Are you wondering about starting a business during the pandemic? Among other favorable conditions, Hungary offers the option of forming a company by power of attorney. This is a significant advantage since international travel is still restricted. All you need is a reliable partner to take care of the bureaucracy: a role that we will happily fill for you.
How you can authorize us to set up your company
With 17 years of experience, we worked out the quickest and simplest way of setting up an enterprise for our international clients. If you provide us with a handful of authorizations, we can handle the bulk of the paperwork: this way, you can focus on what matters to your business. Usually, we need the following documents to act on your behalf.
- A copy of your passport
- A power of attorney authorizing us the take care of the company setup for you
- A form to identify yourself to the authorities (as the person who we represent)
- A declaration about not being forbidden from company formation
- A declaration in which you accept the position of managing director in the company
- A specimen signature to verify your signature used to sign for the company
Do not worry if most of this sounds Greek to you. We will send you all the documents, and also explain their contents before you sign them.
How to go about the attestation of your documents
Before you send your documents to us, they have to be attested. (This article explains why attestation is necessary.) There are four main types of document attestation, and your location (not your nationality) determines which one is needed in each case. For example, the documents of a Portuguese citizen would require apostillization in Portugal, but diplomatic over-authentication in Brazil.
- Reciprocity: although there is no written agreement between the two countries, they apply the same conditions, e.g., notarization is sufficient from both countries.
- Bilateral agreement: the two countries agree in writing to accept notarized documents and certified translations from each other, without need for over-authentication.
- Apostille: the signatories of the Apostille Convention can issue and accept an Apostille without signing bilateral agreements. The institution in charge of apostillization is usually the Foreign Ministry, but this may vary by country.
- Diplomatic over-authentication: if none of the previous options apply to the two countries, the documents need consular attestation. This is the case for Argentina, where documents are attested by the Consular Service of the Hungarian Embassy in Buenos Aires.
How to avoid the wait: identification via video
The pandemic has made document attestation more difficult due to public institutions being closed. One of our clients had to wait over a month for an appointment with the Attorney General of Portugal. However, a new piece of regulation allows for an alternative method of document attestation: video identification. In just two video calls, you can achieve what would normally require an appointment with the authorities.
- In the first video call, you need to say your personal details and show your identification documents.
- In the second video call, you have to sign the documents, then recognize the signatures as your own.
Once we receive your documents, we can begin the company formation process. Video identification is available to both EU citizens and third-country nationals, although there is a restriction in place for non-EU citizens: they need to have been identified previously by other means, such as a personal meeting or an apostilled identification form.
Planning to open a company in Hungary?
A power of attorney, and especially identification via video, makes it easier to set up your enterprise from abroad. At the same time, please note that there is one element of Hungarian company formation that is obligatory for Hungarian companies but cannot be done remotely: corporate bank account opening. However, we will arrange your appointment with the bank, so you will only need to pay a short visit to Hungary.
If you would like to set up a company in Hungary, contact our experts for a detailed breakdown. You can learn more about our services here. You can ask for a consultation by calling our office on +36 1 317 8570, by e-mailing email@example.com or by filling in our contact form.