Guidelines for Foreign Companies Opening Bank Accounts in Romania

Setting up a bank account in Romania as a foreign company involves several steps and specific documentation. Understanding the process and gathering the necessary documents beforehand can make the entire experience smoother and more efficient.

Popular Banks in Romania

When choosing a bank in Romania, consider some of the most reputable options available:

BCR - Banca Comercial? Roman? BRD - Groupe Société Générale UniCredit Raiffeisen Bank Bank of Transylvania Libra Internet Bank

Documentation Required Before Traveling

To open a bank account in Romania, it is essential to gather the following documents before traveling:

Certificate of Incorporation: A document proving that the company is registered in its home country. Articles of Association: This outlines the company's structure and governance. Tax Identification Number (TIN): If applicable, provide your company's TIN from your home country. Proof of Business Address: This can be a utility bill, lease agreement, or similar document. Identification Documents: Valid passports or ID cards of the company's directors and authorized signatories. Resolution from the Board of Directors: A document authorizing the opening of the bank account, signed by the directors. Bank Application Form: Each bank will have its own application form that needs to be filled out. Additional Documents: Some banks may require additional documents, such as a business plan, especially for new businesses or if you are applying for a specific type of account.

Steps to Open a Bank Account in Romania

Choose a Bank: Select one of the reputable banks in Romania, including BCR, BRD, UniCredit, Raiffeisen Bank, Bank of Transylvania, or Libra Internet Bank. Prepare Required Documentation: Gather the necessary documents as mentioned above. Visit the Bank: Make an appointment in advance to visit the chosen bank branch in Romania. Complete Application Process: Submit your application along with the required documents. The bank will review your application, which may take a few days to a few weeks. Account Activation: Once approved, you will receive your account details and may need to deposit a minimum amount to activate the account.

Tips Before Traveling

Contact the Bank: Reach out to the bank you've chosen beforehand to confirm their specific requirements, as they may vary slightly between institutions. Language: If you are not fluent in Romanian, consider bringing someone who can assist you with translation during the process. Local Regulations: Familiarize yourself with local banking regulations and requirements, as they may affect your ability to open an account.

Professional Assistance

Consulting with a local lawyer or accountant who specializes in foreign business operations in Romania can provide further guidance and ensure that all necessary steps are followed correctly.

By preparing these documents and understanding the process, you can facilitate a smoother experience when setting up a bank account in Romania.