New Registration Rules For Companies in Romania
The amendments introduced to the Romanian Companies Law through Law No. 102 / 2020 ease the procedures for setting up new companies, improving the process for registering and communicating with the Trade Registry and encouraging investment in the Romanian economy. Further steps are in view to simplify the formal process of incorporating a company in Romania.
To be in line with the already adopted modifications on the applicable company law, these changes aim at improving, from a formal point of view, the steps foreseen to register a company at the addressed institutions.
For this purpose, the proposals, presented lately on the occasion of public consultation of the Romanian business environment, focus especially on the following new recommendations:
- Promoting digitization by permanently admitting statements that must be filled with electronic signature and also the possibility of the Trade Register to issue electronic certificates;
- Setting up a central dedicated platform as an electronic register that would replace The Official Monitor in this specific matter, thus removing the obligation of the applicants to publish certain documents. Such alteration would determine not only less costs involved but also a more practical and fluid circuit;
- Eliminating the need to file the proofs regarding name reservations or emblem reservations when establishing a new company;
- Concerning the formalities regarding the headquarters of a company, several new restrictions should be also eliminated consistent with these proposals. Some of them concern the completion to file an agreement from the homeowners’ associations when it is required or merging several requested statements into one that contains all the needed information;
- Allowing the possibility to identify the real beneficiary of the company within its constitutive act and thus not filling the real beneficiary statement in addition by applicants. Taking into account that at present, this category of statements implies multiple formalities and additional affidavits, such modification would consistently simplify the process.
In addition to the proposals previously referred to, further modifications are also considered that would enable the system to simplify a stiff process and allow or even encourage more entrepreneurs to undertake in a more flexible way the measures intended for their own businesses.