Hungarian companies. Extract from the Hungarian register
Hungary is a Central European state located in the heart of the Middle Danube Plain. The flat terrain of the country is quite natural, which is protected only in the north by the low Carpathians, and in the west by the Alps. Hungary's northern neighbor is Slovakia, its western neighbor is Austria, and Hungary's northeastern border is shared with Ukraine.
And in the east there is another neighbor - Romania. Hungary has the most neighbors in the south: Croatia, Slovenia and Serbia.
The temperate continental climate is considered quite favorable, although summers are often hot. The main waterways are the mighty Danube and the Tisza River. Flowing from north to south, huge springs fresh water cross the whole country. The largest freshwater lake is Balton.
For a small country, there is a small population. In total there are about 10.5 million people. But the population density in Hungary is quite high.
Forint – monetary unit countries.
Experts call progress in the economy an economic miracle. economic development Hungary, observed over the past few years. Effective reforms lead to the improvement of legislation, including that regulating the activities of investors. From here - everything larger number entrepreneurs wishing to register a company in Hungary. The country, as a full member of the EU, is firmly on its feet, demonstrating annual GDP growth of more than 5%.
How to open a company in Hungary
1. Prepare three names for the company, as well as all necessary documents, previously certified by a notary. Three names can be declared at the choice of the business owner. And the documents must indicate information about shareholders, directors and the planned type of activity of the company.
2. Open a bank account, prepare authorized capital (its size depends on the type of company), sign all the required documents with a notary. These actions do not have to be carried out in person; it is enough to issue a power of attorney.
3. Register the company in the Trade Register.
The entire process will usually take about one week.
Forms of doing business in Hungary
Among the many organizational and legal forms of companies in Hungary, several of the most popular ones can be identified. So, they prefer to open a company in Hungary in the following forms:
- Private limited liability company (Kft);
- Limited Liability Partnerships (Bt);
- Public Limited Company (Rt);
- General partnerships (Kkt).
Features of Kft in Hungary
- The size of the authorized capital starts from 3,000,000 forints. The paid portion at the time of establishment must be at least 50%;
- A company may have shareholders whose liability is limited to shares in the capital of the company being founded;
- Shares cannot be publicly traded;
- Even one director - a legal entity - can manage the company;
- A company with a capital of more than 50,000,000 forints and more than 200 employees elects a Supervisory Board.
Features of Rt in Hungary
- The size of the authorized capital is from 20,000,000 forints. At the time of establishment, it is necessary to pay at least 30% of the specified amount in cash;
- If, in addition to monetary assets, other assets are involved in the payment, their value must be assessed by an independent expert from Hungary;
- The number of shareholders is not limited. Liability is determined by shareholders' shares;
- The status and residence of the shareholders does not matter;
- Registered and bearer shares are permitted and can be put up for public sale;
- The Board of Directors consists of 3-11 members. Legal entities cannot be directors;
- The work is monitored by the Supervisory Board.
Features of Kkt in Hungary
- Capital is distributed evenly among all shareholders;
- Equality of partners is declared. Their liability for debts and obligations is equal and unlimited;
Features of Bt in Hungary
- The minimum capital amount is not fixed;
- Capital is distributed evenly among all shareholders;
- A partnership is established by at least two partners;
- The status and residency of the partners does not matter;
- There are two types of partners: general and limited;
- The equality of general partners is declared. Their liability for debts and obligations is equal and unlimited;
- Within the limits of their shares, limited partners have limited liability;
- Without general solution meetings, the transfer of shares to third parties is prohibited;
- Management is carried out by the general partners in accordance with the provisions of the Foundation Agreement.
Our specialists can help you register a business in Hungary.
Accounting and taxation in Hungary
Before registering an enterprise or business in Hungary, you need to know that all forms of companies submit an annual, audited report.
A company in Hungary pays the following types of taxes:
- Income up to 500,000,000 forints – 10%;
Income over 500,000,000 forints – 19%.
- The VAT rate varies depending on the type of business:
For services and products – 25%;
For basic food products – 18%;
For medicines, books, newspapers – 5%.
- Tax is payable on dividends paid to foreign companies.
Registering a company in Hungary is now easier than ever. We provide high-quality and professional services in the field of registration various forms business abroad, including offshore companies. Registration of a company in Hungary – your path to success!
Company registration can be done up to 15 days after the required forms have been completed and all documents have been submitted. The time required to deliver documents to the client varies depending on the courier service.
Is it mandatory to open an account in a Hungarian bank?
According to the laws of jurisdiction prerequisite Registering a company in Hungary involves opening an account in a Hungarian bank. The Hungarian banking system is quite democratic, so opening a bank account in Hungary does not present any difficulties. There is no need to provide a certificate of solvency to the bank and secure a deposit.
What taxes are imposed on a company in Hungary?
The main advantage of registering a company in Hungary is its favorable tax regime. Since 2010, Hungary has introduced a two-tier tax system. Under these laws, the company pays a 10% tax on profits up to $2.3 million, and everything above is taxed at a tax rate of 19%. The dividend tax for Hungarian companies is 3% of profits received. Passive income is taxed at the following rates: royalties - 5%, interest - up to 10%.
How difficult is the process of registering a Hungarian company?
Opening a company in Hungary is now very easy as the registration process is completely computerized and can be completed within an hour. Likewise, a VAT (VAT number) is automatically issued upon incorporation of a company, which is considered the fastest in Europe.
Where and how do meetings of shareholders and directors of a registered offshore company in Hungary take place?” state=”open”] Meetings of business owners are held on an annual basis. According to Hungarian law, you can hold meetings in any place you choose.
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Each country has its own characteristics and nuances when obtaining information about companies. Write your question and a specialist will give you comprehensive advice.
What documents for the company are from the registry? Hungary can I get it?
An extract from the official register of companies in Hungary as of the day of the request. Contains the following information about the company:
- Address and name;
- Registration date;
- Date of liquidation;
- Current status;
- Types of activities;
- Authorized capital;
Allows you to reduce risks when concluding a transaction with a foreign company. We collect detailed information about the organization from government registers and internal databases.
As a rule, we are able to include the following data in the report: name, status, opf, address, mouth. capital, directors, owners, type of activity, number of employees, finances, details on export/import from the Russian Federation and Ukraine, clients/suppliers from the Russian Federation and Ukraine
The result of the work is electronic document in PDF format in Russian.
Allows you to reduce risks when concluding a transaction with a foreign company. We collect detailed information about the organization from government registers and internal databases.
As a rule, we are able to include the following data in the report: name, status, opf, address, mouth. capital, directors, owners, type of activity, number of employees, finances, details on export/import from the Russian Federation and Ukraine, clients/suppliers from the Russian Federation and Ukraine
The result of the work is an electronic document in PDF format in Russian.
Contains the following information about the company:
- founding date
- name of organization
- organizational and legal form
- legal address
- contact details
- main activity
- authorized capital
- board composition
- branch data
- balance sheet data
- decisions of the board of shareholders
- information about the founders and their shares
- *some of the specified data may not be available for a specific organization
- to obtain information about counterparties in Hungary when carrying out foreign trade transactions
- for the preparation of foreign trade agreements
- for registration of legal entities with foreign participation
- for filing claims
The basic set of information within this product, in addition to basic information about the company, includes: - connections with other legal entities/individuals around the world (up to 20 connections); - research on the subject of arbitration and other cases against the company (depending on the region); - checking for general and unfavorable mentions in the media; - credit report and credit rating. The cost of a basic specialized study is 390 euros. Duration - 7 working days. Provided electronically. We can conduct any other additional type of research, such as in-depth financial analysis company, a full in-depth study of the company's legal capacity, personal visit to the company's office, etc. Indicate the data that needs to be obtained (formulate a task for our research group) and in the near future we will notify you about the possibility of completing this work, the timing and cost.
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Company registration in Hungary
As in other countries Eastern Europe Hungary provides foreign investors with the opportunity to register a company without any problems. Also a big advantage for those who wish to open a company in Hungary is the short period of time required to register a Hungarian company.
STEPS TO OPEN A COMPANY IN HUNGARY.
1) When deciding to open a company in Hungary, the client is asked to provide three company names as well as relevant documents, which must first be verified and certified by a notary (the client can declare three names of his/her choice). At the same time, the company documents must be filled out by the client with information about the composition of shareholders, about the shareholders / director / a and the planned activities of the company, etc. 2) Next steps to register a company in Hungary: Opening a bank account, authorized capital in the amount of 500,000 forints and signing the necessary documents by a Hungarian notary. This can be done in person or through a power of attorney if the shareholders are not located in Hungary.
3) The last step is to register the company in the Trade Register. Once all relevant documents have been duly notarized in accordance with Hungarian company registration legislation, they will be submitted to the Trade Register for approval. The biggest advantage in forming a company in Hungary is the short period of time required for registration. The whole process takes from 5 to 7 days.
REQUIREMENTS FOR REGISTRATION OF COMPANIES IN HUNGARY.
- Any person of any nationality or place of residence can be a director or shareholder of a Hungarian company.Shareholders of a company based in Hungary can be both individuals and legal entities.
A company opened in Hungary must provide a local registered address (service provided by BridgeWest)
The minimum capital for registering a limited liability company in Hungary must be HUF 500,000. approximately 1,700 euros.
Services for company registration in Hungary
Development of articles of association (required for registering a company in Hungary).The charter of a Hungarian company can be drawn up by power of attorney (similar requirements apply to a notarized power of attorney, which is necessary in accordance with Hungarian Legislation).
Preparation of other documents necessary for opening a company in Hungary. These documents include: sample signature, necessary forms provided by the Office of Company Registration in Hungary and copies of passports
Notarial paperwork for registering a company in Hungary must be carried out by a Hungarian notary.
If necessary, it is proposed to register your company's office in this country. The office of a company to be opened in Hungary can be registered at any address. The office of a registered company to be opened in Hungary will be a legal one.
Opening a bank account for your Hungarian company. This is necessary both for depositing the initial founding capital and when opening a bank account.
BridgeWest provides support for opening the following types of companies in Hungary:
(Open joint stock company) This type of Hungarian company can have one shareholder, one director and must maintain a local address and has a minimum registered capital of 5 million forints (20,000 euros).
Other types of Hungarian entities: - Hungarian Partnership Limited (LP, or BT in Hungary, added after the name of the partnership) members of the LP holding a joint entrepreneurial activity and at least one general partner has unlimited liability for the company's obligations. A limited liability partnership does not have legal status and has limitations of partners who provide their obligations as they contribute to the capital, monetary and non-monetary. According to Hungarian law, only the general partner has the right to represent the company, unless the Company's Articles of Association from the state association otherwise. A partnership can develop and transform into a limited liability company.
Hungarian General Partnership, or unlimited partnership (GP, or CCP in Hungary, added after the name of the partnership). In a General Partnership, the obligations of all members are unlimited for the obligations of the partnership, since all members who make monetary and non-monetary contributions are considered general partners and have the right, subject to Hungarian law, to represent the company, unless the articles of the Association of the company provide otherwise. A partnership has no legal status, does not require a minimum capital and must have at least two members.
HUNGARY KEY FACTS
> Hungarian tax for any type of company is 10% for income up to 500 million forints (about 2 million EUR). If income exceeds this amount, it will be subject to a 19% tax rate.> VAT is not fixed for all types of business. For products and services, the VAT rate is 25%, while for basic food products and accommodation, the VAT rate is 18%. For medicines, VAT is only 5%, as well as for books and newspapers
>In Hungary, dividends paid to foreign companies are taxed.
> Overall, Hungary provides an attractive and welcoming business environment.
BridgeWest can also offer ready-made Hungarian companies and VAT.
Please contact us for additional information about how to open a company in Hungary and prices.
The process of registering a company in Hungary
So, you have decided to get a Hungarian passport or simply start your own business in Hungary. To do this, you need to open a company in Hungary. Therefore, you will need to come to Hungary to register your company. It is better to plan your trip for at least one week.
To prepare documents for the company, you should contact a Hungarian lawyer with the appropriate license, or simply contact us directly and in this case our specialists will help you.
The lawyer will prepare the company's charter, sample signature forms, a petition to the Hungarian registration court and other necessary documents. You will need to have your international passports in hand, come up with a name for the company and determine the type of activity - what the company will do in the future. Number of founders for Kft. unlimited, each of the founders can apply for a business visa.
It is also better for you to get yourself a guarantor - a citizen or resident of Hungary who has constant view residence permit, and legal address where the company will actually be located.
Then the charter of the company is signed in the presence of a lawyer by all the founders of the company, and the lawyer certifies it with his seal. Then sample signatures of the company's executive directors should be certified. Founders usually become executive directors with first signatory rights.
Next important point- opening a company current account and depositing half of the authorized capital into it. For Kft. The minimum authorized capital is HUF 3,000,000. Therefore, it is necessary to deposit a minimum of 1.5 million forints, which in the case of foreigners must be deposited in hard currency at the bank rate on the day the account is opened. The second half of the authorized capital can be contributed later in installments no later than one calendar year from the date of registration of the company.
After receiving from the bank a certificate of deposit of funds and an agreement on banking services for the company, the lawyer completes the documents, registers the company with the Chamber of Commerce and Industry and takes the documents to the registration court, where he will receive temporary permission to register your company. The court must make a decision on registering a company no later than 60 days from the date of filing the documents.
After receiving temporary permission to register your company, you are assigned a tax number, a KSH number, and a health insurance number.
From this moment on, your company can begin to function and generate income. Now you can withdraw half of the authorized capital from your current account.
After this, the company must be registered. To do this, you can contact an accounting firm or us. We will select an experienced accountant for you and help you draw up a direct accounting agreement. service for your company.
After this, having spent at least a working week on all procedures, you can return home.
Having received notification from the registration court about the final decision to register the company, you can proceed, if desired, to a more complex stage - obtaining a Residence Permit...
