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- Setting up a company in Romania
- Create a Romanian Joint-Stock company
- Set up Branch in Romania
- Types of Romanian Companies
- Romanian representative office or company branch
- Buying a Romanian Company
- Permits & licenses
- Incorporating a European Company
- The Trade Register
- Contract Law in Romania
- Romanian Administrators
- Liquidating a Company
- International Contracts
- Romanian Shelf Company
- Authorized Physical Person
- Individual Business Enterprise
- Intra-Community VAT Registration
- Property Tax in Romania
- The Romanian Land Registry
- Purchasing real estate
- Conditions for foreigners to buy Romanian properties
- New conveyance VAT
- The Recuperation of Properties
- VAT Registration in Romania
- Deductibility Regulations
- Avoid double taxation (e.g. Romania - UK)
- Paying taxes
- Repatriate profits
- Anti-Crisis Measures
- Commerce Business Permits
- Open Romanian Bank Account
- The Romanian Power of Attorney
- Import-Export in Romania
- Romanian Public Notaries
- The Arbitration Court
- About Legal Executors
- Recognition of Foreign Judgments
- Dismissal of employees
- Non-Profit Organizations
- Labor Law in Romania
- A guide: Romanian Courts
- Incentives for investments in Romania
- Debt Collection in Romania
- Trademark Registration
- Trial Phases in Romania
- About Romanian Lawyers
A Romanian Power of Attorney has the same basic concept as one in the Western
legislations: a document empowering someone else to handle a certain task on
behalf of another person/company.
In order to be valid, the Power of Attorney must contain certain elements,
respectively: identification data of the mandator and mandatary, the respective
task to be completed, the document’s date. In certain cases the POA must be
certified by a Public Notary.
The Power of Attorney must only be signed by the mandator to be represented in
certain situations, therefore the presence of the mandator in front of the
Notary is not required. For instance, a Power of Attorney can be signed by a
Public Notary abroad then sent to Romania.
Per the Romanian legislation there can be three types of Power of Attorneys
according to the type of task:
1. General POA – The mandatary is empowered to handle all the mandator’s
activities. Usually this type of Power of Attorney is given when the total
administration of one’s patrimony/business is required.
2. Special POA – The mandatary is empowered to act in behalf of the
mandator in certain determined operations, such as administering of a real
estate property, purchasing certain materials etc.
3. POA given for a single operation – The mandatary is empowered to
represent
the mandator during a sole operation foreseen in the POA, for example purchasing a real estate property.
As examples,
a Power of Attorney can be given for the following operations: general
administration, administration of a property, company formation in Romania,
administration of a Romanian company, constituting a mortgage, sale/purchase of
an apartment etc.
Power of Attorneys given abroad
Power of Attorneys given abroad for operations taking place in Romania will have
to be certified by a local Public Notary and apostilled (apostille of the Hague
Convention) if the respective country is a member of the Hague Convention.
However the certification in certain countries does not have to include
apostillation (this procedure was simplified through billateral agreements). As
examples we mention France, Poland, Russia, Bulgaria, Spain etc.
Power of Attorney Termination
The Power of Attorney ceases to produce effects in the following situations:
1. Expiration of the specified duration period;
2. Annulment by the mandator;
3. Renunciation by the mandatary;
4. Death of mandator or certain limitations of the person’s capacity to act;
5. Death of mandatary or certain limitations of the person’s capacity to act;
6. Dissolvement of the legal entity mandatary or mandator.
We have exceeded 150 incorporations of Romanian companies having foreign shareholder structures. We offer complete legal assistance for any type of Romanian company formation including Romanian SRL (LLC) or Joint-Stock (SA) registration, office address and general advice for matters related to taxation, Labor regulations as well as on-going assistance after the formation of the company.
