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The procedure for opening a bank account with a Hungarian bank.

To open a corporate account with a Hungarian bank, the director of the company or an attorney (i.e. a person in whose name a general power of attorney certified by a notary public or provided with Apostille has been issued) is required to be present, and they must have their passports with them. If there are several directors in the Company, it is usually sufficient for one of them to be present, provided that each of the directors has individual signing authority. If it is stated in the documents of the Company that the directors have the right of joint signature, then to open an account it is necessary for all of them to be present (the same applies for any persons having signing authority). There are also some banks, however, which require the presence of all of the directors, regardless of signatory rights etc.

The basic constituent documents of the company (the Certificate of Incorporation, Articles of Association, a document on the appointment of directors, Power of Attorney etc.) are required when opening a bank account with a Hungarian bank. Documents should be duly certified, and, where necessary, provided with an Apostille. Certain banks also require the basic constituent documents to be translated into Hungarian.

The bank will also require a Certificate of Good Standing from companies incorporated more than one month before the opening of the bank account, to prove that the company actually exists and that it has no outstanding taxes, duties or debts. Such a document is usually issued on request by the Chamber of Registration of the country in which the company was incorporated. Upon request, LAVECO LTD. can provide for the preparation and delivery of this document.

When opening an account with a Hungarian bank the original copies of the constituent documents must be produced for inspection by the bank officer. This procedure usually takes approximately half an hour, after which the originals are promptly returned to the client, with photocopies remaining in the bank.

A complete list of the Hungarian banks with which we operate, as well as information on the specific documents required by each bank in order to open a corporate account is available from the specialists at LAVECO LTD., who can also advise individual clients on the selection of the right bank for their particular needs. In addition, a representative of the company will accompany you when you open your bank account, to provide any assistance you may require and to introduce you to the officers of the bank. You may, of course, discuss any confidential matters concerning your account alone with your bank operator.

The personal presence of the customer, with his foreign passport, is also required for the opening of a private account with a Hungarian bank; the procedure for opening a private account does not differ from the procedure for opening a corporate account.

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