Setting up a business abroad can seem like a difficult task with many moving parts. You can manage this process, though, with the right direction. This guide offers a straightforward six-step process to help aspiring business owners launch a limited liability company – “SRL” or “Societate cu Răspundere Limitată” – in Romania, in less than a week. Romania is a EU Member State and so, it is a jurisdiction that you can take into account if you are looking to set foot or expand in European markets, and benefit from the fundamental freedoms of the EU: free movement of goods, capital and services. Incorporating in Romania basically gives you a passport for your business within the European Union.
Olivia, a digital and business lawyer, recently shared her knowledge in a video outlining the procedure for forming an SRL in Romania. This article has been created based on her guidance.
1. Choose Your Business Name
Choosing a name for your company is the first step in establishing an SRL in Romania. Olivia advises generating at least five potential company names. Once you have narrowed down your list, you can reserve one of them to use as your official business identity.
2. Define Your Corporate Objective
The next step is to identify the main undertaking or corporate goal of your company. Although you can include a number of ancillary goals, it is crucial to choose the primary goal that will direct your operations and strategy. This goal will be helpful in developing a business plan and determining your target market.
3. Decide on Your Headquarters
The third step requires you to choose the location of your company’s headquarters. It is necessary to sign a lease agreement once a location has been decided upon. Your operations will be centered at this location, so take into account factors like accessibility, closeness to your target markets, and the local business climate.
4. Draft and Sign Your Articles
When you have decided on your company’s name, purpose, and location, the next thing to do is to draft its articles of incorporation. The purpose of a company, the processes it will use to complete tasks, and the kinds of endeavors it will engage in are all described in the articles of incorporation. These articles must be signed after being written to make them enforceable and give your company a strong foundation.
5. Pay the Minimum Capital Requirement
The minimal capital requirement to establish an SRL in Romania, which was formerly 200 lei, has been abolished. Currently, the minimum share capital of an SRL has to be 1RON. It is crucial to keep in mind that in order to open a bank account in Romania you will need the documents from the previous step. This money represents your initial investment in the company and gives it the resources it needs to start operating.
6. File Your Documentation
The last step is to deliver all of your paperwork to the Trade Registry. The processing time is typically three business days if all the required paperwork is filed together and is complete. After completing this step, your SRL is ready to use and the setup process is complete.
In order to make the process of establishing an SRL in Romania simpler, this guide has been made available for educational purposes. But it is not legal counsel. Please contact Olivia using the provided link if you need any additional help, legal counsel, or have any questions about the information provided.
Starting a new business overseas can be thrilling. You can travel the distance with ease if you have the right advice and preparation. Why then wait? Create a list of potential company names and goals, then start the process of establishing your own SRL in Romania.