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Hungary Relaxes Offshore Company Legislation

Tax-news.com

01 May 1999


A number of improvements to Hungarian Offshore Company Legislation are effective from 1/1/99:

  • The subsidiaries of foreign publicly-listed companies can be offshore
  • Only an offshore company itself and its direct shareholders are now prevented from establishing another business presence in Hungary
  • The requirement for payments to be made through a Hungarian bank account have been loosened
  • The requirement for a majority of directors and staff to be resident in Hungary now applies to the total number of individuals rather than to each category separately.

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