DEVELOPMENT OF QUALITY OF THE BUSINESS ENVIRONMENT IN SLOVAKIA

References: 4th International Multidisciplinary Scientific Conference on Social Sciences and Arts SGEM 2017, www.sgemsocial.org, SGEM2017 Conference Proceedings, ISBN 978-619-7408-17-1 / ISSN 2367-5659, 24 - 30 August, 2017, Book 1, Vol 5, 305-310 pp, DOI: 10.5593/sgemsocial2017/15/S05.039

ABSTRACT

The main objective of the paper is to present the quality and development of the business environment, which is a key factor for economic development of the country. "Good rules" strengthen the functioning of the market, improve efficiency and encourage business. The quality of the business environment affects the operation and success of companies. It also depends on the competitiveness and attractiveness of the country for investment and subsequent growth. Favorable investment climate is a key factor in the influx of foreign investment. Attractiveness of the investment environment is becoming increasingly complex process, with emphasis on macroeconomic stability, taxation, and above all investment incentives. Foreign investors are strongly influenced by economic aspects of the country, since they can directly or indirectly affect the performance and investment value. Through active policies investment incentives or tax relief can be created, which play an important role in investors’ decisions on placing investments. In Slovak Republic, the most common form of support are especially financial grants to purchase tangible or intangible assets. The second most used form of support were tax benefits and the contributions to the creation of new jobs and further training courses for workers.

Keywords: business environment, business environment index, doing business, bureaucracy