Hungary ranked first among 190 countries surveyed in a World Bank survey for cross-border trade. Since 2010, their GDP has increased yearly, reaching a high of 5.2% in 2019. Forecasts for 2020 indicate that growth will continue to be well above the European average.
Taking all of this into account, it’s clear that Hungary is quickly becoming an excellent place to do business. Starting a business as a foreigner in Hungary is more accessible than in many other parts of Europe. The procedure also takes less time.
Hungary is also known for having a strong economy and infrastructure. Wages and taxes, as well as registration fees and expenses, are lower than in many other places.
Finally, Hungary, particularly the capital city of Budapest, is a secure and welcoming place to conduct business.
Company Formation in Hungary
Opening a company in Hungary allows you to enter the European market because the country has been a member of the European Union since the early 2000s. A Hungarian company formation can be started by both foreign and legal business owners.
To start your own Hungarian business, you only need one member, one managing director.
In Hungary, the standard corporate income tax rate is only 9%, making it the lowest in the European Union.
The minimum share capital required to launch your company is low (3,000,000 HUF) and does not require a deposit. By establishing a business in Hungary, you will receive an EU VAT number and will be able to trade VAT-free with other EU countries.
There are numerous benefits to establishing a company in Hungary:
- Company formation in Hungary is simple and quick. It only takes one business day.
- Hungary’s legal structure is stable and investor-friendly, making business authorization and maintenance simple and cost-effective.
- When you set up shop in Hungary, you will have access to a highly educated workforce. The English language is extensively used throughout the business.
- Compared to the majority of other EU countries, the average wage is relatively low.
Hungary enjoys a favorable geographical location due to its central European location. The country also had a well-developed transportation and information technology infrastructure.
Start your Hungary formation company with the help of FirmaX
The complexity of the company registration process in Hungary varies according to the type of company you choose. FirmaX can help you establish your business. FirmaX provides competent and comprehensive corporate, legal, tax, and accounting services in Hungary.
Every foreign-based company needs a legal representative, usually a Hungarian attorney. Delegating the process is likely to avoid the costs of multiple trips and extended stays in Hungary if you delegate the process.
In addition, an attorney can assist you at every stage of the process. Before forming a company, many factors must be considered. Hungarian business laws, opportunities, and registration process specifications are the most important.
The process is straightforward, and you can select from various company types.
Their expert team has a wealth of experience in business-related services. The primary goal is to give clients all of the information and assistance they need to start a successful business in Hungary.
FirmaX assistance ensures that your company receives all of the assistance it requires, as well as the most updated information you need.