Client testimonial

As expats in Hungary trying to set up a new company, we found the Helpers team an immense help. Thanks to their care and support, we could focus on what mattered most: our product!

RADU COTARCEA CEE Legal Matters Kft.

Blog/News

Bank holidays in Hungary in 2018

Instead of having one free day in the middle of the work week, Hungarian people usually prefer to have long weekends in exchange for a Saturday that would otherwise be a rest day. As a result, depending on which day of the week bank holidays are, the previous or the following day is granted a rest day by the government to make a long weekend for everyone.

What documents are required for company formation in Hungary?

Your passport is the only document you need to bring. For nationals of many European countries, an ID card might be enough. However, be sure to check with us in advance if this applies to you.

Useful Tips

Basing a business plan on impressions gathered through informal sources, especially in a foreign market, poses an unnecessary risk. Even a basic market overview can steer the decision-maker in the right direction and save the company costly and stressful detours.

Business planning

Our market research and business planning services range from a first scan of a sector through an analysis of the competition to detailed financial projections, all at prices affordable for small to medium-size businesses. Whether you’re looking to relocate your business or start a brand-new one, we are here to collect all the information and contacts you need to get started.

Premium Business Planning

This premium business service is for foreign business owners starting a long term business in Hungary. When you are planning to make a large investment, you will need to know the local market, have good connections, and make sure all necessary resources are available. The detailed business planning provided by Helpers takes care of all the above, focusing on the factors that really matter to you, so that your idea will surely work out.

Our premium product includes professional and thoughtful planning in marketing, sales, finance, risk management, HR and operational management, and gives you comprehensive guidance and assistance in how to put your high level business ideas into practice. With the involvement of experienced, hand-picked professional partners from various fields of business, you will receive a blueprint to launching your business, with detailed calculations and selected providers.

For more information, please find our brochure HERE.

Business Plan for the Residency Application

We also specialize in writing business plans specifically for supporting residency applications. For non-EU citizens running a business in Hungary it is mandatory to submit a business plan along with the resident permit or long-stay visa application. Thanks to our experience of more than 10 years in this field, we have a sound knowledge of which personal and business aspects are considered by the Hungarian Immigration Office, what actions need to be taken in order to comply with local regulations, and how you can secure a positive decision for yourself – the way hundreds of businessmen have already done so with our assistance.

Pricing

Premium business plans and market research projects are priced based on a list of research questions and objectives provided by the client before the start. We understand that with all the costs of launching a new business or project, it can be difficult to allocate funds for market research and the temptation can be great to reduce cost by finding ‘free’ information through internet search or informal sources. In our experience, however, such short-cuts rarely pay off, and therefore we will try and work with you to meet your budget while also providing the essential information and contacts you need.

Business plans for residency application: EUR 800-1200 (+VAT if applicable)

 

FAQs

Although Hungary is an extremely business-friendly nation, with reasonable requirements that are relatively easy to meet, it is important to get your business plan right. The authorities will consider all aspects of your business plan when deciding whether to grant or extend your Hungarian resident permit. You must provide documentation to support your claims, and demonstrate that your business is realistic, compliant with all regulations, and has a reasonable chance for success. To be sure that your business plan is written in a manner that will satisfy the authorities, it is best to work with a local Hungarian consultant.

If you are not pressed for time, we recommend that you spend a few months (with our help) on market research – once you have a basic idea or several ideas, we can investigate the feasibility of these ideas and advise on the implementation. This way, we can ensure that the business is set up in the optimal way for you. Alternatively, if you are interested in starting immediately, we can assist you in finding you business opportunities, e.g. a local company that is already in with local partners. (This way you will also become eligible for residency.) Usually this solution requires between EUR 80K and 200K investment so it’s more costly but in some ways less risky than starting your own business from scratch.

The main business idea or business concept for your Hungarian company usually has to come from you. You have to make sure the business is designed in such a way that you are able to run it successfully and you have all the required resources for this. Otherwise, we will end up making unrealistic projections in the business plan. At the same time, of course we can help you make your basic business idea more precise, find the required information, contacts, partners, staff or other resources, and provide the local know-how to convert your idea into a concrete plan.

The business plan is an obligatory part of the residency application, and it must show (via precise market information, financial calculations and supporting documents) that:

  • the company is viable and its plans are realistic
  • the director (i.e. the applicant) is capable of running the company successfully
  • the director’s full-time presence in Hungary is required for the company’s operations
  • the company will produce enough profit to support its own operations as well as the livelihood of the applicant (and the dependents of the applicant, if any)

When providing a quote for the business plan, we take into consideration the amount and quality of the input provided by the director and the amount of market research we will have to carry out in order to produce a quality business plan. If the business plan is not properly researched and the data/assumptions included in it are not realistic, this will put the application at risk; further, it will be very difficult to implement the business plan, which will cause problems when the resident permit needs to be renewed. Because of this, we can only undertake the preparation of the business plan and assume responsibility for its acceptance by the consulate or immigration authority if proper background research has been conducted by the applicant or by us.

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Professional and targeted market research is essential for starting a successful venture. We can help turn your business idea into an action plan.

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To get a clearer idea of the costs and time requirements of your project, please fill in this enquiry form and ask for a free consultation with one of our account managers.

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