A Guide to Setting Up a Company in Romania: Costs and Considerations
Setting up a company in Romania can be an exciting endeavor, offering numerous opportunities in a dynamic market. However, like any business venture, it requires careful planning, understanding of local regulations, and financial considerations. In this guide, we'll explore the steps involved in establishing a company in Romania and outline the associated costs.
Understanding the Business Structure
Before diving into the process, it's essential to decide on the type of business structure that best suits your needs. In Romania, the most common forms of business entities are:
- Limited Liability Company (SRL)*: Suitable for small to medium-sized businesses, offering limited liability protection.
- Joint Stock Company (SA)*: Ideal for larger enterprises, with shares traded publicly.
- Branch Office*: An extension of a foreign company, allowing it to conduct business in Romania.
Steps to Establish a Company
- Reserve a Company Name:
- Choose a unique name for your company and verify its availability with the Romanian Trade Register Office (Oficiul Registrului Comerțului, ORC).
- Draft Articles of Association:
- Prepare the Articles of Association, outlining the company's structure, purpose, and shareholder details.
- Open a Bank Account:
- Deposit the minimum share capital required for your chosen business structure (e.g., 200 RON for an SRL).
- Register with the Trade Register Office:
- Submit the necessary documents, including the Articles of Association, to the ORC.
- Obtain Fiscal Registration:
- Register for tax purposes with the National Agency for Fiscal Administration (ANAF).
- Obtain Permits and Licenses:
- Depending on your business activities, you may need specific permits or licenses from relevant authorities.
- Register with the Romanian Social Security System:
- Enroll employees in the social security system to ensure compliance with labor regulations.
Costs Associated with Setting Up a Company
- Incorporation Fees:
- These include registration fees with the Trade Register Office, which vary based on the company's share capital and structure.
- Legal and Notary Fees:
- You may need legal assistance to draft the Articles of Association and notary services for document authentication.
- Share Capital:
- The minimum share capital requirement for an SRL is 200 RON, which must be deposited in a bank account.
- Accounting and Tax Advisory Services:
- Hiring an accountant or tax advisor can help ensure compliance with Romanian tax laws and regulations.
- Office Space and Utilities:
- Consider the cost of renting office space, utilities, and other operational expenses.
- Permits and Licenses:
- Fees for obtaining permits and licenses vary depending on the nature of your business activities.
- Social Security Contributions:
- Employers are required to contribute to the Romanian social security system for their employees.
Conclusion
Setting up a company in Romania offers exciting opportunities in a growing market. However, it's crucial to navigate the process carefully, considering the legal requirements and associated costs. By understanding the steps involved and budgeting for expenses, entrepreneurs can establish a successful business in Romania. Remember to seek professional advice to ensure compliance with local regulations and maximize your chances of success.
For further insights and a conversation with a specialist, reach out to BLISS Consulting. We will seamlessly connect you with one of our skilled partners.
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