Tax and accounting regulations

Summary of Requirements for a KTF, Limited Liability Company

General Information
Type of Company KTF, Private Limited Liability Company
Timescale to incorporate 2 weeks
Corporate Taxation 10% Corporate Tax Rate on annual profits up to 500 million HUF. 19% on profits exceeding 500 million HUF
Double Tax Treaty Access: Yes
Directors
Minimum No. Required 1, Corporate Directors are permitted
Local Director Required No
Publicly accessible information No
Location of Meetings Anywhere
Shareholders
Minimum No. Required 1, 100% foreign shareholders allowed. Corporate Shareholders permitted
Publicly accessible information No
Location of Meetings Anywhere
Company Secretary
Required No
Local Secretary Required N/A
Registered Office Required Yes
Share Capital
Standard Currency Hungarian Forint (HUF)
Standard Authorised €2,000.00
Minimum Paid Up Capital Approx. €2,000.00.
Accounting & Compliance
Requirements to prepare Accounts Yes
Requirement for Audit Audit not required if both of the following conditions are met; the company’s average net turnover for the last 2 preceding years did not exceed 100 million HUF and the workforce is less that 50.
Local Auditor Required Yes, if Audit is required
Requirement to File Accounts Yes
Requirement to file Annual Return Yes
Additional Information
VAT 27%. Every company must register with the VAT authorities. Returns can be made monthly, quarterly or annually depending on the amount of VAT liability.
Bank Account Opening In order to open a bank account a visit can sometimes be required. Prior to a visit to Hungary all the preliminary information and documentation will be submitted to the bank.

Take the next step, we are here to help.

Register a Hungary company.
Open a Hungary bank account.

  Resources:

Panama Law 52: Updated legislation for all legal entities

Panama Law 52: Updated legislation for all legal entities

Last month the Government in Panama officially approved Law Number 52; legislation which creates the regulatory framework for the implementation regarding automatically exchanging tax information, in a further attempt to comply with global regulations for tax transparency, and to be fully in line with all supervisory and compliance matters.

Important 2016 reporting deadlines for BVI Financial Institutions

Important 2016 reporting deadlines for BVI Financial Institutions

Officials from the British Virgin Islands have come together to clarify various filing deadlines as per the automatic exchange of information systems in a press release.

Thinking of relocating your business to Singapore? Let us help you!

Thinking of relocating your business to Singapore? Let us help you!

Singapore has quickly become one of the world's most prosperous countries with strong international trading links and per capita GDP equal to that of the leading nations in Western Europe, making it an ideal destination and potential location for Business Owners to relocate and start a new business and lifestyle.

How to register a branch in Cyprus

How to register a branch in Cyprus

Overseas companies may register a branch in Cyprus, according to the Companies Law, Chapter 113, regulated by section 347. A branch will not essentially consider as being a new legal entity in Cyprus.

To Brexit or not to Brexit?

To Brexit or not to Brexit?

To Brexit or not to Brexit - this has been the question of the year for Britain and with the referendum taking place imminently, just two options remain: leave the EU or stay in. Why has this been such a difficult decision to decide upon?

Selecting a Management Information System

Selecting a Management Information System

A management information system or MIS is used to assist in the analyses and formulation of business strategy, as well as facilitating operational objectives. Selection of an MIS can help increase understanding and control in an organisation and can be scaled to suit the complexity of most modern businesses. If the right MIS is selected and it is implemented correctly it can provide a competitive advantage for the organisations utilising it.

Windows 10 update: having issues with the installation?

Windows 10 update: having issues with the installation?

By now you have probably about Windows 10, the latest operating system developed by Microsoft.

Accounting support for a Cyprus company located in Russia

Accounting support for a Cyprus company located in Russia

When expanding your business overseas, not only do you have to comply with International Financial Reporting Standards (IFRS) and accounting standards, thought must also be given to the specific jurisdictions own rules and regulations.