An LLC may be founded in Hungary
with an initial capital of 500,000,- Forint, i.e. about EUR 1,700,-.
Previous to this, initial capital had to be 3 million Forint, this
having been the motive of only few LLC founding, due to the fact that
shareholders could not afford to pay in over EUR 10,000,- initial
capital into the bank account. This lead to limited of company registration in Hungary.
As of 2008 companies need only to dispose of 500,000,- Forint as
initial capital. In several European states company managers need to
deposit the necessary sum into the bank, yet this is not the case in
Hungary.
Via our lawyers’ office in Hungary shareholders do not need
to pay in the initial capital of 500,000,- Forint into a bank account,
due to the fact that we prepare a special declaration where the future
company manager declares at his/ her own authority that he/ she
disposes of the necessary initial capital.
At the Commercial Court the company in founding will be able to prove
via this declaration that the sum of 500,000,- Forint being EUR 1,700,-
stays at the company’s disposal.
The LLC then will be registered within 1-5 workdays and starting with
the moment of registration also through the Commercial Court and after
European tax identification number receiving the company may already
issue invoices. It may yet be the case that the European tax
identification number appears in the European internet database only
after a few days and it may be the case that the Hungarian
company’s associates conclude no businesses until they will
be able to control the validity of the European tax identification
number. Database actualization occurs weekly.
There is also the possibility that several associates, up to a maximum
of 50 partners found a new company. A company may also have several
managers in the same time.
Foreigners and also other existing companies may found new companies in
Hungary.
For the case of non European originated managers or associates we
suggest the acquisition of already existing companies, due to the fact
that company founding for non Europeans is more complicated. For such
cases we offer already existing companies with an existing European tax
identification number. For invoice issuing desires we may also suggest
electronic invoicing programs.
Attention: Acceptable are invoicing programs only approved by the
Hungarian tax office.
In case of later company closing the firm will need to submit its
annual tax declarations and may have no debts. If fulfilled, the
Hungarian tax office closes the company in approximately 3 months at
manager’s request. The cost of company closing may achieve up
to EUR
1,000.