Business Solutions and Support
Your turn-key solutions provider for setting up, and managing your business interests in Hungary
Frequently asked questions
The actual registration process takes 2-3 days at the applicable court. The application can only be made by a registered attorney. The process leading up to the registration (gathering the required information, drafting, signing, all the legal documents, as well as other statutory registrations, like directors tax registration etc) is dependent on your case, as well as how quickly you respond to instructions received. Overall the entire process should not take longer than 1 month.
Initially all documentation and requirements can be done online, and via electronic means through our service. There are however certain documents, and duties which will ultimately require you, or a director of the business, to appear in person. Such duties will include opening a bank account, at a bank of your choice.
Any bank account, need it be a personal, or business bank account, needs to be done in person by the individual with the right of opening such an account, i.e. the Managing Director of a business. There are firms whom advertise that this can be done remotely, yet we strongly disencourage this, as this is against local banking laws. Once your business has been opened, we are able to assist you with choosing a bank, and providing you with the required process, and documents you will need to open such an account.
According to Hungarian Law, once a Limited Liability Company has been formed, the shareholders are required to deposit a start-up capital of 3,000,000 Hungarian Forints into the business bank account within one week of final registration. This equates to roughly EUR9400 or USD10,700. This start-up capital can be used by the business for operational expenses, and other business expenses. Should you not be able to travel to Hungary to open the business bank accounts, in time to have the start up capital paid, we can provide an Escrow service, where as such a capital is deposited into our legal trust account for reporting purposes, and stored for safe keeping until you are able to open such a business bank account, where after this money will be transferred into such an account.
There is no law which prescribe that any business need to be represented by a Hungarian citizen, or foreign resident. We however strongly recommend that such an appointment be made, should you decide that you do not wish to relocate to Hungary in order to fulfill such responsibilities. The reasoning behind this recommendation is that there are some statutory requirements related to documentation, and duties of directors which can only be fulfilled by a person holding citizenship, or residence, and a local address card. We offer a service where as one of our representatives can be appointed as proxy in order to fulfill such obligations on your behalf.