Location: Central Europe

Area: 93,028 sq km

Language: Hungarian (Official)

Religion: Roman Catholic, Calvinist, Others

Population: 9,897,541 (July 2015)

Capital: Budapest

GDP: $246.4 billion (2014)

GDP per Capita: $24,900 (2014)

Agriculture: wheat, corn, sunflower seed, potatoes, sugar beets; pigs, cattle, poultry, dairy products

Industries: mining, metallurgy, construction materials, processed foods, textiles, chemicals (especially pharmaceuticals), motor vehicles

Exports:

  • $99.54 billion (2014)
  • machinery and equipment 53.5%, other manufactures 31.2%, food products 8.7%, raw materials 3.4%, fuels and electricity 3.9%
  • Germany 28.8%, Austria 5.8%, Romania 5.7%, Slovakia 5.1%, Italy 4.8%, France 4.7%, Poland 4%, Czech Republic 4%

Imports:

  • $96.83 billion (2014)
  • machinery and equipment 45.4%, other manufactures 34.3%, fuels and electricity 12.6%, food products 5.3%, raw materials 2.5%
  • Germany 25.6%, Austria 7.4%, Russia 7%, China 6.2%, Slovakia 5.5%, Poland 5.3%, France 4.8%, Czech Republic 4.6%, Italy 4.5%, Netherlands 4.1% (2014)
Advantages of Hungarian company

  • Dividend and interest payments are tax exempt
  • Low corporate tax rate in 10%
  • DDT with more than 70 countries in the world
  • Minimum share capital of EUR10.000 which, only 50% of that is required to pay at the initial steps of incorporation
  • Only one director and one shareholder is required. Non local director is accepted.

Disadvantages of Hungarian company

  • The highest rate of 27% VAT in the world
  • Non Euro currency(which is unstable for the investment value in EU)
  • The percentage of English speaking people is very low and it creates difficulties for foreigner to communicate with clients and suppliers.