Representative Offices
Foreign corporations
are entitled to set up representative offices in Romania, in accordance with the
provisions of Decree – Law No.122/1990. While representative office cannot carry
out commercial activities on their behalf, they are entitled to promote and
supervise the business of their parent companies. As a representative of a
foreign entity, a representative office cannot earn revenues in local currency.
For payments in local currency, the office must open a ROL bank account, which
is to be funded only by its foreign currency account.
Establishing a
representative office with the approval of the Ministry of Industry and
Commerce, Department of Foreign Trade, is a straightforward matter. A fee of US$
1,200 is paid for a one year-license. The license must be renewed every year
against payment of the corresponding fee. If the registration occurs at a time
other than the first quarter of the opening year, the annual fee is prorated
accordingly. If a representative office represents more than one foreign
company, a supplementary fee of 10% is to be paid for each of the represented
companies.
Most representative
offices are subject to minimum taxation since their only "income" is their
funding by their parent company. As of January 1st, 1997, representative offices
must maintain statutory accounts in compliance with legislation applicable to
companies.
Applications for
representative status should be accompanied by the following documents:
-
documentation from a
Chamber of Commerce or other official body of the country where the parent
company has its headquarters, indicating the company's legal existence,
activities, and registered capital;
-
confirmation of the
parent company' solvency from the bank handling its main financial
operations;
-
statutory or other
documentation, indicating the nature of the company's activities, its
organizational form and its operations; and
-
a power of attorney
for the individual or individuals appointed to act as trade representative(s);
-
a decision of the
parent company's General Meeting approving the setting up of the
representative office;
-
payment proof for the
relevant tax.
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RoDI
ISOC
IWA
ARTT
RTS
WQC 2003 
ISAQ 2005