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Is it profitable to open a business in Hungary in 2023

Is it profitable to open a business in Hungary in 2023

It may be a great idea to open a business in Hungary in 2023. The state is part of the EU so companies can access the European market. At the same time, the country is located in the center of Europe and has a good infrastructure. The service sector, logistics, and production are well developed here. And these are only some of the advantages of Hungary for business.

The advantages of Hungary for business

The geographical position of Hungary is advantageous due to the easy access to EU markets and the countries of Eastern and Southern Europe. Attractive conditions for business also create a solid industrial and manufacturing sector specializing in electronics, automotive, and 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 working in these areas will take advantage of this.

Export/import

Registering a company in Hungary gives free access to the entire EU market, which allows the movement of goods without paying any duties. Advanced logistics facilitates profitable imports and exports. In addition, 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, and spark-ignition engines.

If imports are of interest, look at such products as:

  • Crude oil, petroleum gas, iron products, aluminum, integrated circuits, and 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

You can open a business remotely if you give our company power of attorney. Opening a company in Hungary in 2023 takes only a few days. You can manage the enterprise remotely. The state has signed agreements with many countries to avoid double taxation. They have the lowest corporate tax rate in Europe 9%.

The company can get non-refundable or partially refundable cash grants, facilitating successful operation. The country is part of the EU, but prices are lower than in many other European countries. You can open a bank account in Hungary in 2023 online through our representatives (it referrs only to some banks).

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 yearly.
  • 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 allows the company to save money.

Thus, hiring qualified local staff allows Hungary to offer quality services/products at low prices, which promotes business development.

Trusts

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 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

Contact IT-OFFSHORE specialists to register a business in Hungary in 2023.

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