Hungary Business Residence Program

Hungary is a landlocked country in Central Europe, an EU member and a member of Schengen. The capital is Budapest, a beautiful tourist destination. Hungary’s national currency is the Hungarian forint (HUF). The exchange rate is approximately HUF 310 (forint)  for a single euro.

 

euflag

 

homepage-image

We offer business immigration to Hungary for entrepreneurs and investors with visa assistance. The Hungarian entrepreneur residency program is the cheapest investment program in Europe requiring a minimum investment starting from €50,000.

Benefits

  •     EU member country
  •     Visa free travel to Schengen and other EU countries
  •     Cheapest Immigration Program in Europe
  •     Affordable, Low cost of living in Hungary

Hungary offers temporary and permanent residence permits to business owners doing an active role in their company as directors or managing partners. To accomplish this you need to do the following:

  • Establish a Hungarian company.
  • Prepare an appropriate business plan.
  • Insure that all requirements for the company’s successful operation are met.

Once your business permit is issued your spouse and children may also apply for family unification and come to Europe. This program is open to all nationalities. One director per company can get residency without a work permit if he/she has an active role in the running of the company and has the required qualifications/experience. The other directors will need a work permit to become employed with the company. Alternatively you can have three Hungarian employees for every one director.

Hungary Entrepreneur Residence Program (HER)

We offer a business immigration program to entrepreneurs and investors to move to Hungary. Just form a new company in Hungary, you can immigrate to Hungary as a board member or director through business investment. The minimum investment including all costs required is EUR 50,000 for non-EU foreign citizens. The most popular company form among foreigners is LLC (or Kft in Hungarian). The minimum capital required to form a company is approx EUR 10,000 (HUF 3,000,000).  One of the advantages of incorporating a company in Hungary is that there is no obligation to deposit the share capital in the bank, and 100% of this capital can be spent immediately after incorporation on company-related expenses (e.g. investment, warehouse rental, stocks, market research).

The total minimum investment needed is  EUR 50,000 (see below) with 5% down payment including all costs. We charge a flat fee with all services necessary for starting your company included in the package; The fee includes additional costs such as (e.g. travel, insurance, accommodation, office or warehouse rental, employees, etc.).

Important: You have to visit Hungary in person atleast once (if you have schengen visa) to start the immigration process. You can only open bank account and incorporate a company personally in Hungary. 

The company formation itself is very fast and usually takes 1-2 weeks. Hungary is a business friendly country and corporate taxes are 10% for small scale companies. Hungarian companies are automatically given an EU VAT number, and are required to file taxes periodically.

Residency in Hungary through business ownership – Benefits:

  • Quick and easy incorporation process (possible via POA)
  • low corporate tax (10%)
  • EU and Schengen member country
  • available to all nationalities
  • no minimum stay requirement (as a businessman you may travel without limitations)

Main requirements:

  • locally registered, fully compliant company with bank account and accountancy
  • at least one short visit to Hungary (for opening a company bank account)
  • solid business plan and actual trading activity (in Hungary or internationally)
  • rented or purchased accommodation
  • full travel insurance or (after residency is acquired) local state health insurance
  • verifiable income from the business and/or from other sources
  • no-criminal-record certificate issued by your local authority (or police)

Hungary Residence Program

How it works?

To start this process:

We help you to incorporate a hungarian company and based on your business, you can apply for long term residence “D” visa to visit Hungary (apply at Hungary consulate/embassy in your country). Residence permit cards are issued for maximum 2 years and must be renewed in Hungary.

Applicants will need a short-term business visa to enter Hungary to open bank account or to register a company. We provide invitation letters to our business partners.

This “temporary” residence permit allows you to live, travel, and do business in any sector with partners all over Europe and beyond. You can also buy property with the resident permit card. When you travel, you are free to visit any Schengen countries and spend there up to 90 days in a 6 month period.

The resident card is valid for 2 years and can be extended for another 2 years. After 5 years of continuous stay in Hungary, you are eligible to apply for a “Permanent resident card”.

Please note that EU countries no longer stamp resident permits in passports; instead, biometric cards are given as of March 2012.

 Hungary Business Immigration Package

YEAR ONE PACKAGE:

Total investment EUR 50,000 with 5% upfront payment . It includes everything necessary for launching your company and applying for residency based on business ownership. The breakup of investment costs are shown below..

  • Capital: EUR 10,000
  • Legal and incorporation and lawyer charges: EUR 5,000
  • Total: EUR 15,000 (first year)
  • Additional investment of EUR 35,000 should be spread over 3 years (after first year)

Total: EUR 50,000

Tip: To avoid paying 27% VAT outside EU, please ask for invoice in your company name in your country outside EU. VAT will be added to your total for invoices issued in your personal name as per Hungarian rules.

  1. Company incorporation (including all legal fees and  registration taxes; documentation in Hungarian and English; bank account assistance; VAT registration; chamber of commerce registration and membership fee)
  2. Registered office (company seat address and mail handling for the company, for one year)
  3. Business plan writing (compulsory for the residency application to show the viability of the business as well as the applicant’s role in it; our package includes a basic business plan as required for immigration, drafted based on the applicant’s input – please note that in some complex cases preliminary market research may be required, at extra cost)
  4. Residence permit application  (for one person; liaising with the embassy, compiling the applicant’s file for submission and delivering it via courier)
  5. Tax number, registration into the social security system
  6. Invitation letter (if required for the applicant’s visit when opening bank account)
  7. Housing search

The above package covers one director’s residency application and all fees related to setting up and running the company for one year. For additional directors or family members, we offer add-on services (residency application: EUR 600/person; tax number: EUR 100/person; social security number: EUR 100/person; personal assistance: EUR 25-40/hour). If the above package does not cover your requirements fully, we will happily compile a customized quote for you, as we also offer services such as personal assistance, paperwork, work permits, referrals, or anything connected to your relocation.

Tip: To avoid paying 27% VAT outside EU, please ask for invoice in your company name in your country.

In addition to fees payable, please bear in mind that you will incur various expenses while setting up your business and life in Hungary. These are the following expenses which is included in the package:

  • Company incorporation in Hungary
  • Company seat, virtual office and mail forwarding
  • VAT number Registration with tax authorities
  • Housing and accommodation (rental or purchase)
  • Insurance (travel insurance before you get residency and state health insurance after)
  • Investment required for setting up and running your business activity (depending on the activity it may include: office/warehouse rental, licensing fees, salaries, stock, etc.)
  • Accountancy (approx EUR 100 per month) with one person payroll
  • Visa assistance with residence permit application including family members.
  • Translation and notarisation of documents

Important: A strong business plan is the most important criteria. We help you to write a good business plan.

Once we know more about your plans, we will be happy to estimate these for you.

 

Hungarian Residence Permit Card

Hungarian Residence Permit (Tartózkodási Engedély)

Permanent residency

Permanent residency possible in Hungary after 5 years of uninterrupted living. You should have lived 183 days per year and not be absent from the country for more than 6 months.

Hungarian Citizenship

You can apply for citizenship after 8 years of living in the country with knowledge of Hungarian language.

Our Full List of Services in Hungary

  1.  Company incorporation
  2.  Housing and Accommodation (required for residency); property management
  3.  Tax and EU VAT registration
  4.  Bank account opening (possible only if you are in Hungary)
  5.  Resident permits/visas for family members
  6.  Accounting / Reporting to tax authorities
  7.  Virtual office service and registered company seat
  8.  Airport welcome service
  9.  Translation of documents from English to Hungarian or vice versa.
  10.  Personal assistance.
  11.  Emergency services.
  12.  Market research.
  13.  Business Invitation letter to our business partners.
  14. Real estate (buying or selling)
  15. School search
  16. Legal issues through our lawyer

For more information on applicable fees and additional costs, please contact us.