dinsdag 23 juni 2020


Developing countries tend to attract prospective companies with offers of tax breaks, or they could receive subsidies or other incentives to set up a green-field investment. While these concessions may result in lower corporate tax revenues for the foreign community in the short run, the economic benefits and the enhancement of local human capital can deliver positive returns for the host nation over the long term.
We can help you as a parent company to  creates a new operation in Romania from the ground up.
In recent years the Romanian market has become increasingly interesting for companies that are relocating. Firms seeks to build service centers or production plants on a market directly connected to Western Europe, which possesses highly skilled and affordable workforce. We assist companies in the first steps of activity and we build long-term partnerships that consistently improve our partners’ performance. On matters on which we lack competence we always recommend the best.
We can help you with:
  • An analysis of the local markets and the locations considered;
  • Advice on forming the core team;
  • Recruitment of core team members;
  • Core team coaching;
  • Specialized legal advice;
  • Company creation;
  • Obtaining the necessary permits;
  • You will focus exclusively on business decisions;
  • You build a healthy and stable grounds for your investment;
  • You have access to a network of potential partners;
  • You receive access to specialized managerial know-how;
  • You limit your investment risks.

We are a team of specialists in the field of strategic management. In our relationships with our partners we act in their interest offering them the support to become a better version of themselves. Assuming they are committed to change, we want, we know, we can and we will make them act, as companies or individuals, at their maximum potential.
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vrijdag 8 mei 2020

Establishment of a Romanian company

Starting a company does not guarantee that your business idea will be a success and does not mean that once you set up your company you became a true entrepreneur; it is a necessary but not a sufficient condition. On the other hand, it is good to know that when you have a company you will have more responsibility: documents, accounting, all kinds of authorizations, controls, reports, but also advantages.
In Romania, the business bureaucracy can often be cumbersome but without a legally established company you cannot do much. In addition, setting up a company also means a number of responsibilities. So, let's see how you go about setting up your business and what you should do.
Let's establish the details together, and let's get started!
The establishment of a company starts with a road to the Trade Register to reserve the company name. Prior request to all operations at the Trade Register. The most commonly used types of companies are SRL (Limited Liability Company).
We will write them for you!
For the establishment services the company offers:
  • Name reservation for SRL;
  • Detailed consultancy regarding the necessary documents and the steps of setting up the company;
  • Technical writing: constitutive document, documents for the use of headquarters and work points, declarations and requests;
  • We establish together the CAEN codes for the activities carried out;
  • We deal with the completion of the necessary declarations;
  • Authorization of activities at headquarters, work points and third parties (at ONRC);
  • Information on future obligations;
  • ONRC fees and representation;
  • Preparation of the file and submission to ONRC;
  • Hosting services;
The share capital for SRL is 200 lei; Once they are deposited with the bank and the company is set up, the money can be withdrawn from the share capital account and used.
Depending on the bank you choose, you need certain documents for opening a share capital account.
Thus, not only will you have the company registered in a timely manner but you will be able to be sure of the correctness of the documents from a legal point of view. We have an experience that guarantees a simple and fast procedure, without headaches.
More info mail: frjacobs@telenet.be 

donderdag 23 april 2020

Recruitment and company services in our business centers in Romania

CIBR INTERNATIONAL’s company secretarial department provides clients with a full suite of cost-effective company secretarial services, ensuring our clients have peace of mind that they meet the legal and administrative requirements.
Every organization has unique needs. Our team has proven technical knowledge and practical experience, providing comprehensive high-quality advice and delivering services designed to give you peace of mind. We develop specific services tailored to meet clients’ needs, often in conjunction with other professionals, so that our clients enjoy the benefits of the breadth of commercial experience and expertise available in our company.
More info: mail frjacobs@telenet.be 
We can assist you by:
General attributions
  1. Providing advice on different company types and the incorporation process
  2. Having a streamlined, efficient incorporation service
  3. Providing assistance with post-incorporation matters
  4. Receiving and sending correspondence
  5. Obtaining the necessary licenses for the client's activity
Recruitment/New Hire Process
  1. Participating in recruitment efforts
  2. Posting job ads and organizing resumes and job applications
  3. Scheduling job interviews and assisting in the interview process
  4. Collecting employment and tax information
  5. Ensuring background and reference checks are completed
  6. Preparing new employee files
  7. Overseeing the completion of compensation and benefit documentation
  8. Orienting new employees to the organization (setting up a designated log-in, workstation, email address, etc.)
  9. Conducting the benefit enrollment process
  10. Administering new employment assessments
  11. Serving as a point person for all new employee questions
Payroll and Benefits Administration
  1. Processing payroll, which includes ensuring vacation and sick time are tracked in the system
  2. Answering payroll questions
  3. Facilitating resolutions to any payroll errors
  4. Participating in benefits tasks, such as claim resolutions, reconciling benefits statements, and approving invoices for payment
Record Maintenance
  1. Maintaining current HR files and databases
  2. Updating and maintaining employee benefits, employment status, and similar records
  3. Maintaining records related to grievances, performance reviews, and disciplinary actions
  4. Performing file audits to ensure that all required employee documentation is collected and maintained
  5. Performing payroll/benefit-related reconciliations
  6. Performing payroll and benefits audits and recommending any correction action
  7. Completing termination paperwork and assisting with exit interviews
Whatever sector your business operates in, our dedicated company team has the experience and expertise to provide tailored legal and regulatory advice to ensure your corporate affairs are in order. We work for your peace of mind!
More info: mail frjacobs@telenet.be 

donderdag 16 april 2020

Facilitate or create an IT company in Romania

If you have an IT company in Romania, you can benefit from some general tax facilities, but you also have a special facility, specific to this area. Let's see what these facilities are and how we can benefit from them. For more info mail frjacobs@telenet.be
General facilities
Employers can benefit from budget subsidies, based on Emergency Ordinance no. 60/2018 for the modification and completion of some normative acts in the field of labor force.
1. If you recruit graduates / unemployed you can receive monthly, for a period of 12 months, for each graduate / unemployed unemployed.
2. If you are unemployed who within 5 years from the date of employment meet the conditions for applying for a partial early retirement or for granting the old-age pension, if you do not meet the conditions for applying for a partial early retirement, you will benefit monthly. the period of employment, until the date of the fulfillment of the respective conditions,
3. There are also facilities if you place young people at risk of social marginalization of apprentices (2,250 lei / month for the entire duration of the apprenticeship contract).
4. The employer who concludes a traineeship contract benefits, upon request, during the duration of the traineeship contract, of an amount in amount of 2,250 lei / month, granted from the unemployment insurance budget, within the limits of the funds allocated with this destination.
Conditions to be met:
• To be eligible for a grant, graduates must be indefinitely employed.
• If employers employ unemployed persons over 45 years of age, unemployed who are sole supporters of single-parent families, long-term unemployed or young NEETs, they must terminate their contract for an indefinite period and have the obligation to maintain employment or employment relationships. service for at least 18 months.
The tax exemption of the reinvested profit
Profit invested in technological equipment, electronic computers and peripheral equipment, machines and home appliances, control and billing, in computer programs, as well as for the right to use computer programs, products and / or purchased, including on the basis of leasing contracts. financially and put into operation, used for the purpose of carrying out the economic activity, it is tax exempt. The income tax exemption related to the investments made is granted within the limit of the profit tax due for the respective period.
More info mail frjacobs@telenet.be
Special facilities
Tax exemption for programmers' salaries, under certain conditions.
In order to apply the exemption, companies from Romania can be registered whose object of activity includes the creation of computer programs, having the CAEN codes:
• 5821 Computer game editing activities
• 5829 Editing of other software products
• 6201 Custom software activities (customer-oriented software)
• 6202 Information technology consultancy activities
• 6209 Other service activities regarding information technology
The conditions that must be cumulatively fulfilled are the following:
• The positions on which they are employed correspond to the list of occupations mentioned below.
• The position is part of a specialized department of computer science, highlighted in the organization chart of the employer, such as: department, department, office, service, office, compartment or the like.
• I hold a diploma awarded after completing a long-term or short-term form of higher education or I hold a diploma awarded after the completion of the first cycle of undergraduate studies, issued by an accredited higher education institution or hold a baccalaureate diploma and follow the courses of an accredited higher education institution and effectively provide one of the activities provided below.
• The employer made in the previous fiscal year and recorded separately in the analytical balances incomes from the activity of creating computer programs for marketing.
• The respective annual incomes have a value of at least the equivalent in lei of 10,000 euros (calculated at the monthly average exchange rate communicated by the National Bank of Romania, for each month in which the income was recorded) for each employee who benefits from the tax exemption on income.

More info mail frjacobs@telenet.be

dinsdag 7 april 2020

Guide for setting up a company in Romania - romanian company inregistration

More info mail frjacobs@telenet.be
The persons who want to set up companies in Romania can choose one of the types of companies provided in the Companies Law, which defines both the documents that must be taken into account when registering the company, as well as the social capital required for registration at the Trade Register.
From all the types of companies that can be established in Romania, the limited liability company, or the SRL, is the most common.
I. The Necessary Documents for setting up the company
The first and foremost thing you need to do is to know which documents are required for the company file. The list with the necessary documents is disposed of by the Trade Register and contains declarations, constitutive documents, signature samples, etc.
II. Checking the Availability of the Name
Once you have found out what the documents are, follow the first step, to reserve the name of your future company.
Together with a Request to verify the availability of the company name and its reservation, complete with several name variants (from experience I tell you that you must prepare at least 3 name variants) the company name is obtained. (The fee for checking the availability of the name no longer has to be paid).
The duration of the Evidence to verify the availability and reservation of the company is around 2-3 days.
The evidence of the availability and reservation of the company must be attached to the original company file.
III. Establishment of the registered office
A process that you can do in parallel with all the steps to make the company file.
First of all, you need to look for a registered office. This can be a house or an apartment, personal or rented.
The next phase is the transfer of the registered office to the company name. This can be done with the help of a rental agreement or a convenience agreement. This contract must be concluded between the owner of the building and the company being set up (Name chosen in Step no. II).
Careful! If the registered office is an apartment, you also have to fill in an application approved by the neighbors and the block administrator. You must receive signatures from all the neighbors around your apartment (top, bottom, left and right of the building) and the administrator.
All these Applications and Declarations regarding the registered office must be attached to the company file in the original form.
IV. Drafting of the Constitution
The next step is the drafting of the Constitutive Act of the company.
The Articles of Incorporation must contain the following information: the identification data of the associate (s), the form of organization, the name of the company received in step no. I, the specification of the registered office, the secondary office (if there are several working points), the object main activity and secondary activities, the share capital and the share of participation of the associates in profit and loss, the designation of the administrator who has a mandate for a period established by associates that can be unlimited or limited.
Careful! Pay close attention to the NACE because only based on these NACE you will be able to earn income. It is preferable to add more NACEs for a possible extension of the activity object.
The social capital of an SRL must be of at least 200 lei, divided into social parts with a nominal value of at least 10 lei each, and each associate can hold a whole number of social parts.
The Articles of Incorporation must be attached to the file of the establishment of the company in the original form.
V. Realization of the Social Capital
Is the time as the associate (s) must deposit the share capital. It must be at least 200 lei, divided into social parts with a nominal value of at least 10 lei each.
This process can be done at any bank. At the bank must go with a variant of the constitutive act to make according to it the payments for the share capital.
After the money is deposited for the share capital, you will receive a receipt that represents the proof of the payment of the payments under the conditions of the constitutive act.
This proof must be submitted in the original to the company file.
VI. Completion of Statements on your own responsibility
The next step is the completion of the statements given on their own responsibility by the associates and administrators from which it can be seen that they fulfill all the legal conditions for holding these titles.
VII. Other documents
1. The sample of signatures is obtained in the first step and is completed only by the Administrator / Administrators. The signature must be placed in front of the notary (authentic notarial act).
2. Copies according to the Identity Cards of the Shareholder (s) and the Administrator / Administrators (if they are not Associates) and completed on them the First and Last Name, Signature and that they are by the originals.
3. Completing the Registration Application SRL.
VIII. The last step
After collecting all the statements completed from the previous steps and completing the file (track file) of setting up the company, it is submitted to the Trade Register Office. After checking it, you will have to go through the last action, to pay the company registration fee and the publication fee in the Official Gazette.
The deadline for issuing the file is 3-4 days.
IX. Other information
Once you have obtained all the documents regarding the company registration, you have to perform the following activities:
• Making a stamp;
• Registration at ANAF (National Agency for Fiscal Administration) of Declaration 010 regarding fiscal registration;
• Opening the current account of the company at a bank;
• Making a special invoice and receipt templates for your company.
X. Lots of SUCCESS
The hardest thing is to find customers and make a profit. Here it all depends on you and how good you are in the activity you do.
These are the steps you need to follow to set up a company (related to registration fees, these may vary, as the case may be):
- choosing and reserving the name of the company is the first step in establishing a limited liability company;
- the object of activity and its identification in the classification of CAEN codes must be defined;
- finding a registered office that will serve as the main address of the company must be considered;
- depositing the share capital after opening a bank account at an approved bank is the fourth step for registering an SRL;
- drafting and authentification of all the declarations of shareholders/administrators;
- the drafting and authentication of the constitutive documents of the company are necessary;

More info mail frjacobs@telenet.be

donderdag 2 april 2020

How to pay 1% taxes for a micro-enterprise in Romania

The micro-enterprise tax is computed as follows:
  • 1% for micro-enterprises with at least one employee*
  • 3% for micro-enterprises with no employees
* A reduced rate of 1% is applicable for the newly set up Romanian companies having at least one employee and being incorporated for a minimum period of 48 months and whose shareholders/associates did not hold participation titles in other legal entities. This reduced tax rate is only applied to the first 24 months since the registration date of the legal entity.
Condition regarding of the company
The micro-enterprise is a Romanian legal entity that cumulatively fulfills the following conditions, as of December 31 of the previous fiscal year:
  • it made revenues that did not exceed the equivalent in lei of 1,000,000 euros. The exchange rate for determining the equivalent in euros is the one valid at the end of the financial year in which the revenues were registered;
  • its share capital is owned by persons other than the state and the administrative-territorial units;
  • it is not in dissolution, followed by liquidation, registered in the trade register or in the courts.
Condition for new establish companies
A newly established company cannot opt for a different tax regime than the micro-enterprise if on the date of registration with the Trade Register the above condition regarding the share capital is met.
Condition regarding of employee
The condition regarding the employee is considered fulfilled if the employment is performed within 60 days including from the date of registration of the respective legal person.
Employee means the person employed with an individual full-time employment contract.
Equivalent situations:
a) the micro-enterprise may have persons employed with an individual part-time contract if the part-time fractions provided for in them, summed up, represent the equivalent of a whole norm;
b) have concluded administration or mandate contracts, according to the law, if their remuneration is at least at the level of the minimum gross basic salary in the country guaranteed in the payment.
Changing the number of employees during the year
If during the fiscal year, the number of employees changes, the tax rates are applied accordingly, starting with the quarter in which the change was made. For micro-enterprises that have an employee and apply the tax rate of 1%, whose employment relationship ceases, the condition regarding the number of employees is considered fulfilled if a new employee is hired during the same quarter.
Microenterprises that do not have any employees, in the situation in which they employ an employee, in order to change the tax rates, must do so with an individual employment contract for an indefinite period or for a fixed period for a period of at least 12 months.
When can you change your tax regime and what alternatives do you have?
If, during a fiscal year, the micro-enterprise makes revenues in excess of 1,000,000 euros, it owes income tax, starting with the quarter in which this limit was exceeded.
The principle works and vice versa: the tax payers who fulfill the condition of classification as a micro-enterprise must also change their tax regime.
Declaration and payment of tax
The calculation and payment of the tax on the income of micro-enterprises is carried out quarterly, until the 25th of the month following the quarter for which the tax is calculated.
The related statement 100 is filed quarterly until the same date.
In conclusion, a Romanian legal company that cumulatively fulfills the following conditions is subject to the 1% tax payment:
  • it made 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 valid at the close of the financial year in which the income was recorded;
  • its share capital is owned by persons other than the state and the administrative-territorial units;
  • it is not in dissolution, followed by liquidation, registered in the trade register or in the courts, according to the law.
  • has at least one employee with  full-time employement contract for an indefinite period.
 We can do the company creation for you just mail us freddy.jacobs@pbsworldwide.com

dinsdag 31 maart 2020

10 Advantages that a foreigner must know when he wants to open a company (SRL) in Romania.

Then, one of the reasons why it is good for a foreign citizen to open his company in Romania is the one related to the wages in our country, the average income in our country is 400 euros.
Any SRL registered in Romania is recognized throughout the European Union and can conduct business in the European community and beyond.
Citizens from other states benefit in the good sense from the fact that Romania offers many advantages for doing business, due to the low costs and cheap labor, so that up to 300,000 Romanian companies registered with shareholders of other nationality are registered so far.
Then, one of the reasons why it is good for a foreign citizen to open his company in Romania is the one related to the wages in our country, the average income in our country is 400 euros.
Corporate Income Tax (CIT): 16%*
*Taxpayers that are carrying on activities such as gambling and nightclubs are subjects of either 5% rate of the earned revenue or 16% of the taxable profit, depending on which is higher.
Companies are liable to pay the micro-enterprise tax (instead of corporate tax) provided that:
  • Revenues in the previous tax year were below EUR 1,000,000;
  • Companies have the possibility to opt to be corporate income taxpayers if their share capital is higher than RON 45,000 and have at least 2 employees;
The micro-enterprise tax is computed as follows:
  • 1% for micro-enterprises with at least one employee*
  • 3% for micro-enterprises with no employees
More info mail frjacobs@telenet.be
WHT rates in relation to non-resident companies are:
  • 1% for revenues obtained from gambling activities
  • 5% for revenues obtained from dividends
  • 50% for payments made by a Romanian company to non-resident company bank accounts (opened in countries that do not have an information exchange agreement concluded with Romania) and only if such payments result from artificial transactions
  • 16% in case of any other revenues from Romania
4. VAT
The standard VAT rate in Romania: 19%
A reduced rate of 9% applies to water supply services, food & beverage industry, medical treatments, and prosthesis, etc.
An extra-reduced 5% applies to supplies of social housing under certain conditions and to school books, newspapers, magazines, admission fees to castles, museums, sports events, cinemas, etc.
Access to intra-Community VAT deductions
Another advantage is that the company registered in Romania can become a VAT payer. The advantage of this option is that so the SRL registered in Romania can receive local VAT deductions, but also for intra-Community VAT.
More info mail frjacobs@telenet.be
Personal Income Tax: 10%*
* IT specialists, employees with disabilities and employees who work in Research and Development (R&D) or Technological Development field are exempted under certain conditions.
Social contributions owed by the Employee: 45%
Social contributions owed by Companies in Romania: 2,25%
Losses may be set off against the same types of income:
  • Losses that cannot be set off may be carried forward;
  • Tax losses may be carried forward for a 7-year period (no carryback is allowed);
  • 0.08% – 0.2% of the buildings´ tax value for residential buildings;
  • 0.2% – 1.3% of the buildings´ tax value for non-residential buildings;
Building tax is paid annually in two equal installments. The tax is due for the entire tax year by the person who owns the building as of December 31st of the prior tax year.
More info mail frjacobs@telenet.be
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