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Establish a Retail Business in Hungary

Establish a Retail Business in Hungary

In Hungary, the retail industry is an economic sector with one of the most rapid growth rates. The Hungarian market has certain particularities that you might want to have in mind when you decide to establish a retail business in Hungary. Contacting an expert in company formation in Hungary will most likely help you avoid the frequent mistakes and will have a positive impact on the start of your business.

Steps to consider when you establish a retail business in Hungary

When an investor decides to open a company in Hungary he must follow the company formation procedure stipulated by the Companies Act and implemented by the local authorities. In establishing a retail business you will need to be informed on this procedure and to pursue all the required legal steps. 

A first thing to do is to choose the legal structure for your establishment. You will have to take into consideration the available forms in Hungary and to consider which one suits best your business goals. The process of company formation in Hungary is simple and straight forward; all you need to do is to fill in the application forms and to provide relevant documents. 

Depending on the legal entity that you will select for your business, you will have to handle different accounting procedures. Of course, these do not fall under the direct responsibility of the company’s founders and directors, as they need to be concluded by accountants in Hungary

The main differences that can appear refer to the types of financial documents that must be submitted at the end of the financial year.

When you open a retail business in Hungary, you have to decide for an impacting name for your company, a name capable to be functional and to win the Hungarian market. You must as well decide what you are going to sell and where would you like to locate your retail business.

Key aspects in planning the establishment of a retail business in Hungary

Some of the key elements that an investor should take into consideration when he decides to open a retail business in Hungary are the targeted public, the opening hours, and the prices of the products. Another element of importance is the establishment of economic relations and contracts with the providers of the products, such as manufacturers or wholesalers. 

A significant aspect to consider is whether to include locally produced goods in your retail business. It is advisable as well to take into consideration the additional costs that might result from the design of the company image and from the eventual electronic equipment necessary in the set-up of your business. 

Don’t hesitate to contact our Hungarian company formation experts who will be happy to assist you in the establishment of your retail business in Hungary.