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Starting a Small Business in Hungary

We can easily set up a small business, a private enterprise today in Hungary

If we decide to set up a company, its course is a complex set of tasks linked to many rules and obligations, which alone is very complicated and lengthy to complete. However, with the help of the appropriate lawyer, accountant, and tax expert, the process can be facilitated and there will be more energy to carry out the business's daily activities and to start the business. Well, starting a small business is way simpler. Though, the help of an accountant could be evitable. We've summarized what kind of tasks can help the bookkeeper start up a small business, knowing what to do when we put our heads on business.

Starting a business starts with brainstorming. After that phase, starting a small business is rather simple and cheap. There is no long paperwork, no need for attorney’s help.
The starting point for a business is the declaration of the activity at a local authority, but there is no need to issue a certificate. This step can be taken at any local or regional authority in the country, but personal appearance is required, since accredited procedure is not possible.
It is also possible to start a business through an online interface, but first you need to create a legal account to have a customer access.

What financial obligations does the small business or its owner have?

  • If a private entrepreneur works 36 hours a week, he has no obligation to pay contributions until he takes out entrepreneurial leave and his income will be no more than the cost. In such cases, an entrepreneurial tax on personal income tax is payable on a quarterly basis.
  • However, full-time self-employed will have to pay monthly or minimum wage minimum every month, whether or not they have an income.

It is not mandatory to consult with an accountant, but it is advisable to ask for help from a bookkeeper. A private entrepreneur is responsible for the debts of the business up to his or her entire assets, so it is good to know the deadlines, obligations, and fees. The guidance and fulfillment of the accountant can be of great help.

It is also worth investing in consulting a tax consultant when starting a small business.

They can help with taking advantage of discounts, avoiding penalties, avoiding defaults, and working efficiently. You can spend a lot of work hours without the help of covering different laws, with their help and expertise, but these hours can also be used to develop the business.

There are no special rules for foreigners in this regard, but it is worth paying attention to the fact that the Hungarian system is in many respects different from that of any country, so the most obvious norms may appear to be special rules.

 

Apr 4th, 2018
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