Last updated on 22 February 2024.
Keeping your Hungarian company compliant starts with submitting all reports and accounting documents on time, paying taxes, contributions and salaries when they are due and ensuring all contracts and invoices conform to regulations. In order to ensure this, you need to gather reliable information about all your business partners; ideally, before you start any business dealings with them.
Naturally, you will need your partner’s basic data (official name, registered company seat and tax number) for contracting and invoicing purposes, but due diligence also means that you can be reasonably certain that the contractual information provided by your partner can be trusted, and ideally, documented in case of a future audit. Does your partner have a valid EU VAT number? Do they have a contract with the warehouse provider they said they would use? Do they have the necessary permits and licenses to carry out their business activity? Will they be able to deliver their services on time? Will they keep the payment deadlines? Are they on any industry or government blacklists?
Similar care must be taken when buying a shelf company. A very thorough audit is necessary to ensure that all accounting records are correct and complete, and that all deadlines, laws and contracts were met. You as the new owner are liable for all mistakes the company made, even if it was under the old management, unless the sales contract explicitly states the contrary.
Our experienced legal and accounting professionals will advise you every step of they way, checking existing contracts, advising on state and EU regulations, and requesting missing documentation. By mapping the risks ahead of time, you can avoid unexpected legal battles and extra charges, not to mention state fines and loss of revenue.
Please note: Helpers no longer offers shelf companies for sale. If you are interested in company setup, we will be happy to help you.
Contact us
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 MoreIn the Hungarian golden visa program, one of the options that lets you and your family get EU residency and a Schengen visa for 10 years is a EUR 250,000 investment in a real estate fund. But how does that work?
Read More