About New Business Formation Law in Brasov, Romania
Starting a new business in Brasov, Romania means conforming to both national and regional laws that govern company formation. Romania generally encourages entrepreneurship, and Brasov, being one of the country's major economic centers, is no exception. Whether it's a Limited Liability Company, Joint Stock Company, or operating as a Sole Trader, the process involves several legal stages, including deciding on a legal entity, getting the unique registration number, opening a bank account, registering with the Trade Register and the Fiscal Administration. Understanding these laws and requirements can greatly ease the process of starting a new business.
Why You May Need a Lawyer
You may need a lawyer when setting up a business in Brasov, Romania since the legal process involves nuances that may require specialized knowledge. They can help to verify your business idea's legality, help draft company constitution documents, provide advice on the rights and obligations of different legal forms of businesses, and guide you through the registration process. A lawyer will also be able to assist with understanding taxation and labor laws that your newly formed business will need to adhere to.
Local Laws Overview
Key aspects of local laws in Brasov relevant to new business formation include the requirement to register the company with the Trade Registrar. The company must also get a unique registration code and fiscal code. Other regulations pertain to the legal structure, minimum capital requirements (for LLCs and JSCs) and the need to open a corporate bank account. Specific business operations may require further licenses and permits. Non-resident business owners need to be aware of specific legalities such as visa and residency permits. Furthermore, adherence to local labor and taxation laws is mandatory.
Frequently Asked Questions
What is the minimum capital requirement for starting a business in Brasov, Romania?
The minimum capital requirement depends on the legal structure of the company. For a Limited Liability Company (LLC), the minimum capital requirement is RON 200 (around EUR 40).
How long does it take to form a new business in Brasov, Romania?
The process usually takes about 3-4 weeks. However, this period may vary based on the complexity of your business and the specific permits and licenses required.
Can a foreigner start a business in Brasov, Romania?
Yes, foreigners can own 100% of the shares in a Romanian company. However, they may require appropriate visas or residency permits.
What types of businesses can I form in Brasov, Romania?
You can form a variety of businesses such as Limited Liability Companies, Joint Stock Companies, Sole Traders, Partnerships, and more.
Do I need to hire a local legal counsel?
While it's not a legal requirement, having a local counsel can offer better navigation through Romania's business formation laws, formalities, and region-specific regulations.
Additional Resources
You may find the Romania Trade Register or the Romania Chamber of Commerce useful as resources. Websites for the National Agency for Fiscal Administration and National Agency for Employment contain information pertaining to taxation and labor laws. For non-residents, the Romanian Immigration Office provides detailed information.
Next Steps
If you need legal assistance in business formation, consider hiring a lawyer who specializes in company formation and business law in Brasov, Romania. They will guide you through each stage of the process, from choosing a business structure to successfully registering the company and complying with specific laws and regulations.
Disclaimer:
The information provided on this page is intended for informational purposes only and should not be
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guarantee the accuracy, completeness, or currentness of the content. Laws and regulations can change
frequently, and interpretations of the law can vary. Therefore, you should consult with qualified legal
professionals for specific advice tailored to your situation.
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