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HUNGARY COMPANY FORMATION
Hungary Kft (Limited Liability Company; LLC) Establishment Guide
Estimated Timeframe:
5–10 business days from the date all documents are received (company establishment + VAT registration)
* Hungary is an EU country that automatically issues VAT numbers.
* Additional procedures such as Apostille certification, translation certification, and embassy certification may be required, and the timeframe for these procedures should be estimated separately.
Minimum Capital:
HUF 3,000,000 (approximately 7,900 euros)
Cost Overview:
Kft establishment and initial 1-year service: 3,500 euros
* If the shareholder is a legal entity, additional KYC costs: 700 euros
* Accounting services (6 months): Starting at 1,000 euros (if accounting services are required, please apply in advance)
* Residence permit application for the representative: 3,000 euros (if residence permit services are required, please apply in advance)
* Residence permit application for immediate family members (based on 2 persons): 2,000 euros
Basic Services Included:
1. Kft Establishment (company registration in person or via POA)
2. Company Registration Tax
3. Local and International VAT Number Registration (including EORI)
4. Bank Account Opening Introduction
5. English-Hungarian Translation
6. Registration of Representative's Personal Tax Number and Social Security Number
7. Provision of Company Registered Address (for the first year)
8. Mail management service (for the first year)
Required documents:
(Individual)
1. Copy of the passport of the shareholder/director
2. Proof of address of the shareholder/director
3. Application for establishment
(Corporation)
Corporate documents (business registration certificate and others) Apostille notarization + Hungarian translation notarization
* Services available through our affiliated administrative agency
(Incorporation Documents)
Kft incorporation documents and Power of Attorney (POA) documents must be notarized at the Hungarian Embassy in Korea.
Important Notes:
1. Hungarian corporations must open a corporate bank account within 8 days of incorporation. However, the account opening may be delayed for up to 1-2 months. Please note that a penalty of 70 euros may be imposed if the account opening is significantly delayed after incorporation.
2. Bank account opening procedures vary by bank, but generally require a visit to the bank. Some banks may allow companies with annual sales exceeding 3 million euros in their first year to open an account without a visit.
3. Recently, many banks offer EMI (electronic banking) account opening without visiting the bank, but since transaction fees are higher than those of banks, we recommend using a bank account for large transactions. (You can first open an EMI account and then open a bank account later.)
4. If the shareholders are Korean corporations, the corporate documents must be apostilled and then translated into Hungarian with a notarized translation. Typically, only the business registration certificate is notarized, but additional documents may be required depending on local regulations.
5. Once all documents are prepared, please send them to our Korean office. After verification by our Korean office, they will be forwarded to Hungary.
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