TEÁOR’25: latest NACE update introduced in Hungary
NACE, the classification of economic activities in the EU received an update. In Hungarian, it is referred to as TEÁOR’25. See if you need to do anything.
Administration
Transparent presentation of the ownership structure of your Hungarian company
Transparency is a key value in the European Union. When you set up your Hungarian company and want to register for mandatory services, you are expected to present the ownership structure of the company in a transparent way.
New immigration law in Hungary – Will it affect your business setup?
Hungary has introduced a new immigration law that came into force on 1 January 2024. It will not affect Hungarian company setup, which will remain available to all nationalities. However, it will affect residency applications for the managing director, the employees, and their family members.
Invoices in Hungary: How to create and manage invoices?
Your Hungarian company is required to track its incoming and outgoing payments. Your taxes are calculated based on these, and transactions must be recorded. Incoming payments are recorded on invoices in Hungary – read on to learn how that works.
Labor contract at your Hungarian company
When are you planning to make the first hire at your Hungarian company? Your new employee will need a labor contract that defines the employment relationship between the two of you, and protect the rights of both the employer and the employee. Let’s take a closer look at how that works.
What does an accountant do at a Hungarian company?
In Hungary, every company is required to have an accountant to remain compliant with regulations. But what exactly can and cannot an accountant do? Should you get one on payroll or can you outsource these tasks? What to watch out for? Read on to find out.
Company modification in Hungary
In Hungary, data of any company are registered with the Company Registry, and it is the owner’s or the executive’s responsibility to keep those data up to date. Some changes can be simply reported, but changes to core data require a more complex procedure called company modification. Learn what these are, and how to handle …
Bank account opening: planning your trip to Hungary
Every Hungarian company must have a local bank account, which you can only open in person. In a previous article, we explained what Hungarian banks expect from foreigners and how you can prepare for your bank appointment and the KYC procedure. This time, we focus on the arrangements that should make your bank account opening …
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Corporate bank account opening as a foreigner in Hungary
If you are setting up a company in Hungary, you will need a corporate bank account. Over the last few years, bank policies have changed, so bank account opening in Hungary for your company as a foreigner has various aspects you should be aware of if you want the process to be smooth and swift. …
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Client Gate and Company Gate: the customer portals for e-administration
In the 21st century, you rightly expect administration to be available online as well as in person. And it is! Hungary has customer portals operated by the government that give you access to electronic administration – both as an individual and as the manager of a Hungarian company. Learn about them with us.