ECONOMIC ACTIVITIES – NACE Codes

Economic activities are classified by their codification, by fields and subfields of activity, and within the subfields, by specific activities. The main domains are coded with 2 numbers, the subdomains with 3 numbers, and the activities themselves, each with a 4-digit code. The classification of activities in the national economy of Romania – CAEN was updated in 2007 in compliance with the provisions of the European Commission Regulation no. 1,893/2006 amending the Regulation of the Council of the European Economic Community no. 3.037/90 regarding the Nomenclature of Activities from the European Community – NACE Rev. 2.

When registering an economic structure (commercial company, authorized natural person) in the Trade Register, it is necessary to indicate the coded activities with 4 digits.

It is useful to know that the activities coded with 4 digits are generic names that include de facto or by assimilation several specific activities. That is why it is useful to consult the CAEN Guideline, taken from the website of the European Commission (https://ec.europa.eu) pag 95 – 315:

KS-RA-07-015-EN.PDF (europa.eu)

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The main management structure of the company in Romania is the general meeting of associates / shareholders. The constitutive act establishes the rules for convening and adopting decisions and whether the exercise of the vote can be delegated by special mandate by the associate / shareholder who cannot take part in the meeting. In the limited liability company, each shareholder entitles the holder to one vote in the respective meeting. The general meeting of associates has the following main obligations: ✓ to approve the annual financial statement and to establish the distribution of the net profit. ✓ to appoint the administrators and the censors, to revoke / dismiss them and to discharge them, as well as to decide to contract the financial audit, when it is not obligatory, according to the law; ✓ to decide the pursuit of the administrators and censors for the damages caused to the company, designating also the person in charge to exercise it; ✓ to modify the constitutive act.
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The limited liability company is the most common form of company in Romania, being the legal entity that best serves the interests of investors both from the point of view of the reliability of the activity, and from the perspective of its management. The limited liability company is abbreviated "SRL" in Romania and is the equivalent of the American limited liability company Limited Liability Company (abbreviated to LLC) or the German economic structure "Gesellschaft mit beschränkter Haftung" (abbreviated to GmbH), or the structure called "limited" , the structure used in most Latin American states.
The limited liability company is characterized by:
✓ the character intuitu personae, which means that this economic structure is based on the trust between the associates;
✓ the division of the share capital into fractions called shares, which cannot be negotiable securities;
✓ the liability of the associates is limited to their contribution to the share capital.
The limited liability company may also have a single partner, natural or legal person, of Romanian or foreign nationality, who will be the owner of all shares. Instead, the maximum number of associates is 50 people.
At present, the Romanian law no longer conditions the subscription and payment of a certain amount as share capital.
Through registration, the company acquires legal personality, becoming, under the law, a collective subject of law. The conclusion given by the judge is sent, ex officio, to the Official Gazette of Romania for publication at the expense of the company and to the Financial Administration in whose territorial area is the main headquarters of the company for fiscal registration, mentioning the registration number in the Trade Register .

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