Cost Effective and Fast Company Formation

Cost Effective and Fast Company Formation

Looking for the best place to start a company? If so, you’ve probably heard Hungary mentioned a few times. There are multiple reasons why several people have chosen to set up their business here – but one of the deciding factors for most of them is that it can be both inexpensive and relatively quick to do so.

In this post, we’re going to take a look into why it can be so cost-effective to start-up in Hungary, how long it usually takes and even some of the other benefits on offer.

Why is Hungary so inexpensive?

While the costs of setting up may vary depending on the type of business you’re planning to start, you’re generally going to be able to enjoy overall affordable prices. The costs are typically best for limited partnerships, generally equating to no more than 50,000 HUF, although most options are still fairly cheap by comparison.

For most, low taxes are another important aspect of the financial benefits of the country. You’ll find that Hungary has some of the lowest taxation rates in the European Union, making for an excellent money-saving opportunity.

The wages aren’t as high in Hungary as they are in other countries either, but this doesn’t affect the advantages that come with a good workforce; providing business owners with the expertise they need in their company without having to worry too much about the potential outgoings.

Another great financial factor to consider is that the annual company costs don’t tend to add up to too much, which only helps out in the grand scheme of things if you’re looking to save money.

The quick process of forming a company in Hungary

It can be worth considering Hungary if the speed at which you can get everything done and have your business ready is going to be important. As long as there aren’t any complications along the way, you could have everything done in the space of a week; from the legal procedures involved, to registration.

Of course, you are going to need to put in a little effort, since there is a range of procedures that will need to be completed to a tight deadline to get yourself fully and legally established. However, if you don’t mind the idea of getting stuck in and getting things done without waiting around, this could be the perfect opportunity for you.

Why are so many people choosing to start up businesses here?

In most cases, there’s a lot more that can contribute to your decision to set up your company in this destination. Speed and costs alone are certainly nice and a deciding factor for many people, but it’s hard to overlook some of the other benefits that come with making a company in Hungary.

Here are a few other aspects that make company formation in Hungary such an attractive option to so many entrepreneurs:

  • The culture in Hungary is generally welcoming towards foreigners
  • The economy is stable and continuously improving
  • It puts you in the centre of Europe and opens up many more opportunities in the EU
  • The process is simple for both citizens and foreigners
  • Generally, you’ll only need a registered address, accountant and bank account (all Hungarian, of course)

With all this, it’s not surprising that setting up a business here is such a popular idea.