Frequently Asked Questions
Where is Hungary and what is the currency?Hungary is one of the member of the EU schengen countries for free movement of persons. The currency in Hungary is HUF (Hungary forint) and you can buy approx HUF 20'000 for 100 USD and HUF 29000 for 100 Euros. Please check the current exchange rate and HUF fluctuates a lot. The beautiful Budapest is the capital of Hungary and over 4 million tourists visit Budapest every year.
What are the approximate living costs in Hungary?The living costs in Hungary is much cheaper compared to western europe. You will need atleast EUR 600.- monthly to survive and apartment rentals start from EUR 200.- Besides these there are utility bills, which come around EUR 100.-
What services you provide in Hungary?1. Company incorporation.
2. Housing and Accomodation (must for visa)
3. Tax and EU VAT registration
4. Corporate/Business bank account opening in person
5. Residency permit/visas for family members.
6. Accounting / Reporting to tax authorities
7. Virtual office service and company seat.
8. Real Estate services.
9. Airport welcome service.
10. Translation from English to Hungarian or vice versa.
11. Personal assistance.
12. Emergency services
13. Market research.
What are the advantages of residence permit issued by Hungary?1. Freely do business with EU countries.
2. Take up jobs or get employed.
3. Freely visit all 26 EU schengen countries, without visa.
4. Spouse and children can be accompanied.
5. Affordable living costs compared to other EU countries.
6. No education requirement or languge skills required.
7. No business experience required.
8. No point based immigration system.
Can i visit UK with the residence permit issued by Hungary?No. UK is not a schengen member state and you will need visa to go to UK. If you have a residence permit issued by Hungary, you can apply for UK visa in Budapest.
What if visa or residence application is refused?If your visa or the residence permit is refused, the hungarian authorities will give you a reason for the refusal. With this we help you to appeal against the refusal.
How do i apply for dependent visa for my spouse?If you have a valid residence permit, you can apply for "dependent visa" for your spouse, so that she could visit Hungary. The hungarian authorities take about 3-4 months for approvals. Keep in mind that you have to show available funds in your bank account extra EUR 5000.- per dependent in your bank account.
What are the actual fee and costs?We generally require our clients to have atleast EUR 25'000 to EUR 30'000 at their disposal before applying for immigration to Hungary. We charge a flat fee and all services are included in the package. We do not accept clients who dont have this much amount of money.
What are the payment terms?We expect 50% of the payment upfront to start the process. We accept payment by bank wire transfer, western union, money gram. Please note that we add Hungary VAT 27% to the flat fee, when we send an invoice to foreign client. We can also issue invoice to a foreign company and in that way you could avoid VAT. We will send you an invoice for the payment.
Note: Please note that 27% VAT applies in Hungary.
Is minimum capital contribution needed to form the company?No. You do not need to deposit the capital. It can be financed and the fee for this is already included in the package.
How long does the whole process takes?It generally takes about 6-7 months for the whole procedure. Because the time taken by authorities are unpredictable, we recommend our clients to apply for hungary program, well in advance before 6 months.
Do you provide invitations to visit Hungary for setting up a company?We do offer invitation letters to our clients, so that they can visit Hungary, to do market research before forming a company in Hungary. Market research and exposure to Hungary laws and regulations is very important for running a company in Hungary. Company incorporations are faster if you come in person.
What is Hungary residence permit? How do i apply for visa or residence permit?You can apply for residence permit at the embassy of the country where you live, based on the company you formed in Hungary (usually Kft similar like single person owned LLC). The consulate takes 3 months processing time for approvals, and once approved, you will initially given a single entry long term "D" visa to enter Hungary with 30 days validity. It is a national visa and this means you can only enter Hungary directly and not schengen states. Once you come here, within 3 days you have to report to Office of Immigration with you photo and fingerprints and you will be issued a biometric residence permit. It takes about 20-40 days for the authorities to issue you this card and only in person. This card has validity for 1 year and with renewals every year or once in 2 yrs and its decided by authorities on case by case basis.
With the biometric residence card (credit card type) issued by Hungary, you can travel to schengen states and can stay upto 90 days in 180 day period.
Can i work with the residence permit issued by Hungary?yes. you are free to take up jobs and get employed in Hungary.You will have to negotiate the salary directly with the employers.
Can i apply for hungary program, if my passport is expiring soon?We highly recommend clients to have atleast more than 6 months validity in their passport, before applying for immigration program in Hungary.
What documents are required?We will need the following documents to start the process:
1. Copies of your passport (must be legalized/ apostilled)
2. Detailed Business plan and list of activities
3. We will send you Power of attorneys, which should be legalized from hungary embassy in your country.
4. 6 month bank statements showing atleast EUR 25000 to EUR 30,000 of funds
5. Copies of Business contracts, if any..
Note: Please note that a solid business and proof of real housing accomodation are the most important documents to get visa approvals. Apartment search for foreigner is not easy in Hungary as most landlords expect the foreigner in person, which is why we ask 6 month advance payment + 2 month deposit to convince the landlords.
For more information about apostille and where to get in your country, please see: http://www.apostilleinfo.com