The new bank will be able to obtain only the foregoing type of license.
Banking license in Hungary
Banking license in Hungary
Banking license entitles to conduct credit and financial operations. Hungary is a country with a two-tier banking system.
The National Bank is at the first tier, and it operates as the Central Bank, pursuing monetary policy to strengthen the national currency. Commercial banks are at the second tier, and they are directly related to the National Bank of the country.
If you plan to conduct financial and credit operations, then you have to necessarily obtain a permission for banking activity in Hungary.
After obtaining the license, you will be able to:
- Conduct currency transactions.
- Grant a loan.
- Attract investments of individuals and legal entities.
The issuance of banking licenses is carried out by the National Bank of Hungary.
In order to conduct currency transactions involving contributions of individuals, it is sufficient to obtain the license of the first type that is the simplest one. For carrying out currency transactions with legal entities, it will be necessary to obtain the second type of license.
Having obtained the first two types, you have the opportunity to process the 3rd type license, which entitles to operate with securities. The term of expecting for license can be delayed for a year. If the new bank has proved its effectiveness, then it is possible to the 4th type of license in 11 months, which entitles to conduct any banking activities.
What is the term of validity of banking license in Hungary?
What is the term of validity of banking license in Hungary?
The question regarding duration of the banking license in Hungary is of particular importance for many persons. The answer to the foregoing question is that the term is unlimited, if you obtained the license of "A" class.
“B” Class licenses are issued for the period of five years.
But the process of obtaining takes too much time, so you will have to exert maximum effort and go through many instances to obtain the license. You do not have the right to transfer the license to third parties.
In Hungary, you can obtain banking license
for:
for:
-
- Encashment (cash-in-transit services).
- Deposits of precious metals.
- Engaging of foreign currency deposits.
- Credit and financial operations.
What is the cost of banking license in Hungary?
What is the cost of banking license in Hungary?
List:
List:
-
The cost of banking license in Hungary ranges from 1 to 3 million dollars. It all depends on the type of bank that you prefer to open. You will need to submit application to the National Bank of the country and the following package of documents:
- Business plan of the future company.
- Constituent documents of the company.
- Certificate of payment of state fee.
- Notarized copies of documents that confirm the state registration of founders.
- Questionnaires and data on candidates for the position of chief accountant, director or manager, deputy.
- Certificate on income, as well as source of origin of funds.
- If the institution is established in the form of a joint-stock company, it is necessary to submit the documents that are required for the issuance of shares of the organization.
- List of the founders of the company.
How to obtain license in Hungary?
How to obtain license in Hungary?
Banking activities in Hungary can be engaged in only after obtaining license. If you have difficulties and you do not want to spend a lot of time on paperwork, then you can contact a specialized company Law&Trust International. We will help you obtain banking license in Hungary at a reasonable price.
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