On 15 October 2024, the Investors’ Council held its meeting to discuss several important issues impacting the business environment in Slovenia. The Council reviewed recent developments and ongoing challenges related to banking procedures, employment legislation of foreign nationals, and upcoming regulatory changes in the area of cyber security.

Part of the meeting focused on engagement with the Bank of Slovenia on simplifying the opening of bank accounts for foreign companies, including the challenges regarding the establishment of companies in Slovenia with shared capital held in foreign banks.

An important update was provided on the recent legal changes following the adoption of the Intervention Act (ZUOPUE) by the National Assembly, which took effect on 25 July 2024. This legislation simplifies the employment of foreign nationals and streamlines hiring procedures. However, certain companies offering public services still face challenges, particularly due to strict language requirements, as new hires must demonstrate a high level of Slovenian language proficiency even before arriving in the country, which further hinders and prolongs the recruitment process.

Furthermore, Council members were briefed on the status of the Information Security Law, which is set to align with the EU Network & Information Security Directive (NIS2). This legislation is expected to bring significant changes, requiring mandatory reporting of cyber security breaches and imposing penalties of up to 2% of annual turnover for non-compliance. This law will have far-reaching implications for companies operating in Slovenia.

Last but not least, the Council discussed the ongoing VAT-related matters, including its efforts to remove the economic burden placed on UK and other foreign companies that are required to appoint fiscal representatives after establishing a business in Slovenia.

A special thank you goes to our member Labena for hosting the meeting at its BIA Separations CRO Laboratory. Council members had the opportunity to learn more about Labena’s innovative work in bio- and pharma technologies, and their ongoing R&D efforts, as well as to visit their cutting-edge laboratories.