Resources

The vocabulary of
Romanian company practice.

A glossary of the acronyms, regulators, and concepts that appear in every Romanian engagement. Plus pointers to the FAQ, the blog, and the case studies, where the same ideas are explored in more depth.

A to C

Authorities, fundamentals, fiscal codes.

AML Anti-Money Laundering: The body of regulation, in Romania transposed by Law 129/2019, that obliges firms like Incorpore to identify clients, assess risk, and report suspicious activity. See our AML & KYC notice at /aml/.
ANAF Agenția Națională de Administrare Fiscală: The Romanian National Fiscal Administration. Issues VAT registrations, tax residency certificates, manages SPV (Spațiul Privat Virtual) and e-Factura.
ANSPDCP Autoritatea Națională pentru Supravegherea Prelucrării Datelor cu Caracter Personal: The Romanian data-protection authority. Handles complaints under GDPR and Law 190/2018.
Articles of Association Actul Constitutiv: The constitutional document of a Romanian company, registered at the Trade Register. Sets out shareholders, directors, share capital, activity codes, and governance rules.
ASF Autoritatea de Supraveghere Financiară: Romania's Financial Supervisory Authority. Authorises investment firms (S.S.I.F.), AIFMs, UCITS managers, MiCA crypto-asset service providers, and insurance intermediaries.
BNR Banca Națională a României: Romania's central bank. Authorises credit institutions, payment institutions (PSD2), e-money institutions, and non-banking financial institutions (IFN).
CAEN code Clasificarea Activităților din Economia Națională: The Romanian standard activity classification. Each Romanian company declares one principal CAEN code at incorporation; secondary codes can be added. Determines whether some tax regimes (such as microenterprise) apply.
CIT Corporate Income Tax: Romania levies a 16% standard corporate income tax on profit. SRLs that qualify for the microenterprise regime pay 1% on turnover (with one full-time employee) or 3% (without).
CUI Cod Unic de Înregistrare: The unique Romanian fiscal identification code. Assigned at company incorporation by the Trade Register. Equivalent in function to a UK company number combined with a tax reference.

D to H

Customs, e-invoicing, exit taxation.

EORI Economic Operators Registration and Identification: EU customs identification number, required for any Romanian company importing or exporting goods within or beyond the EU. Free, issued by Romanian Customs.
e-Factura Romanian electronic invoicing system: Mandatory since January 2024 for B2B transactions between Romanian VAT-registered entities. Invoices submitted to ANAF in XML format. Non-compliance penalty equals the VAT on the unreported invoice.
Exit taxation Wegzugsteuer (Germany), or analogous: Tax imposed by some jurisdictions on unrealised capital gains when a tax resident leaves. Germany's § 6 AStG is the most active example. Romanian relocations from Germany must be sequenced to manage this.

I to O

Non-banks, MiCA, ONJN, ONPCSB, ONRC.

IFN Instituție Financiară Nebancară: Romanian non-banking financial institution. Includes leasing, factoring, consumer credit, and mortgage providers. Supervised by BNR.
MiCA Markets in Crypto-Assets Regulation: EU regulation establishing an authorisation regime for crypto-asset service providers (CASPs). ASF is the Romanian competent authority for MiCA.
Microenterprise regime Regimul microîntreprinderilor: Romanian preferential CIT regime for SRLs with under €100K turnover. 1% with one full-time employee, 3% without. Codified in Title III of Law 227/2015 (Fiscal Code).
ONJN Oficiul Național pentru Jocuri de Noroc: Romania's National Gambling Office. Issues Class 1 (B2C operators) and Class 2 (B2B suppliers) licences for online gambling.
ONPCSB Oficiul Național de Prevenire și Combatere a Spălării Banilor: Romanian AML supervisor. Receives suspicious-activity reports under Law 129/2019.
ONRC Oficiul Național al Registrului Comerțului: The Romanian National Trade Register Office. Maintains the public register of companies; the registration authority for SRLs and other Romanian entities.

P to R

Personal forms, PSD2, the Leu.

PFA Persoană Fizică Autorizată: Romanian authorised natural person. A self-employment vehicle with unlimited personal liability and 10% flat income tax. Generally less suitable for international founders than an SRL.
POA Power of Attorney: Authority to act on a principal's behalf. Not required for SRL formation. Becomes relevant post-formation when Incorpore acts on the founder's behalf for filings or representations; in that case, a notarised POA at a Romanian notary is required.
PSD2 Payment Services Directive 2: EU directive transposed by BNR for payment institutions. Authorisation tiers from money remittance (€20K capital) to full-scope acquiring (€125K). Passportable across the EEA.
RON Romanian Leu: Romanian national currency. SRL share capital may be denominated in RON; the minimum is 1 RON, though most founders capitalise at RON 200 to 500 for working balance.

S to Z

Sediu social, structures, substance, residence.

Sediu social Registered office: The legal address of a Romanian company, recorded at the Trade Register. Must be a real physical property, not a PO box. Required by law; available from Incorpore at €29/month and up.
SPV Spațiul Privat Virtual: ANAF's mandatory digital tax communications portal. Tax assessments, VAT confirmations, and compliance notices are delivered here, not by post. Registration required within 30 days of incorporation.
SRL Societate cu Răspundere Limitată: Romanian limited liability company. The standard formation choice for international founders. Minimum capital 1 RON, 1 to 50 shareholders. Eligible for the microenterprise regime.
SA Societate pe Acțiuni: Romanian joint-stock company. Higher capital requirement (minimum RON 90,000), more flexible share structure. Often used for ONJN Class 1 operators and licensed financial firms.
Substance Genuine economic activity: The set of indicators (local employment, director presence, real registered office, decision-making in Romania, transactional pattern) that demonstrate a Romanian entity is more than a paper structure. Critical for restructurings from high-tax jurisdictions.
TRP Temporary Residence Permit: Romanian residence permit for non-EU nationals on economic grounds, issued by IGI (General Inspectorate for Immigration) following a long-stay D-visa. Renewable annually; pathway to permanent residence after five years.
UBO Ultimate Beneficial Owner: The natural person who ultimately owns or controls a company, typically the holder of more than 25% of shares or voting rights. Romanian law requires UBO declaration to a public register.
VAT Value Added Tax: Romanian VAT, standard rate 19%. Mandatory registration above RON 300,000 turnover; voluntary below. Filings monthly or quarterly via ANAF.

Other resources

The vocabulary of Romanian company practice.

The vocabulary of
Romanian company practice.