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2017.06.28
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COMPANY FORMATION
HUNGARY

Limited-Liability Company in Hungary

You can download our brochure here:
Limited-Liability Company in Hungary

Status: Parliamentary democracy
Area, sq.km: 93 028 km2
Population: 9 897 541 (2015)
Capital: Budapest
Business language: Hungarian
Currency: Hungarian forint (HUF)
Location: Central Europe
map
Time zone: GMT +1

 

INCORPORATION DATASHEET

Method of incorporation / registration:

The Memorandum and Articles of Association are signed by the owner(s), certified by a local solicitor and then submitted to the Registrar by the solicitor electronically. Appointment of a local solicitor is required by law.

Company legal form: Private limited liability company – korlátolt felelősségű társaság (KFT). 
Company status: Resident company. 
Source of corporate legislation: • Act V of 2006 on Public Company Information, Company Registration and Winding up proceedings. 
• Act IV of 2006 on Business Associations. 
Possible suffixes to company name: Kft. If the company name is translated into English, the suffix is translated as Ltd.
Company name: The name of a company must contain the selected company form, and at least one more word. The corporate name of a company must clearly differ from the name of any other company already registered in the country, and it must not suggest any misleading implications, in particular as relating to the scope of activities and the form of the company. The  company name is subject to approval by the Registrar.
Time required for incorporation: At least one week.
Number of directors:

Minimum 1 director of any nationality - private individuals only. Corporate directors are not allowed.

Number of members / shareholders: Minimum 1 member.
Capitalisation: Minimum 3 000 000 HUF paid up capital. 
Accounting / reporting requirements:

•VAT report must be submitted monthly/quarterly to the tax authority (NAV). 

•Annual report must be submitted yearly to the tax authority and to the company register – if it is needed by law, the annual report must be signed by an auditor. 
Type of shares: There are no shares in Hungarian limited liability companies. The percentage of ownership of each owner is set down in the Memorandum and Articles of Association.
Annual tax and duties:

9% of net profit + cca. 2% municipality tax.

Taxation of passive income: dividend tax: 0%, capital gains tax: from 10%, Income on the percentage of deposits: from 10%, royalty income: from 5%. This is a general information. Please, contact us for any further information on this issue.
Information publicly available: Memorandum and Articles of Association is a public document, so information on the capital, directors and members  of the company is available to the public, as are the annual financial statements of the company.
Disclosure of beneficiaries: The term beneficiary is not a legally accepted term in Hungary, so the law does not recognise the difference between an owner and a beneficiary of the company.
Registered office: A local registered office is required by law
Registered secretary / agent: Not applicable
Bank account of a Hungarian company: Minimum 1 account has to be opened in a Hungarian bank. A Hungarian company may have several bank accounts, also abroad.
Double tax treaty: Albania, Armenia, Australia, Austria (bequest, inheritance), Austria, Azerbaijan, Belgium, Belorussia, Bosznia és Hercegovina, Brazil, Bulgaria, Canada, Canada (amending minutes), China, Croatia, Cyprus, Czeh Republic, Denmark, Egypt, Estonia, Finland, France, Georgia, Germany, Greece, Hong Kong, Iceland, India, Indonesia, Ireland, Israel, Italy, Japan, Kazakhstan, Kosovo, Kuwait, Kuwait (amending minutes), Latvia, Lithuania, Luxemburg, Mexico, Macedonia, Malaysia, Malta, Moldova, Mongolia, Montenegro, Morocco, Netherlands, Norway, Pakistan, Philippines, Poland (inheritance), Poland, Poland (amending minutes), Portugal, Qatar, Republic of South Africa, Romania (inheritance), Romania, Russian Federation, San Marino, Serbia, Singapore, Slovakia, Slovenia, South Korea, Spain, Sweden, Sweden (inheritance), Switzerland, Taipei, Thailand, Tunisia, Turkey, Ukraine, United Arab Emirates, United Kingdom, United States of America, Uruguay, Uzbekistan, Vietnam

 

COMPANY REGISTRATION SERVICES:

FORMATION FEES

Company registration with standard contract form
in simplified registration proceeding

490 EUR
Provision of Registered office (in Budapest)
for the company from the date of registration
960 EUR
Opening of a bank account in Hungarian Bank
490 EUR
TAX identification number + EU VAT number
190 EUR
TOTAL: 2 130 EUR

 

OPTIONAL COSTS
COST FOR DIRECTORS SERVICES:
Nominee Director from  3 000 EUR / year
Full signature:
Up to 8 signatures 80 EUR / package
Every further 8 signatures 40 EUR / package
Short signature (Initial):  
Up to 8 signatures 40 EUR / package
Every further 8 signatures 20 EUR / package
ACCOUNTING PRICES – REFERENCE FIGURES
(It is always subject to an agreement with the accountant)
1. BASIC PACKAGE
The amount includes:
  • accounting fees for about 1-10 entries into the books
  • VAT
  • VIES
  • Intrastat report
  • yearly financial statement
125 EUR / month
2. MEDIUM PACKAGE

The amount includes:

  • accounting fees for about 11-50 entries into the books
  • VAT
  • VIES
  • Intrastat report
  • yearly financial statement
200 EUR / month
3. LARGE PACKAGE

The amount includes:

  • accounting fees for about 51-151 entries into the books
  • VAT
  • VIES
  • Intrastat report
  • yearly financial statement
350 EUR / month
ACCOUNTING ADVICES 100 EUR / hour
Payroll is by different calculation, depending on case-to-case-basis.
OTHER SERVICES
EORI number 190 EUR
1 set of Apostilled Memorandum of the Association* 190 EUR
Telephone and fax number, basic mail service, receptions 480 EUr
Modification of Memorandum and Articles of Association
from 350 EUR
Extract from the Company Registry
from 250 EUR
* Company registration with special Memorandum and Articles
in general registration proceeding, including stamp duty and VAT
extra charge
ask for price 


All the above fees are subject to 27% VAT

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