{"id":6097,"date":"2019-04-09T09:01:59","date_gmt":"2019-04-09T09:01:59","guid":{"rendered":"http:\/\/localhost\/test_manager\/doing-business-in-romania\/"},"modified":"2019-07-09T06:35:49","modified_gmt":"2019-07-09T06:35:49","slug":"doing-business-in-romania","status":"publish","type":"post","link":"https:\/\/managersoffice.net\/el\/doing-business-in-romania\/","title":{"rendered":"Expand your Business in Romania"},"content":{"rendered":"<p><span style=\"color: #000033;\"><span style=\"font-size: small;\"><strong>LEGAL FRAMEWORK<\/strong><\/span><\/span><\/p>\n<p><span style=\"color: #000033;\"><span style=\"font-size: small;\">Three laws constitute the main legal framework for businesses in Romania:<\/span><\/span><\/p>\n<ul>\n<li><span style=\"color: #000033;\"><span style=\"font-size: small;\">The Company Law governs certain forms of business organisation. The law covers registration procedures and documentation, capital and shares, administration, mergers<\/span><\/span><span style=\"color: #000033;\"><span style=\"font-size: small;\"> and liquidation<\/span><\/span><\/li>\n<li><span style=\"color: #000033;\"><span style=\"font-size: small;\">The Commercial Register Law stipulates the procedures required to bring an entry into operation and any subsequent changes <\/span><\/span><\/li>\n<\/ul>\n<ul>\n<li><span style=\"color: #000033;\"><span style=\"font-size: small;\">Competition Law stipulates the rules for maintaining a competitive market.<br \/>\n<\/span><\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #000033;\"><span style=\"font-size: small;\"><strong>FORMS OF BUSINESS ORGANISATION<\/strong><\/span><\/span><\/p>\n<p><span style=\"color: #000033;\"><span style=\"font-size: small;\">The Company law (Law No. 31\/1990) stipulates the following types of business organisation: <\/span><\/span><\/p>\n<ul>\n<li><span style=\"color: #000033;\"><span style=\"font-size: small;\">Limited liability company (<em>societate cu raspundere limitata <\/em>\u2013 SRL)<\/span><\/span><\/li>\n<li><span style=\"color: #000033;\"><span style=\"font-size: small;\">Joint stock company (<em>societate pe actiuni <\/em>\u2013 SA)<\/span><\/span><\/li>\n<li><span style=\"color: #000033;\"><span style=\"font-size: small;\">General partnership (<em>societate in nume colectiv <\/em>\u2013 SNC)<\/span><\/span><\/li>\n<li><span style=\"color: #000033;\"><span style=\"font-size: small;\">Limited partnership (<em>societate in comandita simpla <\/em>\u2013 SCS)<\/span><\/span><\/li>\n<li><span style=\"color: #000033;\"><span style=\"font-size: small;\">Limited partnership on shares (<em>societate in comandita pe actiuni <\/em>\u2013 SCA)<\/span><\/span><\/li>\n<li><span style=\"color: #000033;\"><span style=\"font-size: small;\">Branches and subsidiaries of a foreign company.<\/span><\/span><\/li>\n<\/ul>\n<p><span style=\"color: #000033;\"><span style=\"font-size: small;\">The most commonly used business organisations are the limited liability company (SRL) and joint stock company (SA).<\/p>\n<p><\/span><\/span><\/p>\n<p><span style=\"color: #000033;\"><span style=\"font-size: small;\"><strong>COMPANY FORMATION<\/strong><\/span><\/span><\/p>\n<p><span style=\"color: #000033;\"><span style=\"font-size: small;\">GENERAL RULES OF REGISTRATION AND CAPITAL<\/span><\/span><\/p>\n<p><span style=\"color: #000033;\"><span style=\"font-size: small;\">Registration procedures are similar for the SA and SRL. The deed of association must be<\/span><\/span><span style=\"color: #000033;\"><span style=\"font-size: small;\"> signed by the shareholders. In the case of an SRL, the subscribed capital must be paid upon<\/span><\/span><span style=\"color: #000033;\"><span style=\"font-size: small;\"> submission of the incorporation documents. In the case of an SA, the shareholders have to<\/span><\/span><span style=\"color: #000033;\"><span style=\"font-size: small;\"> pay at least 30% of the subscribed capital upon submission of the incorporation<\/span><\/span><span style=\"color: #000033;\"><span style=\"font-size: small;\"> documents. The Trade Register provides a registration certificate and a registration code. A<\/span><\/span><span style=\"color: #000033;\"><span style=\"font-size: small;\"> separate VAT registration is then required.<\/span><\/span><\/p>\n<p><span style=\"color: #000033;\"><span style=\"font-size: small;\">During the registration procedure, the company has a limited legal capacity, only for<\/span><\/span><span style=\"color: #000033;\"><span style=\"font-size: small;\"> registration purposes.<\/span><\/span><span style=\"color: #000033;\"><span style=\"font-size: small;\"> The registration procedure takes between five and seven days from the day when the<\/span><\/span><span style=\"color: #000033;\"><span style=\"font-size: small;\"> relevant file was submitted to the Trade Register.<\/span><\/span><\/p>\n<p><span style=\"color: #000033;\"><span style=\"font-size: small;\">The minimum capital required for an SRL is RON 200 (about 50 EUR) divided into shares,<\/span><\/span><span style=\"color: #000033;\"><span style=\"font-size: small;\"> with at least RON 10 for each share. The minimum capital required for an SA is the<\/span><\/span><span style=\"color: #000033;\"><span style=\"font-size: small;\"> equivalent of RON 90,000 (25000 EUR) divided into shares, with at least RON 0.1 for each<\/span><\/span><span style=\"color: #000033;\"><span style=\"font-size: small;\"> share.<\/span><\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #000033;\"><span style=\"font-size: small;\"><strong>CORPORATE INCOME TAX<\/strong><\/span><\/span><\/p>\n<p><span style=\"color: #000033;\"><span style=\"font-size: small;\">The following entities are liable for corporate income tax:<\/span><\/span><\/p>\n<ul>\n<li><span style=\"color: #000033;\"><span style=\"font-size: small;\">Romanian companies<\/span><\/span><\/li>\n<li><span style=\"color: #000033;\"><span style=\"font-size: small;\">Foreign companies doing business in Romania through a permanent establishment<\/span><\/span><\/li>\n<li><span style=\"color: #000033;\"><span style=\"font-size: small;\">Foreign companies and non-resident individuals doing business in Romania through ajoint venture<\/span><\/span><\/li>\n<li><span style=\"color: #000033;\"><span style=\"font-size: small;\">Foreign companies which obtain revenues from real estate transactions or from transactions with shares of a Romanian company<\/span><\/span><\/li>\n<li><span style=\"color: #000033;\"><span style=\"font-size: small;\">Romanian individuals who form joint ventures with Romanian companies, for revenues derived in or outside Romania.<\/span><\/span><\/li>\n<li><span style=\"color: #000033;\"><span style=\"font-size: small;\">The standard corporate income tax is 16%.<\/span><\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #000033;\"><span style=\"font-size: small;\"><strong>VALUE ADDED TAX (VAT)<\/strong><\/span><\/span><\/p>\n<p><span style=\"color: #000033;\"><span style=\"font-size: small;\">The standard VAT rate is 24%. There is a reduced VAT rate of 9% for foods, restaurant services and catering without alchoolic drinks, medicines, books, bread and bakery products, newspapers and periodicals, accommodation in hotels or in places with a similar function, cinema tickets, admission fees at museums and the supply of prostheses and orthopaedic products, with another reduced VAT rate of 5% for the creation of private houses (maximum 120 squar metres) and social buildings as part of the social policy. From July 2012, the exemption limit for VAT amounted to RON 220,000. <\/span><\/span><\/p>\n<p><span style=\"color: #000033;\"><span style=\"font-size: small;\">As of 2013, it is mandatory to apply the VAT scheme upon collection for companies which have a turnover of less than RON 2,250,000 in the previous year. <\/span><\/span><\/p>\n<p><span style=\"color: #000033;\"><span style=\"font-size: small;\">The reverse charge mechanism applied to certain cereals and technical plants will be effective until 31 May 2014. <\/span><\/span><\/p>\n<p><span style=\"color: #000033;\"><span style=\"font-size: small;\">The transfer of business (total or partial) is outside the scope of VAT.<\/p>\n<p><\/span><\/span><\/p>\n<p><span style=\"color: #000033;\"><span style=\"font-size: small;\"><strong>Manager\u2019s Office<br \/>\n<\/strong><\/span><\/span><span style=\"color: #000033;\"><span style=\"font-size: small;\"><strong>Financial Dept<\/strong><\/span><\/span><\/p>","protected":false},"excerpt":{"rendered":"<p>During the registration procedure, the company has a limited legal capacity, only for registration purposes. 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