Hungary is quickly becoming a hub for entrepreneurs and businesses. With a thriving economy, a well-educated workforce, and favorable tax laws, Hungary is a great place to start a new venture. If you’re considering starting a business in Hungary, here is a comprehensive guide that will help you navigate the process.
The first step in starting a business in Hungary is to register your company with the Hungarian Chamber of Commerce and Industry. You will need to provide basic information about your company, such as the company name, registered address, and a list of directors. The registration process can be done online, and it usually takes about a week to complete.
Hungary has a flat corporate tax rate of 9% for small businesses, which is one of the lowest in Europe. Additionally, businesses in Hungary can benefit from a number of tax incentives, such as research and development tax credits and tax breaks for businesses operating in certain industries.
It’s important to understand the tax laws in Hungary, as well as any relevant tax treaties that may apply to your business, so it’s recommended to consult a tax advisor or accountant.
Once your company is registered, there are several legal obligations you will need to meet. For example, you will need to keep accurate records of your financial transactions and file annual financial statements with the Hungarian Chamber of Commerce and Industry. You will also need to follow local labor laws, which include minimum wage requirements and restrictions on working hours.
Depending on your business type, you may need to obtain licenses and permits from the relevant authorities. For example, if you are starting a food-related business, you will need to obtain a food safety certificate. If you are starting a business in the construction industry, you will need to obtain a construction license. You can find a list of the licenses and permits required for your business by contacting the Hungarian Chamber of Commerce and Industry (MKIK).
Hungary has a well-educated workforce, making it easy to find qualified employees for your business. When hiring employees, it’s important to understand local labor laws, including minimum wage requirements, restrictions on working hours, and employment benefits.
Additionally, you will need to provide your employees with social security benefits, such as health insurance and pension plans.
Hungary has a well-developed infrastructure, including a strong transportation network, modern telecommunications systems, and access to electricity and water. Additionally, the Hungarian government provides a range of support services for businesses, including funding, training, and business development assistance.
Starting a business in Hungary is an excellent opportunity for entrepreneurs looking to tap into a growing economy and take advantage of favorable tax laws. With a well-educated workforce, modern infrastructure, and supportive government policies, Hungary is a great place to start a new venture.
If you’re considering starting a business in Hungary, it’s important to understand the company formation process, tax requirements, legal obligations, employee hiring, and infrastructure and support options. With the right planning and support, starting a business in Hungary can be a rewarding and profitable experience.
