The nation of Hungary is a landlocked country located in Central Europe. It is bordered by Austria, Slovakia, Ukraine, Romania, Serbia, Croatia, and Slovenia.
The capital of Hungary is Budapest, and it is the largest city in the country with an estimated population of 1.7 million people.
Hungary has an area of about 93,000 square kilometres, and its population is estimated to be 9.8 million, making it the 74th most populous country in the world. Hungarian is the official language spoken in Hungary, and it is a member of the Uralic language family. English is also widely spoken in Hungary, as well as German and French.
The majority of the population in Hungary is Roman Catholic, followed by Calvinism, Lutheranism, and Judaism. Christianity has been practiced in Hungary since the 4th century, when it was introduced by Saint Stephen I.
Hungary is a parliamentary republic, with a unicameral legislature known as the National Assembly, and a president who serves as head of state. The country is divided into 19 counties, and Budapest is a special administrative area.
The economy of Hungary is largely based on services and industry, and it is an export-oriented economy. The largest sector of the economy is manufacturing, and the main exports are machinery and equipment, chemicals, food products, and motor vehicles. Hungary also has a thriving tourism industry, as it is home to numerous World Heritage Sites and is known for its impressive architecture, historic sites, thermal baths, and wine regions.
Hungary is known for its rich culture and has a long history of music, literature, art, and cuisine. Traditional Hungarian dishes include goulash, paprikash, and lángos. The country is also home to some of the most spectacular castles in Europe, including the Buda Castle and the Castle of Visegrád.
Hungary is a beautiful and vibrant country, with many attractions and activities to enjoy. It is a great destination for those looking to explore a fascinating culture and experience a land of contrasts.
Ease of Starting and Managing a Small Business
Starting and managing a small business in Hungary is not overly difficult but there are some challenges to consider.
The Hungarian government encourages foreign businesses to invest in the country and there are a few areas that are particularly attractive for investment. These areas include telecommunications, information technology, motor vehicle production, biotechnology, and pharmaceuticals.
In order to start a business in Hungary, the most important step is to register a business name with the national trade register. This process can be done quickly and easily online. Once the business name is registered, the company can then register for a Hungarian tax number and open a bank account. These two steps are necessary before the company can start trading and conducting business.
In terms of taxes, Hungary has a flat tax rate of 9 percent for corporations and 15 percent for individuals. This low rate of taxation makes Hungary an attractive destination for businesses looking to keep their tax costs down.
The Hungarian government also offers a range of incentives and grants to businesses that are looking to start up or expand. These grants can cover up to 50 percent of the costs associated with setting up a business in Hungary.
In terms of labour laws, Hungary has a good system in place that protects the rights of employees. The country also has a strong social security system and a range of other benefits for employees.
In terms of infrastructure, Hungary has a good network of roads and railroads, as well as a reliable internet and telecommunications network.
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Overall, starting and managing a small business in Hungary is relatively easy. The country has a low rate of taxation, a range of incentives and grants, and a strong labour law system. The infrastructure is also good, which makes it easier for businesses to operate.
Major Companies and Industry Verticals
The Hungarian economy is highly diversified and consists of several major industries. These include automotive, electronics and electrical equipment, chemicals, food processing, pharmaceuticals, textiles, metals, machinery, and energy.
The automotive industry is the largest sector in Hungary, accounting for more than one-fifth of the country’s industrial output. Major players in the industry include Audi, BMW, Mercedes-Benz, Skoda Auto, Suzuki, and Toyota. Hungary is also home to several automotive parts suppliers, including Bosch, Continental, Delphi, and Magyar Suzuki.
The electronics and electrical equipment industry is also an important part of the Hungarian economy. Major companies in this sector include Advantest, AMD, and Siemens.
The chemical industry is another major sector of the Hungarian economy, with companies such as BASF, Dow Chemical, and SABIC having major operations in the country.
Food processing is also a major industry in Hungary, with companies such as Cargill, Nestle, and Unilever all having operations in the country.
The pharmaceutical industry is also important to the Hungarian economy, with companies such as Gedeon Richter, Sanofi, and Takeda all having major operations in the country.
The textiles industry is an important part of the Hungarian economy, with companies such as Armani, Calvin Klein, and Prada all having operations in the country.
The metal industry is another major sector of the Hungarian economy, with companies such as ArcelorMittal, Alcoa, and BorsodChem all having major operations in the country.
Lastly, the energy industry is also an important part of the Hungarian economy. Companies such as E.ON, Enel, and RWE all have operations in the country.