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2017.10.21
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COMPANY FORMATION
HUNGARY

Limited-Liability Company in Hungary (Englez)

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Limited-Liability Company in Hungary (Englez)

Status: Parliamentary democracy
Area, sq.km: 93 028 km2
Population: 9 897 541 (2015)
Capital: Budapest
Business language: Hungarian
Currency: Hungarian forint (HUF)
Location: Central Europe
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Time zone: GMT +1

 

INCORPORATION DATASHEET

Method of incorporation / registration:

The Memorandum and Articles of Association are signed by the owner(s), certified by a local solicitor and then submitted to the Registrar by the solicitor electronically. Appointment of a local solicitor is required by law.

Company legal form: Private limited liability company – korlátolt felelősségű társaság (KFT). 
Company status: Resident company. 
Source of corporate legislation: • Act V of 2006 on Public Company Information, Company Registration and Winding up proceedings. 
• Act IV of 2006 on Business Associations. 
Possible suffixes to company name: Kft. If the company name is translated into English, the suffix is translated as Ltd.
Company name: The name of a company must contain the selected company form, and at least one more word. The corporate name of a company must clearly differ from the name of any other company already registered in the country, and it must not suggest any misleading implications, in particular as relating to the scope of activities and the form of the company. The  company name is subject to approval by the Registrar.
Time required for incorporation: At least one week.
Number of directors:

Minimum 1 director of any nationality - private individuals only. Corporate directors are not allowed.

Number of members / shareholders: Minimum 1 member.
Capitalisation: Minimum 3 000 000 HUF paid up capital. 
Accounting / reporting requirements:

•VAT report must be submitted monthly/quarterly to the tax authority (NAV). 

•Annual report must be submitted yearly to the tax authority and to the company register – if it is needed by law, the annual report must be signed by an auditor. 
Type of shares: There are no shares in Hungarian limited liability companies. The percentage of ownership of each owner is set down in the Memorandum and Articles of Association.
Annual tax and duties:

9% of net profit + cca. 2% municipality tax.

Information publicly available: Memorandum and Articles of Association is a public document, so information on the capital, directors and members  of the company is available to the public, as are the annual financial statements of the company.
Disclosure of beneficiaries: The term beneficiary is not a legally accepted term in Hungary, so the law does not recognise the difference between an owner and a beneficiary of the company.
Registered office: A local registered office is required by law
Registered secretary / agent: Not applicable
Double tax treaty: Albania, Armenia, Australia, Austria (bequest, inheritance), Austria, Azerbaijan, Belgium, Belorussia, Bosznia és Hercegovina, Brazil, Bulgaria, Canada, Canada (amending minutes), China, Croatia, Cyprus, Czeh Republic, Denmark, Egypt, Estonia, Finland, France, Georgia, Germany, Greece, Hong Kong, Iceland, India, Indonesia, Ireland, Israel, Italy, Japan, Kazakhstan, Kosovo, Kuwait, Kuwait (amending minutes), Latvia, Lithuania, Luxemburg, Mexico, Macedonia, Malaysia, Malta, Moldova, Mongolia, Montenegro, Morocco, Netherlands, Norway, Pakistan, Philippines, Poland (inheritance), Poland, Poland (amending minutes), Portugal, Qatar, Republic of South Africa, Romania (inheritance), Romania, Russian Federation, San Marino, Serbia, Singapore, Slovakia, Slovenia, South Korea, Spain, Sweden, Sweden (inheritance), Switzerland, Taipei, Thailand, Tunisia, Turkey, Ukraine, United Arab Emirates, United Kingdom, United States of America, Uruguay, Uzbekistan, Vietnam
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