Is it profitable to open a business in Hungary in 2023
It is profitable to open a business in Hungary in 2023. The state is part of the EU, so companies have access to the European market. At the same time, the country is located in the center of Europe and has a developed infrastructure. The service sector, logistics and production are well developed here. And these are not all the advantages of Hungary for business.
The advantages of Hungary for business
Geographical position of Hungary is advantageous due to the easy access to EU markets, the countries of Eastern and Southern Europe. Attractive conditions for business also create a strong industrial and manufacturing sector, which specializes in electronics and automotive industry, advanced logistics.
The country also thrives in other sectors, including:
- trade; agriculture; information technology; pharmaceuticals; textiles; food processing; construction materials.
These industries have many opportunities to expand both nationally and internationally. Therefore, companies that will work in these areas will not miss out.
Registering a company in Hungary gives free access to the entire EU market, which allows the movement of goods without paying any duties. Profitable imports and exports are facilitated by advanced logistics. The country offers quality highways, railroads, waterways and airways for transportation.
If exports are of interest, the following are promising:
- corn, poultry, auto parts, automobiles, prepackaged drugs, spark-ignition engines.
If imports are of interest, look at such products as:
- crude oil, petroleum gas, iron products, crude aluminum, integrated circuits, office equipment parts.
Investors can trade directly through distribution contracts, agency contracts, and franchise agreements. General export, import, and customs regulations apply to these contracts.
Other advantages of Hungary for business
Business can be opened remotely, if you make a power of attorney to our company. Opening a company in Hungary 2023 takes only a few days. The enterprise can be managed remotely. The state has signed agreements with many countries to avoid double taxation. The lowest corporate tax rate in Europe is 9%.
The company can get non-refundable or partially refundable cash grants, which facilitates successful operation. The country is part of the EU, but prices are cheaper. You can open a bank account in Hungary in 2023 online through our representatives (not in every bank).
You do not need to hire local staff to run your business. But it is important to note that:Workforce
You don't need to hire local staff to run your business. But it is important to note that:
- The country boasts a skilled workforce, as the number of people with college degrees increases every year.
- Many people speak a foreign language, which makes hiring local workers even more attractive.
- Wages in Hungary are lower than in other EU countries, which gives the company the opportunity to save money.
Thus, hiring qualified local staff allows Hungary to offer quality services/products at low prices, which promotes business development.
Separately, it is worth mentioning such structure as a trust. The Civil Code recognizes it, but in some cases the law may require trustees to obtain a license from the Hungarian National Bank and to register their activities. Foreign trusts are also not prohibited by law, but the relationship between this structure and the beneficiaries is not regulated.
How to quickly open a business in Hungary
To register a business in Hungary in 2023, contact IT-OFFSHORE specialists.