Are you running a Hungarian company? Then you must make sure that its data are always up to date in public databases. Depending on which data you are changing, update can be done simply by your accountant or with the help of a lawyer through “company modification”. Read on to learn when you need which procedure.
First of all, you should know that most company data are public data in Hungary. Not down to the tiniest detail, but basic information such as name, activity, and ownership, as well as yearly performance. Company data are available online, so when you start doing business with a new partner, you can quickly and easily check if their business is legit and if the person you are meeting is indeed authorized to represent the company. Of course, your new partner can this way verify your data too.
When there is a change to your company data, you must report it to the relevant authorities (either the Tax Authority or the Court of Registration, or both). The procedure depends on which data are changed. In this sense, we can divide company data into core data and additional data.
If you want to change core data of your company, you will need the company modification procedure. These are data that let partners identify, verify, and contact your Hungarian company, and they include the following:
To modify company data, the majority of the owners must be in agreement. The required majority (simple, three-thirds, or unanimous) depends on the data being changed; please ask for advisory. The owners should come together to discuss the matter, and make a note of their decision, which then can be forwarded to the company lawyer who can report the changes to the Court of Registration within 30 days of the change.
If you are the sole owner and managing director of your Hungarian company, of course you do not need authorization from anyone else. You just need to send a written note to your company lawyer based on which they can take care of the company modification.
Updating data relevant for administrative purposes does not need a full company modification procedure. These data include:
The Helpers Team has ample experience in business assistance to foreign-owned companies in Hungary. While our main focus is company setup, company modification is also a part of our daily life, especially:
Naturally, we are happy to help with Hungarian company modification in other cases too. If you are not sure whether a change needs the official procedure, ask your accountant first; if the intended change is in their territory, they should know.
Otherwise feel free to ask for advice from our expert team. Just fill in the form below, and contact us today.
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