Have you ever been curious whether your idea or solution is valuable and if it would be worth turning into reality? Have you ever wondered if there was a tangible verification which could prove the potential of an idea or solution? To answer these questions, today, a number of businesses and companies choose an exercise called Proof of Concept (POC). In this guide we will explain what POC is and…
Definition of foundations According to Section 3 (378) Act V. of 2013 (hereinafter: Civil Code); “ Foundations are legal persons set up to pursue the long-term objective defined in the charter document. The founder shall define in the charter document the funds made available to the foundation and the organizational structure of the foundation.” The foundation is established by the founder with the declaration contained in the charter document, but…
A designer, contractor or subcontractor may request the procedure of the TSZSZ (Experts’ committee concerning construction work disputes) if he has carried out the work under the contract but has not received the certificate of completion, or if he has received the certificate of completion but his invoice has not been paid. The client may also request the procedure if he does not consider payment of the fee due under…
Hungary provides various elements that can be found helpful to your business. Starting with an ideal location nearby the capitals of Austria and Slovakia, Vienna and Bratislava, continuing with a growing number of startup accelerators, incubators and hubs, and finishing with lovely architecture and kind people. Not excluding the fact that various improvements have been recently imposed by the government, making it easier for startup companies to enter the market…
This article deals with both governmental and non-governmental support to startup companies in Hungary. Special focus is also paid to the mitigation of COVID-19 pandemic. 1. Governmental support of the startups The startups in Hungary have various opportunities to obtain help from either Government or other funds. In the conditions of Hungary, works one organization called Young Entrepreneurs Association Hungary (Fiatal Vállalkozók Országos Szövetsége or FIVOSZ). FIVOSZ provides information related…
The purpose of the stay is an important aspect of residency in Hungary for third-country nationals. It is not only required by law to justify the purpose of entry and stay but from a practical point of view it is essential for choosing the right forms to submit. Attaching a birth certificate is reasonable for family reunification purposes but that would be of no use proving employment relationship. In this…
[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,…
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…
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…
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…
