Located in Central Europe, Hungary has proven to become one of the Europe’s most travelled destinations. Hungary’s developed world class lifestyle, vibrant economy with a very low cost of living as compared to other European countries attract more and more expats, business investors and immigrants to settle in this wonderful country.
In this article we will discuss the major elements related to the Hungarian Entrepreneur Program (HER), a program designed for individuals who want to have access to Hungary and an opportunity to establish a life & business there.
The Hungarian Entrepreneur Residency Program (HER Program) – A viable pathway towards European residency
Hungary’s Entrepreneur Residency Program (HER) allows foreign nationals to obtain a residence permit in Hungary by establishing a business. Participation in the program is reserved for nationals of Non-European Union member states (nationals of EU member states are eligible to pursue special avenues of entrepreneurship in Hungary).
The HER program is particularly attractive to potential investors because Hungary’s commercial enterprise registration process is simple and quick as compared to similar programs administered by other countries. Additionally, the required minimum investment amount under the HER program is relatively modest.
To qualify for the HER program, the foreign entrepreneur must first establish a Hungarian commercial enterprise. There are many different types of company structures to choose from, but the most popular option is the limited liability company (LLC).
ELIGIBILITY REQUIREMENTS:
- Age: 18 or above
- Education: Minimum 12th
- Locally registered, fully compliant company with bank account and accountancy
- At least one short visit to Hungary (for opening a company bank account)
- Solid business plan and actual trading activity (in Hungary or internationally)
- Rented or purchased accommodation
- Full travel insurance or (after residency is acquired) local state health insurance
- Verifiable income from the business and/or from other sources
- No-criminal-record certificate issued by your local authority (or police)
Important: Applicant has to visit Hungary in person at least once (if they have Schengen visa) to start the immigration process.
PROGRAM HIGHLIGHTS AND BENEFITS
- Minimum investment – starting from €50,000
- Quick and easy incorporation process (possible via POA)
- Processing time: 6-7 months
- Low corporate tax (10%)
- EU and Schengen member country; Available to all nationalities
- The initial resident card is valid for 1 year and can be extended for another 2 years.
- After 3 years of continuous stay in Hungary, you are eligible to apply for a “Permanent resident card”.
- Freedom to travel to Schengen states without restrictions during the residency period.
- Business investor’s family members can be included in the application (i.e., spouse and children below 18)
STEPS INVOLVE IN ACQUIRING RESIDENCY UNDER HER PROGRAM
STEP-1: Start the Application with WWICS (ID Copies, Due Diligence Form, Agreement Authorization)
STEP-2: Assessment/Due Diligence by Hungarian Lawyer
Check list / Completion Documents
STEP-3: Provide Initial docs and send it to the lawyer for review and completion of incorporation docs Visit Hungarian Embassy to sign Company Incorporation docs and attest.
Company Incorporation: Docs sent back to lawyer for company incorporation (Assign a name and nature of business to be registered)
STEP-4: Visit Hungary: After Travel on Visit Visa Open Bank account, Virtual Office, Employee, Insurance and Accommodation.
STEP-5: Running Business for 4 months (before submission)
STEP-6: Submission of Application for TRV with Local Embassy along with
a. Business Plan
b. Application
It will take 30 – 45 days to receive Decision Approval of Visa D
STEP-7: Travel to Hungary and collect your Residence card from foreigner department (Within 30 Days).
Apply with WWICS – Pioneers in immigration with over 26 years of experience
WWICS- the World’s Largest Immigration Group, is one stop solution for all resettlement requirements starting from the initial assessment of the applicant’s profile to the final settlement in destination country.
We are a team of immigration lawyers that specialize in assisting our clients with all their documentation in order to apply under the Hungarian Entrepreneur Residency Program (HER Program). If you need more information on the Business Residence Program in Hungary or are in need of general assistance, get in touch with us today by filling this form . Our team of investment experts will review your eligibility & contact you shortly to discuss your options!!