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News from Members Amendments brought to Company Law in view of eliminating certain obligations and formalities required for the establishment of a company in Romania

Amendments brought to Company Law in view of eliminating certain obligations and formalities required for the establishment of a company in Romania

by Tuca Zbarcea & Asociatii July 7, 2020

Website www.tuca.ro

The Official Journal of Romania No. 583, Part I, of 2 July 2020 published Law No. 102/2020 amending and supplementing Company Law No. 31/1990 ("Law No. 31/1990'').

The amendments to Law No. 31/1990 are aimed at eliminating certain obligations and formalities required for the establishment of a company in Romania, covering the following aspects:

  • Removal of the prohibition for an individual or a legal entity to act as sole shareholder in several limited liability companies;
  • Removal of the prohibition for a limited liability company with sole shareholder to be established by another limited liability company with sole shareholder;
  • Reduction of the number of documents necessary for the establishment of the registered office;
  • Removal of the prohibition to establish more than one registered office at the same address;
  • Removal of the requirement to get approval from the owners' association and from the neighbors when establishing a registered office in an immovable property having residential purpose, under certain circumstances.

To read the entire legal bulletin, please download the .pdf attached or visit http://www.tuca.ro/legal_bulletin/

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