If you’re thinking about starting your own company, Hungary might be one of the best countries in Central and Eastern Europe to choose from. In recent years, Hungary has attracted many foreign investments, with a lot of benefits for business owners who want to give running a business in Hungary a try.
So what is exactly so great about forming a business in Hungary? Let’s go over some of the key benefits to find out!
A great opportunity for LLC companies
Limited Liability Companies are common in Hungary, where they are called Korlátolt Felelõsségû Társaság. This is the perfect choice if you’re trying to form a single-member company, as you can be both the member and the manager required by the law. There are many benefits to running an LLC company in Hungary, including one of the lowest corporate tax rates in Europe. Moreover, foreign parties can own all of the shares of an LLC company in Hungary, even without being a resident of the country.
LLC companies are extremely quick to form – it usually only takes 5 days from filing your documents until your company is registered. To make sure the process goes smoothly, take care that all of your paperwork is filled out properly. If you need any help with company formation in Hungary, getting a professional corporate services company to aid might be a good idea.
Running a business in Hungary is very cost-effective
Operating a company always generates costs – sadly, that’s not something you can avoid, no matter how hard you try. However, the costs generated by Hungarian companies are very low when compared to their income. In countries like Germany or the UK, basic commodities for running a business are extremely expensive. This includes various daily expenses, as well as paying for your properties.
When working in Hungary, your company will be able to hire the best professionals in the field, enjoy a nice location for your company’s headquarters, and still pay much less than it would in Western Europe. In addition, your company will immediately get its own VAT number, without you having to struggle with paperwork for months until you finally get it.
Hungary is very close to the biggest European markets
Located in Central Europe, Hungary lies very close to many core European markets and is well-connected by air and road. Internet and phone services in Hungary are affordable and high-speed, keeping you connected with all of your foreign parties. Moreover, Hungary is a proud member of NATO, the EU, the WTO, and the OECD, which gives you access to potential trade with other members.
Opening your company in Hungary gives you free access to trade and do business within the European Union. Locally, you also gain access to a highly professional, educated workforce that is much more affordable to keep than that of most of Western Europe. Doing business in Hungary you are opening your company to many future growth opportunities, and you can operate within a steadily-growing market and make use of various governmental tax benefits.