Setting up a Business in Hungary

Overview by Globlatrade.net:

Legal Forms of Companies

Types of Companies and Capital (Max/Min) Number of Partners/Shareholders and Liability Registration Fees
Korlatolt felelosségû tarsasag (Kft) is a Private Limited Company.
 
 
HUF 3 million minimum, cash contribution should be at least 30 %.
No limitation.
 
 
Liability is limited to the amount contributed.
2% of the initial capital + publication fees: HUF 10,000
Részvény tarsasag (Rt) is a Public Limited Company.
 
 
HUF 20 million minimum, cash contribution should be at least 30 %.
No limitation.
 
 
Liability is limited to the amount contributed.
2% of the initial capital + publication fees: HUF 15,000
Közkereseti tarsasag (Kft) is a general partnership
 
 
No minimum capital.
No limitation.
 
 
Partners' liability is several and indefinite.
N/A
Betéti tarsasag (Bt) is a limited partnership.
 
 
No minimum capital.
Two types of partners: active partners (General Partner) and sleeping partners (Limited Partner).
 
 
Unlimited liability for at least one partner (General Partner). Unlimited liability for at least one sleeping partner (Limited Partner).
N/A
 
 

Business Setup Procedures

Administrative Formalities
Establishment of status must be authenticated by a lawyer or a notary. Further steps related to constitution and registration of the future company must be made through legal representative. Status must mention the company's corporate name chosen by the founders as well as the purpose of the future company. Status must be deposited in three copies with the commercial court of the place of establishment within 30 days after the founders' signature of the documents. Court has to register partnerships within 30 days and corporations within 60 days. More information on Hungary website.
The Competent Organization
The Commercial Register.
Time Necessary for Registration
More information on Hungary website.
 

Recovery Procedures

Principle
More information on Hungary website.
Minimum Debt-to-Capital Ratio Triggering Liquidation
More information on Hungary website.
Bankruptcy Laws
Law VI. Of the year 2006 (only in Hungarian).
Criminal Bankruptcy.
Banruptcy an liquidation procedures.
Reorganization and Rehabilitation Laws
Law VI. Of the year 2006 (only in Hungarian).
Terminating a company.

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