Romania

Romania has been the EU member since 2007 and belongs to one of the largest markets in Central and Eastern Europe with over 21 million inhabitants. Romania offers sound fiscal policy with flat tax rate of 16% and wide network of double tax treaties (currently over 80). The official currency is Romanian leu (RON).

Romanian legislation recognizes various types of companies e.g.: Societate pe actiuni - SA (joint stock company), Societate cu raspundere limitata – Srl. (limited liability company) among others. The most popular type of company is Srl.

Legal formSocietate cu raspundere limitata – Srl.
LegislationCivil law
Foundation timeOnce received all required documents from a client, the incorporation of the new Srl takes usually 3 weeks and documents are delivered within 4 weeks.
ShareholdersMinimum required: 1
Form: physical person/corporate body (both possible)
Nationality: Any (Romanian nationality not necessary)
Others: Any person may be the sole shareholder of only one limited liability company; a limited liability company cannot have as sole shareholder a limited liability company held by a sole shareholder
DirectorsMinimum required: 1
Form: physical person/corporate body (both possible)
Nationality: Any (Romanian nationality not necessary)
Share capitalMinimum paid up 200RON
Bearer shares
TaxesCorporate income tax rate: 16%
Withholding tax: 16% rate on dividends, royalties and interests, the rate can be reduced under a tax treaty or EU parent-subsidiary directive
VAT: 24% general rate, reduced: 9% and 5%
Other: more than 80 double tax treaties
AccountancyFiling of accounts is required
AuditObligatory if 2 of the following criteria are met: total assets more than 3,650,000EUR, turnover more than 7,300,000EUR and average number of employees during the financial year 50
Anonymity and confidentialityThe companies register is publicly accessible
OtherRegistered office: Must be maintained in Romania
Shelf companies: Possible

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