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bialalinia

Procedure, cost and time-scale of incorporation of Limited Liability Companies (Korlatolt Felelossegu Tarsasag) in Hungary (2006)

Procedure:

  • Preparation of a draft of Articles of Association,
  • Provision of specimen signatures of individuals occupying positions on the Board of Directors (in the presence of notary public attesting the signatures),
  • Opening of a business bank account,
  • Transfer of the Share Capital,
  • The signing of the Articles of Association,
  • The signing of statements of acceptance of appointments by the directors,
  • Registration in the Court of Registration and the Company Registry.

Documents required:

  • Passports or national IDs of directors and shareholders,
  • Certificate of Incorporation of each corporate shareholder with its official translation (made by OFFI in Hungary),
  • Certificates of Power of Attorney for persons acting as proxies for shareholders and directors,
  • Certificate of Good Standing of each corporate shareholder,
  • (if applicable) Official translation of the company name (made by OFFI in Hungary) into Hungarian,
  • Bank statement confirming that the share capital has been paid.

Minimum share capital: 3,000,000 HUF (1,100 EUR/ £ 7,600)

Total cost:

    From 300,000 HUF (1,100 EUR/ £ 760) to 700,000 HUF (2,500 EUR/ £ 1,700); 475,000 HUF (1,750 EUR/ £ 1,200) on average. Estimate made for a company registered with           3,000,000 HUF share capital; exclusive of any VAT (if applicable).

    The total cost consists of: court registration fees and fees for announcement in official journal, public notary remuneration, legal advisorís fees and official/sworn translation fees.

Duration: from 3 to 8 weeks on average

Subsequent or simultaneous registrations:

  • Tax Office (APEH).

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