Additional Identification Number for Companies and Sole Traders

Written by: Bridgewest

Companies-and-sole-traders-in-Romania-to-receive-an-additional-identification-number.jpgLegal entities and sole traders registered in Romania will be identified using an additional number, apart from that assigned when registering with the Romanian Trade Register. The new identifier will be used at a European level and it will apply starting with 2017. Our Romanian accountants can give you additional information about the requirements for registering a company and complying with tax regulations in Romania.

The new unique European identifier

The new unique identification code (EUID) will allow taxpayers to be identified within the intra-community trade register system for the EU member states which will also include the Romanian Trade Register in the near future. The new regulations for the identification of taxpayers are included in Law no. 152/2015 for amending and supplementing certain acts in the trade register, published in the Romanian Official Gazette Part I on 13 July.
The legal document was promulgated on June 18 by the President of Romania and the new provisions regarding the identification of economic operators will not apply immediately. It is most likely that they will take effect starting with July 2017.

Easy access to information about European companies

The purpose of this new unique European identifier is to allow better access to information about companies in Europe. In Romania, legal and natural individuals registered with the Trade Register will receive this additional identification code. The EUID code will include:
- the identification number for Romania;
- the identification number for the national registry of the European Union;
- the number of the individual as registered with the Romanian Trade Register.
In order to avoid any identification errors, the new code may also contain other elements which have to be revealed. The EUID code will be inscribed on the certificate of registry issued by the Trade Registry.
According to the new law, the Romanian Trade Registry will need to make available for public use documents and information about business professionals operating in the EU member states, registered with the trade register entity in their country.
For more information about the registration requirements for companies and professional accounting services, you can contact our Bucharest accounting firm.