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Bank Account Romania


Romania is growing constantly creating a good business environment for foreign investors. The Romanian banking sector is safe and it is expected to become one of the leading markets in Eastern and Central Europe. Nowadays, there are more foreign-owned banks than Romanian ones here, mostly Italian, French and German subsidiaries, but all of them with a good international reputation.

Investors can open a bank account in Romania with a bank with which they are currently working in their country of origin, as the process will be easier and faster (including security clearance).

How can we help you?

Opening a bank account in Romania is not a complicated process, however, foreign investors may be in need of assistance when filling in the application and submitting the Romanian-version documents.
 
Most banks will ask for the same types of documents and official translations into Romanian of the documents issued in a foreign language. The translations may be required for the company’s incorporation documents (for branches or subsidiaries, in some cases), the applicant’s personal identification documents and others, as needed. The foreign national will need to translate the document with the help of a sworn translator and then legalize the translation with a Notary Public in Bucharest. This is mandatory in most cases and not only for the purposes related to starting a corporate bank account in Romania but also for other activities, such as purchasing property (when the foreign national – natural or legal person – will also be asked to provide sworn translations for certain documents).
 
Working with a local team of experts can reduce the time needed to start a bank account and it will help investors know that they are making the needed submissions in accordance with the local provisions and the most recent legal requirements.
 
Our team can help you with the following:
 
  • We can recommend you the best options for your company’s needs: local or international;
  • We will assist you in opening a temporary cumulative corporate bank account: in order to deposit the minimum required issued share capital;
  • After the incorporation of the company: the above-mentioned amount of money can be transferred to the corporate account, we can submit the transfer application for you;
  • Additional services: if needed, we can participate in bank meetings or interviews on your company’s behalf in order to secure the corporate bank account approval faster;
  • The final step: will be to give you all bank account details and internet banking device.

Our corporate lawyers can help you open a bank account in Romania but can also assist you through the entire company formation procedure in case you want to open a business in this country.

Below, we highlight the main types of documents required by banks for the purpose of opening a bank account in Romania for a locally registered company (a Romanian SRL, for example, the equivalent of the private limited liability company):
 
  • The company’s constitutive documents (original copy);
  • The National Trade Register registration certificate (original copy);
  • The confirmation of company details (certificat constatator, also issues by the National Trade Register Office – this document attests the company’s current situation);
  • The company representative’s identification documents.
 
In some cases, the bank may also ask for a document that certifiess the appointed individual, the person who will handle the bank account opening as well as other bank-related matters and submissions. This is a decision issued by the company’s General Shareholders’ Meeting. The company’s beneficial owner will need to submit identification documents for the purpose of opening a bank account in Romania.
 
Foreign companies (those that are not incorporated in Romania) will need to present the VAT registration certificate issued by their country of origin (in addition to the aforementioned documents, duly translated as previously mentioned).
 
Banks reserve the right to request additional documents for bank account opening. In most cases, this is done for collecting sufficient information on their clients. The documents are presented either in original form or a certified copy, in some cases with an apostille.
 
The bank account fees differ according to the chosen bank branch. Some examples of common fees are the following:
 
  • 0 lei for opening a corporate bank account for a newly incorporated company (conditions may apply according to the bank’s policies, however, banks do encourage startups by offering these attractive packages with zero costs for opening the account and for administration during the company’s first year of activity); some banks also offer free accounting losing;
  • 20 lei the administration fee for the current bank account (only applicable by some banks)
  • 5-10 lei the fees for payments in lei and EUR to other bank accounts;
  • 0,35%, 1% or 1,5% the fee for ATM withdrawals applicable in certain cases by different banks.
 
Please keep in mind that the fees listed above are for informative purposes only. Banks can change their current fees. Our team can help those who wish to open a bank account in Romania with more information on the current regulations, the types of accounts, and the types of fees that are applicable in most cases. For updated 2021 fee values, banks post this information online. Prospective clients can also contact the desired bank for updated information. Foreign investors who need assistance for making requests in Romanian can reach out to our specialists.

Advantages of Internet Banking in Romania


If you want to open a bank account in Romania you should know that internet banking offers a wide range of financial tools and services over the internet that might help a company conduct their operations easier and faster. For instance you can pay all bills and have permanent access to monthly bank statements with only one click away. Moreover, you can set up recurrent payments in order to be sure that you are paying all your bills and even salaries on time every month. In addition, you will be permanently updates to new services and banking products that might help your business grow. All you need is a mobile phone and you can set up the app for your internet banking in a few seconds.

Internet banking is user-friendly and convenient to use. It is available around the clock so that you can make your transactions anytime, from anywhere with an internet connection. Also, you can have all your accounts in one place. As a bonus, it is much safer that you can monitor your account any time without going to an ATM.

Our company can provide all necessary help to open a bank account in Romania intended for business purposes. Internet banking Romania services are included in this package.

Company formation in Romania

 
Romania offers an attractive taxation regime for companies and micro enterprises benefit from a low profits tax of 3% or 1% if they are able to satisfy the condition to have at least one employee, as well as comply with the other requirements for this particular taxation regime that have to do with the annual turnover.
 
The incorporation starts with choosing a business form as well as the company name (with a prior verification to ensure that the desired name is available). Investors will need to open a bank account in Romania as a fifth step in most cases, once they have chosen the company type (1), its name and registered office address (2), after they have prepared the company’s constitutive documents (3) and have proceeded with the company registration with the National Trade Register Office (4). The company’s minimum share capital, which is quite low in Romania, will be deposited into the corporate bank account. Additional steps can include registrations with OSIM, the State Office for Inventions and Trademarks.

For any further details regarding the customizing features of the online banking Romania service, please do not hesitate to contact us.
 
by Cristian Darie

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