What time did you set up your company?

Bucharest Angel — Thu, 07 May 2009 09:30:38 +0000

One of my clients is a Romanian-born Swedish guy who is in the business of software development. We helped him set up a Romanian branch of his Swedish company. Of course, he was astonished of how long and complicated the procedure is (probably because he doesn’t know how it used to be couple of years ago ). He told me that in Sweden one can set up a company simply by filling in some forms over the Internet. He also shown me the registration certificate of his company. What struck me was that it was mentioned not only the date of incorporation, but also the hour – 21:23.

I then realised how much freedom such a system gives you. You have an entreprenorial idea – you can go for it right away, no matter if it is night or day, Monday or Saturday. You do not have to spend much energy and time (a week if you are a Romanian) or money (for a lawyer) to pass the formalities. You can concentrate on creating value through your enterprise.

The Romanian authorities announced three years ago that they will pass a law which will allow the online creation of companies. Couple of month ago they announced that one company managed to be set up via online. This should not be a surprise as the authorities currently are unable even to interconnect the databases of different ministries. This is why the same company taxes have to be declared at 4-5 state institutions.

So my guess is that it will take at least 5 years until the norm will be to use modern means to set up a company in Romania. Until then, I strongly advise you to save time, energy and money by using the knowledge of someone familiar with the system (as opposed to trying to figure out by yourself all the small but important details which can prolong the process for couple of months – no joking!).

Cristian Bizau

Bucharest Angel

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What time did you set up your company?