Investing in Hungary
Foreign investors in Hungary are guaranteed to have the same rights as national investors. They are also allowed to transfer profits and investment capital to their home country and generally have a large number of options when it comes to choosing an investment field and business in Hungary.
Foreign ownership is permitted to as much as 100% in most business fields. However, there are certain sectors that are considered strategic and are restricted to foreign investors. These are mainly in the defense and military industries.
Current governmental policies aim at making Hungary an even more attractive business destination and previously restricted areas are now being open for privatization. Foreign investors in Hungary can choose form a number of legal entities when opening a company.
Regulated industries in Hungary
Foreign investments in industries like financial services and insurances must issue a notification to the government but do not need special authorizations for functioning. Industries like mining are also regulated and exploitation permits are allowed for a limited amount of time. However, foreign companies can invest in this sector.
Companies in Hungary that perform import and export activities must obtain import and export licenses. A special permit must be obtained from the Hungarian Ministry of Economy for importing products like precious metals, oil, gas or coal. Our lawyers in Hungary can give you a complete list of the products that require special permits to be imported. Special certificates may also be needed to engage in certain construction works.
Other permits in Hungary
Citizens who want to work and live in Hungary who are not EU nationals need to obtain a work permit in order to be an employee in Hungary. Non EU citizens who are spouses of Hungarian citizens are exempted from this rule. The employer is the one who normally handles the process of obtaining a work visa for the employee. The latter must provide some documents, like a labor agreement and proof that he or she has found accommodation in Hungary.
If you need more information about the special permits and licenses required to do business in Hungary, our Hungarian lawyers can help answer your questions. You can also contact our law firm in Budapest if you need any legal services in Hungary.