Nikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the MNB's decision, including banking and payment rails.
Get an investment license in Hungary.
The short clock: the Magyar Nemzeti Bank decides on a befektetési vállalkozás licence within three months of a complete application under MNBtv. 49. § (3)-(4) - half of what MiFID II allows. Capital follows Bszt. § 13: €150,000 as the general rule, €75,000 for advice, brokerage, portfolio management and placing without client money, €750,000 for own-account dealing and underwriting, converted into forint at the MNB's official rate on the day. The application fee is printed at HUF 2,700,000 in the 23/2026. (VI. 30.) MNB decree. Corporate tax is 9% - the lowest headline rate in the EU - with local business tax of up to 2% beside it. We run the file from our own Budapest office.
27 yrs
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Licenses obtainedlicenses obtained
Updated
Hungary in brief
Three months by statute, a printed fee, and the union's lowest rate.
Hungary licenses investment firms under the Bszt. - 2007. évi CXXXVIII. törvény - which carries MiFID II and, since its 2021 amendment, the IFD. The tevékenységi engedély under §§ 7-8 covers the services in § 5 (1): reception and transmission, execution, own-account dealing, portfolio management, advice, underwriting, placing, MTF and OTF operation, with custody among the ancillary services of § 5 (2). Capital is § 13. The MNB's licensing guide, last revised in August 2026, states the general rule as €150,000 - főszabályként - with €750,000 where the firm deals on own account or underwrites, and €75,000 where it provides only the services in § 5 (1) a), b), d), e) and g) without holding client money or assets, converted into forint at the MNB's official rate on the day. § 16 requires a részvénytársaság or a branch with central management in Hungary. § 22 (1) requires at least two executive officers, each approved by the MNB.
Then the clock. MNBtv. 49. § (3)-(4) gives the MNB three months from a complete application, with a deficiency notice within 45 days and one extension of up to three months; MiFID II's six months is only the ceiling. The fee is printed: HUF 2,700,000 for the befektetési vállalkozás licence under the 23/2026. (VI. 30.) MNB decree, the same for a Kbftv. fund manager, HUF 70,000 for a tied agent. BEVA membership is a condition under Bszt. § 28 (1) w); the cover of €100,000 per investor - five times the €20,000 minimum of Directive 97/9/EC - is confirmed with BEVA before filing. Fund managers take a separate Kbftv. licence at €125,000, or €300,000 for real-estate and mixed funds (§ 16 (1)). Corporate tax is 9%, plus local business tax at up to 2%. Filing runs through ERA, in Hungarian. We run it from our own Budapest office.
The short clock: the MNB licenses a befektetési vállalkozás within three months of a complete file (MNBtv. 49. §) - Bszt. § 13 capital of €150k as the rule, €75k without client money, €750k for dealing, converted at the MNB rate; fee HUF 2,700,000; the 30-state passport.
9% corporate tax plus local business tax up to 2%, no withholding on corporate dividends, Kbftv. fund manager at €125k. Filing in Hungarian, two executives under § 22 (1). Run from our own Budapest office.
The two builds
The befektetési vállalkozás - or the alapkezelő under the Kbftv.
Two MNB licences under two acts: the investment firm under Bszt. §§ 7-8 at €75,000-€750,000 by service set, and the fund manager under the Kbftv. at €125,000. Both carry the same HUF 2,700,000 fee. We fix the act before the file.
The Bszt. investment firm - or the €125k Kbftv. fund manager.
01 - BEFEKTETÉSI VÁLLALKOZÁS
The Bszt. investment firm
Tevékenységi engedély under Bszt. §§ 7-8 for the § 5 (1) services - reception and transmission, execution, own-account dealing, portfolio management, advice, underwriting, placing, MTF and OTF - with § 13 capital at €150,000 as the general rule, €75,000 without client money, €750,000 for dealing and underwriting, converted at the MNB rate.
Tevékenységi engedély under Bszt. §§ 7-8 for the § 5 (1) services - reception and transmission, execution, own-account dealing, portfolio management, advice, underwriting, placing, MTF and OTF - with § 13 capital at €150,000 as the general rule, €75,000 without client money, €750,000 for dealing and underwriting, converted at the MNB rate.
- ✓§ 5 (1) a)-i) services · § 5 (2) custody
- ✓€150,000 - the general rule (főszabályként)
- ✓€75,000 - a), b), d), e), g) without client money
- ✓€750,000 - own-account dealing or underwriting
- ✓3 months from a complete file (MNBtv. 49. §)
- ✓Fee HUF 2,700,000 (23/2026. MNB rendelet)
02 - ALAPKEZELŐ · FUND MANAGER
€125,000 initial capitalThe Kbftv. fund manager
The fund licence under 2014. évi XVI. törvény: an ÁÉKBV-alapkezelő for UCITS under § 5 and §§ 6-10, an ABAK for alternative funds under § 7 (1) and §§ 11-14 - €125,000 initial capital under § 16 (1), €300,000 for real-estate or mixed funds, registration only below the § 2 (2) thresholds of €100 million or €500 million.
ÁÉKBV-alapkezelő or ABAK under the Kbftv. at €125,000 (€300,000 real-estate or mixed) - registration only below €100m / €500m; the same HUF 2.7m fee.
- ✓ÁÉKBV-alapkezelő - Kbftv. § 5, §§ 6-10
- ✓ABAK - Kbftv. § 7 (1), §§ 11-14
- ✓€125,000 · €300,000 real-estate or mixed (§ 16 (1))
- ✓Registration only below €100m / €500m (§ 2 (2))
- ✓Részvénytársaság with head office in Hungary (§§ 17-18)
- ✓Same HUF 2,700,000 fee
Costs and timelines are confirmed for your case before any work begins. The HUF 2,700,000 application fee is printed in the 23/2026. (VI. 30.) MNB decree; the annual supervisory fee under MNBtv. §§ 167-168 and the BEVA joining fee are itemised in your quote.
Why Hungary
The short clock, the printed fee and the 9% rate.
Hungary sells a three-month statutory decision - half of what MiFID II allows - and the lowest corporate rate in the union, behind one regulator and one act.
✓
Three months, not six
MNBtv. 49. § (3)-(4): the MNB decides within three months of a complete application, with one extension of up to three months in justified cases. MiFID II's six months is the ceiling, not the plan.MNBtv. 49. §, not six.
✓
A fee you can read
HUF 2,700,000 for the investment firm licence under the 23/2026. (VI. 30.) MNB decree - the same for a fund manager, HUF 70,000 for a tied agent. Printed in the decree, not quoted on request.HUF 2,700,000 in the decree.
✓
9% corporate tax
The lowest headline corporate rate in the EU, 9% of the positive tax base since 2017 under Act LXXXI of 1996, with no withholding on dividends paid to a company. Local business tax adds up to 2%.Lowest in the EU.
✓
IFD tiers, converted daily
Bszt. § 13 prints €150,000 as the general rule, €75,000 without client money and €750,000 for dealing, converted into forint at the MNB's official rate on the day - the euro is the anchor, the forint is the cheque.Converted at the MNB rate.
✓
A market of 9.5 million
KSH counted 9,488,428 residents at 1 January 2026 - the client base a licence here reaches before the passport adds the other 29 EEA states.Before any passport.
✓
The parts the MNB does not print
No published register count, a BEVA coverage figure confirmed with the fund before filing, an MNB FAQ that still shows the pre-IFD 730,000 / 125,000 / 50,000 tiers, and a file in Hungarian. Budget for the language and for the two executives of § 22 (1).Register count, BEVA figure, English.
How it compares
How Hungary differs from other routes.
The honest comparison: three months and 9% - against Austria's no-fee six months, Slovakia's €50,000 compensation and Romania's 16%.
Hungary vs other jurisdictions
| Feature |  Hungary | Other jurisdictions |
|---|---|---|
| Regime | Bszt. §§ 7-8 · befektetési vállalkozás - MNB | WAG 2018 Austria · ZoCP Slovakia · Legea 126/2018 Romania |
| Capital | €75k / €150k / €750k in forint - Bszt. § 13 | Same IFD tiers - WPFG Art. 13 · ZoCP § 54 · Law 236/2022 art. 12 |
| Passport | 30 EEA states · függő ügynök: one principal, no client money | Austria Art. 4 providers: none |
| Timeline | 3 months from a complete file (MNBtv. 49. §) + one extension | Austria 6 months (Art. 3 para 5) · Slovakia 6 months (§ 55 ods. 6) |
Regime
HungaryBszt. §§ 7-8 · befektetési vállalkozás - MNB
Other jurisdictionsWAG 2018 Austria · ZoCP Slovakia · Legea 126/2018 Romania
Capital
Hungary€75k / €150k / €750k in forint - Bszt. § 13
Other jurisdictionsSame IFD tiers - WPFG Art. 13 · ZoCP § 54 · Law 236/2022 art. 12
Passport
Hungary30 EEA states · függő ügynök: one principal, no client money
Other jurisdictionsAustria Art. 4 providers: none
Timeline
Hungary3 months from a complete file (MNBtv. 49. §) + one extension
Other jurisdictionsAustria 6 months (Art. 3 para 5) · Slovakia 6 months (§ 55 ods. 6)
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Hungary | Befektetési vállalkozás - MNB | 9% CIT · local tax up to 2% | Bszt. § 13 €75k-€750k, fee HUF 2.7m, 3-month clock |
 Austria | Wertpapierfirma - FMA | 23% CIT | WPFG Art. 13 €75k-€750k, AG or cooperative, no application fee |
 Slovakia | Obchodník s cennými papiermi - NBS | 10% to €100k · 21% · 24% above €5m | ZoCP § 54 €75k-€750k, fees €1,000-€3,400, GFI €50,000 |
 Romania | S.S.I.F. - ASF | 16% CIT · no micro regime | Law 236/2022 art. 12 €75k-€750k, 6-month clock, FCI €20,000 |
HungaryLicense typeBefektetési vállalkozás - MNB
Taxation9% CIT · local tax up to 2%
RequirementsBszt. § 13 €75k-€750k, fee HUF 2.7m, 3-month clock
AustriaLicense typeWertpapierfirma - FMA
Taxation23% CIT
RequirementsWPFG Art. 13 €75k-€750k, AG or cooperative, no application fee
SlovakiaLicense typeObchodník s cennými papiermi - NBS
Taxation10% to €100k · 21% · 24% above €5m
RequirementsZoCP § 54 €75k-€750k, fees €1,000-€3,400, GFI €50,000
RomaniaLicense typeS.S.I.F. - ASF
Taxation16% CIT · no micro regime
RequirementsLaw 236/2022 art. 12 €75k-€750k, 6-month clock, FCI €20,000
Before you apply
Requirements for the Hungarian licence.Requirements for the licence.
The MNB reviews to its licensing guide of August 2026, and the 49. § clock runs only from a complete application - a deficiency notice within 45 days is what an incomplete file receives instead. The checklist below is what a passing application contains.
01
Company form - a részvénytársaság, or a branch of a foreign firm, with central management in Hungary under Bszt. § 16.
02
Initial capital - €150,000 as the general rule, €75,000 or €750,000 by service set under Bszt. § 13, converted into forint at the MNB's official rate on the day.
03
Two executive officers - at least two vezető állású személyek under § 22 (1), each with higher education, three years' professional and three years' managerial experience, a clean record and good repute (§ 22 (1a)), and each approved by the MNB individually.
04
Qualifying holders - every minősített befolyás cleared through the MNB's own approval procedure; no foreign-ownership limit applies.
05
BEVA certificate - proof under § 28 (1) w) that the application to join the Befektető-védelmi Alap is filed and the joining fee paid.
06
The application file - filed electronically through ERA against the legal bases the guide lists: Bszt. §§ 7, 8, 13, 15, 16, 22, 28 and 37.
07
Control functions - compliance, risk control and internal audit under the Bszt. and Delegated Regulation (EU) 2017/565.
08
Prudential machinery - IFR own funds (K-factors, fixed overheads, permanent minimum); qualifying firms could elect from 26 June 2021 to stay under CRD/CRR per the MNB's IFR guidance.
09
The fee - HUF 2,700,000 under the 23/2026. (VI. 30.) MNB decree, paid with the application; the annual supervisory fee follows under MNBtv. §§ 167-168.
10
Hungarian-language filing - no official English text of the Bszt. was to be found; the guide, the forms and the questions run in Hungarian.
01
Részvénytársaság, managed in Hungary.
02
Capital per § 13, in forint.
03
Two executives under § 22 (1).
04
Qualifying holders cleared.
05
BEVA certificate (§ 28 (1) w)).
06
ERA file, §§ 7-37.
07
Compliance, risk, audit staffed.
08
IFR own funds live.
09
Fee HUF 2,700,000.
10
Filing in Hungarian.
Reflects the Bszt., the Kbftv., the MNBtv. and the MNB licensing guide of August 2026, as of 2026.Bszt. + Kbftv. + MNBtv. + MNB guide of August 2026, as of 2026.
How it works
From first call to the MNB register.
01
Act and tier
Bszt. or Kbftv. decided, § 5 (1) services fixed, tier chosen - €75,000, €150,000 or €750,000 - in writing before drafting.Bszt. or Kbftv.
02
Company and executives
Részvénytársaság, capital paid in forint at the MNB rate, two executive officers ready for the § 22 (1) test and the BEVA application filed.Ready for § 22 (1).
03
The application
Filed through ERA with the HUF 2,700,000 fee, complete at filing - so the three-month clock starts rather than the 45-day deficiency notice.Complete, so the clock starts.
04
MNB review
MNBtv. 49. § (3)-(4): three months from completeness, extendable once by up to three months; the six-month MiFID II ceiling is the outer wall.Three months statutory.
05
Licence and passport
Register entry, BEVA membership, EEA notifications - 30 markets open.30 markets open.
Quick facts
RegulatorMNB
LicenceBefektetési vállalkozás (Bszt. §§ 7-8)
General rule€150,000
No client money€75,000
Dealing · underwriting€750,000
Application feeHUF 2,700,000
Statutory clock3 months (MNBtv. 49. §)
Corporate tax9% + local up to 2%
The MNB publishes no processing statistics and no headline count of licensed firms - so the honest plan is the three-month statute, the possible three-month extension, and the time it takes to make the file complete in Hungarian.
On the ground in Hungary
Run from our own Budapest office.
Prifinance - Hungary
Budapest · Korányi Sándor u. 4
Korányi Sándor u. 4, Budapest
01
Company and capital
Részvénytársaság with central management in Budapest, § 13 capital converted at the MNB rate and paid to the tier - the § 16 grounds closed before the file opens.§ 16 grounds closed.
02
The ERA file, in Hungarian
The application against Bszt. §§ 7, 8, 13, 15, 16, 22, 28 and 37, drafted to the August 2026 guide in our own Budapest office - and defended through the 45-day deficiency round.To the August 2026 guide.
03
Two executives under § 22 (1)
Officers with the three plus three years and the repute of § 22 (1a), sourced in Budapest and taken through the MNB's individual approval procedure.§ 22 (1), approved individually.
04
BEVA, passporting and launch
The BEVA joining certificate for § 28 (1) w), the EEA notifications filed with the MNB, banking live - 30 markets from one Budapest desk.30 states at launch.
We also have offices in
Tallinn
Estonia
Roseni 13
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
Dubai
UAE
33 Level, Al Saqr Business Tower
London
United Kingdom
7 Bell Yard
Madeira
Portugal
Rua da Alegria 31, 1F
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of investment firms in Hungary.
A 9% headline rate since 2017 - the lowest in the union - with a local business tax of up to 2% beside it.
Társasági adó 9%
9% of the positive tax base under Act LXXXI of 1996 since tax year 2017 - the lowest headline corporate rate in the EU, and the number to model first.Since 2017.
Local business tax up to 2%
Levied at a maximum rate of 2%, per the NAV summary of January 2026 - a second line in every budget, not a footnote.Municipal line.
No withholding on corporate dividends
No withholding tax on dividends paid by a Hungarian company to another company, resident or non-resident, per NAV - clean distribution above the licensed firm. The rate for individual shareholders is confirmed in the quote.Clean above.
ÁFA 27%
The general VAT rate is 27%, with 18%, 5% and 0% preferential rates; the exemption for financial and securities services under Áfa tv. § 86 we confirm on your service set.§ 86 confirmed.
Supervisory fee
The annual felügyeleti díj under MNBtv. §§ 167-168 - a base fee plus a variable fee - set by the 4/2026. (III. 10.) MNB decree; the tables are itemised in your quote.§§ 167-168.
The application fee
HUF 2,700,000 for the investment firm licence under the 23/2026. (VI. 30.) MNB decree, the same for a Kbftv. fund manager, HUF 70,000 for a tied agent.Printed in the decree.
Tax summary
Corporate tax9%
Local business taxUp to 2%
Dividend withholdingNone to companies
VAT27% · § 86 confirmed
Application feeHUF 2,700,000
*Figures as of 2026 per Hungarian law and NAV. Group and founder-level outcomes are modelled per structure.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Hungarian company, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, licensed firm.
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Hungary · MNB investment firm licence
Launch your investment firm in Hungary with expert support.
Full-service assistance - from the részvénytársaság and the ERA file to the MNB licence, the two executive officers, BEVA membership, passporting and ongoing compliance - run from our own Budapest office.
Get a consultation →Free legal opinion
Is Hungary the right fit for your project?
Our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.
Written assessment within 2-5 business days
Request a free conclusion →FAQ
The Hungarian investment licence, answered.
Which licence does an investment firm need in Hungary?+
The tevékenységi engedély as a befektetési vállalkozás from the MNB under Bszt. §§ 7-8, covering the § 5 (1) services - reception and transmission, execution, own-account dealing, portfolio management, advice, underwriting, placing, MTF and OTF - with custody among the § 5 (2) ancillary services. Fund managers need the separate Kbftv. licence.
What capital does Bszt. § 13 require?+
€150,000 as the general rule - főszabályként - €750,000 where the firm deals on own account or underwrites, €75,000 where it provides only the § 5 (1) a), b), d), e) and g) services without client money, converted into forint at the MNB's rate. The MNB FAQ still printing 730,000 / 125,000 / 50,000 is out of date.
How long does the MNB take?+
Three months from a complete application under MNBtv. 49. § (3)-(4), with a deficiency notice within 45 days and one extension of up to three months in justified cases; MiFID II's six months is the ceiling. The MNB publishes no processing statistics.
What does the licence cost at the MNB?+
HUF 2,700,000 as the igazgatási szolgáltatási díj under the 23/2026. (VI. 30.) MNB decree - the same amount for a fund manager licence, HUF 70,000 to register a tied agent. The annual supervisory fee under MNBtv. §§ 167-168 is set by the 4/2026. (III. 10.) decree and itemised in your quote.
Who has to be in place?+
At least two vezető állású személyek under § 22 (1) - higher education, three years' professional and three years' managerial experience, a clean record and good repute under § 22 (1a) - each approved by the MNB individually, plus central management in Hungary under § 16. Compliance, risk control and internal audit follow the Bszt. and Regulation 2017/565.
What does BEVA cover?+
Membership is a licence condition under Bszt. § 28 (1) w). The cover of €100,000 per investor - five times the €20,000 minimum in Directive 97/9/EC - is confirmed with BEVA before filing, and the joining certificate is in hand before the MNB sees the file.
Does the licence passport across the EEA?+
Yes - the full MiFID passport into 30 EEA states; outbound notifications for services and branches are filed with the MNB. Third-country firms use the fióktelep route under § 16. A tied agent acts for one principal only and may not hold client money.
How are Hungarian investment firms taxed?+
9% corporate tax since 2017 under Act LXXXI of 1996, no withholding on dividends paid to a company, and local business tax at up to 2%. VAT is 27% with 18%, 5% and 0% rates; the § 86 exemption for financial services is confirmed on the service set.
Hungary or Austria for a new firm?+
Austria charges no application fee, prints its register - 57 investment firms at end-2025 - and offers the Art. 4 provider licence under €2 million turnover; against that stand 23% corporate tax, a six-month clock and the AG or cooperative form. Hungary is three months, HUF 2,700,000 and 9%. Vienna for the German-speaking book; Budapest for the economics.
Why Prifinance for Hungary?+
Our own Budapest office at Korányi Sándor u. 4 runs the file: the részvénytársaság, the ERA application against Bszt. §§ 7-37, the two § 22 (1) executives sourced locally and the BEVA joining certificate in hand before filing. The EEA notifications and banking follow as part of launch.
Which licence?+
Bszt. §§ 7-8 befektetési vállalkozás.
Capital?+
€150k rule · €75k · €750k.
How long?+
Three months, one extension.
Fee?+
HUF 2,700,000.
People?+
Two executives, approved.
BEVA?+
Condition; cover confirmed.
Passport?+
30 EEA states.
Taxes?+
9% + up to 2% local.
Or Austria?+
No fee vs 9%.
Why you?+
Our own Budapest office.
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Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the Magyar Nemzeti Bank or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.