The Ministry for National Economy and Accounting Act regulates the Accounting and bookkeeping in Hungary. The said Accounting regulations are harmonized with international accounting principles. The Accounting Act applies to all entities except Hungarian commercial representations of businesses registered abroad, individual entrepreneurs, civil law partnerships, building communities. The business year is the same as the calendar year. The accounting policy is required to be incorporated in writing within 90 days of the establishment of the company.
YourGlobalPro professionals can assist you with the entire bookkeeping and accounting services for your Hungary Business Set up as per your business needs including implementation of financial accounting software, accounting records preparation and time to time preparation of budgets, forecasts.
All the entities are required to prepare a report on every business year in Hungarian. The companies are required to appoint an auditor in accordance with the Accounting Act in case annual net sales exceed HUF 300 million and number of employees exceeds 50 people. The auditing must be done in line with Hungarian legal regulations and in accordance with the Hungarian National Auditing Standards.
Based on the size of the business – the companies are required to prepare and file financial statements with the Authority. YourGlobalPro professionals can provides you auditing services for your business as required by your business.
It is very simple process to open Bank Account in Hungary. It is recommended to compare commission rates for money transfer to and from Hungary while selecting a Bank. The documentation requirement differs from Bank to Bank and need to be complied for the Bank account opening. All banks are stable, reliable and offer the same level of services.
YourGlobalPro professionals can facilitate all the paper work in relation to banking need and can assist you in opening bank account for your business plan in Hungary.