Q: What are the types of companies that can be incorporated in Romania?

There are five main types of companies that can be incorporated both by local and foreign investors in Romania. These are: - the limited liability company or SRL; - the joint-stock company or SA; - the company limited by shares or SCA; - the limited partnership; - the general partnership; In addition to these, foreign companies can also set up a branch in Romania.

Q: What is the most suitable business form for a foreign investor in Romania?

Foreign investors generally prefer to open a limited liability company or a joint-stock company. Full foreign ownership is permitted for all business forms, however, the SRL is particularly advantageous because the set up is simple and the minimum share capital is very low.

Q: Can a lawyer in Romania assist during the property purchase?

Our lawyers in Romania can help you draw up the sale/purchase agreement as well as prepare and obtain the other required documents (such as the land register documents). In addition to this, a lawyer can act as a legal representative through a power of attorney and will be able to handle any needed steps if the buyer is not able to be present in Romania during the entire procedure.

Question 1

What are the types of companies that can be incorporated in Romania?

Accepted Answer

There are five main types of companies that can be incorporated both by local and foreign investors in Romania. These are:

- the limited liability company or SRL;
- the joint-stock company or SA;
- the company limited by shares or SCA;
- the limited partnership;
- the general partnership;

In addition to these, foreign companies can also set up a branch in Romania.

Question 2

What is the most suitable business form for a foreign investor in Romania?

Accepted Answer

Foreign investors generally prefer to open a limited liability company or a joint-stock company. Full foreign ownership is permitted for all business forms, however, the SRL is particularly advantageous because the set up is simple and the minimum share capital is very low.

Question 3

What are the main steps for company formation in Romania?

Accepted Answer

The following steps are relevant for opening an SRL in Romania:

Chose the business activity: this is done according to the NACE codes; a company can have one primary business activity and several secondary ones;
Choose the name: the name of the new company needs to be a unique one and a prior name check is available with the National Trade Register Office;
Choose the registered office: this needs to be located in Romania and the address will be included in the company documents and will be available to the public;
Draw up the documents: these are the company’s constitutive documents, the Articles of Association;
Deposit the capital: this is done after opening a bank account where the minimum amount for incorporating the SRL is submitted
Register: once the aforementioned steps are complete, the company founders can gather the documents and submit the company for registration with the National Trade Register Office.

Question 4

How long does it take to start a business in Romania?

Accepted Answer

A private limited liability company can be incorporated in approximately 3 working days, when the name is not rejected and if all of the needed documents are gathered in advance.

Question 5

Can a foreigner buy property in Romania?

Accepted Answer

Foreign nationals have the same right to acquire property and land as Romania citizens. The Romanian property will have to be a secondary place of residence for the foreigner.

Question 6

What are the main steps for buying property in Romania?

Accepted Answer

Once the property search is complete, foreign nationals can start to draw up the sale/purchase agreement or the donation agreement together with the owner of the property. It is important to note that before the transaction can go through the foreign national needs to have a fiscal identification number, which is obtained from the National Agency for Fiscal Administration. This step is not mandatory for corporate property purchases.

Question 7

Can a lawyer in Romania assist during the property purchase?

Accepted Answer

Our lawyers in Romania can help you draw up the sale/purchase agreement as well as prepare and obtain the other required documents (such as the land register documents). In addition to this, a lawyer can act as a legal representative through a power of attorney and will be able to handle any needed steps if the buyer is not able to be present in Romania during the entire procedure.

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