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Hungarian business climate graded down by World Bank

Conditions of setting up and running a business are better in Slovakia than in Hungary, according to a survey of the World Bank, business daily Világgazdaság reported. Hungary has simple rules for setting up a new business, but
the process itself is costly and lasts longer than in other countries in Central and Eastern Europe. Slovakia, one of Hungary's most threatening competitors, fared better, with recently introduced new regulations, such as those on flexible working time, keeping records of those with back taxes and making lay-offs easier. In addition, Slovakia has combined its real estate and land registry databases and accelerated company-related administration, including revenue collection, the survey showed. The survey acknowledges Hungary's efforts to encourage out-of-court settlements in forcing performance on breached contracts. However, Hungary's working time regulations were found to be unflexible and costs are a harshly criticised issue. Registering of property is expensive in Hungary, but strict regulations on data provision for investment providers offers more protection for
investors than elsewhere in the region. Hungary scored above-average
in revenue collection among other countries in the CEE region.