ABOUT THE AUTHORS

FOREWORD

INTRODUCTION

RULE 1. I DO MY HOMEWORK

Why Romania?

Is Romania suitable for my business model?

Is my business model suitable for Romania?

Language differences

To start fresh or to buy a company?

RULE 2. I UNDERSTAND THE BUSINESS PRINCIPLES

Choose partners carefully

Always have a contract

Documents must be in perfect order

Documents must be stored securely

Pay all taxes on time

The company's budget is one thing, my personal budget is another

RULE 3. I BECOME FAMILIAR WITH THE PRACTICAL DETAILS

Means of communication

How do I choose my office?

I open the company. My first steps with the lawyer

I choose the right bank and open the account

Should I protect my brand?

To which authorities do I report?

RULE 4. I GET A GOOD ACCOUNTANT

How do I choose my accountant?

Notary power of attorney for my outsourced accountant

Do I need to have an interpreter?

The first steps in the accounting of my business in Romania

How do I get the VAT code?

Deductible expense or not? 5 examples

The first money in the company: to lend my business?

The first piece of inventory

Online tax calendar

When moving office

RULE 5. I PUT TOGETHER A GOOD TEAM

How do I recruit?

Hiring the first employee

HR documents

Using the services of freelancers who have their own company

Using the services of a freelancer who has a PFA

RULE 6. I OPTIMISE MY TAXES

How to read a Romanian trial balance, with examples

Becoming familiar with the tax deadlines

High revenue, low profit? I need to try this

Hiring an employee

Getting tax benefits for vouchers

Subcontracting

Deducting sponsorships

Real estate owner?

Understanding my Annual Financial Statements

Converting my Annual Financial Statements to IFRS

RULE 7. ONE EYE ON CASH AND THE OTHER ON EQUITY

Why is equity so important?

Withdraw dividends only if needed

How do I increase the value of my business?

RULE 8. FASTEN SEATBELT

My first tax inspection

Get my tax returns certified

High Net Worth Individual? Watch out for this

In case of an emergency

Shenanigans

Lessons learned

RULE 9. ATTENTION TO THE MOST COMMON RISKS AND MISTAKES

Not filing tax returns when the business is new

Not purchasing the Inspection Register in 30 days from starting

Suspending work at the beginning of a crisis

Underestimating the importance of cashflow

Too large inventories

Forgetting important things

Expired office rent contract

Expired administrator’s mandate

Lost correspondence

Not filing all tax returns

Not revaluing real estate every 3 years

Neglecting the 6-months rule

Documents not reflecting the reality of the operations

Ending up with a tax record

Not using the crisis as an opportunity

Missing the trend towards digitalisation

RULE 10. NEXT IS BEST

Option 1. I sell my business

Option 2. I divide the business

Option 3. I close my business

AFTERWORD

ACRONYMS

BIBLIOGRAPHY

LEGISLATION

COMING SOON