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.

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