Open a company and bank account in Hungary in 2020

It is profitable to open a company and an account in Hungary in 2020. This state is a member of the European Union. The main advantage of doing business in this country is low corporate tax rate of 9%.

The advantages of starting a company

Before starting a company in Hungary, it is recommended to get acquainted with the main advantages of establishing a company. This country is attractive for investments, as it has a low corporate tax rate and there is an opportunity to enter the European market.

The workforce in this country is highly qualified. Jurisdiction has a stable and developed financial system, as well as a favorable investment policy. There are only a few sectors that are most successfully developing:

• Car production;
• Scientific sphere;
• Pharmaceuticals;
• Manufacture of medical equipment;
• IT;
• Manufacture of energy, etc.

To open a bank account in Hungary and register a company, please contact our specialists at IT-OFFSHORE. We will help you to collect the necessary documents and answer all your questions.

Nuances of opening a company

ZRT private companies are most often established to conduct business in the country. They have limited liability. A legal entity is registered by one or more shareholders, who may have any residence.

The smallest amount of the share capital must be 16 thousand euros. The shareholders are liable to the company for the size of its shareholding. The company must be managed by a board of directors, which may include at least 3 but not more than 11 members. It is possible to manage a director-general, if it is specified in the documents.

Information about directors is not closed. It is possible to get a residence permit in case of doing business in Hungary or registering a company. In order to operate fully, a company must have a registered office in the jurisdiction and an account must be opened.

Bank account opening in Hungary

When opening an account in Hungary you can make transactions in the national currency of the country and work with other currencies, for example, dollars or euros. Many banks allow non-residents to open an account, but in some cases you may need to acquire a residence permit.

The cost of opening an account may vary depending on the financial institution you choose. To open an account you will need to confirm your identity, provide relevant documents and copies of the charter with translation into Hungarian, certified by a notary office. You will need bank statements, invoices, and data on counterparties. The most popular banks include K&H Bank, Budapest Bank, CIB Bank, and MKB Bank.