Company ownership in Hungary – Company Liquidation

Company ownership in Hungary is a comfortable and cost-effective way to start trading with European countries. Hungary is the ideal location for setting up a European company, since the corporate tax is very low (only 9%), while company formation takes only a few days, and you immediately get an EU VAT number as well.

But what do you do when you want to cease operation?

At some point of your business career, the time might come when you decide not to continue working through your own company. There might be several reasons for this. However, when your business is no longer active, and it seems it will not be active again in the future, you may want to initiate the liquidation of the company.

Company liquidation in Hungary

Company liquidation is the official process of closing down your company. If you decide to do so yourself, the process is referred to as “voluntary liquidation”. Voluntary liquidation in Hungary is a lengthy process with several things to keep in mind.

• To start the procedure, it is essential that the company have no outstanding debts or claims.
• The company bank account cannot be closed while the liquidation is not finished.
• The procedure may take an average of 12 months, although the actual time can vary greatly.
• The procedure has to be conducted with the aid of several participants, including an attorney, an accountant, and the owner of the registered seat.

Since Helpers Hungary has 10 years of experience in setting up companies and assisting company operation, naturally we have also conducted several company liquidation procedures. If you are yet unsure whether you should liquidate your company, let us help you consider your options and make your decision. If you decide in favor of voluntary liquidation, we will assist you throughout the process.

Just call our office on +36.1.317.8570 and ask for a free consultation, or contact Lívia Buzás on livia@helpers.hu. Let us help you in your ventures, whatever you decide.

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