[ESTABLISHING A BUSINESS ENTITY IN HUNGARY]
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become effective if the elected persons declare their acceptance); 5.1.4 specimen signature of the persons signing on behalf of the company; 5.1.5 in case of a limited liability company: a members’ list indicating the members/quotaholders of the company and limitations on the transfer of the business quotas; and 5.1.6 other ancillary documents set forth by laws. 5.2 Documents to be provided by the founders are: 5.2.1 in case the founder of the company is a foreign entity: the certificate of incorporation of the founder (such certificate must not be older than 3 months and signing authority on behalf of the entity must be apparent from it) and its official translation; 5.2.2 declaration of the executive officer or documentary evidence on the valid use of the registered seat/branch office of the company; 5.2.3 verification of payment of the registered capital of the company – a bank certificate or the declaration of the executive officer of the company on the payment of the contributions; and 5.2.4 tax identification number of
the quotaholders/shareholders
and the executive officers – if individuals are reluctant to provide their home tax number, a Hungarian tax number can be obtained. 5.3 Furthermore, the verification on the payment of the obligatory procedural duty and the publication fee shall also be submitted to the Court of Registry. The establishment of a kft. has become free of procedural duty enabling founders an even more cost- effective way to establish Hungarian companies. 5.4 If a member or an executive officer of a Hungarian company does not have a Hungarian address or registered seat, a delivery agent must be appointed. The delivery agent will receive any official deliveries addressed to the respective member or executive officer by a court or other authority. The delivery agent can be a legal person or a private individual, who has a registered office or residence in Hungary. If a delivery agent has been appointed, a document containing the authorisation of the delivery agent and the declaration of acceptance must be submitted to the Court of Registry. 6. The establishment process A company is considered as formed if it is entered into the register of companies. The date of incorporation of the company is considered to be the date when the registration takes place. The company may start its operations as a „pre - company” as of the date of the countersignature of its
ILN Corporate Group – Establishing a Business Entity Series
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