It is The following European country that Ukrainian citizens consider living in and doing business is Romania. It is worth noting that private entrepreneurship is not a very popular form of doing business in Romania compared to Ukraine and most other European countries. The limited liability company is more popular due to the special preferential offer. In addition, this type of company has other advantages, especially for foreigners who want to start a business in Romania [1].
First of all, this requirement applies to the director of the future company. After all, the Ukrainian citizen may not be a resident of the country but will have the right to be a director of a Romanian company. What’s more, no additional work permit is required, which significantly simplifies and speeds up the whole process. Moreover, in 2020, the minimum authorized capital specifications were also abolished [1].
A Ukrainian citizen who wants to register a company in Romania should prepare its charter. This document should contain an original company’s name and a legal address. The following important information is information about the founders of the company, the directors and the officials (personal documents, tax numbers, addresses, etc.), an authorized capital, the company’s activities, the signatures, the duration of the firm (in case of its indication), other necessary provisions and terms related to this form of business activity [2].
What documents are required for the company registration?
First of all, the charter mentioned above is necessary. In addition, other documents also will be needed, such as a passport or an identity card of the participants (if they are individuals), a certificate of registration of the participants (if they are the legal entities), the participants’ charter (if they are the legal entities), the extracts issued by the Commercial Register in which the participants are registered (if the participants are the legal entities), a letter of creditworthiness for participants, a passport or an identity card of the future director of the company, a head office lease agreement and an application form for property documents [2].
In addition, a business owner should open a business account in one of the banks in Romania. It is worth noting that the requirements for opening business accounts for foreigners who have registered their businesses in Romania are the same for each Bank. In specific cases, bank employees may require additional documents reported to business owners during personal consultations [4].
What documents are required to open a business account in one of the banks in Romania?
- A company charter,
- A certificate from Trade Register (not older than 30 days),
- A participant’s decision to appoint the Bank representative,
- The ID cards and proof of residency for participants and a company representative,
- The documents showing who is the ultimate beneficial owner for participants holding >25%,
- For non-residents, documents have to be translated/legalized, and also, they must have proof of VAT number for tax purposes [3], [4].
For opening an individual banking account, for instance, in Banca Transilvania, a Ukrainian citizen should provide only a Ukrainian passport or an identity card accompanied by a legalized translation [5]. Moreover, Banca Transilvania shared all necessary information in Ukrainian for both the individuals and the legal entities that Ukrainian citizens can read directly on the Bank’s website [5], [6].
Sources:
- https://dominanta-law.com/vidkryttya-biznesu-v-rumuniyi-porady-yurysta.
- https://sigtax.com.ua/reyestraciya-kompaniyi-v-rumuniyi.
- https://ing.ro/imm/operatiuni-curente/solutii-de-cont-curent/oferta-ing-profesional?fbclid=IwAR2K02ipIfsaIEX6s1VaPWtfzqADENIp_HxYeDcAO2oKI28YoZPlk1l6RDA#faq.
- https://en.bancatransilvania.ro/companies/card-accounts/contul-primul-an-gratuit?fbclid=IwAR1_kea2K74qT4IrG4FC4hoyg6OUE9UFFMWCuWKHiI2oqbRbvE9BZhlJqaQ.
- https://ukr.bancatransilvania.ro/bt-pentru-ucraineni.
- https://ukr.bancatransilvania.ro/companii.
