Numerous businessowners who have incorporated a company in the UK, regardless if they were local residents or foreign investors, started considering relocating their companies in other European countries when Brexit was decided. As of 2021, the UK is formally no longer a part of the European Union (EU) and this has multiple consequences in regards to trading between the UK and the EU, on various import- export procedures, on taxes and others.
Due to this, the tendency to relocate a UK company to another EU country has become more and more popular. If you want to relocate your UK company to Hungary after Brexit, you can always address on our team of specialists, who can present the entire process and the advantages of investing here.
The process of relocating a business actually refers to closing a business down in the country where it is currently operating, by taking all the legal steps (de-registration of the business with the Trade Register, paying all the taxes associated with the respective business activity) that ensure that the respective company will no longer be active on the respective market and that the businessowner is, thus, no longer bound by various formalities regarding his or her business activity in the said country.
If you want to relocate your UK company to Hungary after Brexit, the above mentioned steps have to be completed first. After this, you can easily start the process of company formation in Hungary. You can also register the same company type under which you developed a business activity in the UK.
According to the Hungarian commercial legislation, a local or a foreign investor can open a Hungarian company as one of the following: private company limited by shares or public company limited by shares, general or limited partnership, limited company, branch office or a representative office (the latter is a structure that can’t be used for commercial purposes). If you need advice on how to register any of these legal entities or information on the advantages of each structure, do not hesitate to address to our team of consultants in company registration in Hungary.
Businessmen who want to relocate their company face numerous challenges such as making a decision on the new location in which they should invest. Matters concerning taxation, wages, the quality of life, the business opportunities available in the respective business sector, political stability, and numerous others are always important into taking this decision. When we refer to the reasons to open a company a company in Hungary, the following should be taken into consideration:
If you want to relocate your UK company in Hungary after Brexit, you should know that the country has implemented the Point of Single Contact system, created under the EU’s regulations regarding the procedures that investors should follow when starting a business. This system implemented simplified procedures, which are mostly the same at a EU level.
So, when opening a Hungarian company, you should follow five basic steps: prepare the company documents, certified and signed in front of a public notary or attorney (this is done in accordance with the selected company type) and open a corporate bank account at a local commercial bank.
Then, one can formally register the company with the Hungarian Court of Registry by submitting the documents prepared with the specialist in company formation in Hungary. Here, the investors can follow the standard registration or the simplified version and, for in-depth information, we invite you to contact our consultant in company registration in Hungary.