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 advisor’s fees and official/sworn translation fees.
Duration: from 3 to 8 weeks on average
Subsequent or simultaneous registrations:
- Tax Office (APEH).
Knowledge Base Maps&Charts Services Contact Us Terms of Use Copyright © 2004-2011 Tomasz Nowak Consulting Limited