Do you want to start a business in Hungary?
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Starting a company as a foreigner in Hungary is simpler compared to many other parts of Europe. The procedure also takes less time. This solution offers several benefits. Furthermore, establishing a firm in Hungary provides you with an easy entry point into the European Union.
Hungary is a typical place to start a business since salaries and taxes are lower in relation to your demand. Furthermore, registration costs are within your budget. Another reason for starting a business in Hungary is the country’s robust economy. Furthermore, Hungary, particularly the capital city of Budapest, is a secure and welcoming area to conduct business.
Do you like to set up a company or do entrepreneurship?
A person who wishes to become a private entrepreneur in Hungary must, without exception, be a member of the European Union. To put it another way, he must be a citizen. If not, he must be a resident of one of the countries that have signed the European Economic Area Agreement.
Independent/private entrepreneurship, business associations, branch locations, and economic representative offices are the four types of enterprises that can be established in Hungary. Let’s look at each one individually.
Entrepreneur (Independent/Private)
The excellent news is that if you select “private/independent enterprise,” registration in Hungary is free. In general, it is significantly quicker than forming a business organization. You will be permitted to conduct business within the authorized environment once you have finished the enrollment process.
Business Association
In Hungary, you can form five different forms of business organizations as a foreigner. Remember that all associations require a HUF bank account. One of the primary benefits of a business association is that a business may be formed in as little as 15 days.
Branch office
The great benefit for a company in other countries is that it can easily start its brand office in Hungary. This company does not need to register with the registration court for its operation or functioning in Hungary. An established foreign business can set up a branch in Hungary quickly by paying a registration fee of about 50,000 HUF.
Office of Commercial Representatives
In Hungary, a branch office does not need to have a well-established legal identity. A registration fee of around 50,000 HUF is, however, required. Administrative requirements, on the other hand, are not required for establishing a branch office.
Final thoughts
You will need a licensed accountant when you start a business in Hungary. The accountant may take care of your financial reports each year. A legal representative of your company may represent you in the Hungarian court and also help you with your business growth.
