The times are changing. We find ourselves in a digital era where everything is connected. At a worldwide level the industry of telecommunications has never been more important. In Romania the telecommunication environment is almost exclusively private. This industry may lead to a growth of GDP and is a huge advantage for Romania. Supplying […]
The first step to consider when intending tostart your Romanian Shipping Company would the registration of your company with the local Trade Register. This is done exactly through the method required for any other Romanian Limited Companies, respectively: 1) Reserving the company name; 2) Drafting the necessary documents such as affidavits, specimen signatures, Articles of Association and
Setting up any type of company in Romania contains many advantages due to the advantageous geographical position, the large number of natural resources, the openness towards foreign investors and many others. The country is continuosly growing both from an economic and a population point of view. Cities are expanding this meaning a wide range
The process of selling a property in Romania, may be a complex one depending on the legal status of the property and the taxes that need to be paid by the seller before and at the moment of the sale. In order for a person (legal or natural) to sell property in Romania the
In order to benefit from this exemption, the employer as well as the employees must meet and comply with certain aspects. The last normative act that regulates this subject is Order No. 1168/2017 /3024/2018/ 492/2018/ 3337/2017 and which presents the following: 1. The company must carry out its activity on the territory of Romania and
Salary tax exemption for employees of companies active in the IT field. Read More »
Regarding the UBO, as per Romanian law (which is actually just implementing a EU Directive) there is always one or more natural person(s) who is considered a UBO because he/she controls – directly or indirectly – the legal entity. So, for instance, if the Romanian company X is owned by foreign company Y and that
As per the new Romanian regulations (Fiscal Code – modified), the micro companies without employees will pay tax on profit, which is 16% from the profit (income minus costs) starting with 2023. If the company will have at least 1 employee then the due tax will be 1% from income. The same regulations shall be applicable if
Once we have decided to enter into legal relationships of any kind with another person it is certain that several stages shall have to be undergone so that the desired goal is achieved. Always the foundation of legal relationships consists of the date of: the stage of verifications and the stage of materialization of the
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
If you are foreign investor in Romania (legal or natural person) you should be aware of the double taxation treaties that Romania has signed so that not to pay taxes in more than one country. Romania has been signing this kind of treaty since before 1989. This is also the case for the United
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 .
