Extension or reduction of the duration of a company in Romania
Business lawyer in Romania. Company incorporation in Romania
At the time when the procedure for company incorporation in Romania takes place, the associates can choose whether it will be established for a duration of a company that is indefinite or definite. In the event that the associates or the administrator opt for the latter option, they must consider that the operation for the amendment of articles of incorporation to extend the operating period of the commercial company must be followed before it expires. If no steps are taken to extend the duration of the company before the established term expires, then the company is dissolved by law.
When establishing a company in Romania or seeking a reduction of corporate duration, it is essential to consult a corporate lawyer in Romania, who can provide guidance on how to set up a new company in Romania. Such a procedure is carried out in two distinct stages that involve the completion and submission of a series of documents to the Trade Register. The Romanian law firm Pavel Mărgărit and Associates recommends collaborating with a commercial lawyer in Romania or a business lawyer in Romania to draft and review all necessary documents for updating the articles of incorporation. Moreover, a corporate lawyer in Romania can represent you at the Trade Register to help you save time and resources while ensuring that all procedures are completed within the legal deadlines when establishing a company in Romania.
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Corporate lawyer in Romania. Amendment of articles of incorporation
In the first stage, an application for the amendment of articles of incorporation is submitted for the reduction of corporate duration or extension of the operating period of the company, which will be accompanied by a decision of the general assembly (AGA) and proof of payment of the legal advertisement fee, and, where applicable, the postal fee. Additionally, proof regarding the authorization of the designated person to carry out the legal formalities may be necessary, which is most often a commercial lawyer in Romania or a business lawyer in Romania. This decision of the AGA requested together with the submission of the application for extending or reducing the duration of a company is replaced by the decision of the sole associate when it comes to a company that does not have multiple individuals within the governing body.
The second stage is carried out only after 30 days have passed since the date the decision of the AGA or the sole associate was published in the Trade Register. The necessary documents for this stage include the registration application, the excerpt from the Official Gazette where the decision of the AGA was published, the modifying act of the articles of incorporation regarding the extension of the operating period of the company, and the updated version of the articles of incorporation. Following the procedure for updating the articles of incorporation, the new document must include the new operating duration in the case of an extension, and in the case of a reduction, the date on which the company ceases its activity. Since this extension or reduction of the duration of a company is the reason for the amendment of the articles of incorporation, a corporate lawyer in Romania or a commercial lawyer can assist you in drafting this important amendment.
It is important to mention that obtaining a certificate of status (RECOM) in advance can be helpful for accurately verifying the expiration date of the company’s duration. A RECOM certificate is obtained from the Trade Register, either electronically or physically. Furthermore, following a procedure for verifying the company at the Trade Register ensures that there are no legal impediments that could affect the extension, such as financial or legal issues.
A commercial lawyer or a business lawyer in Romania can provide legal assistance in completing all standard documents, as well as drafting the updated articles of incorporation, obtaining a RECOM certificate for company verification from the Trade Register, and the tax clearance certificate for future associates, preparing the files, and submitting them to the Trade Register. Moreover, a commercial lawyer in Romania can manage the entire company verification process at the Trade Register to ensure the legal and financial compliance of a company before making a major change, such as extending or reducing the duration of the company. The reduction of corporate duration or its extension can be addressed when establishing a company in Romania, and a corporate lawyer in Romania can assist with the necessary steps to set up a new company in Romania.
The Romanian law firm Pavel Mărgărit and Associates offers legal services at a high professional standard in various practice areas, including those related to company incorporation in Romania or updating articles of incorporation, our team demonstrating a complex understanding of the regulations regarding the process of amending articles of incorporation, providing clear and efficient legal solutions to all clients who have requested the services of a commercial lawyer.
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