BANK ACCOUNTS FAQs

GENERAL QUESTIONS 

COMPANY STRUCTURE - SHAREHOLDERS/DIRECTORS/NOMINEES ETC 

SHARE CAPITAL & COMPANY CAPITALIZATION 

INCORPORATION AND DOCUMENTATION 

CLIENT ACCEPTANCE, PRICES, PAYMENT AND REFUND POLICY 

BANK ACCOUNTS FAQs (top of page)

If I order my company through you, do I have to use your additional service to get my bank account?
The choice is yours; we offer the bank introduction service to our clients who have incorporated through us. There is no obligation to use us to open a bank account, however many clients request this additional service.

How long does it take you to set-up a bank account?
When your company has been formed we immediately forward the company docs to you. If a bank account had been requested, the authorization to open bank account will be included in the package, express (e-)mailed to you. Once these authorizations have been completed according to the instructions and received by us the account will be activated within five working days.

Can I open a bank account through you without registering a company?
No. We offer assistance for bank account opening only for those who incorporated a company through us or wish to incorporate with a bank account.

How difficult is it to open a bank account for an LLC?
The documents we provide to you are enough to open the account yourself at any bank in Hungary. But if you wish to avoid the hassle and guarantee to be acceptable to the bank, you can choose as a supplementary option, our services to open a bank account.

If you choose this option, we will send the bank forms with your package of company documents. You should fill the bank forms (which we will send to you), and along with a photocopy of your picture ID (passport or drivers license), specimen of signature with apostile send everything to the bank by courier. As soon as the bank receives the package, your account will be activated.

Is there a minimum balance required by the banks, if so what is it?
There is no minimum initial deposit required by the bank we work with.

Which bank do you work with?
We work with the HVB Bank in Hungary the member of the Unicredit HVB Group. The bank provides HUF, EUR, multi-currency accounts, distance banking via the internet, phone or fax. Debit cards are available.

Can I open a personal bank account at the banks you represent?
Normally we do not offer personal bank accounts, however if you incorporate your company with a bank account through us, we can assist you to arrange a second account i.e. a personal account.

Do the banks you work with provide debit cards?
Yes, they do, right after you open the account you will have an opportunity to choose the type of card you want.

Does the bank you represent have any extra charges at the opening that we should know about?
Yes. The bank will debit your account with - 5000 HUF (app. 20 euros) at the time of the first transaction for the remote access tools (token - code generator) which will be courier delivered to you for easy and secure internet access.

Are there any types of businesses or activities for which the banks you represent WILL NOT open accounts for?
Bank will not open accounts for companies involved in the following types of business:
1. Businesses which should be licensed according to international standards, but are not, such as:

• Broker Dealers
• Mutual and Hedge Funds
• Trusts
• Security Exchanges
• Insurance companies and brokers
• Banks

2. Businesses that offer alternative payment systems, e.g. E-Gold, e-cash etc.
3. Businesses which intend to raise funds or capital from the public, sell unregistered securities or MLM Programs.
4. Companies whose business is:

• Adult content Websites
• Online casinos
• Selling fake diplomas

What documents are required, and what are the procedures to open my company account?
The documents required to open a bank account will include; bank application form, signature cards, and certified copy of a picture ID. The forms will be included with your company docs which will be provided by us. Along with these documents and certified copies of your incorporation documents sent to the bank will usually be enough to have the account opened. Minor variations will occur depending on the choice of bank. We will inform you of the exact requirements.

Whom to and when do I make my deposit?
Deposit is made directly to your bank account at any time after you have received your bank account number.

How can I operate my bank account?
The HVB Bank provides internet banking, wire transfers and debit cards. The accounts can also be operated via phone for free.

Do I have to visit the bank to open the account?
No, you do not have to visit the bank in order to open or operate your account. The bank offer internet banking and the account may be operated by phone. Debit cards are also available for use in most countries in the world. If you want to visit the bank we will be glad to arrange it for you.
What minimum opening balance, if any, is required?
No minimum opening balance required.

Who controls my bank account?
You have control of your bank account as the signatory. It is absolutely your personal decision as whom you wish to assign an authorized signature to, if any.

Can I get a debit card?
Yes, after you open the account if you need a debit card, we will send you the application form along with the other documents for the bank.

Do you open personal bank accounts?
We do not open personal bank accounts and we only open company accounts for companies which we have incorporated. In some exceptions we will consider assisting with a personal bank account for clients who have used our services to open a business bank account.

Do you have any restrictions regarding citizenship to open an account?
No restrictions.

When should I pay my opening balance and to whom?
You will transfer an amount when the account has been opened and the send you the account number.

What method of payment do you accept?
We can accept payment via Wire Transfer.

GENERAL QUESTIONS (please download our brochure): (top of page)

What is a KFT?
KFT means Limited Liability Company. A KFT (LLC) is a legal entity incorporated in Hungary. The KFT can conduct business in the country of incorporation, or any other part of the world.

Do I have to pay up the authorized capital?
If yes, when?You have to pay up the authorized capital at the time of incorporation, when you open an account. If the company cannot pay its debts, the shareholders have personal liability to the limit of their share which has been declared.

COMPANY STRUCTURE - SHAREHOLDERS/DIRECTORS/NOMINEES ETC: (top of page)

What is the registered shareholder?
A registered shareholder is when the owner records his/her name on the share certificate and in the Register of Shares as the owner of the allotted shares.

Do I need other shareholders or can I be the sole shareholder?
In Hungary we offer one shareholder is the minimum requirement but two shareholders are required. The single member companies have to be audited, and the member has unlimited liability for the company's debts.

Do I need to have a board of directors and a company secretary?
One director is required.

SHARE CAPITAL & COMPANY CAPITALIZATION: (top of page)

What is the minimum or standard share capital requirement?
The minimum authorized capital is 3 000 000 HUF for KFT and 20 000 000 HUF for RT.

What do you mean by Share capital?
The share capital of a company is properly known as the authorized share capital. This share capital is a statutory requirement which sets out the total value of the shares that may be sold and distributed for cash or kind.

Do I have to use the standard share capital?
It is recommended to use the standard share capital but it is also possible to have a tailored one which may lead to increased incorporation fees. Companies usually incorporate using this optimal share capital or standard share capital and pay the base government fee.

How, to whom, do I have to pay and when do I have to pay the authorized share capital?
You have to pay your share capital at the time of incorporation, to the bank account. If the company requires more capital, the directors may call on the share holders to pay up the required amount via there share holding. If this capital is not required, the share capital or the cost of the shares need not be paid up until and unless required by the company. Share capital is the company's money and you do not pay this to us. Unpaid shares distributed to share holders is a debt by the shareholder to the company and therefore when paid, this cash goes to the company account for use by the company.

INCORPORATION AND DOCUMENTATION: (top of page)

How long does it take to incorporate an LLC?
At Least 5 days. For example, once we have received the payment and all the required information, the time it takes to dispatch the documentation via e-mail. Depending on your location, give a few extra days for the package to receive back to us. Please use DHL, FedEx, UPS and not EMS, provide a tracking number by which we can track your package via the internet.

Do I have to visit Hungary for incorporation or to open bank accounts?
No, but you are welcome to visit if you wish to do so. You provide us with the information online, by phone or fax and we incorporate your LLC for you. For opening a bank account, we will send you the necessary forms, which when filled you can send directly to the bank for your account.

What information do you require to set-up corporations?
We provide an online service where you need to fill the incorporation form by answering some very simple questions. Also you should provide a clear, notarized photocopy passport and scanned copy of it.

Why do you require a scanned copy of the passport?
As your delivery agent, and as any other accounting and incorporation service provider, we are required by law to hold a valid ID of the owners, shareholders and directors of companies incorporated by us. In order to obtain a bank account, this is also a requirement, by law, of the banks. When the passport is scanned and the copy emailed, the reproduction is of an acceptable quality both to us and the bank. The picture can be either in black and white or in color, once the quality is of a high standard. The passport ID must contain the Photo, the information relating to the expiry, any renewals, the signature etc. The passport must be centered with all four edges clearly defined and no corners cut. It is not required to copy the cover of the passport. It is also good for the delivery agent to know the owner(s) to prevent someone from attempting to steal your company.

How much information about our intended business is required?
When you are making an enquiry about setting up a company, we do not require details about your intended business, a brief outline is usually enough (one or two sentences). When the Owners Declaration form is being completed, a brief but precise description of your companies intended activities will also be required. We certainly do not expect a detailed description of the project.

What is an OD?
An Owners Declaration is a declaration by the owner of a company which provides the delivery agent with information relevant to the owner's residence, career, present business activity, intended business activity through the company etc. It also requires an undertaking by the beneficial owner that the company will not participate in any activity which is illegal in his country of citizenship, residence or domicile, the Republic Of Hungary and also includes specifically; activities relating in any manner to illegal armaments, money laundering, illegal drugs or other illegal controlled substance.

Why should I fill an OD?
The responsibility for the activities of the company ultimately lies with the owners and is therefore required to accept this responsibility by signing this declaration which is held confidentially by the registered office.

CLIENT ACCEPTANCE, PRICES, PAYMENT AND REFUND POLICY: (top of page)

What is your refund policy, can I get a refund or at least a partial refund?
No. Once the incorporation form has been completed and the company paid for no refund is possible. These funds would have already been used for the incorporation fees and other services provided.

Do you accept any clients who are ready to pay for your services?
While we accept most clients without any prejudice we may refuse or discontinue to serve any client at any particular time without giving any explanation based on the due diligence we