Last updated on 10 November 2020.
With so many countries to choose from, which one is the best for setting up your European company? Let us tell you about all the benefits that incorporating a company in Hungary comes with.
Hungary has one of the quickest and least complicated company setup procedures. It only takes 4-5 business days to have your company up and running. All you have to provide is your passport as a proof of identity – no need for tax records or proof of qualifications. You don’t need to find a local business partner, either – you can be the sole owner and manager of your company.
With just 9%, Hungary has the lowest corporate tax on the continent. This is a flat tax rate, which means that small and medium size companies benefit it from as well as corporations.
The cost of maintaining a company in Hungary is a fraction of the same in the UK or Western Europe. Real estate, services and daily expenses are much cheaper than in the west of the continent. This means you can hire top talent for less than you would have to pay elsewhere, and still enjoy the central location and cosmopolitan atmosphere of Budapest.
The minimum required share capital for a Hungarian Limited Liability Company (Kft. in Hungarian) is only about 8 300 EUR (3 million HUF). Moreover, the capital can be spent on business expenses such as accounting or office rent.
Unlike in other countries where getting an EU VAT number can be tedious, your Hungarian company will have a fully functional VAT number from day one. Best of all, getting a VAT number is automatic and free. So you do not have to fill out extra forms or meet additional requirements – you can start doing business immediately.
Hungary lies in the geographical centre of Europe. It is well connected to the rest of the continent and all major cities of the world by air, land, rail and water. Furthermore, Hungary is a member of the EU and the Schengen zone, which makes travel, shipping and business dealings easy and convenient.
Last Updated 28.11.2019
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