Hungarian Key Points
- Time - only 2 weeks to incorporate your company
- Cost - a Hungarian company will cost £2000
- Directors - only one director of any nationality, is necessary for your company
- Shareholders - only one shareholder of any nationality is required
- Share Capital - minimum share capital of EUR 1,800
- Tax - A beneficial tax environment
- Support - using our 20 years experience we guide you throughout every step of the company formation process
- Immediate VAT number with the eligibility to trade with all EU Member States free of VAT
Articles of Association
The articles of incorporation specify the following:
- Company name
- Location of registered office
- List of the company’s members and their addresses
- Company’s business activities
- Amount of the capital
- Method of the company’s registration
- Names and addresses of the company’s officers
- Duration of the company, if founded for a fixed period of time
The Articles of Association, or the Deed of Foundation, must be drafted and signed by a Hungarian attorney.
The Company Act determines the minimum basic information that such founding documents should contain, such as the company name, domicile, capital founders/owners, basic data on the executive officers etc. Limited or limited liability companies can be established using model articles of association annexed to the new Company Procedure Act.
The registration application must be filed with the Hungarian Court of Registration within 30 days from the conclusion of the Articles of Association.
Once the registration is submitted, the company may start its operations as a pre-company until the registration is made. The Court of Registration must decide on the registration within 15 days in the case of business entities submitting for registration using the model articles of association annexed to the new Company Procedure Act (and within 2 days in case of electronic registration), or otherwise within 30 days. These periods commence at the delivery of the application to the Court of Registration. If the Court fails to meet these deadlines, the company is considered to be automatically registered on the 9th day following the expiry of the deadline
A newly registered company must also register with the local municipality, State Taxation Office, Central Statistical Office and Social Security Authorities.
On submitting an application to incorporate, the following details should be provided:
- A commercial license.
- Documents of incorporation.
- Company name and the address of its registered offices or of its owners.
- Location of the company's activities.
- Type of activities - In Hungary, when incorporating a company, it automatically becomes a member of the local Chamber of Commerce.
Apart from submitting the above documents for registration, the company must register with the following bodies:
- The Central Office of Statistics (KSH)
- National Income Tax (APEH)
- Regional Income Tax
- The (Regional) Court of Registration
- The Institute of National Insurance