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This is the way how you can establish a company in Hungary

Every time when it is about establishing a new company, we hear that we only need a good idea. Naturally the conception is the most important but you have to make some more steps to be a member of the market.

The first step of establishing a new company is choosing operational type, so choosing that we would like to create limited partnership, general partnership, limited liability company or corporation. All of the types have its own qualities; you have to make this decision according to your scope of activities. Beside, you have to choose the name of the company, and this is not an easy part, there is the legal framework for it. You can get information about registered company names at www.e-cegjegyzek.hu, where you can search by name. After that you have to choose the home place of the company, it could be important because of the local business taxes. You have to decide the quantity of the capital, the names of the members and the capital contributions of each member. You also need the main officers’ details and the exact scope of activities, you can find this at the valid TEAOR list.

 

When every data is available, you need a lawyer, who creates the corporate documents, according to the given information. The next step is the signification. In this action, all of the members of the company congregate and the lawyer checks the validity of the given information. If it’s necessary, the lawyer can give more legal assistance.

 

If everything is all right with the papers, in the next 30 days after the creation of the documents, you have to announce the establishing at the local competent registry court. Your lawyer can do it for you online. At this point, if it’s necessary, there is an option for rectification. It can happen because of some fault of the registry court immediately reject the establishing, the reason can be the lack of the authorization of the lawyer.

 

If the registry court finds everything fine, in a short deadline it sends the documents to the lawyer and the details of the new company, like tax number, registration number, and statistical number.

 

At that point, your company is registered, but there are some more things to do. The next important thing is creating a bank account in 8 days after the registration, and pay in the exact capital as written in the corporate documents. To create an account, the bank needs the registration document, and the certification of the registry court to prove the existence of the company.

 

In 15 days after you have started the company, you have to register at the National Tax and Customs Office, at the Central Statistic Office and the local council because of the local business tax.

 

Creating a company is obviously not for free. In case of simplified, electronical company creation is costs 50.000 forints according to the valid laws. You have to pay the working fee of the lawyer, its generally equal as the fee of the creation. Choosing the type of the company is also important because of financial reasons, in case of creating limited partnership the starting capital can be 0 forints, but in case of creating limited liability company the starting capital have to be at least 3 million forints since March 2014.

 

If you could make good decisions in every situation and you could pass the ways of the bureaucracy, after that the only one important thing is really the main conception, and you can start the real work. We hope we made the way to this point a little bit easier.

 

Szőke Dániel