involvement in supply-chains/ value-chains with large multinational companies
Attraction and sustainment of skilled workforce
Improvement of business cooperation and networking 39
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