vrijdag 3 mei 2019

The micro enterprise with 1 percent tax till 1 million euro creates possibilities in Romania

Nr. 20180503

For company creation in romania mail: frjacobs@telenet.be

What taxes do investors in Romania pay for a micro enterprise created in Romania ?

In 2019, Romanian micro-enterprises pay income tax, according to Title III of the Fiscal Code. The tax rate is 1% for micro-enterprises with at least one employee and 3% for those that do not have employees. Company creation in Romania becomes interesting from a tax point of view.

With this measure the Romanian governament wants to stimulate the investmens in Romania and accelerate company creation in Romanoa.

Larger companies pay 16% corporate tax, or if they are hotels, restaurants, bars, etc.

In 2019, as a micro enterprise, a Romanian legal person fulfilling cumulatively the following conditions on 31 December 2018:
·         The company has achieved revenues that did not exceed the equivalent in lei of 1,000,000 euros. The exchange rate for determining the euro equivalent is the one applicable at the end of the financial year in which the revenue was recorded;
·         The share capital is held by persons other than the state and the administrative-territorial units;
·         The company is not in dissolution, followed by liquidation, registered in the trade register or in the courts, according to the law.

The exchange rate used is 4.6639 for one euro. This means that the ceiling for the tax on the income of the micro-enterprise is of 4,663,900 lei, income realized in 2018.

What is the income of the micro-enterprise?

The taxable base is the income from any source, less the following:
·         Product revenue costs;
·         Income related to the costs of services in progress;
·         Income from the production of tangible and intangible assets;
·         Subsidy income;
·         Income from provisions, impairment adjustments or loss of value, which were non-deductible expenses for the calculation of taxable profit or were established during the period when the Romanian legal person was subject to the tax on the income of the micro-enterprises;
·         Income arising from the repayment or cancellation of interest and / or late payment penalties, which were non-deductible expenses when calculating taxable profit;
·         Income from indemnities, from insurance / reinsurance companies, for the damages caused to the goods of the nature of the stocks or of the own tangible assets;
·         Income from exchange rate fluctuations;
·         Financial incomes related to debts and debts subject to a currency exchange rate resulting from their valuation or settlement;
·         The amount of trade discounts granted after invoicing, registered in account "709", according to the applicable accounting regulations;
·         Income from payment titles obtained by entitled persons, according to the law, initial titles of the Central Compensation Commission or their legal heirs;
·         Damages received on the basis of the judgments of the European Court of Human Rights;
·         Incomes obtained from a foreign state with which Romania has concluded a convention for the avoidance of double taxation, if they were taxed in the foreign state.

Micro businesses can opt for 16% corporate tax if they have subscribed a minimum share capital of 45,000 lei and have at least 2 employees. They can opt once to apply corporate tax, starting with the quarter in which these conditions are met cumulatively, the option being final. If these conditions are not met, the company applies the tax on micro enterprise income from the fiscal year following that in which the share capital is reduced to less than 45,000 lei and / or the number of employees falls below 2.

If, during the period in which the legal entity applying the income tax, the number of employees varies in the course of the year, downwards to 2, the condition must be re-completed within 60 days, which is extended also in the next fiscal year . The exit from the taxation system on the income of micro-enterprises as a result of the option is communicated to the competent tax authorities, according to the provisions of the Fiscal Procedure Code. The calculation and payment of tax on profits by microenterprises that opt ​​to apply corporate tax is made taking into account the revenues and expenses incurred since that quarter.

Thus, for companies that have not made profits and have made large investments, it is more convenient to pass the 16% profit tax.
For company creation in romania mail: frjacobs@telenet.be

#oprichtenroemeensbedrijf #eenbedrijfoprichteninroemenie #eenbedrijfstarteninroemenie #eenzaakstarteninroemenie #company #creation #romania #roemenie

maandag 8 april 2019

Setting up a company in Romania or how to create a company in Romania ?

Is it easy to create a  company in Romania?
Today it is relatively easy to set up a company in Romania. We provide customized advice. The establishment of a company in Romania is easy for us, we have more than 15 years of experience.
For information mail frjacobs@telenet.be
Choice of legal form of your Romanian company
The most common legal forms are the SRL (BV, BVBA) and the SA (NV). You choose a legal form:
1. Societate cu răspundere limitată (SRL) - Limited liability company
2. Societate pe acţiuni (SA) - Public Limited Company
The SRL can be 100 percent foreign-owned. The directors may also be of foreign origin. The number of participants in an SRL is at least one and at most fifty. A sole shareholder may not be a sole shareholder in more than one SRL. The one-man business also occurs frequently as an SRL in Romania (asociat unic).
The capital contribution can be made both in cash and in kind and amounts to at least 200 lei (1 Ron = 4.75 euros on 8 April 2019).
The reservation of the name of your Romanian company
We reserve the name of the company for you at the register. This reservation is the first step in the company creation in Romania and required by law. Only after approval of the name reservation by the register we prepare your documents for incorporation.
The registration of a company name containing the words: national, Romanian, institute or a derivation of those words or words or phrases that are characteristic of the central or local public institutions or governments can only be done with the permission of the Secretariat General of the Government (SGG) are realized.
The availability of the company name and logo is checked by the Trade Register before the incorporation articles are drawn up or in the event of a change in the company name or logo.
The verification and reservation of the name of the company take place at national level before the adoption/draft of the deed of incorporation.
The company's reservation is valid for a maximum of 3 months from the date of submission of the application.
Checking the availability of the name of the company is done by the trade register office. The name must have a 70 percent difference with regard to existing names already reserved.
The documents are submitted by us to the ORC within the province where the company has its registered office.
The job is done from Belgium by mandate  and this saves you the travel costs and time.
You will only be in Romania when the SRL or SA has been established to activate a few things with us (VAT, bank account, accountant, powers of attorney at the notary,  ...)
The address of your firm's social seat in Romania
You can no longer set up a company in a room with a friend in Romania due to the anti-fraud policy.
We have two business centres (incubation centres) where we can temporarily or permanently give you a rental contract at competitive rates. Since 2009 we guide start-up companies in these incubation centres.
The rental contract of the social seat is signed together with the deed of incorporation in Belgium prior registration by our services on the Romanian register.
We prepare the deed of incorporation and all other documents including all declarations and mandates for the establishment of the company.
Then we go to the notary in Ghent if you are Belgian or Dutch.
In the case of complex set-ups, we provide instructions for the additional documents that you must obtain in the country of origin and instructions where and how you can obtain them and provide them with an apostille.
The request for registration in the trade register is made by us with a power of attorney.
What do we do during your first visit after setting up your Romanian company?
We are going to open your bank accounts for the company and private accounts. We prefer a number of banks, but in principle you are free to choose a bank.
We will arrange a telephone and a  subscription with roaming for online banking  if necessary. We will appoint a reliable bookkeeper at advantageous rates for you.
We visit the business centre and your office if you are going to rent a office from us and do some formalities on site for the activation of your company and the VAT / ROI.
These are the most important operations when setting up a company in Romania. You save travel costs and have no loss of time.
We offer the same service throughout the Romanian territory at a fixed all-in price.
For information mail frjacobs@telenet.be

Een bedrijf oprichten in Roemenië

Kan ik gemakkelijk een bedrijf oprichten in Roemenië ?
Vandaag is het relatief eenvoudig om een bedrijf op te richten in Roemenië. Wij adviseren op maat. De oprichting van een bedrijf in Roemenië is voor ons eenvoudig we hebben meer dan 15 jaar ervaring.
Voor inlichtingen mail frjacobs@telenet.be 
Keuze rechtsvorm
De meest voorkomende rechtsvormen  zijn de SRL  (BV, BVBA) en de SA  (NV) . U kiest een rechtsvorm:
1. Societate cu răspundere limitată (SRL) -  Vennootschap met beperkte aansprakelijkheid
2. Societate pe acţiuni (SA) - Naamloze Vennootschap
De SRL  kan voor 100 procent in buitenlandse handen zijn. Ook de bestuurders mogen van buitenlandse afkomst zijn. Het aantal deelnemers in een SRL is minimaal een en maximaal vijftig. Een enig aandeelhouder mag niet in meer dan één SRL enig aandeelhouder zijn. Ook de eenmanszaak komt als SRL in Roemenië veelvuldig voor (asociat unic) .
De kapitaalinbreng kan zowel in geld als in natura worden gedaan en bedraagt minimaal 200 lei (1 Ron = 4.75 euro op 8 april 2019).
De reservatie van de naam van de vennootschap
Wij reserveren voor U de naam van de vennootschap bij de register. Deze reservatie is de eerste stap en wettelijk verplicht. Pas na goedkeuring van de naamsreservatie door de register kunnen wij uw documenten voor oprichting opmaken.
De registratie van een bedrijfsnaam die de woorden: nationaal, Roemeens, instituut of een afleiding van die woorden bevat dan wel woorden of zinnen die kenmerkend zijn voor de centrale of lokale openbare instellingen of overheden kunnen alleen met toestemming van het Secretariaat-Generaal van de Regering (SGG) worden gerealiseerd.
De beschikbaarheid van de bedrijfsnaam en het logo wordt door het Handelsregister gecontroleerd voordat de statuten worden opgesteld of bij een eventuele verandering van de bedrijfsnaam of het logo:
De verificatie en het voorbehoud van de naam van de onderneming vinden plaats op nationaal niveau vóór de vaststelling van de oprichtingsakte .
De reservering van het bedrijf is geldig voor een maximum van 3 maanden vanaf de datum van indiening van de aanvraag.
Het controleren van de beschikbaarheid van de naam van het bedrijf  wordt door het handelsregisterkantoor gedaan. De naam moet 70 percent verschil hebben t.a.v. bestaande reeds gereserveerde benamingen.
De documenten worden door ons  ingediend bij de ORC waarbinnen de firma haar statutaire zetel vestigt
Wij richten op vanuit België bij volmacht en hierdoor spaart u op de verplaatsingskosten en tijd. 
U komt pas in Roemenië als de SRL of SA opgericht  is om samen met ons het een en ander te activeren (BTW, bankrekening, boekhouder, volmachten bij de notaris, enz...)
Het adres van de zetel van Uw firma in Roemenië 
U kunt geen bedrijf meer oprichten in een kamertje bij een vriend in Roemenië door de anti-fraude bestrijding. Wij hebben twee bedrijvencentra (incubatiecentra) waar wij u tijdelijk of permanent een huurcontract kunnen geven van een bureau aan voordelige tarieven.
Sinds 2009 begeleiden wij opstartende bedrijven in deze incubatiecentra.
Het huurcontract wordt getekend samen met de oprichtingsakte in België prior registratie door onze diensten op de Roemeense register.
De oprichtingsakte en de documentenset voor de registratie van de SRL of SA
Wij maken de akte en alle andere documenten op inclusief alle verklaringen en mandaten t.b.v. de oprichting van de onderneming. Daarna gaan we bij de notaris in Gent als U Belg of Nederlander bent.
In het geval van complexe oprichtingen geven wij instructie welke de bijkomende documenten zijn die U moet halen in het land van herkomst en instructies waar en hoe dat u deze kunt halen en voorzien van een apostille.
Het verzoek tot inschrijving in het handelsregister wordt door ons gedaan met volmacht.
Wat doen we tijdens uw eerste bezoek na oprichting van uw Roemeense vennootschap ?
Wij gaan u meenemen om uw bankrekeningen privé en voor de vennootschap te openen. Wij hebben voorkeur voor een aantal banken maar in principe bent u vrij v.w.b. de keuze van een bank.
We gaan met U een telefoonabonnement met roaming regelen voor online banking indien noodzakelijk.
Wij regelen voor u een betrouwbare boekhouder aan voordeeltarieven.
We bezoeken het bedrijvencentrum en uw bureau als u bij ons een bureau gaat huren en doen ter plaatse nog enkele formaliteiten t.b.v. de activatie van uw onderneming en de BTW /ROI.
Dit zijn de belangrijkste operaties bij de oprichting van een bedrijf in Roemenië.
U spaart de reiskosten uit en hebt geen tijdverlies.
Wij bieden dezelfde service over het gehele Roemeense grondgebied aan een vaste all-in prijs.
Voor inlichtingen mail frjacobs@telenet.be 

dinsdag 27 november 2018

Presentation company creation and subventions and recruitment in romania on the fit seminar 28 November 2018

Romania is oxygen for your business
I spoke about :
- company creation in romania
- recruitment in Romania
- subventions in Romania
I gave a testimonial of 15 years of business adventures with practical tips on company creation, recruitment and subventions in Romania.
If anybody is interested we can do all of this for you as we helped more then 250 clients in Romania with their business.
Just mail me frjacobs@telenet.be

Download the full presentation:

The tax rate for a micro enterprise with one full-time employee amounts to 1% in Romania

The revenue threshold of a micro enterprise will be EUR 1 million, from January 1, 2018. The tax rate for a micro enterprise, with one full-time employee, amounts to 1%, whereas the tax rate for micro enterprises with no employees reaches 3%.
According to the latest changes in the Fiscal Code,  a newly established legal entity is required to follow the micro-enterprise tax regime starting with the first fiscal year and will remain under this tax regime if it meets all of the following criteria:

1.     The maximum threshold of annual turnover is EUR 1 million;
2.     Income generated from consultancy and management activities is not more than 20% of the annual turnover;
3.     It does not carry out any banking, insurance and reassurance, capital markets, gambling or upstream oil & gas activities;
4.     The share capital must be held by entities other than the state or the local authorities.

As long as the micro-enterprise continues to meet all of the above criteria, its status will remain.
Any newly registered legal entity with a share capital of at least RON 45,000 may choose to become a corporate income taxpayer as of its date of incorporation.
Any existing micro-enterprise with a share capital of at least RON 45,000, as well any existing micro-enterprise that increases its share capital up to this threshold may also opt to become a corporate income tax payer.
As from February 1, 2018, companies that are qualified as corporate income taxpayers, but their annual revenues fall below the threshold of EUR 1 million will have the obligation to apply the micro-enterprise tax regime.

Taxation on micro-enterprises
Micro-enterprises are taxed on their turnover. Micro-enterprises with at least one full-time employee are subject to a tax rate of 1% imposed on the business income, representing RON 1.000. Moreover, the firm has to pay to the state the imposed social contributions (pensions, health, work contribution) and the income tax for each employee. One should know that micro-enterprises with no employees are subject to the business income tax of 3% imposed on profits generated in one fiscal year.
Taxpayers of income tax like companies with a turnover of more than EUR 1 million may choose, according to the Fiscal Code, for the calculation, declaration, and payment of profit tax on a yearly basis or for quarterly instalments.

What is the threshold for micro-enterprises in Romania?

The modifications of the Fiscal Code for 2018 mention that the income tax is applicable for micro-enterprises with revenues under EUR 1 million registered in 2017. This rule does not apply for juridical entities with activities in the banking sector in Romania.

Tax deductions for micro-enterprises in Romania

According to the Fiscal Code for 2018, micro-enterprises in Romania can also benefit from tax deductions. More specifically, they may fall to 20% of tax for sponsorship, for the quarter in which the expenditures were registered. This feature is applicable starting with the second quarter of 2018. For a proper understanding of the new business and tax rules for micro-enterprises in Romania, it is best to talk to one of our accountants in Romania. They can help small, medium and large entrepreneurs align with the tax regulations imposed by the Fiscal Code and its modifications.

More info mail frjacobs@telenet.be

woensdag 7 november 2018

Survey recruitment trends in 2019

Some things to consider….as we are close to 2019. Some points can be converted in actions or strategies. You can ask yourself some questions as you start the new recruiting year:
Do you use the power of employee referrals ?
Employee referral is an internal recruitment method employed by organizations to identify potential candidates from their existing employees' social networks. An employee referral scheme encourages a company's existing employees to select and recruit the suitable candidates from their social networks. Employee referrals are a very popular method for finding high-quality candidates through recommendations from company's current employees. By setting up employee referral programs, companies can improve their time, cost and quality of hire.
Did you consider candidate referrals on social media ?
If we accept that to gain new business through referrals is an attractive proposition, how do we apply that knowledge to the recruitment arena? Or more specifically, how do we apply the concept of referrals to help us attract new, high-quality, candidate applications in a tight candidate market ? Linkedin gives a powerful toolkit for candidate referrals in order to generate candidates for profiles. Do you use it systematically ?
What CRM styrategy do you have ?
Candidate Relationship Management (CRM) is a method for managing and improving relationships with current and potential future job candidates. Since we live in a candidate-driven market, having a CRM strategy has become an absolute must!
What is your inbound recruiting strategy ?
Inbound Recruiting is a recruitment marketing strategy where you proactively and continually attract candidates with the goal to make them choose you as their next employer. Your goal in inbound recruiting is to attract, convert and engage candidates. What is your inbound recruiting strategy ?
Mail me for a tailor made approach: frjacobs@telenet.be
What HR tools do you use ?
Recruiting without HR technology has become mission impossible. There is a variety of great HR tools that significantly improve and fasten recruiting and hiring processes.
Where is the human touch that you added ?
Technology certainly makes recruiting tasks easier. But as you use more technology, you lose the humanness that people connect with.
You need to use some recruitment innovation to avoid a fully-robotic process. Make sure you use candidate names in correspondence. Try to recall personal details when talking to candidates. You can store notes about topics to discuss in your recruiting software.
Is your website mobile friendly ?
The best recruiting websites are designed for mobile. Not only should it be easy to find information while using a device, but candidates should also be able to apply for jobs from their phones. Recruiters who require applicants to switch to a desktop are going to suffer as people do more web browsing on the go and from the couch.
Can people work remote ?
As more jobs move completely online, more employees will work from home. Workers will be less willing to move for work. You will need to find ways to accommodate remote candidates. This will likely mean more video interviews and working around time zones. You might also need to convince clients to consider remote candidates. You might need to help clients learn how to interview candidates who live across the country. Workplace culture might not be as important to candidates, so you and your client will have to sell candidates on other job features, such as time off and educational incentives.
Mail me for a tailor made approach: frjacobs@telenet.be
Did you already experiment with video recruiting softwares ?
Video Interviewing or Video Recruiting or Digital Interviews is a fast emerging field in the landscape of recruitment today. This is an easy way to screen a high volume of candidates. The employer defines a set of questions on an online
recruiting software and invites a list of candidates to answer these issues.
Synchronous interviews are conducted live over the internet with both the interviewer and the candidate in attendance and are often used as an alternative to an in-person interview. In contrast, asynchronous video interviews are recorded by the job seeker at a time convenient to them. Typically, the applicant responds to questions displayed by the video interview platform. The hiring manager is not present for the interview.
The hiring manager has two main options. Some organizations conduct an online interview using popular, consumer-grade video platforms, such as Microsoft Skype and Apple FaceTime. This is the least expensive approach and is generally easy to set up. The drawback is that the technology can do little more than establish a connection and record, store and categorize the videos.
The other main option for the interviewer is to use specialized video interviewing software from vendors, such as HireVue, Montage, Spark Hire or Sonru. These platforms have data capture and analytics capabilities that the consumer video software lacks and have more controls for scheduling video interviews and sharing the videos among hiring managers and HR.
Do you use structured interviews to increase efficiency and to prepare for video recruitment ?
A structured interview (also known as a standardized interview or a researcher-administered survey) is a quantitative research method commonly employed in survey research. The aim of this approach is to ensure that each interview is presented with exactly the same questions in the same order.
Research shows that these interviews are much more effective than unstructured or semi-structured interviews, which is why they are being used by more and more employers. In recruiting a structured interview is a type of interview in which all the candidates are asked the same questions planned in advance
Mail me for a tailor made approach: frjacobs@telenet.be
Are you GDPR ready ?
Don’t think this new law applies to you? Think again! If you have even ONE European resident as a customer or email subscriber, it most certainly applies to you…and failing to comply could cost you BIG TIME!
General Data Protection Regulation (GDPR) is a new piece of EU legislation that will replace the current Data Protection Act (DPA) with the goal to unify data regulations within the EU. Staying compliant with GDPR is one of the top priorities for recruiters around the world.
What is your hiring metrics toolkit ?
Data-Driven Recruiting and HR Analytics are expressions used to demonstrate recruiting methods in which planning and decision making are based on data acquired through HR technology such as Applicants Tracking Systems and Recruitment Marketing Platforms.
Are the recruiting efforts linked with the overall strategic goals ?
Stop! Does Your Talent Acquisition Program Align With Your Business Strategy? Strategic alignment is another recruiting trend that will gain more attention in 2019. Strategic alignment means linking recruiting efforts with the company's overall strategic goals. That way, recruiting can be planned and executed in the most efficient way to support and drive the company's growth.
Mail me for a tailor made approach: frjacobs@telenet.be