Business formation timeline in Hungary
Do you have what it takes to achieve your dream of becoming an entrepreneur? It is crucial to understand the process of setting up a company for a successful start, and Hungary provides a great environment for business ventures. This detailed guide covers everything from the initial idea to establishing a formal company, providing timelines and helpful advice to make well-informed decisions.
A step-by-step guide
We have outlined the essential procedures for starting a business, along with a projected timeframe and our comprehensive methods to simplify the process for you. It is important to note that the timeframe for setting up a company can differ greatly, as each company’s registration process is individualized and dependent on its specific circumstances and needs.
Define your business plan (1-2 weeks)
It is crucial to have a well-defined strategy in place before beginning the formalities. Our team of experts can provide professional guidance and help you develop a detailed business plan tailored to your goals. Schedule a meeting with us to start the process.
Reserve your company name (1-2 days)
Choosing a unique and enduring business name is a crucial part of the marketing strategy. We offer fast and convenient name reservation services, ensuring that your desired name is readily available and secured for you to move forward confidently.
Draft and sign the articles of association (1-2 weeks)
The legal framework of your company, which includes its purpose, structure, and internal regulations, is outlined in the Articles of Association. Our team of legal experts can help you create and review these important documents to ensure they comply with Hungarian laws and regulations.
Opening a business bank account (1-2 weeks)
To conduct financial transactions for your company, it is necessary to open a business bank account. You will need to provide identity papers, proof of firm registration, and any other required documents. The process typically takes around one to two weeks.
Deposit share capital (1-2 weeks)
Hungary mandates that companies must deposit a minimum share capital based on their chosen legal structure. Our team will help you prepare the necessary documentation and provide guidance in transferring the required funds to your newly opened bank account, to ensure adherence to legal requirements.
Register your business (1-2 weeks)
Enrolling your business with the Trade and Companies Register is a crucial part of setting up your company. Our experienced team takes care of the paperwork, communicates with the relevant authorities, and speeds up the registration procedure, ultimately saving you both time and effort.
Obtain necessary permits and licenses
If your company is involved in certain activities, you may need particular permits or licenses to be able to operate legally in Hungary. Our experts in regulation will help you navigate the complicated system, determine which permits are needed, and support you in obtaining them in a timely manner. The amount of time it takes to get the necessary permit can vary depending on the type of license.
Tax registration (2-3 weeks)
Registering for taxes, including obtaining a unique tax identification number, is a crucial part of setting up a business. The process of tax registration can vary in duration, but it typically takes around two to three weeks to complete.
Set up payroll and employment contracts (1-2 weeks)
Establishing compliant payroll and employment contracts is essential when hiring employees. Our HR professionals can help you with setting up payroll systems, creating employment contracts, and making sure you comply with labor laws, so you can concentrate on recruiting a skilled team.
Establish accounting and bookkeeping practices (2-4 weeks)
It is crucial for any business to keep precise financial records. Our team of accounting professionals can assist you in implementing strong accounting and bookkeeping procedures that align with the standards set forth in Hungary.
Starting operations
After completing all necessary regulatory procedures, your company is now ready to begin operations. The timing of this step may differ based on factors such as your company’s industry, market conditions, and readiness for market entry.
Form a company with us
If you are ready to begin your business venture in Hungary, contact us now for a consultation and let our experienced team support you through the process. We collaborate to achieve your business objectives.