DETAILED PREPARATION

BUSINESS PLAN

Hungary has favorable business conditions, and the applicable rules and requirements are easy enough to comply with, but a well-thought-out business plan is necessary for the success of your company. Before making a decision on granting or extending a residence permit in Hungary, the official authorities consider all aspects of your business plan. You must provide supporting documents, as well as show that your business model is realistic, takes into account all legal requirements and has a chance of success. In order for your business plan to be prepared properly and accepted by government agencies, it should be drawn up together with a Hungarian consultant.

If you have time, we recommend that you spend a few months studying the market (with our help), and when you have a general idea and concrete ideas, we will be able to check how realistic they are and give you advice on how to implement them. This will allow us to optimally think through the business for you. And if you want to start immediately, we can help you in identifying business opportunities, i.e., finding a local company that already has developments. (This method also gives you the right to obtain a residence permit). Usually, this option requires an investment of 80,000 - 200,000 euros, and therefore is more expensive, but in a certain sense it involves fewer risks than starting a business from scratch.

An idea for a business or a business concept for a company in Hungary usually comes from a client. You have to think through the business in order to effectively carry out your activities and have all the resources necessary for this business. Otherwise, the forecasts made in the business plan may turn out to be unrealistic. But, of course, we can help you formulate a business idea more clearly, find the necessary information, contacts, partners, staff and other resources, as well as provide local know-how that will allow you to turn a business idea into a concrete plan.

A business plan is a prerequisite when applying for a residence permit and must show (through accurate market data, financial calculations and accompanying documents) the following:

• the company is viable and its plans are realistic
• director (i.e., the applicant) able to successfully manage the company
• the director is present in Hungary personally to manage the work of the company
• the company produces enough profit to ensure its own activities, as well as livelihood for the applicant (and dependent persons, if any)

When determining the cost of a business plan, we take into account the volume and quality of the director's contribution, as well as the amount of market research that we needed to conduct to prepare a high-quality business plan. If the business plan is not prepared properly and contains unrealistic data (forecasts), this may reduce the chances of the applicant; in addition, such a plan will be difficult to implement, which may lead to problems when extending the residence permit. For this reason, we undertake the preparation of a business plan and the responsibility for its acceptance by the consulate or the immigration service only if sufficient research has been previously conducted by the applicant or us.