[BUYING AND SELLING REAL ESTATE IN ROMANIA]
214
shareholders as in the case of an SRL. The management of a joint- stock company is carried out: (i) either by a director or a board of directors (one- tiered management) – the board of directors may delegate the management to one or more managers; (ii) or by a supervisory board and a management board (two-tiered management). The board of directors, as well as the supervisory board, must hold quarterly meetings.
within three (3) business days as of the filing of the registration with the Trade Registry so long as no issues are identified, or additional documentation is required. 3. Minimum registered capital The minimum share capital is RON 90,000 (approximately EUR 20,000).
4. Liability
The shareholders are liable for the obligations of the company up to a limit equal to the amount of their contributions to the company’s subscribed capital.
VII. Financing Financing is typically secured by way of bank loans. In most cases, banks will require securities (collateral) from the borrower. Securities or collateral may consist of one or more of the following: mortgage of immovable assets (typically, but not necessarily the real estate which is bought with the loan); mortgage of movable assets (bank accounts, receivables, shares, cars, etc.), assignment of receivables for guarantee purposes or autonomous bank guarantees. VIII. Payments and Costs. Taxes Involved in Real Estate Transactions A. Asset deals: Related taxes The following fees are due in an asset deal involving real estate: (i) public notary fees for authenticating the SPA – up to 0.5% of the purchase price,
2. Formation
The main steps of the establishment of a joint- stock company are: a. Applying for and obtaining reservation of the joint- stock company’s trade name, b. Choosing a Registered Office, c. Drafting and submitting the joint- stock company’s constitutive documents to the Trade Registry, and d. Subscribing the share capital. Timing: Once all the documentation is available, incorporation is completed
ILN Real Estate Group – Buying and Selling Real Estate Series
Made with FlippingBook Online newsletter