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Confindustria Ungheria: ITL Group Interview

Can you introduce us to ITL Group?

ITL Group is a service company that has established itself as a reference point for foreign and in particular Italian operators wishing to invest in the Hungarian market. When an investor chooses a new country, he usually needs classic services to start his business, such as company incorporation, accounting services, tax services, legal services, finding personnel, finding a property for the business, and so on. Our company was founded in December 1995 and over the years has become a benchmark in the market. Today we are the tenth largest firm in the country in accounting and eighth in payroll services. We have around 80 employees specializing in nine areas of expertise, and we have also acquired a prominent position in the accounting sector for the French investor market in Hungary, following the acquisition of another well-known accounting firm in 2021.

I came to Budapest almost by chance in 1992 to spend an internship with an English consultancy group, and I was fascinated by this dynamic and rapidly changing market: 30 years have already passed, I live this adventure every day with passion, and I reap my rewards.

What are the company’s relations between Italy and Hungary?

I have been able to experience various projects and experience the lively relationship between the two countries, and with satisfaction, we have also received important awards from the authorities of both countries. We have never lost that genuine enthusiasm to put Italy at the center of our relations, creating a bridge of human, cultural and economic relations that have brought great results. Many of Italy’s investments in Hungary have passed through our office, and we therefore feel that we have made an effective contribution to the development of bilateral relations.

What were some of the main challenges you and the company faced, and how did you overcome them?

I arrived at a time of political, economic and cultural change. There was a great school of conflict and problem solving at the local level. I believe that our dedication, availability and flexibility has been the key to the success we have had, without ever forgetting the ethical values that guide our work. Our operations are heavily impacted by regulatory changes and the transformation of the country’s tax system. We are therefore obliged to introduce new systems every year to update and simplify our administrative and tax work.

Perhaps the greatest difficulty today is to constantly find new qualified professionals available on the market to continue our growth.

How do you see your work and your company developing in the future? Do you foresee expansion into other countries?

The future of ITL Group is stable in Hungary and we will try to grow and improve every year. I don’t think there is much room for entry into neighbouring countries, because just as we have been able to build a leading position on this market over the last 30 years, we believe that there are other market leaders on every other market in the surrounding area and we should only grow through acquisitions. The opening of new locations in neighbouring countries would perhaps not have much specific weight..

What advice would you give to Italian operators interested in investing in Hungary?

Giving advice to Italian operators interested in investing in Hungary is our everyday job. There is no one-size-fits-all advice, each situation has to be analyzed individually. Sometimes we even go so far as to advise against investing in Hungary when the necessary conditions are not in place. On the other hand, when we work with qualified clients who have a good plan, we make sure that there are human resources available on the ground, that energy costs are planned correctly and that there is an adequate incentive. These elements are crucial to ensure the company’s operations in the territory itself. Consequently, every day we strive to give advice based on our 30 years of experience and our convictions, without trying to sell anything that does not exist.

How do you balance your professional success with your private life and personal well-being?

The balancing act is not always easy on my part, as I often find myself having to manage work even during my holidays and weekends, due to my vocation and passion. In fact, one of the choices I decided to make about a year ago was to hand over the day-to-day operational management of the firm to one of my most valuable and trusted long-standing collaborators, in order to focus more on developing the strategic and external relations side of the business, which is, after all, the area in which I am best able to express my qualities and skills. I am by nature a positive, curious and observant person… so it is difficult to curb my hunger for knowledge and my creative and planning skills. I am therefore one of those ‘doomed to do’, but with no regrets!

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