Discusses the legal requirements/options for joint venture/licensing in this market.

Joint Ventures/Licensing

In Hungary, the term “joint venture” commonly refers to any type of business association or company established under Hungarian law that is partially or wholly foreign-owned. It is important to note that a “joint enterprise” under the Company Act is an entirely different entity.

Hungary’s Foreign Investment Act of 1988, which applies to joint ventures, protects foreign investment, provides national treatment, and enables profit repatriation. For more information about joint ventures, visit the website of the Hungarian Joint Venture Association.

Licensing: Paragraphs 27 through 30 in Section III of the Patent Act (No. XXXIII of 1995) govern license agreements relating to patents, designs, and utility models. Agreements on trademarks are governed by paragraphs 23-26 in Section IV of the Trademark Act (No. XI of 1997). Patent attorneys who can draft license agreements and take steps to record a license in the register of the Hungarian Patent Office can be found at the Hungarian Bar Association.
 

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