To register a company in Hungary, you will have to indicate the planned economic activities. This is done through the so called “TEÁOR codes”, about which you can learn more if you read on.
When indicating your planned activities, you have to consult an officially approved list and select those most relevant to your operation. This list is called TEÁOR in Hungary, but it is identical with the European one, NACE Rev.2. Statistical Classification of Economic Activities in the European Community. In the list of acknowledged activities (to be found under “Structure” on the above link), activities are classified in a very methodical way that lets you easily identify the economic activities most relevant to you.
Each available economic activity has a 4-digit code that is constructed of the number codes of the main division, group and class of the activity. When you submit your company registration application package, the 4-digit codes of your selected activities must be included.
You should not really know any TEÁOR codes by heart. You should discuss them with your lawyer / accountant / account manager when planning the company formation, so you can submit the right codes to the registry. You will need to revisit the concept of TEÁOR codes only if you want to alter or expand the range of economic activities of your company; in that case, your accountant will be able to help you select the right codes and report them to the company registry.
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