At the proposal of the Ministry of Justice, the Law on Commercial registries and Trade Register activity was approved by Romanian Government in May 2011, including changes of legal acts that affect business registration in the Trade Register as general.
The whole process of legislative reform of Trade Registry activity is designed to support the business environment, respond people needs and simplify the bureaucratic red tape. The legislative proposal has the merit to bring together all different laws related to registration and incorporation of entities, and made it available to the trader as a simple, coherent whole.
The new regulation will allow broaden access to information in the Trade Register, by creating better conditions for more effective cross-border communication of information between trades from EU member states. This project also combines solutions of European legislation in order to reduce and /or simplify the formalities of advertising and company reporting requirements through the implementation of Directive 2009/109/CE. The purpose of the change is to bring a smoother flow to operations related to restructuring of share capital and to lower costs in order to support a business in general.
The Law shall enter to force within 30 days from the date of publication in the Official Gazette.
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