[ESTABLISHING A BUSINESS ENTITY IN HUNGARY]
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(i) day 0: all the required information on the company given to the attorney; (ii) between day zero and day 4: preparation of the required documents by the attorney; (iii) between day four and day 11: signing of the documents by the founders and executive officers; it is to be noted that some of the documents need to be notarised and apostilled (or attested by the Hungarian consulate) if signed outside Hungary; (iv) day 11: countersignature by the attorney;
(v) day 12: filing the application with the competent Court of Registration; (vi) day 15: receipt of VAT number of the company; and (vii) between day 16 and day 35: registration of the company by the Court; it must be noted that the Court shall register the company within 1 business day of the receipt of its VAT number in case of a simplified procedure, otherwise the procedure can take 15 business day at most. Hereunder you will find a summary about the timeline of the process:
* The Court shall register the company within one business day of the receipt of its VAT number in case of a simplified procedure
7. Governance, Regulation and Ongoing Maintenance a. Accounting requirements
limited by shares. Compliance with these standards is essential for maintaining investor confidence and supporting financial decision-making. Act C of 2000 on accounting regulates the accounting, audit and reporting requirements and contains the rules for the financial statements to be prepared by the companies. The company needs to keep an on-going record on its financial status during the
The companies incorporated in Hungary need to comply with various Hungarian accounting and filing requirements. The Hungarian accounting rules are in line with EU and International Accounting Standards. Double-entry bookkeeping is required for limited liability companies and for companies
ILN Corporate Group – Establishing a Business Entity Series
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