Organizations with a stake in finance, agriculture, or capital market activities may need a special permit from the authority before they can be founded (a foundation permit), and these organizations can only be established with the PSZFs (the Hungarian Financial Supervisory Authority) consent. The business association may be established and registered in cases where obtaining permission from the relevant authorities is required by law to engage in a particular economic activity, but it may only do so after it has such permission. Business associations may only engage in qualifying activities if at least one of their participating members or employees is involved. Individuals who meet the qualifications outlined in the legislative standards and are employed by the company under a permanent civil law contract reached with the business association.
Common agriculture forms and categories in Hungary
Understanding the sorts of agriculture that are popular around the world is crucial before starting a business related to agriculture. Agriculture-based enterprises can be roughly categorized into the following groups by agricultural experts:
- Agronomy.
- Horticulture.
- Forestry.
- Caring for animals.
- Science of fishing.
- Engineering for Agriculture
- Household Science
The creation of corporate documents by a lawyer in Hungary
The constitutive document for the company, which must also be countersigned by an attorney in Hungary, must be signed by the firm’s founders. It will take a minimum of one day to finish.
Select a location
You’ve decided to launch a new company in Hungary, then. That’s fantastic, but Hungary is a sizable country. You need to examine the map much more closely and determine the precise location of the launch of your company. You should constantly make judgments in business carefully and deliberately.
Recognize your target market
When you finally arrive in Hungary, being aware of your target market from the beginning will help you get started quickly. Wherever you are in the world, the fundamentals of determining your target audience apply; you are still looking for the same metrics and taking the same factors into account. In contrast, there might be specialist subgroups in other marketplaces that don’t exist in your home market. Sometimes, different cultural perspectives on the same goods and services result in advertisements that are just ineffective when marketed to consumers in Hungary.
Market your agriculture business
It takes a lot of practice to become an expert marketer. Effective marketing necessitates a solid understanding of not only marketing itself but also the local culture in your target market, regardless of the firm you represent or the market you are working in. You should research how your industry functions in a foreign country before venturing into a new market like Hungary.
Opening a bank account
Within 8 days after its incorporation, all Hungarian businesses are required by law to open a Hungarian bank account. Additionally, the business owner must be in person present for the creation of the bank account. This is the only stage of business creation that a Power of Attorney cannot handle.
Receiving a tax identification number and registering the business with the Hungarian Court of Registry
The court of registration’s act establishes the firm. At the appropriate court of registration for the company’s registered office, all corporations and sole proprietorships must be registered. Applications for registering or updating information must be sent electronically through an authorized representative. The court of registration maintains an electronic record of the company’s documentation, issues an electronic certificate of registration, and confirms any modifications made. The “one-stop shop” during company registration refers to the electronic system developed for this purpose by the Court of Registration to receive the business’s tax number and statistical code. The “one-stop shop” in the process of registering sole proprietorship activities means that the competent authority obtains the tax number and statistical code directly, instead of the applicant. This eliminates the need for the applicant to personally interact with the Central Statistical Office or the competent State tax authority before registration (for post-doc registration see the section below titled “Tax registration”).
Duration
For businesses that have already been founded. The registration process takes 15 working days without the use of templates, and it only takes one working hour from the time the company’s tax identification number is issued (NB: public companies limited by shares are not eligible for this streamlined registration process). It should be noted that if the process is suspended, it may take longer since the tax authority will require more than one day to give the court the tax identification number. Information on employees is sent to the tax authority.
