GREENFIELD INVESTMENT IN ROMANIA

GREENFIELD INVESTMENT IN ROMANIA

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.

Mail: freddy.jacobs@pbsworldwide.com

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.

Read more: http://www.pbsworldwide.com/

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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 

Read more: http://www.pbsworldwide.com/

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

Read more: http://www.pbsworldwide.com/

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.

1.CIT

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;

2. MICRO-ENTERPRISE TAX RATES

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

 3.  WITHHOLDING TAX RATE

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

STANDARD VAT

The standard VAT rate in Romania: 19%

REDUCED VAT

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.

5. INTRA –COMMUNITY VAT DEDUCTIONS

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

6. PERSONAL INCOME TAX

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.

7. SOCIAL CONTRIBUTIONS OWED BY THE EMPLOYEE

Social contributions owed by the Employee: 45%

8. SOCIAL CONTRIBUTIONS OWED BY COMPANIES

Social contributions owed by Companies in Romania: 2,25%

9. TAX LOSSES

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

Read more: http://www.pbsworldwide.com/

#romania #businesscentre #businesscenter #buzau #companyformationromania #companycreationromania #vatromania #companyregistrationromania #companyregistration

15 lei – the new face value of the meal tickets in Romania

Starting December 2016, the new maximum nominal value of meal vouchers is 15 lei.

The new nominal value of meal vouchers was established by Law no. 218/2016 for the amendment of Art. 3 paragraphs. (1) of Law no. 142/1998 regarding grating food vouchers, published in the Official Gazette no. 931/2016.

Therefore, in accordance with the provisions of this law the order meal tickets with face values of up to 15 lei inclusive can be delivered starting from December.

Ticket Restaurant Card offers  greater flexibility compared to paper tickets. The card allows fractional payments below or above the nominal value of a meal ticket, no longer necessary to complete the amount of cash and purchase products with low value.

Increasing the nominal value of the voucher bring numerous benefits for both companies  and for the beneficiaries:

• Increased purchasing power for employees

• Deductibility and relief from social charges for companies and employees. Compared with the same amount of cash grant, the companies  save 40% if granted Ticket Restaurant  vouchers or card.

more info frjacobs@telenet.be

Document archive services romania

Document storage is required when you have historic documents that you need to retain, but do not have the facilities to store them securely. It is likely that the cost your office space is comparatively expensive compared to archive storage, resulting in off-site archive storage being more economical that keeping the boxes of documents in your office.

Starting January 1, 2016, the rules on archiving documents were amended by an order of the Ministry of Public Finance (MFP). Among the changes which are able to keep the accounting archive documents electronically, and the list containing the types of documents that must be retained for five years was completed.

Rules on archiving and keeping of accounting and other financial and accounting documents can be found in Section C of the General Norms for preparation and use of financial and accounting documents, approved by Order of MPF no. 2634/2015 in force on 1 January 2016.

Accordingly, persons referred to in art. 1 para. (1) - (4) of Law no. 82/1991, as amended and supplemented, are required to maintain a certain number of years a number of financial and accounting documents. Also, the self-specific fields for which the applicable law provides for use of other documents, applied properly and specific regulations.

The registers and other financial and accounting documents are archived for a period of 10 years starting from the date of financial year during which they were completed.

The exception to this rule are payroll, that will be archived for a period of  50 years.

In other words, companies, societies / national companies, autonomous administrations, national institutes for research and development, cooperative societies and other legal entities are obliged to keep their archive the books and documents underlying the recording in accounting

We offer archive services from 1 January 2017.

• Free document storage quotations
• Long and short term document storage
• Secure document storage facilities
• Fully equipped document archive storage systems 
• Secure destruction services when the documents are no longer needed
• Delivery/pickup services

You need to keep your company documents 5 years at disposition in Romania to governmental organisations.

If you stop your activities, we can keep the archive for you.

Contact us for prices and modalities.

You can already store your documents for 150 euro/year ex VAT (rata BNR)

Request a Free no obligation document storage quotation to find how much your document storage would cost

cibr@telenet.be

Micro company in Romania has a tax regime of 3 percent till 100.000 euro – taxes in Romania

More info mail frjacobs@telenet.be

The micro company is a very interesting company as the tax levels are very low. It can be used to save money as it is a company it is fully legal (piggy bank). With this company you can invest and when you make the pension you simply dissolve it and then the remaining money will be transferred after legal dissolvation in conformity with law 31/1990 to your personal account.

According to GEO 50/2015 amending the Law 227/2015 - The new Fiscal Code, published in MOF No 817 of 3 November 2015 starting 1 January 2016 for micro cap will be 100,000 euros.

Conditions of admission to a company in the micro category:

• incomes other than the activities in banking, insurance and reinsurance, capital markets, gambling and exploration / exploitation of natural deposits;

• incomes other than those of consulting and management, in a proportion of 80% of total revenue;

• incomes do not exceed the RON equivalent of EUR 100,000;

• share capital must be held by persons other than the state or local authorities;

• dissolution is not in liquidation, registered in the Trade Register or the courts.

Income tax

Taxing income microenterprises are made depending on the number of employees:

• The tax rate 1% - minimum 2 employees;

• The tax rate 2% - one employee;

• The tax rate 3% - no employees.

For the company to benefit from reduced rates of income tax (1% or 2%), employees must be full-time employees. Tax Code states that if, during the fiscal year, the number of employees changes, tax rates mentioned above will apply beginning with the quarter in which the change is made.

For enterprises that have an employee or two employees when the service terminates, maintaining the tax rate is considered fulfilled if during the same quarter are hired new employees.

More info mail frjacobs@telenet.be