Business formation timeline in Romania
Are you ready to achieve your dreams of becoming an entrepreneur? It is crucial to understand the process of company formation for a successful start, and Romania offers a favorable environment for business ventures. This detailed guide will walk you through the steps from initial idea to officially establishing your company, providing estimated timelines and valuable advice to help you make informed decisions.
A step-by-step guide
We have outlined the essential procedures for creating a company, including a rough timeframe and our comprehensive strategies to simplify the process for you. It is important to note that the time frame for setting up a business can vary greatly, as each company’s registration process is individual and depends on its specific circumstances and needs.
Define your business plan (1-2 weeks)
It is crucial to establish a clear and strong strategy before beginning the formal processes. Our specialists can provide expert guidance and help you develop a personalized corporate plan aligned with your goals. Schedule a consultation with us to kickstart the process.
Reserve your company name (1-2 days)
Choosing a unique and enduring company name is crucial for the marketing strategy. We offer fast and simple name reservation services, ensuring that your desired name is available and secured immediately.
Draft and sign the articles of association (1-2 weeks)
The legal framework of your company, which includes its purpose, structure, and internal regulations, is detailed in the Articles of Association. Our team of legal experts will help you with the creation and review of these important documents to ensure they are compliant with Romanian laws and regulations.
Opening a business bank account (1-2 weeks)
In order to conduct financial transactions for your company, it is necessary to establish a business bank account. Necessary documents such as ID papers, proof of company registration, and other relevant paperwork may be required. Typically, this process takes approximately one to two weeks.
Deposit share capital (1-2 weeks)
Companies in Romania must deposit a minimum share capital in accordance with their chosen legal structure. Our team will help you with the necessary documentation and navigate you through the process of depositing the funds into your newly established bank account, so that you comply with all legal requirements.
Register your business (1-2 weeks)
Signing up your business with the Trade and Companies Register is a crucial part of getting started. Our team of experts takes care of all the necessary paperwork, communicates with government officials, and speeds up the registration process to make it easier for you.
Obtain necessary permits and licenses
Your corporate activities will determine whether you need specific permits or licenses to operate legally in Romania. Our team of regulatory experts will help you navigate the complicated process, determine the necessary permits, and help you acquire them quickly. The timeline for obtaining the necessary permit will vary based on the type of license required.
Tax registration (2-3 weeks)
Registering for taxes is a crucial step in establishing a business, as it involves obtaining a distinct tax identification number. The process of tax registration may vary in duration, but typically takes around two to three weeks to complete.
Set up payroll and employment contracts (1-2 weeks)
It is essential to establish compliant payroll and employment contracts if you are thinking of hiring employees. Our HR professionals can help you set up payroll systems, create employment contracts, and ensure you are in line with labor laws, allowing you to concentrate on forming a skilled team.
Establish accounting and bookkeeping practices (2-4 weeks)
Having precise financial records is crucial for every business. Our accounting specialists assist you in implementing strong accounting and bookkeeping procedures to meet the requirements of Romania accounting standards.
Starting operations
Once all necessary regulatory requirements have been met, your company is ready to begin operations. The timing of this step can vary depending on factors such as the type of company, market conditions, and level of preparedness.
Form a company with us
Do you want to begin your business project in Romania? Contact us for a consultation today and our experienced team will assist you throughout the process. We collaborate to achieve your business objectives.