Starting a Business in Romania

Cutting the red tape

 The most common company form in Romania is the private limited company: Societate cu RãspundereLlimitatã.

The following are required to start a business in Romania:

• Reserve company name: you need to get a certificate from the Trade Registry which states the name you have chosen does not exist and reserves it for you.
• Deposit capital: the company’s formation capital needs to be deposited in a bank and certificate of funds provided by the bank.
• Certification of officers and/or representatives: fiscal certification needs to be obtained from the local tax offices for the company’s associates and/or legal representatives.
• Company registration: You need to register with the Biroul Unic of the commercial registry (Registrul Comertului – BASC), get court registration, publish the constitution notice, then register for both statistical and tax purposes.
• VAT registration: With tax authorities
• Employee contracts: should be registered with the local labour inspectorate.

In principle it is possible to complete the steps for company registration in two weeks, but in practice you should allow more time. Costs vary depending on various factors, such as the capital, type and complexity of the business to be registered, they will exceed 300 RON in most cases. On top of this figure, you should take into account costs for: legal assistance, translation, bank costs and any other professional services you may require during the registration process. You will probably find it necessary to engage an specialist agent to complete this process for you. In this case, you should also try and make sure you have an independent third-party review documentation to protect your interests.