Most people who set up companies in Romania chose to incorporate a limited liability company (“SRL”). If you are considering setting up a company, there are certain initial matters which you need to consider. These are the steps, legal procedures, documents required and the associated costs to set up a SRL.
This article is indicative only and is not specific legal advice or a detailed explanation of Romanian company law. It does outline the incorporation procedures. This article is prepared on the basis that a decision has already been taken to open a SRL.
Any person can be a shareholder in a Romanian company. There is no limitation on citizenship or residency of the shareholders. There is no limit on the number of companies in which an individual or company can be the sole shareholder.
Steps in the legal process:
- The initial step is an application to the Romanian Trade Registry (the „Trade Registry„) for the reservation of the required name and any logo of the proposed company. They review the application electronically, and the names applied for and issue a confirmation of name availability. Normally they accept the first name requested. In certain cases, although the name may initially be accepted there are circumstances when at the time of registration, the name will be refused.
- Preparation and signature of the Constitutive Act in English and Romanian as required. (Memorandum and Articles of Association).
- Application to the Trade Registry for the registration of the proposed company.
- Approval of the registration of the proposed company; and
- Publication of the incorporation of the company in the Official Gazette.
Application to the Romanian Trade Registry for the reservation of the name and any logo of the proposed company.
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