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The 3 requirements if you want to start a business in Hungary

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The 3 requirements if you want to start a business in Hungary

Hungary is one of the best places if you want to start a business in Europe. It is centrally located, has a low cost of living and the lowest corporate tax rate of the continent (at only 9%). But, as we know, requirements for companies differ from country to country. In Hungary, you only need 3 things: a registered address, a bank account and an accountant.

Fast incorporation and immediate VAT number

When you want to start a business in Hungary, the process only takes 4-5 business days. If your schedule is full, you do not need to travel to Hungary to sign the founding documents. We can arrange for you to sign a Power of Attorney in your country of residence, and send it to us by post. This way, you only need to travel to Hungary once your company is already up and running.

1. Get a registered address – with full service

In Hungary, all companies have to have their registered address publicly available. In addition, letters delivered to this address count as read by the person in charge of the company. As a result, authorities, who send there mail here, usually expect you to act within 8 days.

It is therefore essential that a competent and Hungarian-speaking person is there to handle your company mail at all times. Check out the details of our registered office and mail forwarding services here.

2. Open a Hungarian bank account – in just a day

All Hungarian companies are required by law to have a Hungarian bank account within 8 days of the company’s incorporation. Moreover, the owner of the company has to be present at the bank account opening in person. This is the only step in the company formation process that cannot be done with a Power of Attorney. We will help you choose the most suitable banking service, and also provide assistance with the process itself.

3. Find a competent English-speaking accountant

All companies in Hungary have to have an accountant. It does not matter if the company does not have any activity, or its turnover is only very small, having an accountant is still mandatory from the point when you start a business in Hungary. Your accountant must submit periodic reports to the Tax Office, the Statistics Bureau, the Health Authority, and other governmental and municipal authorities. Failing to do so can result in serious fines. Thus, it is vital to find a competent English-speaking accountant for your company. Get in touch with us to discuss the best accounting package for your needs!

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