Among all the uncertainty surrounding Brexit, one thing seems more and more clear: it is really happening, and probably happening soon. It also seems increasingly unlikely that the UK will get any kind of sweetheart deal from the EU. This means that your UK company will no longer have access to the European single market, and that you as a UK national will lose the right to move freely within Europe.
Setting up a European company in Hungary will provide a workaround to the above problems, and offer a number of additional advantages.
While it is costly and cumbersome to get a VAT number in some European countries, all LLCs in Hungary get one automatically right from the start. This will let you trade VAT-free with all European companies outside Hungary.
Anyone can set up a company in Hungary, regardless of their nationality. There is no need to have a local partner or manager. All you need is your passport to prove your identity, no additional documentation is required. The process only takes 1-3 business days from signing the articles of association. Moreover, you can form a company with a Power of Attorney without having to travel to Hungary for the incorporation. (However, you will have to be present for the bank account opening.)
When you set up an EU company before (or even after) Brexit in Hungary, you can get a Hungarian residence permit based on owning a Hungarian LLC. This means you will be eligible to border-free travel within the Schengen zone, as well as visa-free entry to several countries.
With over 12 years of experience in assisting foreign businesspeople setting up and managing Hungarian companies, we offer two comprehensive service packages.
Our company formation package covers all required steps for the incorporation process and during the first year of operation. For 2 500 EUR (net), we provide the following.
Start-up services:
Year-one services:
If you would like us to assist you throughout obtaining your residence permit based on your Hungarian company, choose our business immigration package. For 4 990 EUR (net), you get everything in the company formation packag,e plus the full residency application procedure including a basic business plan and house search.
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