In many European countries, buying an already established company is the best and fastest way to start business. In Hungary, however, it is fast and easy to incorporate your own company. This makes founding your own company a better solution than finding an already existing business for sale in Hungary.
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Hungary has a special place on the European job market, because thanks to its top-quality universities and relatively low living costs it provides affordable, quality workforce to your new European company.
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The banking system of Hungary is much more up to date than in many countries in Western Europe. You can open accounts in all major currencies including EUR, GBP and USD. It is advisable to also have a HUF account to pay taxes and contributions from. Exchanging currencies between your own accounts is affordable and available via internet banking.
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Tourism in Hungary is one of the most important and fastest growing industries, amounting to 1558 billion HUF in 2016. In 2015, 15.6 million tourists have visited the country, in 2016 it was 16.8 million. One of the simplest ways to profit from this industry is buying an apartment to use as a vacation rental.
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If you are an international businessman looking to extend your business to Europe, forming a Hungarian company might be one of the best solutions. By setting up your European base in Hungary, you can enjoy the lowest corporate tax rate, a Schengen visa, an immediate VAT number, low business costs.
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Having an EU VAT number improves trading relations with European partners quite a bit. Cross-border transactions are mostly exempt from VAT if both you and your business partner have an EU VAT number. Needless to say, this is greatly beneficial for your cash flow as well as for VAT administration.
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It seems increasingly unlikely that the UK will get any kind of sweetheart deal from the EU after Brexit. This means that your UK company will no longer have access to the European single market, and that you as a UK national will lose the right to move freely within Europe.
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Getting a place in a co-working space might make sense in the initial phase of building your company. Once your company has expanded to several full-time employees, you might want to rent an office of your own.
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Hungary is one of the best places if you want to start a business in Europe. You only need 3 things: a registered address, a bank account and an accountant.
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Bank holidays are days when most people are not required to work. In Hungary, Sundays count as holidays, while Saturdays are usually also rest days. Besides, there are 11 bank holidays in Hungary in 2017 (a new one, Good Friday has just been announced).
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