The authorities have identified some good steps to substantially reduce the cost and time required to set up a new company, according to Alexandru Petrescu, the Romanian minister for the business environment, trade and entrepreneurship. The goal is to be able to set up a firm in one day.

The minister yesterday met with representatives of the National Trade Registry’s Office (ONRC) to identify solutions for simplifying the procedures to set up a firm.

“Our aim is to support an entrepreneur from the first moment he decides to open a business, by limiting to one day the necessary time to establish a firm, with minimum costs,” Petrescu said.

A working group, which is under the coordination of the Ministry for the Business Environment, will search for solutions to create a coherent legislative framework.

Several taxes for operations carried out by the ONRC were removed starting February 1, when a new law came into force removing 102 non-fiscal taxes. The law was promoted by Social-Democratic leader Liviu Dragnea during the campaign for the parliamentary elections in 2016.

editor@romania-insider.com