The short answer is: all of them. Read on to learn why.
When you set up a company in Hungary, you are obliged to open a company bank account in a local bank. Your company bank account number will be listed with your other company data at the chamber of commerce. It is a publicly available piece of data that helps others identify your company, similarly to your company registration number. In fact, the incorporation process itself is not complete until your Hungarian company bank account is opened.
Whenever there is a transaction in your company, it has to be through one of your bank accounts. When you
it has to happen through your Hungarian company bank accounts. This is how your company remains transparent, which is essential for operating a Hungarian company compliant to regulations.
(Of course, you can also trade in cash, but then make sure to always send the cash receipts as well to your accountant, not only the invoice.)
If you operate an international business, you should open more than one bank account – one for each currency. This is more cost-effective than having only a HUF bank account and letting your bank exchange currencies. This also makes work easier for your accountant, which in turn contributes to your company remaining transparent. Read more about the different bank account currencies in our coming article.
Click here to learn more about how to track income and expenses in Hungary.
Click here to see when you can spend company money and when you should take a dividend instead.
Click here to ask for a consultation with an English-speaking expert on accounting in Hungary.
Contact us
Company modification is the official procedure through which a lawyer’s help you can change the core data of your Hungarian company with the Company Registry. One of the cases when you need this procedure is when your company is hiring an auditor.
Read More
The deadline to report your personal income tax in Hungary is coming up: 21 May 2024, Tuesday. At the same time, you can also donate 1+1% of your taxes. This costs you nothing, and you can support a good cause.
Read More
© 2004 – 2019