Hungary

The ISO code of Hungary is HU according to the ISO 3166 standard. The local name of the country is Magyarorszag. Hungary capital city is Budapest. People in Hungary speak the Hungarian language. In the year 1956, Hungary emerged as a sovereign political entity. The largest city in Hungary is Budapest.

Hungary is located in the UTC +01:00 time zone, which is also called Central European Time or CET. The internet country code top-level domain (ccTLD) for Hungary is .hu. Other domains assigned to Hungary are .eu. The domain name .eu is available for use by organizations in and residents of European Union member-states. The International dialing code for Hungary is 36. People in Hungary drive on the right side of the road. Total land area of Hungary is 93,028 km² (approx. 35,918 mi²). Hungary is a landlocked country.

Hungary is located in Europe. Hungary is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life.

Currently Hungary faces various issues, including waste management, energy efficiency, and air, soil, and water pollution to meet EU requirements will require large investments.

Doing business in Hungary

We offer various corporate services in Hungary jurisdiction. These services can serve both, people coming from Hungary and foreigners. If you plan on doing business in Hungary you might be interested in contacting us.

To find out about starting your business in Hungary click on company formation in Hungary.

To find out how to open a bank account in Hungary and moreover what type of account Confidus Solutions suggests to create, please click on bank account in Hungary.

Choose preferred service below or continue reading to find out more about Hungary.

Company formation Bank account (Corporate)Available banks Bank account (Private)

Demographics of Hungary

The total population of Hungary is 9,688,847 people. In Hungary, the population density is 106 people per square kilometer (276 per square mile). Because of this statistic, this country is considered to be densely populated. The ethnic diversity is almost uniform according to a fractionalization scale which for Hungary is 0.1522. Hungary has approximately 449632 foreign immigrants. The median age is approximately 41.1 years. In Hungary, 72 in every 100 people use internet. Hungary has a Human Development Index (HDI) of 0.818.

The majority religion of Hungary is Christianity, Hungary is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Click on a link to read more on demographics of Hungary.

Culture of Hungary

People in Hungary speak the Hungarian language. According to data on inbound tourists in Hungary, 10,675,000 tourists arrive in the country each year. The first McDonalds in Hungary was opened on 13 April 1988, and it was located in Budapest. One of the most popular national dishes of Hungary is gulyás. To read more click on culture of Hungary.

Geography of Hungary

Hungary is considered to be a large nation because of its total area. Its total land area is 93,028 km² (approx. 35,918 mi²). Hungary is located in Europe. Its capital city is Budapest. Hungary has 7 neighbouring countries. Its neighbours include Austria, Croatia, Romania, Serbia, Slovakia, Slovenia, and Ukraine. Total length of land borders of Hungary is 2106 kilometers (~813 miles).

The highest point of Hungary is Kékes, with its official height being 1014 m (3,327 ft). Including land mass and EEZ, the total area of Hungary is approximately 93,028 km² (~35,918 mi²). The most notable natural resources found in Hungary are bauxite, coal, natural gas, fertile soils, arable land.To read more click on geography of Hungary.

Economy of Hungary

The currency of the country is Hungarian forint. The symbol used for this currency is Ft, and it is abbreviated as HUF. 3.8% of population in the country are unemployed. The total number of unemployed people in Hungary is 368,176. Each year, Hungary exports around $92.98 billion and imports roughly $89.52 billion. The Gini Index of the country is 24.7. Hungary has a Human Development Index (HDI) of 0.818.The Global Peace Index (GPI) for Hungary is 1.463. Hungary is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Major industries in the country are mining, metallurgy, construction materials, processed foods, textiles, chemicals (especially pharmaceuticals), motor vehicles.

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Hungary is $247,113 billion. Each year, consumers spend around $32,180 million. The ratio of consumer spending to GDP in Hungary is 0%, and the ratio of consumer spending to the world consumer market is 0.0928. The corporate tax in Hungary is set at 19%. VAT in Hungary is 27%. To read more click on economy of Hungary.

Infrastructure of Hungary

Infrastructure quality in Hungary is rated to be at 3.18. It indicates a satisfactory quality - roads, railroad, ports and other facilities are able to handle significant traffic at all times and are also suited to various types of transport vehicles and vessels.

In Hungary, 100% of the population has access to electricity. There are 3,145,000 internet hosts in Hungary. Hungary has 41 airports nationwide.

The logistics performance index of Hungary is 3.46. It indicates a satisfactory performance - in general, traffic is handeled well, some flaws in certain areas are possible, but overall the logistics system performs reliably and is ready to handle predictable amounts of traffic.

Tracking possibilities for shipments are rated at 3.82. It indicates a good performance - the tracking systems provide detailed and up-to-date information about most of the parameters of shipments, as well as often transcend national (both political and linguisitc) barriers and may be qualified as international shipment tracking systems.

The number of road motor vehicles per 1000 inhabitants in Hungary is 12. To read more click on infrastructure of Hungary.

Politics of Hungary

Hungary, is a unitary parliamentary constitutional republic. With regard to political and civil freedoms, Hungary is 1. Citizens in Hungary experience total freedom. The majority of countries in which citizens enjoy expansive civil liberties and political freedoms are representative democracies, in which officials are directly elected by citizens to advocate for their needs and desires. Free countries are often bolstered by healthy economies and high-functioning governments. The head of the government is János Áder.

According to the World Bank Group, the government effectiveness index of Hungary is 0.53. This indicates that the government of Hungary is effective. Citizens enjoy well-organized public and civil services, and government efficiency is high. While some services may be lacking in certain areas, the overall environment fostered by government legislation is favorable.In Hungary, the legislative power is vested in a Országgyűlés. The Global Peace Index (GPI) for Hungary is 1.463. The strength of legal rights index for Hungary is 10. Overall, it is considered to be rather strong - bankruptcy and collateral laws are able to protect the rights of borrowers and lenders quite well; credit information is abundant and easily accessible. Hungary is a member of the United Nations (UN). On 14 December 1955, it joined the UN as a full member state. Hungary is a member of the European Union (EU). On 14 December 1955, it joined the EU as a full member state. To read more click on politics of Hungary.

Environment of Hungary

Hungary emits 4.9 metric tons per capita of CO₂. 20990 km² of Hungary's territory is covered in forests. and forest land comprises 23% of all the land in the country. The number of road motor vehicles per 1000 inhabitants in Hungary is 12. To read more click on environment of Hungary.

Company formation in Hungary

The development of telecommunications and economic globalization has made it possible for interested investors to form companies around the world. With proper research, financial investments, and legal backing, business ventures can safely be established in Hungary.

When establishing a company in Hungary, an interested investor must do due diligence with regard to legal processes, international regulations, and sufficient investment for success. It is critical to understand cultural, social, and political factors of Hungary that will affect the establishment and growth of one's business. Contact us or click on company formation in Hungary to read additional information when setting up a business.

Bank account opening in Hungary

With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in Hungary. This opportunity for international accounts and investments offers several advantages based on economic regulations and tax structures. Interest rates and fees vary depending on your interests.

When considering opening a bank account in Hungary, one must enlist the help of international experts to guide them through the process. To find out more about our banking services click on bank account in Hungary or contact us.