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Do you want to start a business in Hungary?

Do you want to start a business in Hungary?

Do you want to start a business in Hungary? There are several benefits to starting a company as a foreigner in Hungary. The procedure is also less time consuming compared to many other parts of Europe.

This solution offers you an easy entry point into the European Union. Furthermore, establishing a firm in Hungary provides you with an array of potential customers and business partners.

Hungary is a great place to start a business because 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?

If you’re hoping to establish a business in Hungary as a private entrepreneur, you must be a citizen of the European Union. If you’re not, you must reside in one of the countries that have signed the European Economic Area Agreement.

In Hungary, there are four types of enterprises that can be established: independent/private entrepreneurship, business associations, branch locations, and economic representative offices. Let’s take a closer look at each type.

Entrepreneur (Independent)

The great news is that if you choose to register your company as a private/independent enterprise in Hungary, the registration process is free of charge.

Additionally, it is usually quicker than registering a business organization. Once you have completed the enrollment process, you will be legally allowed to conduct business within the authorized environment.

Business Association

In Hungary, as a foreigner, you can form five different types of business organizations.

Remember that all associations require a HUF bank account. One of the main benefits of a business association is that a business can be set up in as little as 15 days.

Branch office

Establishing a company in Hungary has many benefits, one of which is that a foreign company can quickly set up a branch office in the country by paying a registration fee of about 50,000 HUF.

This company does not need to register with the registration court for its operation or functioning in Hungary, making the process much simpler and faster.

Office of Commercial Representatives

In Hungary, a branch office does not need to have a well-established legal identity, but a registration fee of around 50,000 HUF is required. Administrative requirements are not necessary for establishing a branch office.

Final thoughts

When starting a business in Hungary, you will need to work with a licensed accountant. The accountant will be responsible for your company’s financial reports each year.

In addition, your company will need a legal representative who can represent you in Hungarian court and help with your business growth.

When starting a business in Hungary, you’ll need to appoint a licensed accountant to help with your financial reports each year. Additionally, you’ll need to have a legal representative who can represent your company in Hungarian courts and help with your business growth.

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