NEWSROOM

Company registration will be possible in 1 day also for foreigners soon

To enhance the competitiveness of the Hungarian economy, the Government plans to accelerate the process of setting up companies in Hungary for foreigners. Currently, individuals who do not understand Hungarian language, should wait days or even weeks to receive the decision from the Hungarian Company Registry Court certifying the registration of their new company.

The European Council approved the CSDDD

The European Council has approved the CSDDD with significant amendments on 15 March 2024. The aim of the proposal is to foster sustainable and responsible corporate behavior throughout global value chains.

2024 – the year of European minimum wage in Hungary?

According to the Hungarian Government's spring 2024 legislative program, the Hungarian Parliament may decide on the introduction of a “European minimum wage” as early as this spring session. The EU minimum wage directive highlights the importance of European social dialogue frameworks in reaching agreements on minimum wages among Member States.

The location of the new EU authority is revealed

On 22 February 2024, the Council and the European Parliament representatives reached an agreement on the seat of the future European authority for anti-money laundering and countering terrorist financing. Among nine member states, Frankfurt has been selected as the organization's headquarters by the co-legislators.

The tightened rules of the occupational health and safety fines

In order to promote the health of employees and prevent workplace accidents, the Hungarian Government had significantly increased the fines for the breach of occupational health and safety rules as of 1 March 2024. The rule on its amount was removed from the applicable act and its details were laid down in a government decree.

Entry and residence of third country nationals - transitional provisions

As of 1 March 2024, it possible to submit applications for residence permit at the Immigration Authority in accordance with the new regulation, i.e. the Act XC of 2023 on the General Rules for the Entry and Residence of Third-Country Nationals.

Repealing government decree on the different application of accounting

On 26 February 2024, the 34/2024 (II.26) decree on the different application of Act C of 2000 on Accounting during an emergency was published in the Hungarian Gazette, which repeals a decree issued a few days before, on 8 February.

Council adopts regulation on instant payments

On 26 February 2024, the Council of the European Union has adopted a regulation that will make instant payments fully available in euro to consumers and businesses in the EU and in EEA countries. The instant payments regulation will allow people to transfer money within ten seconds at any time of the day, including outside business hours, not only within the same country but also to another EU Member State.

LEGAL 500 EMEA 2024 edition

Thrilled to share the news that our law firm has been recognized as one of the top law firm by the Legal 500 EMEA - 2024 edition! It is a great honor and recognition that KCG Partners Law Firm has been recommended as a TOP-TIER firm in 1 practice area and been recommended in 5 practice areas.

Not all of the renewable energy projects will be allowed to connect to the network

On 6 March 2024 the Hungarian Government adopted a decree that will partially transform the county’s renewable energy landscape. In order to allocate the spare energy network capacities between those renewable energy producers who wish to connect to the energy network, the Hungarian Transmission System Operator (the state agency that controls the network, hereinafter referred to as the network licensee) started its allocation procedure on 30 November 2023.