Hungary
> Key Corporate Features
> General Information
> Company Information
> Compliance
Key Corporate Features
General
| Type of Company: |
| Common or Civil law: |
| Migration of Domicile Permitted: |
| Tax on Offshore Profits: |
| Language of Name: |
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| Corporate Requirements |
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| Min. No. of Shareholders / Members: |
| Min. No. of Directors / Managers: |
| Corporate Directors / Managers Permitted: |
| Company Secretary Required: |
| Standard Authorised Share Capital: |
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| Local Requirements |
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| Registered Office / Agent: |
| Company Secretary: |
| Local Directors: |
| Local Meetings: |
| Government Register of Directors / Managers: |
| Government Register of Shareholders / Members: |
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| Annual Requirements |
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| Annual Return: |
| Submit Accounts: |
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| Recurring Government Costs |
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| Minimum Annual Tax/Licence Fee |
| Annual Return Filing Fee |
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| KFT/RT |
| Civil |
| Yes |
| 3% |
| Latin alphabet |
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| One / One |
| One / Three |
| Yes |
| No |
| US$ 11,000 / 73,000 |
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| Yes |
| No |
| 1/2 |
| No |
| Yes |
| Yes / Yes, but bearer shares allowed |
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| Yes |
| Yes |
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| US$ 3 |
| N / A |
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General Information
Hungary was part of the polyglot Austro-Hungarian Empire, which collapsed during World
War I. The country fell under Communist rule following World War II. In 1956, a revolt
and an announced withdrawal from the Warsaw Pact were met with a massive military
intervention by Moscow. Under the leadership of Janos KADAR in 1968, Hungary began
liberalizing its economy, introducing so-called "Goulash Communism." Hungary held
its first multiparty elections in 1990 and initiated a free market economy. It joined
NATO in 1999 and the EU in 2004.
Hungary shares borders with Slovakia, Austria, Slovenia and Ukraine. The total size
of Hungary is 93,033 km2 being home to 10,320,000 Hungarian speaking inhabitants.
English or German is commonly used in the international business. The capital city
is the beautiful Budapest known for its monuments and galleries. The Hungarian
Forint (HUF) used as the official currency is freely convertible. Hungary is a
significant tourist destination visited every year by several millions tourists from all
over the world.
Hungary has an excellent infrastructure, advanced banking and sophisticated legislation
regulating the incorporation of the tax beneficial companies. Hungary is a signatory to
several tens of the double taxation treaties. In addition, it has introduced a number
of incentives for the foreign investors interested in investments into the priority
sectors.
Company Information
Companies used for tax planning purposes in Hungary are incorporated under the Companies
Act from 1996. Hungary recognizes two types of the offshore companies; primarily the
private limited liability company (KFT) and the joint stock company (RT).
The following documents are required by the commercial court registering the company
into the company register in Hungary: the Memorandum of Association, Articles of
Association, names of the Directors (executives), of the company and their signature
specimen, address of the seat of the company, local representative and the document
proving the full or partial payment of the registered capital at one of the banks
in Hungary. If there are no obstacles, the commercial court may register the company
within 30 days. However, the company may commence conducting business only following
the receipt of the registration certificate from the Hungarian financial (tax)
office.
The company register is publicly available including the information on the incorporation
documents and the Directors. In number of specific cases, we may provide assistance
through our professional managers who will manage the company according to the
instructions of the client.
Compliance
KFT
The company is required to have at least one Director and one shareholder. As this is
not a joint stock company, the ownership interest is not expressed by shareholding
but rather by the interest being specified in the Memorandum of Association. Only an
individual may serve as a Director, any individual or legal entity may be a holder
of the ownership interest.
The registered capital of the company must be at least in the amount of 3 mil.
HUF (approx. 11,000 USD), while at least 50% of the registered capital must be
paid in prior to the registration of the company at one of the Hungarian banks,
the remaining 50% must be paid no later than one year from the registration of
the company.The limited liability company is subject to a tax rate of 3% and an
annual fee in the amount of 800 HUF (3 USD).
RT
The company is required to have at least three Directors and one shareholder. Only
an individual may serve as a Director, the corporate Directors are not permitted.
Any individual or legal entity may be a shareholder of the company. The majority of
the Directors of the company must be the Hungarian residents. The bearer shares
are permitted.
The registered capital is required in the minimum amount of 20 mil. HUF (approx.
73,000 USD), while at least 50% of the registered capital must be paid in prior to
the registration of the company at one of the Hungarian banks, the remaining 50% must
be paid no later than one year from the registration of the company. The joint
stock company is subject to a tax rate of 3% and an annual fee in the amount
of 800 HUF (3 USD).
Both the accounting books and records and the audit are required. The accounting
files and the financial statements must be completed no later than on May 31 of
the prospective fiscal year. Our Hungarian experts will be happy to assist you with
the accounting books and records. Given that each company is incorporated for a
specific client and it is required to pay in the registered capital, we have no
shell companies available, as well as the registered names.
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