The limited liability company (LLC) is the most common form of company in Romania, due to the limitation of the liability of the partners, who are held liable only within the contribution to the share capital.
For starting up a company it is necessary to follow a few strict steps provided by the Romanian law.
The law that regulates the documents and steps necessary for the establishment of the LLC is the Companies Law no. 31/1990.
A limited liability company may have a sole shareholder and a maximum number of 50 shareholders.
An associate within an LLC can be either a Romanian or a foreign citizen, if he meets all the conditions provided by law, as an individual person or a company.
The limited liability company is run by associates, but also by one or more directors. The directors of a company can be both associates and other persons who do not have the quality of associate.
The main attribution of the administrator of a company is to ensure the management of the company’s activity, meaning that it must perform all operations required to fulfill the object of activity of the company, within the provisions of the company’s articles of association and the decisions of the partner (s).
Just as any person in Romania has a domicile, also a company must have a main office, an address to receive official documents, notifications. Thus, in professional terms, it is about the legal or official address of a company, which is a mandatory condition for a company to operate legally in Romania.
Setting up a company involves the following 4 steps:
– Drafting and signing of all necessary documents – constitutive act, statements of associates, etc,
– Establishment of the file,
– Submission of the file at the Trade Register,
– File analysis,
– Lifting the company’s documents.
Our law office can assist and represent you for the accomplishment of all the necessary steps in order to establish a company, respectively:
1. Choosing and reserving the name. Choose at least three names to check and register with the Trade Register,
2. Establishing the main object of activity according to the CANE Code valid in Romania ,
3. Establishing the main office. You must have a space in which you will carry out your activity. It can be a personal property or it can be a rented space or for free use (loan agreement),
4. Drafting the documents of incorporation and the declaration on your own responsibility certifying that you meet the necessary conditions to be able to set up your company,
5. Depositing the share capital at the bank
6. Submission to the Trade Register of the file for the registration and the authorization of the company.
For any other information, you can contact us HERE.
Zefirului Street, No. 19, Sector 2, Bucharest, Romania.
+40 0773 340 401