About Business Registration Law in Brasov, Romania
Business Registration in Brasov, Romania is governed by the Companies Law no. 31/1990, updated in 2020. This law outlines the procedures and requirements for registering a business entity in Romania. The process includes choosing a company name, identifying a unique headquarters address, appointing a director, and demonstrating a minimum shareholder equity. It is important to note that the laws related to business registration can vary from city to city.
Why You May Need a Lawyer
Even though the business registration process is rather clear-cut in Brasov, the help of a lawyer can be instrumental. This could be because of the language barrier, unfamiliarity with local regulations, or understanding specific nuances of Romanian business laws. Lawyers can also be of great help in preparing legal documentation, interpreting the commercial law, dealing with taxation issues, and advising on potential risks and liabilities associated with the business.
Local Laws Overview
The primary local law that is pertinent to business registration in Brasov is Companies Law. This law encompasses several aspects like the type of business entities allowed in Romania, the minimum capital requirements, shareholder and management structure, liability extent, etc. They also detail the roles and responsibilities of the directors and the limitations to their powers, dividends distribution policy, and decision-making within the company.
Frequently Asked Questions
1. Can a foreigner register a business entity in Brasov, Romania?
A foreigner can register a company in Brasov. However, they will be required to have a Romanian residency or an established office in Romania.
2. What is the usual time frame for registering a business in Romania?
The business registration process can take from two to three weeks. This duration includes preparing the documentation, registering with the National Trade Registry Office, and getting the registration certificate.
3. What are the minimum capital requirements for registering a company in Romania?
The minimum capital requirements vary according to the type of business entity. For a Limited Liability Company (SRL), the minimum requirement is 200 Romanian Leu.
4. Are there annual reporting requirements for businesses in Romania?
Yes, Romanian companies are required to submit annual financial statements to the Ministry of Public Finance and the Trade Registry.
5. Can I convert my sole proprietorship into a Limited Liability Company (SRL) later in Romania?
Yes, a sole proprietorship can be converted into a Limited Liability Company (SRL). However, it will need to meet specific requirements and follow a legal procedure.
Additional Resources
For further assistance and to gain a deeper understanding of business registration in Romania, you can explore the official websites of the Romanian National Trade Register Office and the Ministry of Public Finance. The Embassy of Romania in your home country can also provide valuable guidance.
Next Steps
If you need legal assistance for business registration in Brasov, we highly recommend consulting with a local lawyer well-versed in Romanian business law. They can help guide you through the regulatory landscape and handle any compliance issues efficiently.
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Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation.
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