Company Formation
A foreigner looking to start a company in Hungary can be perplexed by the many forms of business offered by the country. The most popular one is undoubtedly the Ltd (Kft in Hungarian), but there are many more, each with different benefits and limitations.
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Hungary offers favorable taxation, advanced infrastructure, and low costs. If you are operating an IT company in Serbia and are looking for better conditions, set up a company in Hungary and enjoy all the benefits it can offer.
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In times of change, it makes sense to base your plans on factors that are less liable to change. This is why it is worth choosing Hungary when you are moving your business to Europe.
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If you want to build lasting and fruitful business relationships locally, you should get familiar with basic business etiquette in Hungary. Show your respect towards your partners by being well-dressed, punctual, and polite.
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Based on 5 factors relevant for business set-up and among 70 key OECD cities, Budapest offers the most cost-friendly options for starting a business.
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The main sectors currently include electronics, toys, and presents, while the volume of “fast moving consumer goods”, meaning mostly groceries, meals and drinks has also been increasing, especially over the last few months.
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When you want to start doing business in Hungary, you might want not to create an individual LLC but set up an outpost of your foreign company, which can be a branch office or a commercial representative office.
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In the latest forecast published by the IMF, Hungary is listed among the economically strongest EU member states, with the least expected GDP loss in 2020, and an impressive comeback in 2021.
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Whenever the basic data of your Hungarian company are changed, the new data must be registered officially, so all those interested can access up-to-date information in the company registry.
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Discuss TEÁOR codes with your account manager when planning the company formation, so you can submit the right codes to the registry. You will need to revisit the concept of TEÁOR codes only if you want to alter or expand the range of economic activities of your company.
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