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I never thought I’d be sitting in a café in Nagykőrös, Hungary, staring at a spreadsheet that said “Company Valuation: Not Permitted” — until I realized it wasn’t about permission at all.

I came here in 2024 after getting laid off from my Shanghai office job. I’d studied business management at Hainan University with a German exchange program, thought I was prepared. Turns out, nothing prepares you for the silence when your bank account runs dry and your team is three people — you, your cousin, and a guy who speaks English but doesn’t know what a balance sheet is.

I registered my company — “S5D8M Office Solutions Kft.” — in Nagykőrös because the registration fee was €1,000 and the local office space was €200/month. It felt cheap. Safe. Quiet.

Then I tried to raise a small angel round — €50,000 — from a Hungarian tech investor I met at a startup fair in Budapest. He asked for my company valuation.

I said, “We haven’t done one.”

He laughed. “In Hungary, you can’t value your company. Not officially.”

I thought he meant it was illegal.

Turns out — it’s not.

It’s just… invisible.

One: Surface Difference — “Valuation Is Banned” vs. “Valuation Is Unspoken”

At first glance, the difference between Hungary and, say, Germany, is stark.

In Germany, you can go to a certified appraiser, get a Gutachten (valuation report), file it with the commercial register, and use it for funding, tax, or sale. It’s documented. Standardized. Expected.

In Nagykőrös? No form. No registry. No template. No “official valuation” you can request from the court or tax office.

I asked the local accountant — a sweet woman named Edit who runs a two-person firm above a bakery — “Can I get a valuation certificate?”

She looked at me like I’d asked for a unicorn.

“Miért?” Why?

I said, “To show investors.”

She paused. Then: “You don’t need a paper. You need a story.”

That’s when it hit me.

In Germany, valuation is a document.
In Hungary, it’s a conversation.

Two: System Difference — Legal Framework vs. Social Trust

Here’s the real gap.

Hungary doesn’t have a law that says “company valuation is prohibited.”
But it also doesn’t have a system that supports it.

No public valuation database.
No certified appraisers recognized by the state.
No legal precedent for using valuation in shareholder agreements.

Instead, everything is based on informal networks: who you know, how long you’ve been here, whether your landlord trusts you enough to co-sign your lease.

I found out later — from a German expat who’s been here 12 years — that during the Orbán era, valuations were avoided because they could trigger wealth tax scrutiny. And now? With the new PM Magyar pushing a “social justice” wealth tax (as reported by The Guardian), no one wants to put a number on anything.

So the system isn’t broken.

It’s designed to be opaque.

In contrast, in Poland or the Czech Republic, even small businesses use standardized templates from the Chamber of Commerce. Hungary? You’re on your own.

You don’t file a valuation.
You negotiate one.

Three: Execution Difference — Paperwork vs. Presence

I spent three weeks trying to “do it right.”

I drafted a valuation using EBITDA multiples.
I compared local competitors — two other small desk manufacturers in Nagykőrös.
I calculated asset value: 12 desks, 3 computers, 1 forklift, 1 rented warehouse.

I printed it. Laminated it. Brought it to the bank.

The loan officer smiled. Said: “This is nice. But do you have a reference from someone who bought from you?”

I said: “I’ve sold 17 desks to a gym in Szeged.”

He nodded. “Then tell me how much they paid. And why they paid it.”

That’s it.

No formula. No audit. No stamp.

Just: Who trusts you? And why?

In Germany, you prove value with documents.
In Hungary, you prove value by showing up — every week — at the same café where the local investors drink espresso and talk about “who’s doing what.”

I started going to the same place every Thursday. Bought coffee for the guy who runs the local logistics company. Asked him about his customers. Didn’t mention my company. For three weeks.

Then he said: “You make those desks, right? My cousin wants 10. He’ll pay €150 each. Cash.”

That’s how I got my first “valuation” — not on paper, but in cash on the counter.

Four: Psychological Difference — Fear of Being Seen vs. Fear of Being Ignored

Here’s the quietest part.

As a Chinese woman from Guizhou — where everyone knows your family, your school, your cousin’s job — I was used to being watched.

In Hungary, no one watches.

They wait.

And if you don’t show up, you disappear.

In Germany, I feared making a mistake on the paperwork.
In Hungary, I feared being invisible.

The fear isn’t that valuation is banned.
It’s that if you don’t build trust, no one will ever ask for your number.

I had a panic attack last month. I thought: What if no one ever wants to buy my company? What if I’m stuck here forever?

Then I remembered: Edit, my accountant, told me last week: “We don’t value businesses here. We value people.”

That’s the difference.

In the EU’s north, you’re valued by your metrics.
In Nagykőrös, you’re valued by your presence.

So — is company valuation allowed?

Technically?
Yes — if you don’t call it “valuation.”

You can:

  • Write a private agreement between shareholders: “We agree the business is worth €120,000 based on 12 months of cash flow.”
  • Use it in a loan application — if you explain it as “estimated net worth based on asset replacement cost.”
  • Include it in a partnership term sheet — as long as you don’t file it with the court.

But you won’t find a form.
You won’t find a lawyer who’ll certify it.
You won’t find a public record.

The path isn’t blocked.
It’s just… quiet.

How to tell if this is right for you?

Ask yourself:

  1. Do you need a public valuation to get funding?
    → Then Hungary is not your starting point. Try Estonia or Lithuania.
  2. Can you build trust slowly, in person, over coffee?
    → Then Nagykőrös might be the quietest, cheapest place you’ll ever grow.
  3. Are you okay with “no paper trail” if you have a strong reputation?
    → Then you might thrive here.
  4. Do you want to be measured — or to be known?
    → Hungary doesn’t measure. It remembers.

🤔 FAQ: Practical Steps for Valuation in Nagykőrös

Q: Can I legally assign a value to my Hungarian Kft.?
A: Yes — but not through any official channel.

  • Step 1: Draft a private agreement between all shareholders (use a notary if you want it enforceable).
  • Step 2: Base it on: cash flow (last 12 months), tangible assets (desks, machines), and customer contracts.
  • Step 3: Avoid using the word “valuation” in any document — say “estimated net worth” or “investment basis.”
  • Step 4: Keep it in your personal files. Do not file with the court or tax office unless required for a specific loan.

Q: Can I use valuation for EU funding applications?
A: Possibly — but only if the program accepts self-declared figures.

  • Check the EU’s “InvestEU” portal: InvestEU Portal
  • Many local grants in Hungary (e.g., from the National Development Agency) ask for “estimated business value” — not certified valuation.
  • Use your own numbers. Be honest. Be simple.

Q: Is there a Hungarian equivalent of a business appraiser?
A: No official one. But some accountants offer “business health assessments.”

  • Ask at your local Chamber of Commerce (Nagykőrös Közgazdasági Kamara).
  • They may refer you to someone who’s done it informally before.
  • Always ask: “Will this be documented in any official register?”
  • If they say yes — walk out. They’re misleading you.

Final thought

I used to think Hungary was behind.

Now I think it’s different.

It’s not about how fast you can value your company.

It’s about how long you’re willing to stay — and show up — until someone believes you.

I didn’t get funding from a VC in Budapest.

I got it from a gym owner in Szeged who trusted me because I showed up every Thursday with a sample desk and a smile.

I’m still scared.

I still don’t know if I’ll make it.

But I know this:
In Nagykőrös, you don’t need permission to be valuable.

You just need to be real.

🔸 延伸阅读

🔸 Hungary secures more EU funds than it can spend 🗞️ 来源: Financial Times – 📅 2026-06-03
🔗 阅读原文

🔸 Orbán’s oligarchs on edge as Hungary poised to launch wealth tax 🗞️ 来源: The Guardian – 📅 2026-06-02
🔗 阅读原文

🔸 Ekonomi Hungary berkembang 1.7% pada suku pertama 2026 🗞️ 来源: Investing.com – 📅 2026-06-02
🔗 阅读原文

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