Parliament extends deadline of capital requirement for local companies

Deals

Hungarian Parliament approved legislation today to extend the mandatory capital increase requirement for limited liability companies operating in Hungary to March 15, 2017, Hungarian news agency MTI reported. These companies will have to increase their capital 600% by next year.

The Civil Code amended last month stated that all limited liability companies of a certain type (Kft.) must increase their capital to at least HUF 3 mln by March 15 of this year. However, the new law extends the deadline, in line with the request of several companies.

The move is expected to affect some 129,295 Hungarian companies that could face a fine by Hungary’s company court if they fail to carry out the capital increase.

ADVERTISEMENT

Purchasing Managers' Index rises Analysis

Purchasing Managers' Index rises

Lawmakers approve residency permit for digital nomads Parliament

Lawmakers approve residency permit for digital nomads

The strongest move - Morgan Stanley Hungary head and Chess F... Podcasts

The strongest move - Morgan Stanley Hungary head and Chess F...

New Jewish cultural hub opens in Budapest City

New Jewish cultural hub opens in Budapest

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.