Mandatory Procedures for Private Companies in Romania

Managing a successful company in Romania involves complying with various mandatory procedures and legal requirements, from company registration to tax compliance and employee relations.

Performing these procedures is essential for the business growth. In this article, we'll analyze the essential steps and regulations applicable to private companies or firms here in Romania.

Company Registration in Romania: To kickstart your business journey, registration before the Romanian Trade Registry is mandatory. This process involves providing detailed information about your company, such as its name, address, and the names of its shareholders and directors, together with documents attesting these information.

In this stage, be sure that your company name is unique and reflect your business activities to enhance online visibility.

You can learn more about Company Registration in Romania here.

Tax Compliance in Romania: After your company registration, the next step is tax registration with the Romanian Tax Authority (ANAF). Obtaining a unique tax identification code (CUI) is essential for meeting the company's tax obligations.

Stay informed with the tax updates to ensure accurate filing and compliance.

Accounting and Financial Reporting: Maintaining accurate accounting records in accordance with Romanian standards is a legal requirement. Consider hiring professional accountants to ensure compliance and timely preparation of financial statements. For big companies, an annual financial audit may be mandatory.

Stay updated with the financial reporting tips and accounting standards in Romania.

Social Security and Health Insurance. Employee benefits in Romania:

As a general rule, employers are required to register employees for social security and health contributions.

Staying informed about changes in social security regulations is important to avoid penalties.

Employment Contracts. The Foundation of Employer-Employee Relations:

Set up a clear and compliant employment contract. This includes outlining terms and conditions of employment, job responsibilities, and other relevant details that are important to you.

Data Protection Compliance: In our current digital era, protecting personal data is one of the most important. Ensure compliance with the General Data Protection Regulation (GDPR) to safeguard your business and customer information.

You can learn more about GDPR Compliance in Romania here.

Environmental and Safety Regulations: Depending on the activities that you are going to perform, compliance with environmental procedures and safety regulations is needed.

Obtain the necessary permits or licences and implement measures to ensure a safe working environment.

Intellectual Property in Romania: Protecting your company's intellectual property is necessary for a long-term success.

Consider registering trademarks and copyrights to protect your brand.

The detalied procedure for trademarks registration are available here.

Corporate Governance in Romania: Private companies are generally required to organize an Annual General Meeting to discuss financial matters and make the important decisions.

Ensure proper documentation and compliance with corporate governance requirements, according with the article of incorporation and other internal rules of the company.

Tax Regulations Updates in Romania: Pay the corporate income tax, VAT, and other applicable taxes to avoid any penalties.

Stay informed about changes in tax laws and adjust your financial strategies accordingly.

Conclusion: Handling the mandatory procedures applicable for private companies in Romania is a mixed process that requires diligence and constant awareness. Considering the complexity of the all applicable compliance procedures and the dynamic nature of the business laws, seeking legal advice is essential.

If you have any questions or need our legal assistance related for the above, please contact us at: office@cristinatudor.ro or at by phone (number +40766.706.561).