LPG ÎN ROMÂNIA OFFERS THE POSSIBILITY TO INCORPORATE ROMANIAN COMPANIES BY CORRESPONDENCE BY POWERS OF ATTORNEY
The easiest way to incorporate a company in Romania is, of course, that founders should travel and physically come to Romania to carry out registration formalities (Trade Register, opening bank accounts, etc ...) on site in Romania.
But sometimes it proves to be complicated and the LPG office from Romania has designed for those who encounter difficulties in planning such a trip to Romania a complete procedure enabling the incorporation of a Romanian company (regardless whether it is a SRL or SA) remotely, by mail by powers of attorney.
It is in fact a complete set of powers of attorney that is applied and that enables the staff of LPG România to act on behalf of the founders of the company incorporated in Romania, at administrations, various institutions, such as the Trade Register, for example, and also at the bank, by opening a bank account to deposit and block the share capital.
The process actually starts with drafting the documents, such as the articles of incorporation, powers of attorney, forms, etc. beginning from the data of the company to be incorporated, such as:
- Name
- Social objective
- Capital
- Registered office
- Identity of the director
- Distribution of capital among partners
- Etc ...
These documents will then be sent to the company's founders who will simply have to sign such and then return them to the LPG office from Romania that will fulfil all formalities to register the Romanian company with the Trade Register and the Romanian administrations.
While some documents may be signed under private signature, other documents in turn have to be signed in front of a notary (who must go through the procedure of authenticating the documents and not only recognize the signature) in the country where the founders are at time of signing.
This notary signature will theoretically be sufficient (this will be the case especially when the signing takes place in France), but for certain countries (such as Luxembourg, Spain, etc.), the notary signature has also to be provided with an apostille and this will prolong the procedure by a few more days.
The documents that will require a signature in front of a notary are in summary:
- Power of attorney for the Trade Register and to open the capital deposit account
- Power of attorney for the electronic registration of tax and social returns
- Statement(s) of the partner(s)
- Director’s statement
- Director’s signature sample
Nevertheless, it should be noted that in regard to bank formalities, the power of attorney can only be used to open the deposit account and to block such, but will not allow the opening of the current bank accounts of the company. The Romanian banking organization does compel the bank to meet at least once the company's directors and, therefore, it will be necessary to travel to Romania to complete the opening of the company's current bank accounts.
In such regard, it should be considered that Romanian banks will require their client to have a (valid) ID card and will not be satisfied with just a passport (not even a valid one) to continue with the formalities concerning the opening (or operating) of the company's bank account.