Register a company in Romania might be something that you have thought about recently. Why? Because as you probably heard already it is one of the countries with the lowest taxes applicable in the European Union. Of course, this is not the only reason you should go forward with the proceedings to register a company in Romania, there are also a lot of business and/or partnership opportunities.
According to the Romanian law, respectively the commercial law, it defines a few legal forms of companies:
- Societate cu raspundere limitata” (SRL) which is also known as Limited Liability Company or LLC.
- Societate pe actiuni” (SA); which is also known as Joint Stock Company.
The most frequent types of foreign companies in Romania are SRLs (societate cu raspundere limitata) or LLCs probably because of their limited liability character.
In Romania, any business has to be incorporated and registered at the National Office of Trade Register (Oficiul National al Registrului Comertului). The National Office of Trade Register is a public romanian institution which gather statistical information regarding the business activity of all the companies that were incorporated in Romania.
Everyone who is interested to incorporate a business in Romania (SRL) can visit the official website of the National Trade Register from Romania here.
The whole company incorporation process requires at least one shareholder for the SRL and at least two shareholders for the SA. Since 2019, a person can have now more than just one company in which they holds all the shareholders. Previously it was not possible to register two different companies (SRLs) with the same sole shareholder.
The first step in business incorporation in Romania is to decide which name the firm would have. The National Trade Register has a form (Form no.1) where the applicant has to choose three business names for the SRL. The names could be different or similar with the first one. An officer from the Trade Register will manually check each proposed name and provide an official answer within usually 24-48 hrs. If one of the firm names is available for registering, then the Trade Register will provide you a proof document which you will have to use later at the moment when you will provide them all the necessary documents for the firm incorporation.
The second step is to draft all the required paperwork. All the procedures and forms are listed here.
After all the paperwork is correctly done, the applicant will send the documents to the Trade Register for checkings. Usually the official answer will be provided within 3-4 working days. If the Trade Register needs more information regarding the business incorporation application or if the documents were not properly completed, they will not register the company and instead they will provide a short timeframe for the applicant to gather all the necessary documents, properly completed this time.
If you need assistance with business incorporation in Romania, we are right here and ready to assist you with all the necessary proceedings at the Trade Register.