Summary of liquidation proceedings

[Lead]There are many cases in the life cycle of a company when the owners decide to terminate the operation of the company. There are several ways to terminate a company in Hungary. In this article we highlight the most common way of termination: The liquidation proceeding.[/lead] 1. Attorney’s preparation at the initiation of the proceedings 1.1. The decision of the supreme body on the termination of the company without succession,…

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Obligations after receiving the residence permit

Any third-country national holding a valid residence permit is entitled to enter Hungary and stay for more than ninety day within any one hundred and eighty day period during the validity of the permit. However, they also have additional obligations during residency especially in case of future extension intent. 1. Residence permit Third-country nationals shall preserve their residence permit and they are obligated to promptly notify the immigration authority if…

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When the debtor doesn’t pay – Vindicating claims in Hungary

Vindicating claims is often a difficult issue for the participants of economy. This matter has signs of dysfunction especially in the construction sector, but it is a common problem in other important areas and gives a hard time to private persons as well. In Hungarian law, creditors have a variety of ways to vindicate their claims. The tribute’s amount, expiry, the creditor and the debtor are determining circumstances that take…

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How to set up a company in Canada

There are numerous types of business entities in Canada. The procedures and requirements to register these lightly vary in each province, it also varies whether you have a local or foreign entity. Before you register your business, you will need to know the type of business that suits your needs the best. In Canada the most popularly chosen business type is the limited liability company, locally known as a private…

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How to apply for a VISA to enter the Schengen Zone

If someone has never been to Europe before, they have to ask the question if there is a need for a visa to enter the Schengen Zone. By acquiring a visa, the third country-national becomes authorized to stay in the territory of Hungary for an intended duration of no more than ninety days. For longer stays, some kind of residence permit should be applied to. 1. Visa categories The correct…

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General rules of residency

Although there are several residence permit types, each with different requirements for third-country nationals who wish to enter and stay in Hungary for more than ninety days within any one hundred eighty day period, some overlaps can be detected. The so-called general rules apply to every residence permit, and just like in the case of regulations regarding the right of residence for an intended duration of no more than ninety…

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Residence permit for the purpose of employment

Despite of the obvious interpretation, a residence permit for the purpose of employment shall not only be applied to in case of a traditional employment relationship. Definition There are two cases when the issuance of this permit is reasonable as specified in point (2) of Section 20 of the Act II of 2007: “A residence permit for the purpose of employment may be issued to third-country nationals: a) whose purpose…

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Third country nationals on the hungarian labor market

The employment of a third-country national in Hungary is subject to a work permit, except as provided by law. The proper residence permit usually must be requested by the future employer or the hosting entity from the competent government office. It is a general condition that the third-country national has to have the necessary expertise and qualifications. Quantitative restrictions regarding work permits There is an annual limit on the maximum…

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Residence permit to Hungary – Through gainful activity [Residence Permit for the Pursuit of Gainful Activity]

 Third-country national entrepreneurs and executive officers may choose this option to lay the foundations of legitimate work in that capacity in the territory of Hungary. Residence permit for the purpose of gainful activity may be issued if the purpose of residence is to lawfully perform work in a self-employed capacity for remuneration or to engage in any gainful activity in the capacity of being the executive officer of a for-profit…

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Overview of immigration procedures in Hungary

A person who is not an EEA citizen or a family member of one* may travel to Hungary with a valid visa or shall apply for a residence permit depending on the intended duration of the stay. If this period does not exceed 90 days within 180 days, third-country nationals are entitled to travel to the Schengen area, therefore Hungary, with a Schengen visa issued by a member state. Depending…

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