10 steps to incorporating in Hungary
The procedures to set up a new company and open a new corporate bank account in Hungary can be completed in up to 7 weeks. Fortunately, our Client will not be required to travel to Hungary as our local agent will complete all procedures on his behalf. In brief, the steps for starting business in Ireland include:
- Consultation: Following consultation with our Client we agree on the following: i) proposed business activity and license obligations (if any); ii) availability of company names (in order of preference) iii) paid in capital requirements and iv) attorney of delivery document;
- Power of attorney Following formal engagement with Healy Consultants, a dedicated relationship manager will draft a specialised power of attorney.
- Document preparation: We prepare i) declaration and establishment deed; ii) declaration of registered capital and iii) registry of members, and provide our Client for electronic signature;
- Capital account setup: With our Client’s preferred bank, Healy Consultants opens a capital account and obtain certificate of deposit of a pre-agreed amount;
- Company Incorporation: Once we receive all the documents, we submit the same to the Registration Court order to complete the incorporation of the new company. The company will be registered within two business week, after which we email the warrant of incorporation to the Client.
- Tax registration: We register our Client’s company for value added tax by completing and submitting VAT application for to the National Tax and Customs Administration;
- Corporate bank account opening: Once company is incorporated, our banking relationship specialist will transfer the capital account to a fully functional corporate bank account within four business weeks. We work with internationally recognized banks present in Hungary, such as Raiffeisen and local banks such as OTP Group;
- Internet banking activation: Following corporate bank account number issuance, we request the bank to activate internet banking and issue secure devices to the company’s directors. Unfortunately, we also expect our Client to receive his debit/ credit card within two weeks thereafter;
- Support services: Many Clients ask us to supply additional ongoing support services including i) securing multiple employee visas ii) locating office premises and iii) registering trademarks;
- Engagement completion: The Ireland engagement is now completed. We courier a company kit to our Client, which includes the company’s original corporate documents, unopened bank correspondences and a Client feedback survey.