The Slovenia Times

Parliament to Resume Debate on Foreign Work Permits


At the ongoing sitting, MPs will also open the debate on overhauled takeover legislation limiting leveraged takeovers.The bill on employment and work of aliens has been proposed by the government to reduce red tape for foreigners in getting work permits and also to crack down on abuses.

The bill introduces a single work and residency permit for foreigners outside of the EU who fulfil the conditions for employment in Slovenia. All procedures would be handled by the local administrative units.

In the committee debate earlier this month, MPs welcomed efforts to reduce red tape, although some opposed what they described as exorbitant fines ranging between EUR 500 and 5,000 for foreigners working without a permit.

The second motion on parliament's agenda on Tuesday will be the reform takeovers act whose primary goal is restoring the voting rights of the state in several state-controlled companies, but which also seeks to bring stricter provisions for leveraged takeovers.

Technical tweaks of the provisions governing shareholders acting in concert to avoid having to publish a takeover bid once they exceed a 33% stake would allow the state to apply for reinstatement of voting rights in several key companies, including Telekom Slovenije and insurer Zavarovalnica Triglav, which it lost under the existing legislation from 2006.

In an effort to limit leveraged takeovers, the seventh overhaul of the takeovers act since independence also binds acquiring companies with presenting plans on using the assets of the acquisition target. The acquiring company will no longer be allowed to obtain financing for the takeover by pledging the shares or assets of the acquisition target as collateral.


More from Nekategorizirano