Set-up Your Company in Romania
Romania is often considered as one of the most promising locations in Europe for company formation as foreign investors are attracted by the uniform taxation system, EU membership, availability of cheap manpower, and low incorporation and maintenance cost. If you are looking for incorporation in Romania in a short time, NNRoad has the knowledge and experience to provide high-quality services in managing the legal formalities throughout the company formation process.
Business entities you can open in Romania
1) Limited Liability Company (SRL)
This can be registered by a single shareholder contributing a minimum of 50 Euro. The shareholder has to appoint a director who is not required to be a resident in Romania or EU. This structure is the best for manufacturing or trading activities.
2) Joint Stock Company (SA)
This structure requires to have at least two shareholders and a minimum paid-up capital of 25,000 Euro. This entity is the best choice for projects involving a high amount of investments.
3) Free Zone Company (IDZ Company)
Foreigners can open this kind of entity in the industrial parks in Romania. Some of the benefits are the exemption of customs duties, corporate income tax holidays, simplified procedures to obtain manufacturing and construction permits.
4) Branch and Representative Office
Foreigners can also set up branches and rep offices, but the limitations for rep office is that they cannot conduct commercial activities. So this is one of the best choices if you want to test the market before fully entering the country.
Our Company Formation Service Includes:
- Confirm the selection of a business entity type.
- Assist with the name or business name of the entity.
- Guiding and preparing legal documents like an Application form for company registration, Articles of Association, and other incorporating documents if needed and registration at Trade Register.
- Assist with registration of a company with the relevant Tax Authorities, social and labor authorities.
- Support with after company setup services.
- Assist with other licenses, if required by Law.
PEO/Employer of Record in Romania
Hire employees in Romania while NNRoad handles all employer liabilities. No local entity needed.
Hiring employees in Romania is a daunting task as it is important to first establish an entity and then hire staff under Romanian labor compliant laws. NNRoad can help you by providing a workforce without the burden of incorporating an entity in Romania. We provide cost-effective and simple solutions for your operations and staff hiring in foreign legislation.
NNRoad's PEO/Employer of Record Service in Romania Includes:
- Engaging employees through local labor contracts including contract administration, engagement, extension termination, and conversion to a permanent hire.
- On-boarding and off-boarding employees following local labor law practice.
- Registration of employees with the social security board and with the tax office.
- Complete payroll solution and mandatory benefit administration.
- Employee management according to local laws, including employee record, timekeeping, bonus, and allowance management, expense and claims, and leave employee database management.
- Payments to the Social securities and submission/payments of the tax return.
- Payment management, including invoicing customers/clients and salary payments.
Paying staff accurately and in a timely manner along with correct social and tax contributions is of extreme importance. Payroll Administration counts as a complex and time-consuming activity. It requires extensive and up-to-date knowledge of tax and labor laws in Romania. Any mistake can lead to serious consequences ranging from discontented staff to unexpected legal penalties.
At NNRoad, we stand responsible for all the legislative and administrative developments freeing you from all the burden. We have experienced professionals who will look after all your payroll needs saving you the time and resources which you can utilize in business-oriented activities.
- Registering and de-registering the necessary company and personnel information for payroll calculation in compliance with local rules.
- Registering all local employees with the social security board, if required.
- Calculation of gross salary, salary deductions, such as social insurances, unpaid leaves, etc., and net salary based on information provided by the Company including irregular payments such as incentive/bonus, allowance, etc. if applicable.
- Pro-rata calculation for people who join/resign.
- Providing a monthly payroll summary to the Company.
- The monthly issue of electronic pay-slips.
- Prepare annual payroll related reconciliation report.
One of the biggest compliance burdens for businesses expanding across borders is maintaining records and tax reports according to the local directives. When it comes to taxation and accounting, the reporting requirements and financial reports can count as a load; taking away all the attention from your core business. NNRoads’ team of professional and experienced accountants will help you manage your finance, accounting, and taxes.
We understand the importance of staying away from any risk associated with tax and accounting procedures and therefore offer transparent procedures so that you get all the financial clarity.
- Handling all the bookkeeping records as per Romanian Legislation.
- Preparation of Monthly or bi-monthly reports to different government authorities.
- Taking care of taxation like corporate income tax, VAT, withholding tax etc.
- Assisting clients with tax calculations and settlements before Tax Authorities wherever permitted in compliance with local law.
- Consolidation accounting and preparation of group financial statements.