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It will be easier to set up a company, and the administrative burden will be reduced

It will be easier to set up a company, and the administrative burden will be reduced

After successfully suppressing inflation, the government's primary goal in 2024 is to resume economic growth and then raise performance to a higher level. With an eye toward supporting economic growth, the government has mandated the Ministry of National Economy to engage the Ministry of Justice and the Ministry of Finance to explore the factors causing difficulties in setting up companies in Hungary, the Ministry of National Economy wrote in its announcement.

The government accepted the report on the review of corporate foundations in Hungary that had been prepared as a result of the investigation. The developed package of measures is primarily aimed at eliminating factors that negatively affect competitiveness

It envisages reducing administrative burdens, as well as significantly simplifying and facilitating procedures, during the establishment of companies by foreign investors and third countries.

The report found that as the economic environment transforms, foreign investors from third countries are establishing companies in increasing numbers in Hungary, who – mainly for linguistic reasons – can only use the one-day company establishment option to a limited extent. Because it can currently only be used on the basis of a contract form in Hungarian. However, based on the general procedural rules, it is possible to register a business in about 15 days.

In order to remedy the situation, the Government has mandated the publication of the English version of the applicable contract forms for foreign investors from third countries, through which the possibility of setting up a one-day company can become available without restrictions. In addition, the government also requested the publication of a unified information sheet in English on the admissibility of foreign documents and the possibility of their use during company establishment.

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All these steps will significantly reduce the administrative burden in the future.

This will also be facilitated by the fact that, previously in simplified corporate procedures (with the exception of limited liability companies), the accounting currency and the amount of the founder's assets can only be specified in forints, in the future, in the case of all types of companies – in order to get rid of the resulting additional burden About changing the currency, the income currency (Forint / EUR / USD) – the freedom to choose the currency in the contract forms used for incorporation has become available in simplifying the company registration procedures, thus helping startups as well.

Relevant decrees and legal amendments are being developed. According to the expectations of the Ministry of National Economy, reducing administrative burdens and simplifying procedures will contribute significantly to enhancing competitiveness and continuing to enhance the attractive business environment.

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