Romania flag

ROMANIA


In our opinion, Romania is a paradise for business! Romania is a European country with a dynamically developing new economy, fair taxation and fair business legislation for foreigners. The official currency of the country is RON (LEI). The country has been a member of the EU since 2007. The minimum gross wage in 2019 is 2,080 RON and inflation is 3.5%.


Among the advantages of opening companies in Romania are:

  • High economic growth (above the average for EU countries);
  • Low public debt (below the average among EU members);
  • Abolition of double taxation with more than 70 countries


    • Brief overview

  • One of the largest spheres of the republican economy is oil exploration. A significant share of the production is occupied by "Rompetrol".
  • The leading branch of agriculture is plant growing and grain production.
  • As a country with access to the Black Sea, it has developed tourism.
  • After the legalization of the gambling market in the republic in 2015, the gambling business is highly developed there.


    • Business in Romania is governed by Part 4 "Economy and Public Finance" of the constitution. The main financial regulator in the country is the Romanian National Securities Commission (CNVMR).


    Business forms for company registration


    Legislation offers 5 organizational forms, the first two being the most advantageous for non-resident founders:

  • Limited Liability Company (SRL); authorized capital - 200 RON (about 40 Euros); management board / one director; minimum number of jobs for Romanians 10
  • Stock company (SA); authorized capital - 90,000 RON (about 18,000 Euros); board of directors, supervisory board, manager; minimum number of jobs for Romanians 15
  • General Partnership (SNC);
  • Limited Partnership (SCS);
  • Limited partnership by shares (SCA).


    • Terms


    Both SRL and SA must have:

  • Registered address in Romania;
  • Registered administrator legal entity or natural person;
  • An activity object formed with the parent activity.


    • Tax system in Romania


    Both a citizen of the Republic and a foreigner pay the same taxes for the same amount in Romania.

    1. Corporate tax - 16%

  • Entrepreneurs pay only 3% on their profits in case of:

    • The company works in one of the following areas: - Trade; - Production of goods; - Performing works/providing services; - Owners of "small business": - Annual income 100,000 euros; - Staff 9 people; - small business, religious organizations, educational institutions and some others – 0%;

    2. VAT - 19% (registration of this tax is not required if the annual turnover is less than EUR 88,500

  • for sellers of construction materials / provision of entertainment services (clubs, museums, hotels, cinemas, sports events / sale of newspapers, books, magazines) – 5%;
  • For sellers of essential goods (without alcoholic beverages, food, medicines, prostheses) – 9%;

    • Tax reliefs are not eligible for insurance, fund or banking organizations. 3. Real estate tax – 0.25-0.5% 4. Tax on dividends – 5% 5. Local taxes - 4000 euros 6. Tax on gambling business - 2%


    Smart Startup UK specialists will quickly and efficiently advise you on the details of calculating and paying all necessary taxes.


    Registration Requirements and Steps


    How to open a company in Romania within 4 weeks:

  • Visit the Center for International Trade and Investment to review the proposed business plan;
  • Visit the General Inspectorate of Immigration and obtain approval for company registration;
  • Verification and registration of a unique company name through the National Trade Register (72 RON);
  • Opening a deposit account in a Romanian bank and depositing the required amount (0 RON);
  • Registration in the Romanian commercial register at the location of the company's head office and obtaining a certificate of incorporation (700 RON);
  • Registration of a company at the tax office (0 RON);
  • Online registration of company employees in the territorial State Labor Inspectorate (0 RON).


    • Documents


    Necessary documents for foreign company registration:

  • Foundation agreement.
  • Certificate confirming the legal status of the owner and founder of the enterprise.
  • Certificate of Registration.
  • Confirmation of the absence of debts in the home country.
  • Information about the new company and its founders (copies of passports, company name, type of activity, authorized capital).
  • Letter of recommendation from a banking institution in Romania.
  • Agreements of the founders to comply with all Romanian legislation.
  • Office rental agreements.


    • For long-term business (more than 90 days), foreign entrepreneurs must:

  • apply for a long-term visa (type D) at the Romanian consulate in their country;
  • obtain a temporary residence permit from the Immigration Department of the local Ministry of the Interior (valid for up to one year, renewable);
  • obtain permission from the local Trade and Foreign Investment Promotion Center;
  • obtain approval from the Immigration Directorate of the Ministry of the Interior of Romania.


    • The following persons have the right to renew a temporary permit:

  • entrepreneurs investing > 150,000-200,000 euros/ providing > 25 jobs (extension period - 1 year);
  • entrepreneurs investing > EUR 500,000/ providing > 50 jobs (extension period - 3 years).


    • Our specialists from "Smart Startup UK" can help you choose the most suitable option for business immigration in Romania.


    How Smart Startup UK specialists can help you


    What are the advantages of our company for registering and opening your business?

  • The professionalism of our staff.
  • Quick response.
  • Reasonable prices.
  • 24/7 online support and consultation.


    • Contact our consultant and we will be happy to help you!


    CREATE A COMPANY


  • Checking and saving a company name in the Commercial Register of Romania Oficiul Național al Registruli Comerțului
  • SRL company registration form, including state fees
  • Memorandum of Association
  • Preparation of special forms such as affidavits
  • Certificate of Incorporation
  • Company registration with the tax authorities
  • Assistance in opening a corporate bank account in the payment system
  • Opening a corporate bank account at Banca Comerciala Romana, BRD, Alpha Bank Romania
  • Company stamp
  • Help when applying for a VAT number
  • Provision of a physical office for 1 (one) year
  • Free consultation
  • Help with online trading and opening an account at viva.com for online trading
  • Accounting services - 12 months
  • Annual renewal (payable from the second year)

    • *Within 30 days


    IMPORTANT! We can provide you with the initial share capital (if the amount is over EUR 5,000) for the registration of your company in the form of a loan from our company. Please, if you are interested, make an inquiry to us.


    What is the procedure!

    1. You submit a request for company registration using the request form.

    2. We check if the registration company name is free and eligible for registration.

    3. Choose a bank that suits your company's needs from a list of Smart Startup UK partner banks provided.

    4. We send you a proforma payment invoice to pay to our bank account + the initial capital amount of your company.

    5. You receive all necessary company documents for verification.

    6. You receive details of your newly opened bank account.

    7. In the specified period (for Romania it is 30 days), you receive all the services included in the package.

    8. You can manage through our platform all the services included in the package, as our team works 24/7 and you can get help from us within up to 30 minutes. We have built an internal ticketing system for our customers through which we process your every support request.


    All services like management, accounting, request to open bank accounts, licensing, filing tax returns, paying taxes and more are done through your account on our platform, it makes it easy managing your business!