Hungary has become a veritable tech-hub in recent years. It boasts a number of rising stars of the tech scene, including Prezi, Ustream, LogMeIn and Graphisoft. In addition, large tech corporations like Microsoft and IBM have subsidiaries with sizeable workforces in Budapest.
What makes Hungary so attractive for tech firms? The answer is the right combination of abundant local talent, excellent conditions for attracting international talent, along with low operation and living costs: all ideal for setting up your IT business.
Starting from the beginning of 2017, Hungary lowered its corporate tax to only 9%, making it the lowest on the continent. The 9% rate is flat for all company sizes, meaning that start-ups and large corporations alike can take advantage of it, in all sectors – including the IT business..
Hungary is located in the geographical center of Europe. It is well-connected to all European and major international cities by regular flights. It also has an excellent rail and road network, making the travel to a conference or business meeting a breeze. It might be obvious: the internet is also accessible from almost anywhere in Hungary.
As a full member of the EU and the Schengen zone, Hungary offers free movement of goods, services and people. EU citizens do not need a visa or a work permit to live and work in Hungary. For non-EU citizens, a Hungarian work permit automatically means unlimited travel within the Schengen zone.
The cost of living, especially real estate and services, is a fraction of that in Western Europe. This means you can hire and keep top talent for much less, and still provide a higher standard of living to your employees. Naturally, renting an office or hiring a contractor will also be much more affordable.
We have more than 12 years of experience in assisting foreign businesspeople with incorporating and managing their companies. Contact us to set up your Hungarian company in just 4-5 business days.
Last Updated 28.11.2019
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