Last updated: 22 Mar 2012
Market profile
Doing business
Hungarians prefer to develop a relationship on which to base a business connection. Meetings often involve extended lunches. Be aware that even though most appearances are becoming more Westernised, some business managers who have spent the most influential part of their education and careers under Communist rule, will find some Western ways still relatively new.
More information on doing business in Hungary
Country Profile
Content supplied by Department of Foreign Affairs and Trade
- ECONOMIC CLIMATE
Hungary has been one of the more advanced market economies amongst the new EU member states in Central and Eastern Europe.
» read more at DFAT
- TRADE RELATIONS
Since Hungary's EU accession in 2004, increasing numbers of Australian businesses have been exploring Hungary's potential as a base for operations in the EU.
» read more at DFAT
- POLITICAL CLIMATE
Hungary has a democratically-elected, unicameral parliament, the National Assembly.
» read more at DFAT
Top Business Risks
OECD Guidelines for Multinational Enterprises
Multinational Enterprises should be aware of the OECD Guidelines for Multinational Enterprises that provide voluntary principles and standards for responsible business behaviour in a variety of areas, consistent with applicable domestic laws. These Guidelines are endorsed and promoted by the Australian Government. For more information, go to the AusNCP website.
Bilateral agreements
Australia has social security agreements with several countries that address the issue of 'double super coverage' for employees sent to work overseas. To take advantage of these agreements, Australian employers sending employees overseas to work must apply to the Tax Office for a Certificate of coverage.
For more details, please visit the Australian Taxation Office website.