Company foundation in Hungary, from some point of view is similar, from some other point of view is very different, than anywhere in the World. We separate 3 different aspects what is a must to consider by all means when it comes to talking about company foundation in Hungary:
– technical facts
– general considerations
The first aspect , technical facts includes all those steps what are in one hand a kind of legal and accountancy related issues and in the other hand business relates issues.
Let’s start with the business side. When someone starts a business the company foundation is closely not the first step what has to be done. First, it worth to validate your idea, do or order a market research and collect all the information what will have influence on the business. Expenses, general edicts, locally, district-wide applied rules, and also it might worth a look to get to know who is going to be your neighbour in case of a coffee or retail shop.
Second: business plan. It’s never enough to emphasize the need of it. Business plan has to include the needed number of the employees, marketing strategy, all the tools and infrastructure you will need (this “list” might be quite long!), some consultation in order to get informed about your possibilities regarding taxes (in some cases you can chose to stay outside the Hungarian VAT jurisdiction), permits and company forms … and the expense of all these steps and decisions.
The legal issues is the other part of the technical facts. First of all let’s see what you have to provide and what are the needed documents for the company foundation in Hungary:
– The name of the company: before going to the lawyer, prepare with a few options. He knows what names will go through the Court of Registry and which will not.
– Company type: the final decision should be based on a tax consultation.
– Activities: a company can do many activities, but you have to give one as a main activity. Now days it’s very easy already to expand the circle of the activities: just ask your accountant to report that at the Tax Authority and it’s done. The only thing you have to take care to not to choose permit obliged activity without a permit. Activities has NACE Codes.
– The personal data of the CEO and owners and the ratio of the shares. Personal data: Name, Date and Place of birth, Mother’s name, Address, Passport (copy).
– The registered seat’s address and a permit from the owner that his property or office can be the registered seat.
– Company foundation in Hungary is quite fast, in about 3 days from signing the documents you can be done with it. With the registration you will get tax number as well. Plus, except of opening a bank account, you can start working in the name of your company.
– A last important note in this point: as you are foreigner without a Hungarian address, you will have to mark a Hungarian resident who is going to be your Trustee on delivery.
Expenses of company foundation in Hungary are not high. Let’s check it out in the next page.
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|Would you like to start your business in Hungary? Would you need fully comprehensive information for launching your company? We suggest you the below service of ours:
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