The procedures for selling a business in Romania are governed by the Law on commercial companies.
Business transfers: a step-by-step guide
The process of transferring a business involves the following main steps:
- entering into a share transfer contract ;
- updating the act constitutiv (memorandum of association) ;
- registering the amendment in the Trade Register.
Share transfers may be carried out at the value stipulated in the memorandum of association or a higher value, in which case the new partner must pay a tax of 16% applicable to the difference between the nominal value and the acquisition value.
Taking over an existing company is a worthwhile alternative to setting up a new business.
Procedures for transferring businesses
Certain procedures have to be followed when transferring shares in a company to a partner/shareholder, such as:
- requesting that the details regarding the partners/shareholders of the company be amended;
- drawing up the updated memorandum of association of the company;
- drawing up the transfer contract;
- submitting the entire dossier to the Trade Register for the amendment to be registered.
The documents required for this purpose can be obtained from the Oficiul Naţional al Registrului Comerţului (National Trade Register Office).