Ease of doing business in Hungary
The country has been a member of the EU since 2004 and features main industries such as mining, construction, electronics, pharmaceuticals, textiles and automotive. The capital city of Budapest is also Hungary’s business centre, and as such, is home to an abundance of multinational companies such as Microsoft and Pfizer.
Since Hungary ranked 42nd out of 189 countries in the World Bank’s Ease of Doing Business Survey of 2016, doing business in Hungary is relatively simple. If you are considering a move to the country but would like to learn more about the basic facts, the information contained on this page is designed to assist you.
The basics of doing business in Hungary
Business hours
Hungarian business hours run from 9 am to 5 pm, Monday to Friday. A lot of Hungarian locals work overtime without taking lunch breaks. It is during the summer months (between July and August) that most locals take their annual leave, which might make it harder to schedule important meetings during this time of the year.
Corporate wear
Formal business attire is the norm when doing business in Hungary. Most men wear dark-coloured suits with ties, but a more classic business look is appropriate for women in the workforce.
Gender Equality
Although Hungary tries to always offer equal business opportunities for men and women alike, senior management roles are still, as in most other countries in the world, predominantly occupied by men.
All about Hungarian business culture
Western influences have become more prominent in the Hungarian business culture, which means that it is easy for expats to adapt to the way of doing business in Hungary. Although the Hungarian language rules business, for the most part, English and German are also widely spoken in the workforce. In Hungary, English is now the unofficial business language.
As with their traditions, Hungarian business culture pays special attention to socialisation as an important aspect of business relationships. In Hungary, face-to-face meetings are the key to successful business transactions. Unlike in most other countries, Hungarians prefer direct communication and avoid vague or ambiguous language as far as possible.
Essential rules for doing business in Hungary
- Expect to socialise with Hungarian businessmen and women. The locals appreciate getting to know their business partners in social settings before decisions are taken to the boardroom.
- Always address Hungarian businessmen or women by their full titles.
- Don’t be late for meetings and always avoid cancelling meetings at the last minute.
- Go out of your way to show respect to senior managers and business associates. In Hungary, hierarchy and status are very important in the business
Need more information?
At Hngary.com, our team of immigration lawyers can assist you with anything about life in Hungary. Whether you need more information about doing business in Hungary or would like to learn more about your emigration options, we are always ready to lend a helping hand. Get in touch with us today to learn more about what our services can help you achieve!