Starting a Shipping Company in Romania

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 any other required documents;

3) Sending the documents to be notarized abroad or within Romania;

4) Translating the original documents received from the client;

5) Filing with the Romanian Trade Register;

6) Obtaining the Certificate of Registration in approx. 5 working days.

            Your shipping company shall have one or more of the following specific NACE Codes: 5010 –  Sea and coastal passenger water transpor, 5020 – Sea and coastal freight water transport, 5030 – Inland passenger water transport, 5040 – Inland freight water transport.

            After the registration of the company at the Trade Register is completed then you must obtain an authorization for naval transport, as per Order no. 37/2014. This authorization is valid for 5 years and shall be issued in 30 days from the point when you file the request with the Ministry of Transport through the Romanian Naval Authority. The authorization must be renewed every years in order for it to continue to be valid.

            There are several categories of economic operators which are excepted from the obligation to obtain an authorization: the ships which are registered in a Member State of the Europeean Union, the ships which are in tranzit through Romanian waters without actually docking in a Romanian port, the ships which realise passenger transportation for touristic purposes, etc.

             E&C would be able to provide legal assistance through the entire procedure. Contact us now!

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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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