Banking Compliance Checklist for Hungarian Companies

When doing business with foreign clients, having a foreign corporate bank account can be a valuable asset for your Hungarian company. However, it’s crucial to ensure compliance with Hungarian regulations and transparency in financial transactions.

What You Need to Know

According to Hungarian laws, the main data of every Hungarian business is publicly available at the Company Registry.
This includes essential information such as bank account numbers, which are considered part of a company’s main data.
As a result, every bank account opened for your Hungarian company must be recorded with the Company Registry and the Hungarian Tax Authority.

Reporting Bank Accounts

The Hungarian government requires all transactions to be traceable, making it necessary to report every bank account tied to your Hungarian company.
This includes corporate bank accounts held at both Hungarian and foreign banks.
Companies can open new bank accounts anywhere and anytime, including with foreign banks. However, it’s essential to notify your accountant promptly, as they must report the new account within 15 days.

Consequences of Non-Compliance

Hiding corporate bank accounts from the Hungarian Tax Authority is not an option.
The authority can easily discover unreported bank accounts during a tax audit, thanks to international treaties that enable information exchange between banks and tax authorities.
If your company fails to report a foreign corporate bank account, you may receive a fine of HUF 100,000 (approximately EUR 250) initially. Failure to comply with the notice within 15 days can result in a further fine of HUF 500,000 (approximately EUR 1,250).

Requirements for Hungarian Companies

Your Hungarian company still needs at least one bank account with a Hungarian bank.
This must be a HUF bank account, used for paying taxes and salaries.

Get Help from Experts

The Helpers Finance team is experienced in providing tailored solutions to foreigners doing business in Hungary. We can assist with:

Accounting
Company setup
Bank account opening
Residency application for the managing director and their family members