With Romania’s accession to the EU in 2007, EU law became part of the national tax legislation alongside the Tax Code Law 227/2015; as a result, knowledge of European law for VAT, directives, regulations and rulings of the Court of Justice on freedom of establishment and European business law is increasingly important. More and more frequently, changes in Romanian tax law entails an increasing degree of professional updating that many times cannot be achieved internally within the company.
The creation of an international group must be carefully evaluated both at the corporate level and with regard to Romanian and international domestic taxation aspects. In addition, there is increasing scrutiny by domestic auditing bodies for possible violations in the areas of transfer pricing, concealed permanent establishment, esterovestation etc.
Relying on local professionals without fully addressing the reflections generated on shareholders, nonresident directors is tantamount to having to remedy such failures later with increased costs and sometimes heavy penalties. The orderly and informed planning of business internationalization can no longer ignore a comprehensive assessment of the corporate group and transnational taxation.
Romanian Corporate Law is mainly contained in the so-called “commercial” law, Law No.31/1990 as amended. Our experience and Italian know-how leads us to recommend from the outset the necessary discussion regarding the best corporate configuration.
Shaping the articles of incorporation of one’s company according to one’s needs and providing from the outset for an effective governance system means building from the outset a solid home in which to carry out one’s economic activity. From direct experience, such an initial study normally makes it possible to avoid running into critical situations or immobility generated by conflicts between shareholders or with the administrative body. Our lawyers customize the articles of incorporation of the company by proposing all the best solutions that the law and experience may indicate.
Italian and Romanian lawyers customize, based on the needs of the company, corporate contracts, taking care to protect the economic interests with ad hoc clauses and in case of default provide for the recovery of the claim or the achievement of compensation.
We order and file accounting documents related to your business in Romania; we provide accounting processing of the delivered documents, bookkeeping and mandatory tax registers required by the Romanian accounting regulations; we prepare and file tax returns and send to the client the proxies for payment and if required the general administrative secretarial service; we prepare in cooperation with the Administrative Body of the client company the Financial Statements for the administrative year and all accompanying documents required by the Romanian accounting regulations and the client’s needs.
We manage the processing of payroll with related calculation of contributions due, with strict compliance with contractual regulations and prior assimilation and application of all contractual renewals determined monthly between the social partners. We customize the labor contract according to the client’s needs.
We assist the entrepreneur in submitting to Romanian lending institutions the necessary documentation for the opening of current accounts and for any practice required for financing.
At the start-up of the business we realize with the indications of the entrepreneur, administrator, ownership the business plan, evaluating with the client the prospects for development. We prepare for already established companies, specific and periodic business reports, reclassified for filed financial statements or current accounting situations. to highlight profit margins and economic profitability and financial ratios of solvency and indebtedness.
We verify with the entrepreneur/manager the company’s financial and economic performance on a forecast and actual basis against recorded results. We implement internal management control systems to monitor company performance.
We legally support in contracting, accounting and with the observance of domestic and EU tax regulations the entrepreneur in the planning and implementation of mergers, demergers, exchange and acquisition of shareholdings, both in the domestic and EU sphere. we also provide assistance in the difficult negotiation phase for the acquisition of Romanian company shares and companies, assessing with the entrepreneur the correspondence of the requested consideration with respect to the company’s valuation. To this end, we propose a legal, accounting and tax Due Diligence service of the target company preparatory to any subsequent negotiations and acquisition.
Italian accountants and lawyers in Romania providing tax, administrative, accounting and legal assistance to entrepreneurs with a desire to internationalize.
