Types of Legal Entities Available in Romania
In Romania, entrepreneurs can choose from a wide range of legal forms to set up a business, depending on the specifics of their activity and objectives:
• SRL (Limited Liability Company): This is the most popular legal form, due to the flexibility and protection offered to partners. It is ideal for a wide range of activities, from services and production to trade.
• PFA (Authorized Natural Person): Suitable for self-employed activities and small businesses. To set up a PFA, the entrepreneur must have qualifications or experience in the chosen field. PFAs are limited to a maximum of 5 CAEN codes.
• SA (Joint Stock Company): The right choice for large-scale businesses, especially those that involve attracting investors through the issuance of shares.
• II (Individual Enterprise) and IF (Family Enterprise): These are legal forms suitable for small businesses with small-scale operations, being frequently used in agriculture or crafts.
What Changed in 2024?
Starting with January 2023, the SRL-D (Limited Liability Company – Beginner) is no longer available. Beginner entrepreneurs are encouraged to opt directly for SRLs, as the tax facilities associated with SRL-D have been eliminated. SRLs remain the most accessible legal form for starting a business.
Online Company Formation: Notable Simplifications
ONRC has modernized the company formation process. In 2024, entrepreneurs can complete the entire procedure online:
• Checking the company name and reserving it.
• Completing the articles of association and electronically signing the documents.
• Submitting the electronic file, including proof of share capital and registered office.
ONRC's digital platform now allows faster processing of files, reducing registration time to 3-5 business days.
Costs Associated with Establishing a Company in 2024
The costs of establishing a company in Romania remain affordable, but may vary depending on the services chosen:
1. Minimum share capital: 1 Ron for an SRL.
2. Publication in the Official Gazette: Approximately 150-200 Ron.
3. Notary fees and other documents: Between 100 and 300 Ron.
4. Calling on specialized firms: Service packages start at 500 lei for basic establishment and can exceed 1,200 lei for complete solutions.
For PFAs, the costs are lower, starting at 300 Ron.
Steps to Establish a Company
1. Name Reservation: Check the availability of the desired name on the ONRC website and complete the reservation request. The process is free online.
2. Establishing CAEN Codes: Choose the codes that reflect the company's activities. LLCs can have an unlimited number of codes, unlike PFAs.
3. Registered Office: Make sure you have the necessary documents (commodity or rental contract). In 2024, coworkings can be used as temporary offices.
4. Articles of Association: Completed digitally, this document includes information about associates, administrators, registered office and the object of activity.
5. Deposit of Share Capital: Open a dedicated bank account and deposit the necessary share capital. Obtain proof of deposit.
6. Submit Documentation: Upload the documents to the ONRC portal, signed electronically. In the case of an LLC, the required documents include:
• Registration application;
• Articles of association;
• Proof of deposit of share capital;
• Signature specimen.
How to Launch Your Business Successfully in 2024
Once the company is registered, follow the necessary steps to ensure a solid start:
1. Strategic Planning: Develop a detailed business plan that includes financial projections, marketing strategy and market analysis.
2. Digitalization: Investments in technology are essential. Create a professional website and use digital platforms to manage daily activities.
3. Legal Compliance: Make sure you comply with all tax and legal obligations. Adopt GDPR protection measures and risk insurance.
4. Marketing and Branding: Develop online promotion strategies, including social media and Google Ads campaigns.
5. Team Building: Attract talent by offering attractive benefits packages and a supportive work environment.
Conclusion
Starting a company in Romania in 2024 is more accessible and faster thanks to the digitalization of processes. Choosing the right legal form, proper planning and adapting to market requirements are essential steps to turn an idea into a successful business. For detailed information, visit ONRC.ro.
Commenti