Company formation in Hungary – Prepare a business plan
The preparation of a business plan is usually a section of our most popular product, “residency through company ownership” (the two main components of which are company formation in Hungary and resident permit application). However, Helpers Hungary also offers this service separately. The whole process of preparing a business plan takes about 1 month, and is made up of the following steps.
Business plan for your company formation in Hungary
1. We discuss the basic business idea with the applicant. Please note that the broad idea for the business must come from the applicant, as it will be his/her responsibility to carry out the business and make any required investment. If the applicant does not have a solid business idea to start with, we recommend either that we carry out preliminary market research to locate suitable niche in the market before the company formation in Hungary, or that the applicant invest into an existing local business.
2. The applicant supplies initial input for the business plan via our business planning questionnaire. This must include the following:
- expected sales (projected revenues and their source)
- COGS (direct costs related to each sale) and profit margins
- planned salaries for director and staff (if any)
- any other expected costs and expenditures
Please note that these figures must be considered carefully, as they will need to be supported by documents; e.g. if the business plan claims that the company expects a certain steady revenue from a particular source, we will need to show a service agreement or letter of intent signed by the buyer/partner. As such, we ask that these figures be supplied by the applicant (as it is the applicant’s business that will have to deliver on the projections) in advance and in writing.
3. Based on the questionnaire, our business consultant determines whether the available information is sufficient, or if further research or information from the applicant is required before company formation in Hungary. Industry-specific know-how and details must come from the applicant (i.e. the future director) as the business generally builds on his/her experience and expertise, while our consultants supply basic local information (e.g. tax calculations or general market knowledge).
4. If the applicant does not have sufficient information as required for the business plan, we recommend market research, partner search or a competition scan in order to make the business plan more solid, and the company formation in Hungary promising more success.
5. Financial calculations are made in order to make sure that the business is able to support its operations, any employees, salaries (including the director’s salary) and other expenses.
6. After two or three rounds of revisions, the final draft is submitted to the applicant, along with a list of recommended supporting documents imperative for .
Time frame: 30 days (plus time required for market research, if applicable)
If you want to learn more about preparing a business plan for your company formation in Hungary and your resident permit application, please call our office on +36.1.317.8570, or write a letter to info@helpers.hu. We will be happy to answer all your questions.
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