100,000 euro threshold dropped

The minimal amount any non-resident interested to engage in commercial operations in Romania has to come up with was cut down from 100,000 euros to 70,000 euros if they plan on becoming shareholders and to 50,000 euros if they plan to become partners in a limited liability company. The changes were included in the law endorsing the Government’s ordinance on the non-resident regime published in the Official Gazette. Starting from this division of the foreign investors into two categories, shareholders and partners, the law also modifies the provisions in the ordinance regulating the extension of the right to stay and do business in Romania. A foreign citizen may get an extension of their stay in Romania only if they prove they have enough means to support themselves, i.e. at least 700 euros/month if a shareholder (compared to 500 euros/month as initially set) and 500 euros/month if a partner. They also have to prove they have the funds needed to operate the company, in line with the core business and the business plan. The new law drops the provision binding the non-residents to produce proof of having paid all the dues to the state (budgetary creditors inclusive), when applying for an extension of their right to stay in Romania. ZF