About Business Registration Law in Timișoara, Romania
The Business Registration law in Timișoara, like the rest of Romania, is governed by the Company Law (Law no. 31/1990). It stipulates that business entities must be duly registered with the National Trade Register Office. The process involves submitting specific documents, including the Memorandum of Association, proof of headquarters, and declarations of the company’s executives. Business can be registered as several types, including limited liability company (SRL), joint stock company (SA), and more.
Why You May Need a Lawyer
You might need a lawyer for assistance in understanding the intricacies and legal terminologies of Romanian business legislation. A lawyer can guide you through crafting your business's governing documents, ensuring they comply with laws. Legal advice is also beneficial when determining the type of business registration most suitable for your venture and protecting your interests when it comes to business disputes, liabilities, and any conflicts that might arise.
Local Laws Overview
The local laws pertaining to business registration in Timișoara require businesses to register with the National Trade Register Office. One of the key aspects of Romania's Company law is the need for a Memorandum of Association, which sets out your company's purpose and operating rules. Also, a minimum share capital is required, which varies depending on the type of company you're establishing. For instance, a minimum of RON 200 (approx. 40 €) is required for a limited liability company (SRL).
Frequently Asked Questions
What are the types of business entities in Romania?
Apart from the popular SRL and SA, you can establish partnerships, branches of foreign companies or sole proprietorships.
What documents are required for business registration?
These typically include the memorandum of association, proof of the company’s headquarter, the administrators’ affidavits, and proof of the administrator’s professional integrity.
How long does it take to register a business in Romania?
The registration process typically takes around 3 - 4 weeks, depending on the type of the company and the timeliness of fulfilling all registration requirements.
Can a foreigner start a business in Timișoara?
Yes. Both EU and non-EU citizens can establish a company in Romania as long as they comply with the requirements and procedures stipulated by the law.
What is the cost of registering a business in Timișoara?
On average, the cost for registering a business in Timișoara (excluding legal fees) is approximately 330-370 RON, not including notary fees and any additional costs related to preparing required documents, which can vary.
Additional Resources
The National Trade Register Office’s website has resources related to business registration. The website for the Romanian Chamber of Commerce and Industry provides support and can direct you to other relevant resources. The InvestRomania's guide to doing business in Romania and local law firms also offer useful information and guidance.
Next Steps
If you require legal assistance for business registration, you should consider engaging a lawyer who specializes in this field. Seek recommendations, compare fees, and choose a lawyer with whom you feel comfortable. Always ensure that your selected lawyer has good knowledge of local and national business regulations. Establishing a business involves proper planning and understanding of legal matters; getting appropriate legal assistance can help you navigate the process with ease and confidence.
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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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