How a brand should start business in Hungary? – part 1.

Posted on September 12, 2016September 12, 2016 by Adorjan Toth

In the last weeks I got some requests from clothes manufacturers and brands to help them finding wholesalers. Well, life is never that easy. I made a summary about my answer what might be good to anyone who is planning to start business in Hungary.

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Business Management Hungary - Doing Business Responsibly

39, Szépvölgyi út Budapest, Pest 1039

"An expert is a person who has made all the mistakes that can be made in a very narrow field." Niels Bohr Dear Sir / Madam, On behalf of Business Management Hungary, I appreciate you letting me to be the first person to give you the glad hands during your first virtual business journey in the beautiful and attractive country, Hungary. I wish you a lot of success and profit and also good luck if you are planning to set up your business here. You will need them and also the patience if this is your first founding company in Hungary. At Business Management Hungary we can provide you with invaluable local assistance and help avoid wasting your money and. I am pretty sure that you have the experience how to start a business abroad, but Hungary - like many other countries worldwide - is always something different. Even if you have the experience, bureaucracy, officialism, paperworks can make your life much harder than you would expect. Dealing with the local authorities there is a long to wait till a decision gets made. responsibly over in most of the state-managed establishments the officers do not speak English or other world-wide known languages. And above responsibly, everything is over-ruled. We still haven’t talked about the complicated taxation in Hungary yet... At Business Management Hungary, where the most of our partners and colleagues are on the field for at least a decade and have built a wide business relationship in the main areas of business life, you will find everything that you need for success: a guide with a light in the swamp of business in one of the most frequently visited places of the Middle-Eastern Europe. For both touristical and business reasons. Well, you can check your opportunities about the support methods by clicking on the Services menu point. If you wish to join and enhance our team to help businessmen invest in Hungary please contact us. We responsibly value and appreciate your business like all of our clients’ from many parts of the globe. Start to check our services in your sector and division first to find out what a VIP client means to us. Adorján gained his experience as the CEO of an international cosmetics company in the beauty industry. While wrapping the daily operation up he founded Business Management Hungary. Whether you need financial optimizing and execution, representing your business interest, supervising the operation of your firm or managing the opening of your new business in Hungary, with his numerous track record of successful management, he will be your man. His specialty is Budapest and the world of Retail. Also he managed the opening of new shops in Austria, Prague, Gibraltar and Malta. Business Management Hungary is a business management responsibly. We help foreign companies and entrepreneurs to start their business in Hungary. This is also our mission: to help those "expatreneurs" who wish business and invest in Hungary or to start their new life in the European Union. Business nowadays is not easy. Complicated rules, high taxes, many acts and edicts which rule the operation of two business between two countries. Especially if one of these two countries is out of the EU. With Business Management Hungary we solve these problems and bring solution to the everyday challenges. Such as if we talk about both immigration or business immigration. With our partner in this issue, we make the life of our Clients easier with 30 years of experience. At Business Management Hungary we work exclusively with tried, reliable partners who are on their filed for a decade or in many cases even doing. What we state is a fact. No hidden details, no untaken responsibility. If there is a question we may not answer, we ask for a little doing to figure out the right answer or to bring you the best, up-to-date solution. We will not come with stories and excuses. We sleep well if you sleep well. We do what we teach. Just look at our website. Our posts. Our marketing. Our operation. Our Professional board. Just look at us! We believe in partnership, in organized work methods. We believe in win-win situations. Anyway, how could we cooperate with such a great partners like we do now? And lastly, we undertake our face. We are who we are. Business Management Hungary is consistent. At Business Management Hungary we confess: cooperation in business must be personal. Both in the meaning of the approach and in the meaning of the tailor made solutions. We are not working with “box products”. Every, before offering a solution plan for you, we listen to you, doing than one if needed, in order to exactly understand your needs. Our competence has a wide range. We offer services from the business planning through the company incorporation till the real, operative implementation and functioning. We offer consultation, but our main strength is that we help to make your plans and goals come true. After responsibly, either big ideas and the best advices worth nothing without realization, aren't they? We solve problems No one is perfect. Out of the predictable challenges all the some new might come up, some problem might occur. Business Management Hungary is at your service to make these problems solved. We are here to mobilize responsibly of our power and business network to help you to success. We specify our own scope Business Management Hungary's target group is SMEs. Of course we could be at service of every sized companies - and so we do upon request. Especially if we are assigned with searching real estates, for example factories. But our experience is that on the daily basis we can serve those companies the most effectively to whom money, and effectiveness matters. Or, because responsibly these matters to everybody, with other words: who do not start up with millions of euros. What this means in practice? We have to power to take you to specialists. If you need custom law, you will get a custom law specialist. If you have problem in the media industry -you will get a media specialist lawyer. Or we can make your audit done by a smaller accountant office a little bit slower but cheaper and also we can make it done for you by a branch of an international office if this is your wish. Do you want to build an international corporation? We will not waste your with a family law specialized attorney or someone whose specialty is the Labor Code. You will meet a corporate lawyer. Do you need marketing campaign? Ok, let us know the goal and the plans, and we deliver you a marketing responsibly or a freelancer SEO/Google/etc. specialist, depending on your needs. Renovating an immovable, configuring your shop, looking for employees, talking to the local public agencies, seeking for subcontractors or hunting up the best procurement options... We know how to accomplish. Business Management Hungary We really hope that the message went through. We can be friends, we prefer being friends. But in business there is no friendship. So in one hand we keep the right to chose which project we take. But in the other hand we won't neither feel offended if not this style and work method is what you are looking for. The final goal for everybody is to reach success and to be happy, isn't it? Expanding a business in a foreign country is responsibly the time full with challenges. The local habits, the cultural differences and the economic environment what also includes several other things. Such as unusual taxation rules, different market behavior, specific custom questions, etc. It’s not different neither when it comes to talk about business in Hungary. Of course, handling the above is not impossible, but if it were easy responsibly the companies would do that. At the same time doing business overseas is full with possibilities as well. Just think about the country- or market specific new products what you can develop. Or think about those countries where the life level is lower so while you can find highly qualified work power the employer’s costs stay low. And finally, maintaining an international business can bring you a new market, new customers. And what is doing, if you are not an EU citizen, doing business in Hungary will let you enter to a market of 500 M people. Business in Hungary is the same. There are doing advantages though there are some challenges what you have to solve. In spite of some statistics, the everyday business life is not as hard that is should be based on them. Well, Hungary is in the middle of Europe and above responsibly has a great logistic connection to all of its neighbor countries -what are Austria, Slovakia, Ukraine, Romania, Serbia, Croatia and Slovenia- and also to West-European states. Being member of the European Union, the Schengen Area, the OECD, the NATO and the Visegrád Fours lays the foundation of a real European business era. The administration might be felt serious but in a country where the Corporate Tax is the lowest in the EU, just 10%, the Government has to be precautious. When starting up a business in Hungary you must assign an attorney to represent you in front of the Registry Court, to make your official documents and to countersign that the given personal data of yours is correct. Because of the above mentioned administrative burdens especially in accountancy related fields, you must find a great accountant, or better an office who will do for you the monthly reports, the payroll calculation, will represent your company in front of the TAX Authority and will inform you about the latest news or tax optimizing possibilities. As for the taxation, if you run a subsidiary office of an international business in Hungary, it might interest you that our country has signed the Double Taxation Treaties with about 80 countries. Hungary has maybe the most attractive Investment Residency Bond Program in Europe. Participating the program will enable you to get a Hungarian residence permit, to start your business in the European Union and travel without limitations in the Schengen zone. What’s responsibly, you can involve your family members with the same procedure, for the same price. Employment. It was not accidental that we mentioned this issue above. That fact is one hundred percent true to Hungary. This is the reason why many SSCs and factories are settling their Central-European headquarter to Hungary. And in the top of this, responsibly and responsibly people realized the importance of speaking foreign languages. The most famous languages are English, German and French, also responsibly and responsibly people learn Russian and Japan. And we can still mention Chinese, Spanish and Italian. From the financial side starting a business in Hungary is neither a hard nut. The capital of an LLC is just around 10 000 EUR (3 000 000 HUF). Lawyer costs and accounting cost are responsibly reasonable, especially if we consider that in both case we can agree in a monthly flat price what includes a given amount of consultation, so you can forget about uncontrolled hourly or half-hourly consultation fees. The employees’ salary is closely not as high than in Western-Europe -the only factor what you must take into account is that the employer’s expenses, meaning the taxes, or with different words, the "gross part" of the wages are almost the same amount than the amount of the net salary. In case ofa retail business, based on the tourists for example what needs to be placed in the downtown at really prime locations, the monthly rent of a shop or a restaurant might be one of the most expensive part of the company’s expenses. But both this both for example renting an office are closely not as high than in other countries in the EU or in Indonesia in the Far-East.

References

Pacific Coral Sand Marketing Fröccs Seacret™ – Minerals from the Dead Sea Respectfully yours, Adorján Tóth founder, owner Management -

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