10 steps to incorporating in Hungary in 2023
Below is an overview of the process to setup a business in Hungary. Company incorporation can be completed remotely. However, our Client will likely be required to travel to Hungary to complete corporate bank account opening.
- Healy Consultants Group convenes a video call with our Client to discuss i) our Client’s business goals ii) legal requirements for their new entity, including potential licensing requirements iii) the optimal structure for the company iv) any local hiring requirements and employment regulations and v) fees payable and timeframe for the engagement.
- Our Client i) settles our engagement fees ii) signs and returns our Client engagement letter and iii) provides us with all due diligence documents required by our compliance team.
- Healy Consultants Group supplies our Client with a detailed project plan, mapping out the engagement from start to finish. This plan includes steps and timelines for i) Hungary company incorporation ii) tax registrations iii) corporate bank account opening and iv) obtaining applicable licenses (if any). This document is designed to increase transparency and to set clear expectations for our Client.
- Healy Consultants Group’s country experts prepare i) a power of attorney for our Client’s signature and ii) a checklist of due diligence documents our Client is to prepare. The power of attorney and due diligence documents will need to be attested by a Hungarian Consulate in our client’s country of domicile after being notarised, translated and finally couriered to Healy Consultants Group’s team in Hungary.
- Upon receipt of the courier package from our Client containing original duly notarised and attested documents, our team in Hungary schedules an appointment with the Hungarian Registrar and uses the power of attorney to submit the company incorporation, tax and VAT registration applications on our Client’s behalf.
- Three weeks after submitting the complete company and tax registration applications, the Hungarian Registrar releases our Client’s company incorporation numbers and simultaneously provides the VAT and tax numbers.
- Healy Consultants Group will prepare a quality business plan for our Client’s Hungarian business and will use this document to discuss our Client’s business with a number of top Hungarian banks.
- Within three weeks of contacting the banks, Healy Consultants Group has a shortlist of banks that are preliminarily interested in onboarding our Client’s business. We then request our Client to confirm the dates that they are able to travel to Hungary to fulfill the mandatory 1-hour KYC meeting with the bank officials in person. Once dates are confirmed, our team will apply this travel policy and arrange meetings with the interested banks.
- Our Client i) travels to Hungary ii) meets with officials from the interested banks and iii) signs corporate bank account opening application forms with each bank. Four weeks after the meetings, the banks directly release corporate bank account numbers to our Client. Internet banking is set up within the following two weeks.
- Upon completion of the engagement, Healy Consultants Group emails our Client a feedback survey request, asking the Client to assess how we performed during the engagement.