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How can we help to make business in Hungary?

How can we help to make business in Hungary

When a foreign entrepreneur plans to open a business in Hungary, they typically require a range of services to navigate the local business environment and ensure compliance with Hungarian regulations.

Engaging with these services can help foreign entrepreneurs smoothly establish and operate their businesses in Hungary, ensuring they meet all legal and regulatory requirements while effectively entering the market. Here are some essential services they might need

Legal Services

Business Registration: Assistance with the process of registering the business entity, including company formation, obtaining necessary licenses, and ensuring compliance with local regulations.

Legal Advice: Guidance on Hungarian business laws, including commercial law, labor law, and intellectual property rights.

Contracts and Agreements: Drafting and reviewing contracts and agreements to ensure they meet Hungarian legal standards.

Accounting and Tax Services

Bookkeeping: Regular maintenance of financial records in compliance with Hungarian accounting standards.

Tax Consulting: Advice on tax planning and compliance with Hungary’s tax regulations, including VAT, corporate tax, and personal income tax.

Payroll Services: Managing employee payroll, social security contributions, and other related obligations.

Banking Services

Bank Account Opening: Assistance with opening a business bank account in Hungary.

Financial Services: Guidance on accessing financing, loans, and other banking services.

Real Estate and Office Space

Property Search: Help finding suitable office space, retail locations, or manufacturing facilities.

Lease Negotiation: Assistance with negotiating lease terms and conditions.

HR and Recruitment

Recruitment Services: Assistance in finding and hiring qualified local employees.

HR Consulting: Guidance on local labor laws, employee benefits, and HR policies.

Translation Services

Document Translation: Translating legal documents, contracts, and other business materials into Hungarian.

Interpretation Services: Providing interpreters for meetings and negotiations.

Business Consulting

Market Research: Conducting market analysis to understand the Hungarian market, consumer behavior, and competition.

Business Strategy: Advising on business strategies, marketing plans, and local business practices.

IT and Technology Services

IT Support: Setting up and maintaining IT infrastructure, including hardware, software, and networks.

Website Development: Creating and maintaining a business website, including e-commerce capabilities if needed.

Compliance Services

Regulatory Compliance: Ensuring the business complies with all relevant local regulations, including health and safety standards.

Environmental Compliance: Guidance on meeting environmental regulations if applicable to the business sector.

Networking and Business Development

Networking Opportunities: Connecting with local business networks, trade associations, and chambers of commerce.

Partnership Development: Assistance in finding local partners, suppliers, and distributors.

Why it is good to make business in Hungary

Hungary offers several advantages for businesses, making it an attractive destination for investment and entrepreneurial endeavors. Hungary’s strategic location, skilled workforce, favorable tax system, developed infrastructure, and supportive business environment make it an attractive destination for business ventures and investments.

Strategic Location

Hungary is centrally located in Europe, providing easy access to both Western and Eastern European markets. This strategic position facilitates efficient transportation and logistics.

Skilled Workforce

The country has a highly educated and skilled workforce, particularly in fields such as engineering, IT, and manufacturing. There is also a strong emphasis on language skills, with many professionals fluent in English and other European languages.

Favorable Tax System

Hungary boasts one of the lowest corporate tax rates in Europe at 9%. Additionally, the government offers various tax incentives and benefits for foreign investors, such as tax allowances for research and development (R&D) activities.

Developed Infrastructure

Hungary has a well-developed infrastructure, including modern highways, an extensive railway network, and advanced telecommunications. Budapest’s airport is a significant international hub, facilitating global connectivity.

Investment Incentives

The Hungarian government provides various incentives to attract foreign investment, including grants, subsidies, and support for R&D projects. Special economic zones and industrial parks offer additional benefits such as reduced taxes and streamlined administrative procedures.

Stable Economic Environment

Hungary has shown consistent economic growth over the past decade, supported by a stable political environment and sound fiscal policies. The country is also a member of the European Union, which enhances economic stability and provides access to the EU single market.

Growing Market

Hungary has a growing consumer market with increasing purchasing power. This is driven by rising wages, low unemployment rates, and an improving standard of living.

Quality of Life

Hungary offers a high quality of life with a rich cultural heritage, affordable living costs, and a favorable business climate. Cities like Budapest are known for their vibrant lifestyle, excellent healthcare, and educational facilities.

Access to EU Funds

As an EU member, Hungary benefits from substantial European Union funding aimed at supporting economic development, infrastructure projects, and innovation. These funds are accessible to businesses operating within the country.

Supportive Business Environment

The Hungarian government actively supports entrepreneurship and innovation through various programs and initiatives. There is a strong focus on fostering start-ups and SMEs, with numerous incubators, accelerators, and co-working spaces available.

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Market Research

Understand the Market: Conduct market research to understand the demand for your products in Hungary, identify potential competitors, and analyze consumer behavior.

Identify Target Customers: Determine who your target customers are and how to reach them effectively.

Compliance with Regulations

EU Regulations: As Hungary is an EU member, ensure that your products comply with EU standards and regulations, including safety, labeling, and packaging requirements.

Hungarian Specific Requirements: Some products might have additional requirements specific to Hungary. Ensure you are aware of and comply with these.

Customs and Duties: Familiarize yourself with Hungarian customs regulations, duties, and tariffs applicable to your products. Use the EU TARIC database for detailed information.

Product Certification and Documentation

Certification: Obtain necessary certifications for your products, such as CE marking for certain products to show compliance with EU safety standards.

Documentation: Prepare all required export documents, including commercial invoices, packing lists, certificates of origin, and any other relevant certificates.

Logistics and Distribution

Shipping: Choose a reliable shipping method and provider. Consider options such as air freight, sea freight, or road transport based on your product type and urgency.

Customs Clearance: Ensure all customs paperwork is correctly completed to avoid delays at the border. It might be helpful to work with a customs broker.

Warehousing and Distribution: Establish warehousing facilities if needed, and plan your distribution network within Hungary.

Legal and Financial Considerations

Business Structure: Decide if you need to establish a local presence, such as a branch or subsidiary, or if you will work through local distributors or agents.

Contracts and Agreements: Draft and negotiate contracts with local partners, distributors, or agents. Ensure all legal aspects are covered.

Taxation: Understand Hungarian VAT rules and ensure you comply with tax registration and payment requirements. You may need to register for VAT in Hungary.

Finding Local Partners

Distributors and Agents: Identify and establish relationships with local distributors, sales agents, or retailers who can help you enter the market.

Business Networks: Leverage local business networks, trade associations, and chambers of commerce to find partners and opportunities.

Marketing and Sales Strategy

Localize Your Marketing: Adapt your marketing materials and strategy to fit the Hungarian market, considering language, cultural preferences, and local advertising channels.

Trade Shows and Events: Participate in trade shows and industry events in Hungary to showcase your products and meet potential partners and customers.

Customer Support and After-Sales Service

Support Infrastructure: Establish a system for providing customer support and after-sales service in Hungary, including returns and warranty handling.

Local Contact: Provide a local contact point for customers to ensure effective communication and support.

Continuous Monitoring and Adaptation

Market Feedback: Continuously gather feedback from customers and partners to improve your products and services.

Regulatory Changes: Stay informed about any changes in regulations that might affect your products or business operations in Hungary.

Who will help you in Hungary

Partnering for Progress, Achieving Milestones.

At “Business in Hungary”, we’re dedicated to driving your success. With years of industry expertise, foreign trade diplomacy and a passion for innovation, our team of seasoned consultants provides tailored strategies that deliver results. From startups to established enterprises, we partner with you to navigate challenges, seize opportunities, and achieve sustainable growth.

Your success is our mission. Let’s achieve it together.

Lets do business in Hungary

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