1. Kinga Hegedüs András Ivan Tamás Kozma Dennis Meinke Tamás Kizman United Kingdom

2. Agenda  General informations  Cultural differences  Hofstede-analysis  Law comparison

3. General Informational  Great Britain, Northern Ireland, Wales, Scotland  Population: 60 million  Form of state: constitutional monarchy  Religions: Anglican, Roman Catholic, Presbyterian, Methodist  Hungary  Population: 10 million  Form of state: Republic  Religions: Catholic, Presbyterian, Evangelic

4. Everyday customs  Appearance of gentleman  Polite trappings  „Please”, „Thank you”  American don’t say anything principles  Do not complain, keyword repression  Friendly, but don’t like create friendships  Keep three step distance  „Hello” only for friends  More polite ways to greet  Hungary is a friendly nation  Punctuality is also expected

5. Business relations 1.  Most important is trust  In business the facts are more important than the persons  Tell if interested in something  Short negotiations  Long decision making  Negotiation always ends with handshake  Money is the most important  High bureaucracy  Good relationship is important  Short negotiation and dealines  Hungarians are impatent

6. Business relations 2.  Don’t like innovative things  Can’t let their perspectives  Conservatives  Require precision  Contact us via intermediaries  Impropriety the hands in pocket  Make joke about the royal family is prohibited  Hierarchy in companies  Looking for innovative things  Require precision  Highly educated workforce  Hierarchy in companies  Foreign investors  Hungarians like work with foreign companies

7. Legal comperism  Common law  There are some basic written law  Need a personal agency who make law analisys for our new economical operation  Legal plan in every operation  Code civil  Written law  Easy to read but also need advisor  Needs to get familiar with legal regulations

8. Market information 1.  Stable government  Low corruption level- only 17th  Geography  Lot of logistic possibilities - air, water, land,  Well-developed infrastucture  Rainy weather - Flood  Communications Infrasructure  Internet, mobile internet well-developed  Fast postal services, DHL, UPS, FedEx  Safety communication

9. Market information 2.  Future evolution  Easy to find retail partners Also outside of EU  Opportunity of expansion  Humane working climate  Strong work organisations  Frindly work conditions Health insurance Companies kindergarden  Good salary

10. Appearance  Referenced to take care of appearance during the negotiation  Conservative  Bowler-hat, walking-stick  Men are expected to wear a dark suit  Women wear skirt  Discreet colours and clothes

11. Establish a company in England  Advantages  There is no any legal oppstacle  Possibility to do it from Hungary  Lot of Hungarian workforce  3rd largest economy  High GDP (9th in the world)  Since 2004 free movement of goods and people  Disadvantages  The cost of utility is expensive  Hiring a bulinding is also expensive  Bank account opening is only personally  The cost of exchange of money

12. Hofstede

13. Thank you for your kind attention!