Setting Up a Company

Types of Companies and Capital (Max/Min)	Number of Partners/Shareholders and Liability
Korlatolt felelosségû tarsasag (Kft) is a Private Limited Company Minimum of HUF 500,000	No limitation. Liability is limited to the amount contributed.
Részvény tarsasag (Rt) is a Public Limited Company Minimum HUF 5 - 20 million	No limitation. Liability is limited to the amount contributed.
Közkereseti tarsasag (Kft) is a general partnership No minimum capital	No limitation. Partners' liability is several and indefinite.
Betéti tarsasag (Bt) is a limited partnership No minimum capital	Two types of partners: active partners (General Partner) and sleeping partners (Limited Partner). Unlimited liability for at least one partner (General Partner). Unlimited liability for at least one sleeping partner (Limited Partner).

Source: Doing Business.

Business Setup Procedures: Consult Doing Business Website, to know about procedures to start a Business in Hungary.
Trade Register, only in Hungarian.

Working Conditions

Legal Weekly Duration: 40 hours per week
Retirement Age: 20 years in service and minimum 62 years.
Working Contracts: Full- and part-time contracts, assignment contracts, outsourcing contracts. More information on Just Landed website.

Minimum Wage: 65.500 HUF (262 EUR).
Average Wage: Average monthly gross earnings in Hungary is HUF 191,930 (USD 1,000).
Social contributions: Social Security Contributions Paid By Employers: Medical insurance 1950 HUF
social security 11%
pension insurance 18%
unemployment insurance 3%
training contribution 1,5%
Social Security Contributions Paid By Employees: Social security is paid by employees at the follow amounts: pension contribution: 8.5%, health care contribution: 4%, Unemployment contribution: 1%.

Social Dialogue and Involvement of Social Partners: The law allows unions to conduct their activities without interference, and the government protects this right in practice. Collective bargaining is protected by law, and it was freely practiced. Approximately 40 percent of the workforce is covered by collective bargaining agreements (almost 3,000 collective bargaining agreements existed). Workers have the right to strike, and workers exercise this right in practice.
Unions: Cooperation Forum of Unions
National Organization of Hungarian Unions
Unionization Rate: 40%
Labor Regulation Bodies: Ministry of Labor

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