Financing a Business in Hungary
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Financing a Business in Hungary
Once you have your bucket load of research, a fantastic business plan and you have chosen your type of company formation, the next step is finding finance for your business in Hungary. Talking to your account should be at the top of your list as it is in their best interest for your business to do well and they can help and advise you on possible ways of obtaining finance.
Here are some possible ways of obtaining finance should you choose Hungary as your destination:
- Bank Finance your bank may be able to help you obtain possible finance. Before you book an appointment to see your account manager, make sure you have a well written and well researched business plan. This can help your bank see why you need the finance and the potential growth of you business.
- Stock Market depending on the type of business you set up will depend on if you can float your shares on the stock market. This can raise potential finance in the future. AIM, the junior partner of the London Stock Exchange (LSE), has established itself as the preferred route for younger companies wanting to go public.
- Public Aid Non tax incentives in Hungary covers things like grants, subsidies. This will depend on the location and type of your business. The Hungarian Government can help with information on potential finance through their small and medium sized enterprise development strategy on the Ministry of National Development and Economy page.
Also check out the Hungarian Investment and Trade Development Agency; http://www.itd.hu
- Tax Incentives and Relief Hungary offers a wide range of tax and non tax incentives. However tax incentives are largely restricted to manufacturing, and depend on size of business and location. Corporate tax rate in Hungary is only 16%. Any profits that are ploughed back into the business by its shareholder, is liable for no further taxation. To find out more it may be worth investing from the Hungarian Investment and Trade Development Agency. http://www.itd.hu
- European Aid grants are direct financial contributions from the EU budget or from the European Development fund. It is worth checking out your possible grants, funds and programmes by following the link and looking under a particular section i.e. Agriculture, Energy or Audiovisual and Media.
It can be overwhelming when trying to find ways of obtaining finance. It is worth remembering that there are over 450 funding sources for reimbursable grants, aid schemes, individual fellow and traineeships, loans and guarantees in the EU. These can be awarded from such organisations like the European Commission, the Council of Europe, the European Investment Bank and others.Helpful links are:
Organisations that can assist with Financing a Business
Business Banking advice Advice on which type of bank account would best suit your business. Help making payments – and getting paid.