Foreign bank accounts for your Hungarian company

Remain transparent and compliant

When you operate a Hungarian company, you have to make sure that it complies with Hungarian regulations. For that, transactions must be transparent and easy to follow. You will have to track all income and expenses, first of all by issuing and asking for invoices.

All the transactions you make must be verifiable with your bank. Accordingly, all your company bank accounts must be recorded with the Hungarian tax authorities. For this, you just have to make sure your accountant knows about all your accounts – they will do the rest.

First and further company bank accounts

When you set up a Hungarian company, opening a company bank account is part of the procedure. This way your accountant handling the initial reporting will know about all your first company bank accounts.

If later on you decide you want to open a company bank account at another bank, make sure to notify your accountant.

Similarly, if you decide to close one of your company bank accounts, let your accountant know about this.

Same principle, new regulation

The principle remains the same: your accountant should know about all bank accounts you have registered with your Hungarian company. The new element is that from January 2018 you are obliged to notify the Hungarian tax authority about bank accounts you have opened for your Hungarian company at foreign banks.

What to do?

• Check your records to see at which banks you have opened company bank accounts for your Hungarian company.
• Check with your accountant to make sure they know about all these accounts.
• Do this by 26 January! The deadline for notifying the tax authority is 31 January, and you should leave a few days for your accountant and the administrators of the authority to register your new data.

Check your records and contact your accountant today!