Hungary is a great place to start a business, with its stable economy, favorable business environment, and strategic location in Central Europe. If you’re interested in starting a business in Hungary, there are several steps you need to take to register your company.
Here’s a step-by-step guide on how to register a business in Hungary:
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Choose your business structure:
The first step in registering a business in Hungary is to decide on the legal form of your company. You can choose from several types of business structures, including a sole proprietorship, limited liability company (LLC), or joint-stock company (JSC).
Choose a company name:
Once you’ve decided on the legal form of your company, you need to choose a name for your business. Your company name must be unique and not already registered by another company. You can check the availability of a company name through the Hungarian Central Statistical Office’s online company register.
Register your company:
To register your company, you need to prepare the necessary documents, including the articles of association, memorandum of association, and other legal documents required by Hungarian law. You also need to have a registered address in Hungary where you can receive official correspondence.
Obtain a tax number:
After registering your company, you need to obtain a tax number from the Hungarian Tax Authority. This tax number is required to pay taxes and other social security contributions in Hungary.
Register for VAT:
If your company is engaged in the sale of goods or services subject to value-added tax (VAT), you need to register for VAT with the Hungarian Tax Authority. This registration allows you to issue invoices with VAT.
Obtain necessary permits and licenses:
Depending on the nature of your business, you may need to obtain certain permits or licenses before you can start operating. For example, if you’re starting a restaurant, you need to obtain a food service permit from the Hungarian authorities.
Open a bank account:
To operate your business in Hungary, you need to open a bank account in the country. You can choose from several local and international banks that operate in Hungary.
Generis Global can help you with your business in Hungary
If you’re interested in starting a business in Hungary, Generis Global can help you with the legal part of your business journey in this country. We have extensive experience in assisting foreign companies with their business needs in Hungary, including company formation, tax registration, and obtaining necessary permits and licenses. Contact us today to learn more about how we can assist you with your business in Hungary.