Cheap Romanian incorporation services?

[Dexur]

"accumulate fines" lol

what are the revenue limits per quarter to be still eligible for the micro-company regime?

1kk euro per year

Thanks for posting that.

- Regarding their accounting fees, they state fees per month "per 10 documents", 20 documents etc. What do 'documents' refer to? Transaction receipts? What if I had 100 transactions (e.g. sales of software)?

- Regarding the bank account, as was asked above, do I have to physically go to Romania, or can they open it for me? If I have to go there, how quickly do I need to do that after incorporation? Can't I use Wise Business?

If you get those details clarified, please update us

I just send them invoices, receipts and taxes. I think I send more than 10, but they still charge the minimum.

You need to personally visit the country for the bank account opening. It's easy to open one with an EU passport, harder with a non-EU.

You can use Wise business for anything except taxes and other government things. Thus I had to use hard cash from ATM to pay my taxes T_T

 

[SoNewToAllShit]

You can use Wise business for anything except taxes and other government things. Thus I had to use hard cash from ATM to pay my taxes T_T

that's like it worked in the Good Old Days

Romania looks to be a good place if you are tired of most of all these regulations.

 

[gnud]

1kk euro per year

I just send them invoices, receipts and taxes. I think I send more than 10, but they still charge the minimum.

You need to personally visit the country for the bank account opening. It's easy to open one with an EU passport, harder with a non-EU.

You can use Wise business for anything except taxes and other government things. Thus I had to use hard cash from ATM to pay my taxes T_T

Is it possible to just use Wise then? Given that taxes will be paid in cash. No need to open a real bank account?

 

[SoNewToAllShit]

Can't see why not. But doing cash withdrawals with Wise can lead to more questions from Wise!

 

[EliasIT]

Glad to hear I could help I have also a rental agreement with them, cheap and nice. Accounting is also alright (around 45e). Unfortunately, I'm not an EU citizen yet, so no bank account for me ( have to use Wise + cash for taxes ). But it depends on the bank you're trying to open the account. I got declined once and decided not to bother. You need to pay taxes around 4 times a year, but I just accumulate fines and fly there twice a year to pay my taxes

you got a virtual office, rental agreement, EMI or bank and company in one package?

 

[Dexur]

you got a virtual office, rental agreement, EMI or bank and company in one package?

Separate packages. I paid for 3y of virtual office 100e/year, accountant is 45e/month, bank is Wise since I'm not an EU citizen yet and nobody wants to open a corporate bank for me

 

[EliasIT]

Separate packages. I paid for 3y of virtual office 100e/year, accountant is 45e/month, bank is Wise since I'm not an EU citizen yet and nobody wants to open a corporate bank for me

Bank is Wise ??? but you did not get any debit card for this account.. they don't support Romania for debit card?

 

[Dexur]

They do gave full support except for paying the taxes

 

[ImKing]

Is this a remote setup service for company I mean, Wise I can do self?

 

[Dexur]

Is this a remote setup service for company I mean, Wise I can do self?

Yes, you can register Wise account yourself once you have registration paperwork done.

 

[headspin]

You don't need to reserve a name. You just specify one when setting up a company.
Articles of association for example: Model Act Constitutiv | PDF

None of these fees are necessary, just optional. Just like I didn't pay $200 for an EIN, and did it all myself. As a one man company everything is very basic and common, you don't need any special assistance. Only when google search and translate fails me, I'd consider getting help. After all it's better to know all the ins and outs of what you're managing than being dependent on someone else.

btw do you write board meeting minutes in Romanian?

I can help you with some of the translations if you don't understand. Romanian laws are quite complex and sometimes not understandable, even for me as a native they give me headaches sometimes.

 

[gnud]

Thanks. Honestly I'm hesitant, so far I'm getting a feeling that even though it's cheap, and it's in the EU which would make things easier, otherwise the administrative environment is a pain in the a*s to deal with. Company formation is not swift, incorporation services are quite pricey, the ANAF were not helpful at all in providing information, many "professionals" that I've contacted were quite unprofessional, almost amateur, etc.

 

[gnud]

Found this service: Înființare firmă 100% digital | Nu te mai lupta cu birocrația | FirmeON

SRL incorporation 572 RON ~ 115 EUR

 

[orangekangaroo]

Found this service: Înființare firmă 100% digital | Nu te mai lupta cu birocrația | FirmeON

SRL incorporation 572 RON ~ 115 EUR

Good find. Looks like a service to take the headache away of incorporating and running a company. Although they don't seem to take on accounting clients.

 

[gnud]

Good find. Looks like a service to take the headache away of incorporating and running a company. Although they don't seem to take on accounting clients.

Do you know how trading revenue would be taxed? Would losses be offset from gains? Or since revenue is taxed, not profit, it wouldn’t be possible to deduct losses, gains would be taxed in full?

I asked the consulting company and they couldn’t tell me, they didn’t even get the question.

 

[orangekangaroo]

Do you know how trading revenue would be taxed? Would losses be offset from gains? Or since revenue is taxed, not profit, it wouldn’t be possible to deduct losses, gains would be taxed in full?

I asked the consulting company and they couldn’t tell me, they didn’t even get the question.

No, it is revenue-based. So super simple. With regards to VAT, you need to show two separate accounts one for incoming VAT (sales) and one for outgoing VAT (expenses).

 

[Dexur]

No, it is revenue-based. So super simple. With regards to VAT, you need to show two separate accounts one for incoming VAT (sales) and one for outgoing VAT (expenses).

I've heard that you have to pay 10% capital gains tax if you use your company's money for trading.

 

[gnud]

I searched in Romanian and found this:

https://www.portalcodulfiscal.ro/tranzactionare-la-bursa-prin-achizitii-si-vanzari-actiuni-49348.htm
After registering I saw this answer:

Raspuns: Opinie:

In conformitate cu prevederile Ordinului 1802/2014, se recomanda efectuarea de inregistrari contabile lunare (la sfarsitul fiecarei luni, cu ocazia inchiderii financiar-contabile) pentru fiecare societate ale carui actiuni au fost tranzactionate, a ajustarilor pentru eventualele pierderi de valoare (prin intermediul conturilor 686 sau 786), iar pe de alta parte, in cazul cresterilor de pret aferente, inregistrarea aferenta (prin intermediul contului 768; totodata, in cazul cedarii titlurilor detinute, acestea se vor inregistra in contul 664.

Rezultatele din fisa broker-ului (corelate cu soldurile din extrasul de cont), se inregistreaza in evidenta contabila: comisionul in contul 627 sau 668, iar dividendele cuvenite prin nota contabila: 453 = 761.

Tratamentul fiscal prevede includerea veniturilor contabile mentionate anterior in baza impozabila a impozitului pe veniturile microintreprinderilor (in conformitate cu art. 53 din Codul Fiscal), cotele de impozitare pe veniturile (si nu pe castigurile) microintreprinderii fiind de 1%, in cazul in care societatea are unul sau mai multi salariati sau 3% in cazul in care societatea nu are salariati (in conformitate cu art. 51 din Codul Fiscal). Veniturile respective se recunosc in contabilitate la data realizarii lor (conform documentelor justificative: fisa broker-ului, extrase de cont), calculul si plata impozitului pe veniturile respective efectuandu-se trimestrial, pana la data de 25 inclusiv a lunii urmatoare trimestrului pentru care se calculeaza impozitul (in conformitate cu art. 56 din Codul Fiscal).

Conform articolului 268 din Codul Fiscal, din punctul de vedere al taxei sunt operatiuni impozabile in Romania cele care constituie sau sunt asimilate cu o livrare de bunuri sau o prestare de servicii, in sfera taxei, efectuate cu plata si in consecinta, operatiunile de tranzactionare a actiunilor si titlurilor de valoare nu reprezinta operatiuni impozabile din punctul de vedere al TVA.


So it looks to me they really count every single gain as taxable, while losses are not deductible, since they say every single gainful trade has to be entered into accounting and at the date it was realized.

 

[orangekangaroo]

I've heard that you have to pay 10% capital gains tax if you use your company's money for trading.

I would not use a Romanian micro company for trading.

 

[uplana]

I would not use a Romanian micro company for trading.

why not ?