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Official languages

ISO 4217



9,772,756 (as of July 2020)

Hungarian Forint


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"The economy of Hungary has been steadily improving over the past few years. According to the World Bank, Hungary's GDP grew by 4.1% in 2019, making it one of the fastest growing economies in the European Union. The country's unemployment rate has also been steadily decreasing, dropping from 6.2% in 2018 to 4.7% in 2019. Inflation has also been kept in check, with the average inflation rate in 2019 being 2.7%.

The Hungarian government has implemented a number of reforms to help spur economic growth, including tax cuts, increased investment in infrastructure, and a focus on developing the country's digital economy. These reforms have helped to attract foreign investment, with foreign direct investment reaching a record high of $7.3 billion in 2019.

Overall, the economy of Hungary is in a strong position and is expected to continue to grow in the coming years. With the right policies in place, Hungary could become a major economic powerhouse in the European Union."


In Hungary, both corporations and individuals are subject to income tax, social security contributions, and value-added tax (VAT). Here's an overview of the tax system in Hungary:

Corporate taxation:

- Corporate income tax is levied on the profits of companies at a rate of 9% for companies with annual net turnover below HUF 500 million (approximately EUR 1.4 million) and 15% for companies with annual net turnover above that amount.

- Dividend payments made by Hungarian companies to shareholders are subject to a withholding tax of 15%.

- There are also other taxes and fees that companies may be subject to, such as the local business tax, innovation contribution, and solidarity surcharge.

Personal taxation:

- Individuals in Hungary are subject to personal income tax on their worldwide income at progressive rates ranging from 15% to 23%.

- Social security contributions are also deducted from employees' gross salaries at a rate of 18.5% for health insurance and 10% for pension contributions.

- Other taxes that individuals may be subject to include the local residence tax and the public media tax.

Tax payment process and calendar:

- Hungarian taxpayers are required to file their tax returns annually by May 31st of the year following the tax year.

- The tax year in Hungary is the calendar year, from January 1st to December 31st.

- Companies are required to pay corporate income tax in four instalments throughout the year, with the first three instalments due by the 20th day of the fourth, sixth, and ninth months of the tax year, respectively, and the final instalment due by the 20th day of the twelfth month of the tax year.

- Individuals are not required to make advance payments of income tax, but they can choose to do so if they wish to spread out their tax liability throughout the year.

- Late tax payments are subject to penalties and interest charges.

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