Eternity Law International News Company registration in Hungary

Company registration in Hungary

December 11, 2020

In terms of favorable conditions for doing business, Hungary is a very convenient state, which in every possible way encourages foreign and local entrepreneurs to work on its territory. Investors who invest in the development of the Hungarian economic sphere can enjoy various tax incentives. Moreover, it is the system of preferential tax collections in Hungary that is one of the most attractive among those offered by the countries of Western Europe.

Business owners receive a European TIN automatically, without providing any documents other than those that are directly required for registering a company. There is no need to deposit initial capital. Opening a company in Hungarian jurisdiction is beneficial for several reasons:

  • any person can act as a shareholder or director, regardless of their citizenship, residency and others;
  • in order to create a company in this state, you do not need to be present on the territory of the country in person. This procedure can be done by proxy (however, the director, nevertheless, will have to come to Hungary in order to open an account there);
  • non-residents who set up a business are given the opportunity to subsequently apply for a residence permit.

In general, the formalities of the registration procedure do not take much time, especially if you resort to the services of real specialists.

Registration process

Opening a Hungarian company involves several stages. Depending on which form was chosen for the organization, the founders of the company or the persons who act as their representatives must:

  1. suggest 3 names for the future company – in the future, they will be checked for plagiarism and compliance with standards;
  2. to certify in a notary office the documents containing the following information: information about owners, shareholders, planned activities, legal address and so on;
  3. pay the registration fee;
  4. make confirmation of the presence of capital, the amount of which would be sufficient to open a company;
  5. create a bank account.

After that, the company is listed in the Trade Register, respectively, the owner will receive a tax number and a social security package. The documentation can be written in English or Hungarian. Every year it will be necessary to provide reports on the financial side of the company’s activity and pay tax fees.

Types of company that can be registered

Hungary offers several forms of business registration for an entrepreneur, which differ from each other in terms of the minimum amount of capital, the level of responsibility of all members of the company and other criteria. The most commonly selected options are:

  • closed organization with limited liability. One person can be entrusted to manage this company, open sale of securities is not allowed. In order to start an activity, you need to contribute ½ capital;
  • unlimited and limited partnerships. Overall, the two options are very similar. The first type involves the distribution of capital between founders who have equal rights. The second form does not establish requirements for the amount of capital and allows the transfer of shares only after the general meeting has made the appropriate decision;
  • JSC with limited liability.

In any of the above cases, there are no requirements for the residency of officials, shareholders or founders.

Package of documents for registration

Representatives of the top management of the company and its founders must provide a package of personal documents, including a foreign and general passport, and utility bills to confirm their place of residence. In addition, it is advisable to add the European insurance number to this list. In the information submitted for registration, the mother’s maiden name is indicated.

Business data must contain the following:

  • enumeration of areas of activity;
  • the amount of the financial share of each of the founders;
  • for legal entities – an extract from the register of the state where the person is registered, and a power of attorney issued in the name of the representative.

Based on the documents received, the attorney prepares the company’s charter, the founding agreement, a statement regarding the opening of the organization and the appointment of the appointed management to the relevant position.

If you need to register a company in Hungary, our specialists will help you register a company quickly and efficiently. Also, you can buy a ready-made company in Hungary. Write to us in the CRM form and we will help you register a company.

Eternity Law International specialists will provide you with qualified advice on the acquisition of an offshore company, opening a bank account in any jurisdiction, as well as further support of your company’s activities at any stage.

We offer ready-made European and offshore companies. It takes 2 days to reissue documents for new owners.

If you have any questions or need advice on registering or buying a company, call us at the phone numbers listed on the website, or write to us in the CRM form located at the bottom of the page. Our specialists will answer you online.

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