In many European countries, buying an already established company is the best and fastest way to start business. In Hungary, however, it is fast and easy to incorporate your own company. This makes founding your own company a better solution than finding an already existing business for sale in Hungary.
When you buy an existing Hungarian company, all changes have to be officially recorded by the Court of Registry. This procedure frequently takes a month to complete, whereas setting up your own company is just 4-5 business days. Buying a shelf company also requires more administration than founding a brand-new company of your own. Moreover, the data of the previous owners will remain visible in the public company database even after the sale of the company.
When you buy a shelf company in Hungary, you, as the new owner, will be responsible for any errors or oversights the company ever made. This means that you can also be held responsible for the faulty decisions or mistakes of the previous owners or managers. That is why it’s extremely important to conduct a thorough background check of the company you are about to buy. Does it have debts? Does it appear on any blacklists? Are all the necessary legal and accounting documents available? Have they been filed correctly and on time? Remember, the Tax Office can request documents for the past 10 years in case of an audit. Failing to produce them likely results in hefty fines.
Founding your own Hungarian company is much faster and safer than finding a business for sale and then re-registering it under your name. As an added bonus, it is free of the dangers and drawbacks of buying an existing company. Incorporation in Hungary takes only 4-5 business days. You immediately get an EU VAT number, so you can start trading right away.
Our comprehensive company incorporation package covers all necessary legal and administrative steps, and it also includes additional services like assisting in opening a bank account and getting a serviced virtual office as the seat of your new company. Contact us for a tailored quote today!
Last Updated 28.11.2019
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