Establishing a business in Hungary step-by-step

In Hungary the same rules for establishing a business apply to foreign individuals and legal entities as to Hungarian citizens and Hungarian entities.
 

STEP 1

Preparation of corporate documents by a Hungarian attorney-at-law

(certain documents must be countersigned by a Hungarian attorney).

Time to complete: minimum one day.

Costs: Attorney fees range widely.
 

STEP 2  

Opening of a bank account

Time to complete: one day.

Costs: depending on the bank.
 

STEP 3  

Registering the company at the Hungarian Court of Registration and

obtaining a tax identification number.

Time to complete:

in the case of companies established using standard format constituting documents

– one working hour from the issue of the company’s tax identification number (NB: this simplified

registration procedure is not available for public companies limited by shares), otherwise the 

registration procedure takes 15 working days. It should be noted that the process can be more 

time-consuming if the procedure is suspended because the tax authority needs more than one day to

provide the Court with the tax identification number.

Costs:

Registration fees:

• for limited partnerships: HUF 50,000 (cca: EUR 167);
• for limited liability companies and for private companies limited by shares: HUF 100,000 (cca. EUR 334)
• for public companies limited by shares: HUF 600,000 (cca. EUR 2,000)

Simplified registration procedure:

• for limited liability companies and for private companies limited by shares: HUF 50,000 (cca. EUR 167)
• for limited partnerships: HUF 25,000 (cca. EUR 83)

   Publication fees: uniformly HUF 5,000 (cca. EUR 17). In the case of the simplified registration procedure, publication is free of charge.
 

STEP 4

Registration with the Hungarian tax authority and the Hungarian statistical office.

Time to complete: one day.

Costs: free of charge.

Contents of this chapter:

• Establishing your business
• Hiring and employment
• Key tax-related issues