Romania has become an attractive destination for entrepreneurs looking to establish their businesses in Eastern Europe. With its booming economy, skilled workforce, and business-friendly climate, the country offers a conducive environment for starting a company. If you are considering embarking on the entrepreneurial journey in Romania, here are the key steps to follow:
Choose the Legal Form
The Limited Liability Company (SRL) is commonly chosen by entrepreneurs in Romania. This legal form provides limited liability for shareholders, protecting their personal assets in case of company debts. Additionally, the SRL can be formed with a single shareholder, making it ideal for individual entrepreneurs.
Appoint a Legal Representative
If you are a foreigner, you will need to appoint a legal representative residing in Romania for your company. This representative will act on your behalf and be responsible for certain administrative formalities.
Select a Business Name
Choose a unique and appropriate name for your company. Ensure that the chosen name is not already registered by another company in Romania.
Define a Registered Office
Identify a registered office for your company in Romania. This location will be the official address of your company and will be used for official communications.
Deposit the Share Capital
To establish your company in Romania, you will need to deposit a minimum share capital of 200 RON (approximately 45€). This amount can be deposited in a dedicated Romanian bank account for the company.
Draft the Company Articles
The articles of your company must be drafted in compliance with Romanian laws and regulations. They will define the operating rules of your company and the rights and obligations of shareholders.
Register with the Trade Register
Once you have completed all the previous steps, you can submit the articles of your company to the trade register to obtain the official registration of your company in Romania.
Obtain Required Permits and Licenses
Depending on your business sector, you may need to obtain specific permits or licenses to legally conduct your activities in Romania. Familiarize yourself with the requirements specific to your sector.
Register with Tax Authorities
Once your company is registered with the trade register, you must register with the Romanian tax authorities to obtain a tax identification number (CIF). This will enable you to pay taxes and comply with your company’s tax obligations.
Hire Employees (if necessary)
If your company requires employees, you will need to familiarize yourself with Romanian labor laws and comply with regulations related to hiring and managing employees.
In conclusion, starting a business in Romania can be a relatively simple and swift process. The country offers a business-friendly framework, a skilled workforce, and growth opportunities in various sectors. Don’t hesitate to seek assistance from local professionals to guide you through all the procedures and ensure that your company complies with the applicable laws and regulations.
