Procedure of company registration
In order to proceed with formation the following documents are required:
- Certified passport copy for all directors and shareholders
- Residential address proof
- For a Corporate Shareholder the following original documents with Apostille are required (dependent upon jurisdiction of registration) certificate from the commercial register / certificate of incumbency / certificate of registration. Documents will be required to be translated in Hungarian.
The following documents will then be sent for signing. All documents signed are in English and Hungarian. The following documents must be signed and notarized and the originals returned. Once the following has been received then the company will be incorporated in approximately 1 week. It will take another month for the court to register the company however the company can be operational during this period.
- Foundation Document / Articles of Association
- Register of Shareholders
- Declaration of Executive Officer
- Specimen signatures for the Company Manager / Director
- Document of Nominal Capital Paid
- Declaration for Tax Office and Declaration for Register of Court
- Power of Attorney (for carrying out the registration procedure)
When the company has been registered all original corporate documents will be sent by courier.
Keeping Europe Up-to-date with the Latest Legal & Financial Technology
The financial world is undergoing a technological revolution, with approximately 3 trillion financial deals entered into using digital ledger technology (DLT) and smart contracts within the next five years.
FATCA: Foreign Financial Institutions & NFFE’s
The Foreign Account Tax Compliance Act (FATCA), which was passed as part of the HIRE Act, was implemented to able foreign financial Institutions and certain other non-financial foreign entities to report on the foreign assets held by their US-based account holders or be subject to withholding tax on the relevant payments.
ICOs: A Smart Business Decision or Just a Risky Investment?
There are many financial experts voicing their concerns over ICOs being too much of a risky investment, however should we be so quick to dismiss ICOs as a legitimate vehicle? ICOs can be used as a substitute for Venture Capital funding due to parallels in the phase of company’s lifespan and risk profiles, which give potential opportunities for future start-ups and companies.
How Initial Coin Offerings Differ from Initial Public Offerings
Since the hectic and intense ecosphere of the cryptocurrency ventures conception, a new sphere has caught investors’ attention from all over the world, being coined ICOs or Initial Coin Offerings.
Reasons for the Prevalent Misappropriation of Public Funds by Officials in CIS Countries
Thorough analysis of the nature, content and determinants of the offence of misappropriation of public funds by officials, it gives grounds to reach the conclusion that a lot of different reasons somehow ‘provoke’ and ‘give the possibility’ to commit this offence.
Notional Interest Deduction: A Useful Tool for Cyprus Companies
The corporate income tax rate of a Cyprus-resident company is 12.5% on its global taxable revenue, with unilateral credit for related foreign tax suffered. Moreover, non-Cyprus residents are not liable to pay Cyprus withholding taxes on payments. Frequently, the effective corporate tax rate is much lower, or even as low as nil, due to various tax exemptions and allowances.
How Cyprus is Retaining its Competitive Edge as a Favourable EU Jurisdiction for Tax Purposes
The recent implementation and increasingly stringent tax developments globally can affect companies with offices in different countries; rendering them non-viable if certain factors are not carefully considered.
5 Important Considerations When Starting a New Business
According to commercial regulations in many common law jurisdictions, Directors have a duty of care requiring them to act in good faith for the company’s best interest, and using reasonable consideration of all available options before acting.