Starting a Business in Hungary
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Why Start A Business In Hungary?
The business opportunities in Hungary, particularly in Budapest, are ever-increasing and have been dramatically enhanced in recent years by the sudden increase of international companies establishing businesses in the country. There has been a reduction in unemployment and there is a current shortage of specifically skilled individuals in industries including the metallurgy, car manufacturing and construction industries. A third of all business carried out in Hungary is done in Budapest. So if you are looking to start a business in Hungary, the capital is an excellent location.
The main industries in Hungary are the IT sector, car manufacturing, publishing and tourism industries. The biggest employer in Hungary is the service industry and if you have good qualifications, experience and specific skills, you will find it fairly straightforward to find work in Hungary. With English being the international business language, many British investors are looking to move to Hungary for employment. Reasonably priced property and a lower cost of living than you will find in other European countries are also attractive factors.
What is the population?
The population of Hungary is approximately 9.92 million.
How is the climate?
Hungary has warm summers and bitterly cold winters. It also get plenty of rain all year round. Winters are fairly short, the very cold weather arriving in mid-December, usually cloudy and moist with occasional sunny days and frequent, but light, snow. In summer, from April to September, it has a high proportion of sunny, warm days with comparatively high humidity, the sun shining for roughly ten hours each day.
Today Hungary is part of the EU single market and belongs to the Organisation for Economic Co-operation and Development (OECD), the World Trade Organization and NATO. In recent years, Hungarian governments have taken measures to reform the country's economy. The country has made the successful transition from a centrally planned economy to a market-based economy. It has also gone from being a one-party government to a multiparty democracy. One of the largest positive economic changes came as a result of increasing direct foreign investment in Hungary. Additionally, Hungarian governments have introduced and developed a successful privatisation policy and have made changes to some of the more traditional industries in the country, resulting in over 80% of the economy now being privately owned.
35 Eaton Place
Tel: 0207 235 5218
British Chamber of Commerce in Hungary
1054 Budapest Bank u 6
Tel: +36 1 302 5200
British Embassy Hungary
Harmincad Utca 6
Tel: +36 1 266 2888
Hungarian Chamber of Commerce and Industry
Magyar Kereskedelmi es Iparkamara
1055 Budapest Kossuth Lajos ter 6-8
Tel: +36 1 353 3333
Hungarian Cultural Centre
10 Maiden Lane
Tel: 020 7240 8448
Organisations that can assist with Starting a Business
PEO Worldwide is an international PEO offering employer of record, payroll, employee benefits management, HR and compliance services throughout the world.
GTP cross cultural trainings and intercultural workshops help global companies in improving their communication, efficiency and profitability when doing business across cultures.
Simplified Global Payroll Companies with global employees often find that managing payroll in multiple countries is complicated - different systems, laws, and languages in each country, lack of reporting, and constantly changing laws and regulations each year. Trying to manage global payroll via fax and email with excel spreadsheets leads to data security issues, fines, and penalties for non-compliance. Blue Marble has solved global payroll challenges with cloud-based technology, aggregated reporting, and a hybrid service model in 135+ countries around the world.
Finding office space abroad poses one of the most difficult changes that many start-ups face. Location, costs, and transport all need to be considered. And, more crucially of all, what office will allow a new business to attract and retain the best staff?
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