Profitable company registration in Hungary in 2019
Hungary is a country located in Eastern Europe, however, there are opinions that the country is located in Central Europe. The state language is Hungarian. The economy of jurisdiction tends to develop, the country actively exports various industrial goods. The main foreign trade partner is Germany.
Hungary is a member of the UN, joined the GATT, joined the IBRD, the IMF, as well as the Council of Europe. It is a member of NATO, the EU. In the structure of foreign trade goods, the largest share is occupied by industrial goods - vehicles and spare parts, electrical products, as well as medicines and other products of the chemical industry.
Legal forms of companies
In total, there are six OPFs that can be organized for carrying out commercial activities in a jurisdiction.
Types of OPF and their features:
• LLC - the amount of the initial capital should be 3,000,000 forint, the liability of members is limited. Securities cannot be issued for business quotas. The creation of a single member company is allowed.
• A stock limited company that is privately or publicly based. The first of these forms is based on an initial capital that is a predetermined amount. The smallest amount is 5,000,000 forints. The second form is most often created for large business entities that have several investors.
• Limited Partnership - the minimum number of participants is 2. One of them is the CEO, he bears unlimited liability. The profit distribution corresponds to the contributed capital; however, the parties have the right to enter into another agreement.
• General Partnership - the difference between the OPF is that members' obligations are not limited. There is no capital requirement. The partnership must contain at least two members.
• Government, branch - such companies can usually engage in activities without any restrictions, however, for some areas, a license is required. The company can establish residents or non-residents.
After registering a company, it may be necessary to issue an account for the full operation of the organization. To open a bank account in the country, the personal presence of the client is required. For a list of required papers, please contact our IT - OFFSHORE specialists.
Features of company registration
There are some requirements for registering a business in Hungary. The company must have a name, as well as an office, a list of company members with detailed information about them. It is necessary to collect data on the activities of the organization, some of the areas will need to get a special permit.
It is required to specify in advance the amount of the minimum fixed capital, to collect information about the employees of the company. A complete list of required documentation may vary depending on the form of the organization.
If you have questions regarding the registration of a company or a bank account in a jurisdiction, contact our specialists - experienced lawyers will provide the necessary information.