Starting a business in Hungary – Company formation quick start guide
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August 13, 2015Starting a business in Hungary is quick and easy. Company registration takes only 4-5 work days, and you immediately receive a VAT number necessary for international commerce. You will have to open a company bank account over the next 8 days, and there you go, your company is up and running!
Starting a business – The essential guide
Planning before company formation
Although company formation itself is really simple in Hungary, it is worth considering beforehand what exactly you want to do in order to be as cost-effective as possible.
- The basic idea for the field of activity has to come from you – since you will be the one who can make your company successful.
- Based on your general idea, we can conduct a market research for you to find a market niche or to help you decide how to proceed.
- When you have decided what type of business you want, we can help you write a business plan, which can guide you when starting your operation, while it is also essential if you also want to apply for a Hungarian resident permit.
- Depending on your field of activity, you might need various licences for your operation – make sure to collect all the relevant information.
Administrative requirements for company registration
- For registering your company, you will need to find a company seat, where authorities will always be able to contact you. We suggest you choose a virtual office provider, where the competent staff is always available to handle your incoming mail and take the necessary steps.
- You will need to open a bank account within 8 days after company registration for wiring taxes to the authorities salary to your employees. You can do it only in person. Also, you should know what currencies you expect to trade in.
- You will be required to hire an accountant, who can make sure all compulsory reports are submitted to the tax authority on time, and all your incoming and outgoing invoices are handled properly.
The first steps of starting a business in Hungary
- If you plan to operate your company from abroad (e.g. you plan to trade goods between Europe and the rest of the world), you are good to go!
- If you intend to operate your company from Hungary, starting a business might need something more:
- You will need a resident permit, or even a work permit.
- You will need an office or shop.
- You will need employees – at least one, but maybe even three, when your business starts functioning and work starts to pour in.
Helpers has more than 10 years of experience with helping foreigners in company formation, including assistance with all the necessary preliminary work, administration, and first steps, from company registration to site and employee search.
Contact us on phone (+36.1.317.8570) or in e-mail (info@helpers.hu) and ask for our colleagues’ assistance in starting a business in Hungary. Lívia Buzás key account manager will be more than happy to help you if you write directly to her. Helpers Hungary offers free consultation, and, depending on your needs you may choose from several cost-effective packages, or ask for a tailored quote. Get started today!
