In France, on the other hand, a firm can be set up in four days because less paperwork is needed and entrepreneurs have to go to fewer institutions.
In order to set up a firm in Romania you have to take one trip to the Trade Registry in order to reserve the firm’s name, one trip to the Financial Administration to get the certificate for the firm’s registered office, one from the notary for the specimen signature, one to the tenants and landlords’ association (if the registered office is in a block of apartments) to get the approval and another trip to the bank to pay the share capital. Securing the approvals and the papers takes at least a week.
However, in France those who want to set up a firm only go to the bank to pay the share capital and one to the Trade Registry, and are not required to reserve the firm’s name or submit specimen signature samples to the notary.
With a view to shortening the duration of setting up a company from 10 to 3 days, the Romanian Trade Registry will introduce a new integrated IT system, which will enable the entrepreneur to submit all papers necessary for setting up a firm online, with no additional financial costs, and which will save a lot of time.
According to this project, the entrepreneur will only have to go to the Trade Registry Offices and to the notary to get the specimen signature, not to submit the papers.
Moreover, it will be possible to pay all taxes to do with setting up a company through the “Electronic system of processing online payments with the Trade Registry.”
Someone who wants to set up a limited company has to go to the Trade Registry to reserve the firm’s name, put together the establishment document – a statutory declaration, secure the certificate for using the space as a registered office (after submitting an application with the Fiscal Administration), get the approval of the tenants and landlords if the registered office is in a block of apartments, pay the share capital with the bank, and a signature specimen with the notary.
At least a week to gather all the paperwork for setting up a firm
Lawyer Tudor Dobrescu says in Romania it takes at least seven to ten days to get all the papers for setting up a limited company and, after submitting all the papers, it takes up to five more working days to issue the company’s certificate (submitting the papers online should shorten this period).
Will the new IT system of the Trade Registry make it easier to set up a firm?
It is not very clear how this system will work and in what it will make entrepreneurs’ work easier.
Mariana Florescu, head of the data management service within the Trade Registry only said that as of February 6 the activity of registration with the Trade Registry will be done through the new portal dedicated to the business community, financed with EU funds.
“RECOM online and the Trade Registry’s services portal (portal.onrc.ro) will be functional as of February 7,” she said.
(English version by Daniela Stoican)