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Find the answer to some of the frequently asked questions we received related to our previous article on the end of the state of emergency in Hungary.
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As of 18 June, the state of emergency in Hungary is officially cancelled. Some limitations remain, like wearing a mask in public transport and in shops, and the travel ban is still only lifted partially. Resident permits and work permits that expired during the state of emergency will expire on 2 August.
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The main sectors currently include electronics, toys, and presents, while the volume of “fast moving consumer goods”, meaning mostly groceries, meals and drinks has also been increasing, especially over the last few months.
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When you want to start doing business in Hungary, you might want not to create an individual LLC but set up an outpost of your foreign company, which can be a branch office or a commercial representative office.
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Part of the economic relief measures in Hungary due to the coronavirus pandemic, some payroll taxes are reduced to help retain employees and heighten job security. The structure of fringe benefits and healthcare contributions also changes.
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As of 1 May 2020, citizens of Austria, the Czech Republic, Germany, Poland, Slovakia, and South Korea are allowed to enter Hungary if they travel for business purposes, which must be verified upon request.
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In the latest forecast published by the IMF, Hungary is listed among the economically strongest EU member states, with the least expected GDP loss in 2020, and an impressive comeback in 2021.
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Discuss TEÁOR codes with your 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.
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A Power of Attorney (or a POA in short) is an official document through which you can authorize persons or entities to act in your name. However, if you want the Power of Attorney to be recognized by all authorities internationally, you will need it attested.
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Some further measures have just been announced to alleviate the burdens of a broader segment of the population, and counter the impact of the current COVID-19 pandemic on Hungarian economy.
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