O. G. no. 16/2022 amended the Fiscal Code, therefore I present below the main provisions of the normative act.

 1. Dividend tax - the changes take effect on January 1, 2023

Starting from January 1, 2023, the tax rate for dividends distributed/paid between Romanian legal entities, as well as for those distributed/paid to non-residents, is increased from 5% to 8%.

2. Microenterprise income tax - changes come into effect on January 1, 2023

No matter the fact that the investors in a Romanian company are residents or foreigners (or ventures), in both cases they are treated the same and benefit from the same opportunities of developing economic activities in Romanian.

All entities operate as independents and are separate by their shareholders/partners' legal units, having their own patrimony, possessions, appelation, administration, registered capital, headquarters and bank accounts.

With hundreds of companies established on behalf of our foreign clients, we offer the fastest and simplest option to set up Romanian companies at the lowest fees.

Moreover, such will be done by our professional lawyers, the only ones licensed in Romania to carry out a company formation. Your presence in Romania is not required.

We will draft all the necessary documentation, in bilingual Romanian-English so that you understand everything. You will only need to sign such documents  and soon your company will be up and running.

At EU level, the number of job vacancies is constantly increasing. With the recovery of the economy, there has been a steady increase in the vacancy rate in the European Union, with a different dynamic, however, in the Member States.

Professionals are a long-term investment

A long-term trend of increasing the use of capital can be seen from this perspective:

The individual employment contract is regulated by Law no. 53/2003 of the Labor Code.

An important aspect to be mentioned is that the minimum age to be able to work and have an individual employment contract is 16 years, as provided in the Labor Code. An individual employment contract can also be concluded for people who are 15 years old, but only with the consent of their parents and only if the work performed does not endanger their health and professional development.

New provisions on the sale of farmland located outside of the buildable areas is installed as per 13 October 2020.

As per 13 October, the foreigners can still buy agricultural land if they buy a company via a share deal. Other transactions are not possible any more for foreigners. Romania has put as single European country a limit for European citizens and other foreigners. Not very correct towards the citizens of Europe in my opinion.

After selling large plots of agricultural land during 2003-2007 we shifted from sales to due diligence and used our expertise to evaluate farms and agricultural land in Romania. Since then we performed a due diligence almost every year in a classical way. We also used our expertise for share deals with factories that were bought by investors as we active in Romania since 2003.

If you want to start your own business you can open a freight company. In fact, due to e-commerce, the volume of transported goods has increased and, consequently, the spaces for new companies on the market.

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.

Did you know that you have to risk  to be radiated and that you can loose  your business if you do not submit the statement of the real beneficiary to the ONRC?

More info mail frjacobs@telenet.be

The ONRC will organize a central register in which information will be registered regarding the real beneficiaries of the legal persons subject to the registration obligation in the trade register, except for the autonomous regions, the companies and the national companies and the companies wholly or majority state-owned.