- Ultra-fast company transfer
- All clear - fixed cost - no surprises
- Easy - just pick the company and tell us when you coming
- Good relationship with most important banks
- Unlimited bank accounts - no caps/no limits
- Foreign bank accounts
- physical office arrangement/ staff recruitment & accounting
- tax inspection handling / EORI & GIOS
- WDL Trading / Energy / Electricity / Natural gas trading licenses
Hungary is situated in Central Europe, bordering with Slovakia, Austria, Slovenia, Croatia, Serbia, Romania and Ukraine.
The country has a tumultuous history, yet from 1989 it started transformation through which Hungarian People's Republic was changed into the democratic Republic of Hungary, and administrative command economy was replaced with free-market economy. In April 2011, a new constitution was proclaimed, which came into effect in 2012, as a result of which, e.g. the name of the country was changed from the Republic of Hungary to Hungary, thus establishing the Fourth Republic.
Because of low labour cost and attractive tax system, there are many international companies, mainly from car motor, domestic appliances, home electronics, and food processing sectors, that have their manufacturing plants in Hungary. The Hungarian government year by year introduces successive reforms that aim to attract foreign investors. Company formation is quick here and fiscal system is entrepreneur-friendly.
Hungary belongs to UN, NATO and the European Union. The official currency is forint (HUF) and the official language is Hungarian.
Trade law in Hungary has been regulated by the following acts: Act V of 2006 on Public Company Information, Company Registration and Winding up proceedings and Act IV of 2006 on Business Associations.
In Hungary, it is possible to form several types of companies:
- A limited liability company ((Kft, Korlátolt Felelõsségû Társaság)
- A limited partnership (Bt, Betéti Társaság)
- A joint-stock company (Rt, Részvény tarsasag)
- A branch (fióktelep)
The most popular structure among foreign investors is limited liability company – Kft. There are no restrictions with regard to establishing Kft by non-residents, which means a company may be fully managed and controlled by foreign board members and shareholders.
The most important document regulating company activity are its Articles of Association, which have to include: company name, address, information on the subject of business activity, share capital amount, amount of contributions made by every shareholder and other information important from the point of view of business activity.
The minimum share capital in the case of Kft is 3 million forints (approx. 10 thousand EUR) and this is the capital amount that companies are most often established with. The capital does not have to be deposited in a bank account, but every company should have a bank account, for instance for tax purposes. In the case of one-person companies, share capital should be paid in full prior to registration. A company is liable for its obligations up to the amount of company assets, and shareholders are in fact exempt from such liability, risking only the contributions they paid into the company. To set up a company, all you need is one person who may be a shareholder and a director. Company shareholders may be both legal and physical persons, while the director has to be a physical person.
Every Kft has to have a name differing from the names of other registered entities and a registered office in the territory of Hungary. We encourage you to use our virtual office services, where apart from providing you an address we will collect, scan and translate all correspondence from Hungarian to English.
Hungary is a country with one of the lowest tax rates. From 1 January, corporate income tax is only 9%, personal income tax is 16% and VAT tax is 27%.
In Hungary, dividends received from other member states are exempt from income tax, just like dividends paid to foreign shareholders in a Hungarian company (even from offshore jurisdictions). Hungary has a holding regime. Participation exemption is applied to dividends received from subsidiaries meeting the following conditions: participation 10% at the most, participation held for at least one year, participation reported to Hungarian fiscal authorities within 75 days of acquisition.
Hungarian companies have to keep accounting books and submit annual financial reports. Audit is required only in certain cases.
Hungary is a free-market developing country that underwent transformation from administrative command economy in 1990’s. Currently, Hungarian economy is ranked 50th in the world in terms of GDP and purchasing power parity. Right after the transformation, Hungary forged numerous trade links with Western European countries, mainly with Germany, but also with Italy, France, Poland, United Kingdom, and the neighbouring countries: Austria, Romania and Slovakia.
Due to soil fertility, agriculture, which is one of the most efficient in Europe, is an important sector of the economy. The main crops grown here are corn, wheat, barley, oat, rye, tobacco, sugar beet, sunflower and grapevine. Fruit and vegetable farming and animal husbandry are well-developed as well.
The main industry sectors are electrical and food sectors. There are many car manufacturing brands that have their plants here: General Motor, Ford, Suzuki, Audi. Domestic appliances and home electronics are produced here as well.
Hungarian political system was shaped during the so-called Hungarian Round Table Talks in 1989 and the current constitution from 2011. Hungary is a democratic republic with a parliamentary cabinet system. The legislative power is exercised by a one-chamber parliament. The president is elected by the parliament and holds executive power together with the government formed by the leader of the winning political party.
Two parties dominate in the country’s political system: Fidesz, from which the current president originates from, and WRL – post-communist Hungarian Socialist Party.
Hungarian banking system is stable, and the assets deposited in the accounts are safe. Both local and international banks have their branches here. Examples of banks operating in the country: OTP Bank, MKB Bank, Raiffeisen Bank, Unicredit Bank, Citi Bank, BNP Paribas, K&H bank.
All companies are equal before the law.
A good formation agent is what makes a difference.
ShelfCompanies24.com is one of the leading providers of ready made companies and special purpose vehicles (SPVs) as well as other investment structures delivering outstanding service at very reasonable prices and at highest speed. We have setup and sold hundreds of companies. Our company is considered trustworthy and reliable by our clients as well as by many professional law firms and tax advisers.
What is very unique in our style of operation is the fact that we have our ready made companies already registered in many various countries. All other providers have one address where they keep their shelf companies registered so that client wishing to buy more than one company with different address cannot be satisfied.
Many competitors may be offering lower prices however this always is at the expense of service and provided company quality. Our core activity is company formation and sale of ready made companies thus all members of our team have appropriate professional background. Our shelf companies are formed in accordance to all relevant laws and procedures by the team of qualified and experience professionals and lawyers. On the other hand the maintenance of our ready made companies is performed by licensed and proficient accountants and tax advisers. Therefore our clients can be sure that a shelf company they buy from us is clean, with no debts or tax issues, is formed professionally and its Articles of Association are of high quality.
Our main clients are private investors, traders, law, audit, accountancy and tax advisory firms as well as banks and investment funds. Throughout the years of activity Shelfcompanies24 has been enjoying the reputation of the fastest and most responsive shelf company provider.
Our ready made companies have been formed and maintained by our team. Therefore we always guarantee their quality and that they are debt free, with no trading history and consequently riskless to build new ventures on.
Our services do not finish on the sale of shelf companies or company formation. We provide also many other related and necessary services so that we can be treated as a one stop shop in a business setup in many countries. We are also experts in tailor made company formation as well as compliance and registering various changes within the company like director appointments and dismissals, company name change, share capital increase or decrease, company address change and many other issues.
We also provide tax and legal advisory services that are inevitably required by the businesses. We cooperate with many reputable tax and legal advisory firms whose services we can also recommend when the nature of the problem requires certain field specialist engagement.
For those clients who have a need to present their companies documents in foreign countries we provide apostille and translation services. After company sale documents can simply stay with us for the purpose of their apostille or legalisation and sworn translation to any desired language. This service is mainly required when there is a need to open a foreign bank account for a shelf company.
Furthermore we have agreements with many different accounting offices so that we are able to offer a wide choice of the particular accountant that will be dealing with client’s company. Also in case two or more of our clients are trading partners we can ensure that their books will be handled by separate and independent accountants.
Ultimately we can also support with a procedure of liquidation/bankruptcy of a company if a client wishes to withdraw their business presence. In this case we can either manage the process of liquidation or bankruptcy on client’s behalf or simply just dispose the assets and takeover the company so that the clients can enjoy fast exit.
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Iwona is a graduate of European Studias at Cardinal Stefan Wyszyński University in Warsaw. At ShelfCompanies24.com Iwona takes care of Customer Service concernig company formation and bank accounts opening assistance.
Adrianna has completed a master degree in law at European School of Law and Administration. At ShelfCompanies24.com Arianna is responsible of customer service, logistics as well as relationships with the banks.