A private limited company is a suitable solution for entrepreneurs who wish to limit their financial risk to the loss of their own contribution. Therefore, no one is surprised that it is the most frequently chosen form of a capital company in Romania. Limited liability company registration it is not that difficult for Romanian citizens, although more time-consuming than starting a sole proprietorship. Foreigners usually meet many formal and language problems.
In this article, we have collected important information on how to register a limited liability company in Romania. We focused on the online self-registration mode – we described the steps step by step and calculated the costs. If you have decided that you will soon register a limited liability company – be sure to read the text.
Limited liability company has an abbreviation “S.R.L.” or “SRL”and is an equivalent to LLC. In some countries there is a difference between LLC and LTD corporation but in Romania there is just a private limited liability company.
3 ways to register a limited liability company
Future entrepreneurs may register a limited liability company in Romania ca do it in two ways:
- traditionally – in the form of a notarial deed,
- over the Internet,
- via specialized company (recommended for foreigners)
Although all forms of setting up a business are payable, the fastest, most comfortable and probably the most professional is done by company formation consultants or lawyers. Company Romania, led by ex-KPMG auditor states that needs only 5 days and a few piece od data and documents to register a company in Romania. The disadvantage is a higher financial cost but, taking into account saved time and professional advice, the option is worth consideration.
Online company registration in Romania
To set up a company online, you must have an account on the ONCR and be able to sign with a qualified electronic signature or a Trusted Profile. The latter can be obtained in moments with your Romanian bank account. To open a Romanian account you need a Romanian residence certificate issued by Romanian Immigration authorities. The above requirement applies to all partners of the company and any persons who will represent them.
- Enter portal.onrc.ro
- Set-up and account and authorize with your electronic signature
- Make payments
- Register company name
- Open a bank account to pay in capital
- Submit an application form with all necessary data.
- Register in ANAF (Fiscal Authorities),
- get necessary licences,
- find and accountant,
- register VAT EU if you do business in European Union.
Data necessary for Romanian company registration
Data you need to know when submitting an application for company registration:
- 3 company names (remember that it is necessary to designate “limited liability company”),
- company address data and lease/ownership certificate of property
- Company statute,
- list of partners,
- business activity codes of the company,
- share capital (minimum 200 LEI),
- competent registry court.
- passport or ID of the future Director of the Romanian company;
After successfully completing all the steps, the application for registration of a limited liability company will go to the selected registry court. At the same time, applications for NIP and REGON numbers will be submitted. You will not receive a letter notification about the assignment of these numbers, but the relevant information will come through the ONCR portal. All you need to do is log in to the system, select “My company”, and then click the “Correspondence” button.