The Romanian Land Registry contains a title, indicating its number and the name of the respective area of the property, and 3 other parts.
There are 3 types of entries with the Land Registry:
- the definitive registration of ownership rights (intabulare);
- temporary registration of the ownership rights under the condition of ulterior motivation;
- noting, having as object the registration of the personal rights and legal facts referring to the state and capacity of the persons, actions and legal ways of attack related to the properties in the Land Registry.
The request to register in the Land Registry shall be filed with the territorial office and shall have attached the original document or its certified copy through which the proof of legal status is made.In the case the Registry admits the request, it decides to definitively or temporary register it if the documents respects the following conditions:
- it is in accordance with the form stipulated by Law;
- it indicates the name of the parties;- it uniquely identifies the property;
- a certified translation is attached, if the document is not signed in the Romania language;
- a copy of Land Registry is attached, used for authentication.
For more information please visit www.RomanianLawOffice.com
Monday, February 16, 2009
Tuesday, February 10, 2009
Employing in Romania
The web contains few information in English on the matter of Labor regulations in Romania, although this is something of great interest to any foreign investor in the country. Without proper knowledge in this respect, the employer will risk important fines.
Hiring Romanian employees implies signing an Individual Labor Agreement and depending on certain factors, a Collective Labor Agreement. An Individual Labor Agreement shall contain clauses related to the following issues:a) Duration of Contract – The rule is to conclude the Labor Agreement for an undetermined period of time, however signing Agreements for determined periods of time can be done as an exception;b) Working Location – City and Unit where actual work takes place;c) Type of Work;d) Working Conditions;e) Salary;f) Working Hours.
If an employer has at least or more than 21 employees then the employer must start negotiations for the signing of the Collective Labor Agreement with the employees for determining working conditions, payment and other rights and obligations resulted from labor relationships.
For more information please visit www.RomanianLawOffice.com
Hiring Romanian employees implies signing an Individual Labor Agreement and depending on certain factors, a Collective Labor Agreement. An Individual Labor Agreement shall contain clauses related to the following issues:a) Duration of Contract – The rule is to conclude the Labor Agreement for an undetermined period of time, however signing Agreements for determined periods of time can be done as an exception;b) Working Location – City and Unit where actual work takes place;c) Type of Work;d) Working Conditions;e) Salary;f) Working Hours.
If an employer has at least or more than 21 employees then the employer must start negotiations for the signing of the Collective Labor Agreement with the employees for determining working conditions, payment and other rights and obligations resulted from labor relationships.
For more information please visit www.RomanianLawOffice.com
Foreign Investment Incentives in Romania
One of the most recent and important legislation in effect is the OUG 85/2008, having as purpose the creation of a legal background for the stimulation of foreign investment in Romania. The methods to stimulate these kinds of investments are facilities offered by the Romanian State:
- Non-reimbursable funds for the purchase of assets;
- Granting financial contributions from the State budget for the newly created jobs;
- Granting interest benefits when contracting certain credits as well as other types of benefits;
These measures instituted on the basis of the above-mentioned legislation are destined to those investments which:
- are taking places in regions of weak economical activity, respectively with a PIB/person of under the country’s average;
- are taking place in counties with an unemployment rate higher than the country’s average;
- contribute to infrastructure projects or modernizing already completed infrastructure;
- contain projects related to research and development and innovation or imply the use of high standard technology;- result in the improvement of energy efficiency, the use of the ecological energy;- insures the protection and rehabilitation of the environment;
- insures the development of human resources in the region
For more information you can visit www.RomanianLawOffice.com
- Non-reimbursable funds for the purchase of assets;
- Granting financial contributions from the State budget for the newly created jobs;
- Granting interest benefits when contracting certain credits as well as other types of benefits;
These measures instituted on the basis of the above-mentioned legislation are destined to those investments which:
- are taking places in regions of weak economical activity, respectively with a PIB/person of under the country’s average;
- are taking place in counties with an unemployment rate higher than the country’s average;
- contribute to infrastructure projects or modernizing already completed infrastructure;
- contain projects related to research and development and innovation or imply the use of high standard technology;- result in the improvement of energy efficiency, the use of the ecological energy;- insures the protection and rehabilitation of the environment;
- insures the development of human resources in the region
For more information you can visit www.RomanianLawOffice.com
Understanding Romania's Legal System
It is my personal belief that any important foreign investor should have at least a minor understanding of the Romanian Legal System and its Courts. This could prove to be very useful in the Romania's current sometimes risky business environment.
Romania has the following Courts of Law: Romanian legislation stipulates the following Courts of Law: - High Court of Cassation and Justice;- Courts of Appeal;- Tribunals;- Specialized Tribunals;- Military Courts;- Regional Courts;- Arbitrary Court. Activity of Romanian Courts is performed by respecting the principles of the aleatory file case distribution and continuity, with the exceptions of the situations in which the Judge cannot participate to the trial because of objective reasons. Other principles include: - Court proceedings are public with certain exceptions;- Decisions are pronounced in public with certain exceptions;- The Bailiff maintains records on proceedings (declarations by the parties and the Romanian Judge).
For more details you can visit www.RomanianLawOffice.com
Romania has the following Courts of Law: Romanian legislation stipulates the following Courts of Law: - High Court of Cassation and Justice;- Courts of Appeal;- Tribunals;- Specialized Tribunals;- Military Courts;- Regional Courts;- Arbitrary Court. Activity of Romanian Courts is performed by respecting the principles of the aleatory file case distribution and continuity, with the exceptions of the situations in which the Judge cannot participate to the trial because of objective reasons. Other principles include: - Court proceedings are public with certain exceptions;- Decisions are pronounced in public with certain exceptions;- The Bailiff maintains records on proceedings (declarations by the parties and the Romanian Judge).
For more details you can visit www.RomanianLawOffice.com
Monday, November 17, 2008
Tuesday, December 11, 2007
Contracts - Romanian Fiscal regulation
Order no. 1415 of the president of the National Agency for
Fiscal Administration regarding the procedure for recording the
contracts concluded between Romanian legal entities and
foreign individuals or legal entities was published by the
Official Gazette no. 699/ 17.19.2007.
The main provisions are:
The Romanian legal entities, receiving services provided by
a non-resident have the obligation to register those contracts
with the fiscal authorities (the obligation was already
provided by point 21 of the Norms to apply the Fiscal Code,
as per the modification entering into force starting from
01.01.2007;
The term to register the contracts is 15 days from the date
when the contract was signed or form the date of any
modification of the contract, using a form provided by the
present document ;
The fiscal authorities will organise the data base of the
contracts.
Article by Simona Bodiut (www.safecont.ro).
Fiscal Administration regarding the procedure for recording the
contracts concluded between Romanian legal entities and
foreign individuals or legal entities was published by the
Official Gazette no. 699/ 17.19.2007.
The main provisions are:
The Romanian legal entities, receiving services provided by
a non-resident have the obligation to register those contracts
with the fiscal authorities (the obligation was already
provided by point 21 of the Norms to apply the Fiscal Code,
as per the modification entering into force starting from
01.01.2007;
The term to register the contracts is 15 days from the date
when the contract was signed or form the date of any
modification of the contract, using a form provided by the
present document ;
The fiscal authorities will organise the data base of the
contracts.
Article by Simona Bodiut (www.safecont.ro).
Friday, November 23, 2007
Top Romanian real estate agents
Per a very recent article published in the English version of Ziarul Financiar, the top 2 leading Romanian Real Estate agencies are Colliers and respectively Eurisko. Ziarul Financiar also specifies that the 2 agencies have increased their figures from to 22 million euros and 12 million euros respectively. Other 2 Romanian real estate agencies in the top five are Cushman & Wakefield and DTZ Echinox, with figures around 5 million.
Usually top real estate agents in Romania handle the sale of the biggest office and residential developments in Romania such as off-plan apartments etc, area which practically exploded this year. Although according to Ziarul Financiar, the top 2 real estate agencies in Romania plan to a growth of 30% or even more in 2008, there still has to be seen the effect on the market of the new law changing the VAT payment regulations for Romanian real estate properties.
Usually top real estate agents in Romania handle the sale of the biggest office and residential developments in Romania such as off-plan apartments etc, area which practically exploded this year. Although according to Ziarul Financiar, the top 2 real estate agencies in Romania plan to a growth of 30% or even more in 2008, there still has to be seen the effect on the market of the new law changing the VAT payment regulations for Romanian real estate properties.
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