Starting a business in Hungary
Business opportunities in Hungary are ever growing and in recent years it has become quite populate to establish an international firm in the country. Especially Budapest, with its central location in Europe, has been attracting a number of great businesses. And starting a business in Hungary is now a very feasible and affordable option.
With a reducing unemployment rate and a shortage of skilled industries including the metallurgy, car manufacturing and construction industries there has never been a better time to make the move to Hungary. A third of all business carried out in Hungary is done in Budapest. When looking to start a business in Hungary, the capital would be the ideal location.
Hungarian business industries
The main industries in Hungary are the IT sector, car manufacturing, publishing and tourism industries. The biggest employer in Hungary is the service industry and if you have good qualifications, experience and specific skills, you will find it easier to find work within Hungary compared to other European countries. With English being the international business language, many British investors are looking to move to Hungary for employment. Hungary offers fairly low living costs and affordable property prices that are very attractive to potential investors to. Exceptional infrastructure, ready-made industrial sites, offices and science parks combined with reasonable labour costs make it an ideal location for expanding firms to build a presence within Europe’s huge consumer market. Some 250 million people are within a 1,000km radius of Hungary. While the European Union common market of more than 500 million people is also within reach.
Economic Overview
Today Hungary is part of the EU single market and belongs to the Organisation for Economic Co-operation and Development (OECD), the World Trade Organisation and NATO. The Hungarian governments have taken great measures to uplift the economy in recent years and most of these, such as the Hungarian Residency Bond Program, are working well.
The country has made the successful transition from a centrally planned economy to a market-based economy. It has also gone from being a one-party government to a multiparty democracy. One of the largest positive economic changes came as a result of increasing direct foreign investment in Hungary.
A very successful privatisation policy has been implemented by the Hungarian government and have made changes to some of the more traditional industries in the country, resulting in over 80% of the economy now being privately owned.
But despite the exciting opportunities and the attractiveness of the Hungarian business environment, there are several areas of business operations which can be difficult to navigate for potential overseas investors. The World Bank and International Finance Corporation (IFC) rank Hungary outside the top 100 nations in the world for ease of getting electricity, investor protection and paying taxes, which is why we are here to assist you in starting a business in Hungary.
With our vast insider knowledge and legal expertise we can help you start or move your business to Hungary with ease. We offer an array of services that will benefit you and your company should you choose to seize the exciting opportunity to grow your business in Hungary. We will also assist in the relocation of your family and guide you in choosing the right area to settle in and find the right schools to meet your family’s needs.
Have a look at the extra services we offer by clicking here. We look forward to moving you to Hungary.
I want start business in Hungary.
Hi,
I have having a Tour & Event Business in India & planning to start a branch / office in Hungary for Inbound & Outbound Tour & Event Company.
Please assist with the documents, cost & time to process.
This is just a initial / planning stage.
Regards