liabilities of newly-founded companies

1. Applying for a tax number at the court of registration. Applying for a Community tax number (if necessary). 

2. On the form submitted to the court of registration, the company must also declare in respect of value added tax (VAT),among others, the following: 

  • opting for tax exemption, 
  • opting for taxability, i.e. VAT payment obligation in respect of the sale and letting of certain real estate, 
  • performing only tax-exempt activity with regard to the public interest nature and/or other special characteristic of the activity, 
  • opting for tax payment obligation in the case of an activity exempt from tax with regard to its special nature, or 
  • choosing a special method of tax assessment. 

3. Within 5 days of its registration, the company must also initiate registration with the chamber of commerce and industry of its seat. The easiest way to do this is internet registration. The compulsory annual chamber membership fee is 5,000 forints. 

4. Business associations are obliged to keep contact with the state electronically through the "Cégkapu" internet portal and send and receive documents using the official means of contact necessary for this purpose. After registering at "Cégkapu", the natural person authorized and registered at the company for this purpose ("Cégkapu" official) or further users registered by this person and authorized by the company for this purpose will be entitled to manage "Cégkapu" contacts. 

5. The following has to be announced to HU TA: 

  • place of keeping documents, certificates and records available electronically if other than the registered seat, 
  • data of the operation permit relating to other activities actually performed, 
  • data of the operation permit relating to the main activity, 
  • data of the operation permit relating to the seat/establishment(s), 
  • data of the operation permit relating to the establishments not announced to the court of registration, 
  • method of formation, 
  • data of predecessor(s) in title, 
  • tax ID(s) or tax number(s) of the owner(s) of a joint venture, 
  • other branches of the foreign enterprise in Hungary, 
  • registration as a regulated real estate investment pre-company/company, 
  • announcement of project company of a regulated real estate investment pre-company/company, 
  • moving of the actual place of business management to abroad, 
  • announcement of the acquisition of an intangible asset entitling the taxpayer to royalty revenue, 
  • VPID applications. 

6. Newly founded companies must prepare their accounting policy within 90 days of formation. As part of the accounting policy, the following regulations have to be prepared: 

  • inventory and stock-taking policy of assets and liabilities, 
  • asset and liability valuation policy, 
  • internal policy on direct cost calculation, 
  • cash management policy. 

7. Basic information on the newly founded business organization must also be filed with the Central Statistics Office within 15 days of registration. 

8. The starting date of local business tax payment obligation must be announced to the competent municipality within 15 days of formation on the form prescribed by the local municipality for this purpose. 

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