Hungary has been a full member of the EU since 2004 and has unhindered access to the European market. Currently, the agreements on the avoidance of double taxation are signed with more than 60 countries.
There is no tax on the salary of a foreign director, and there is an unimpeded opportunity to get a European VAT number in the Hungarian jurisdiction. The income tax rate is low.
Since 2007, the electronic registration of the companies has been available; in turn, banks agree to open accounts also outside of Hungary. If the director of a company established in Hungary is a non-resident, the company is entitled not to pay the director a salary and all relevant taxes.
There are no restrictions on payments to offshore companies.
All annual financial reports are submitted electronically by using the simplified method.