The 3 Requirements If You Want To Start a Business in Hungary
Are you also one of those thinking about starting your business in Europe? If your answer is yes then we are having something important to discuss with you. Hungary is one of the best places that you can consider without having any adverse situation or complexities. It is centrally low at the cost of living is also. Apart from this, the best part about this place is the lowest corporate tax rate of the continent. Yes, the corporate tax rate at this city is just 9%. However, it is also important to determine that the requirements for companies always where is on the basis of countries. If you are thinking about Starting a Business in Hungary then there are three things that will be required for you. The major three things will include the registered address, the bank account and also an accountant.
First Incorporation and Immediate VAT Number
Whenever you are willing to start of your business in Hungarythen it will take around 4 to 5 business days to complete the process. You need to visit or travel to Hungary to sign up founding documents. Even if you are not able to visit the country then you can easily hire the professionals who can arrange for you to sign the power of attorney in the country of president and then send it to them through post. If you follow this process then you will be required to travel to the country once your company is already started and running.
First Of All, Get A Registered Address With Full Services.
InHungary, if you are thinking about starting your business then it is necessary for you to have your registered address publicly available. Even all the companies currently working there are having the same. Moreover, the letters delivered to the registered address count as the needed by the person who is the in charge for owner of the company. That is why, whenever the authorities sent the mail at the registered address then they usually expect you to revert back within eight days of commencement. Hence it is necessary for you to have a competent and Hungarian speaking person available there who can easily handle all the company mails at the same time.
Open Up Your Hungarian Bank Account.
According to the law, all the Hungarian companies must have a Hungarian bank account within 8 days of the incorporation of their company. Apart from this, the owner of the company is mandatory to be present at the bank account opening in person. It is necessary to determine that with the help of the power of attorney, the bank account opening process of company formation cannot get completed. Additionally, it is also necessary to choose the most suitable banking service for you.
Must Try To Get a Competent English Speaking Accountant for You
It is necessary for all the companies in Hungary to have an accountant. It doesn’t matter that there is any sort of initial activity going on in the company or not. Additionally, if the turnover of the company is very small then also it is necessary even mandatory for the companies to have an accountant. Hence, if you have decided about setting up your business in Hungary then you should also start your search of the proficient accountant. The accountant you hire must be having the responsibility of submitting the periodic reports to the higher authorities.
The reports must be submitted to the tax office, statistics bureau, the health authority, and all the other municipal and government authorities. In case, your accountant or you fail to submit the report on time to the authorities and if you miss any one of them then it will lead towards serious finance. Hence, it is necessary for you to find a competent English speaking accountant who can easily corporate with you and complete all the requirements without having any complexities.
Hence these are all the requirements you need to fulfill for starting up your business in Hungary. Must remember each and every step must be followed carefully otherwise you may face the legal difficulties that may also affect your business negatively.