Opening a Business Bank Account in Romania: A Step-by-Step Guide

Every limited liability company (SRL) or other corporate entity in Romania must hold at least one bank account in local currency (leu/RON). This account is used for depositing share capital, paying taxes, receiving client payments, and covering day-to-day operational costs. While the process is generally straightforward, being well prepared can save you time and avoid unnecessary delays.

Legal Requirements and Preparation

Before approaching a bank, ensure your company is fully registered with the Romanian Trade Registry and that you have obtained your unique tax identification code (CUI). For foreign-owned companies, the same rules apply: the company must be legally established in Romania and have a registered office address. In most cases, at least one visit to a bank branch is required to open the account, though some banks now offer remote account opening with a certified power of attorney or via video verification for non-resident directors.

What Documents Will You Need?

The exact list of documents can vary slightly between banks, but you should generally expect to provide the following:

• Certificate of incorporation (Certificat de înregistrare) issued by the Trade Registry.
• Articles of association (Act constitutiv) or the updated memorandum of association.
• Tax registration certificate (Certificat de înregistrare fiscală) proving your CUI.
• Proof of registered office, such as a lease contract or property deed.
• Valid identification (passport or national ID) for all legal representatives and any other persons authorised to sign on the account.
• For foreign citizens, a Romanian residence permit may be requested in some cases, though it is not always mandatory for directors who are not residents.

It is wise to contact your chosen bank ahead of time to confirm their specific requirements, as some may also ask for a specimen signature form completed in the branch.

Choosing the Right Account

Romanian banks offer a range of business current accounts, often with different monthly fees, transaction limits, and additional services. When comparing offers, consider the following:

• Monthly maintenance fees and the cost per transaction, including cash deposits and withdrawals.
• Online banking capabilities and the availability of mobile apps for easy management.
• Multi-currency options if your business deals with EUR, USD, or other currencies. Many banks allow you to hold foreign currency accounts alongside the mandatory RON account.
• Access to credit if you anticipate needing a business loan or overdraft facility in the future.

Step-by-Step Account Opening Process

1. Prepare your documents and make certified copies where required.
2. Contact the bank to schedule an appointment at a branch that handles business clients. Some banks allow you to start the application online.
3. Visit the branch with all original documents. A bank officer will verify your identity and the company's legal status.
4. Complete the application forms and provide specimen signatures for the authorised signatories.
5. If the company is newly incorporated, the share capital deposit may already be held in a temporary account; the bank will transfer it to the new operational account once it is opened.
6. Receive your account details (IBAN) and any online banking credentials. The account is typically activated within one to two business days.

After Opening: Practical Tips

Once your account is active, keep the following in mind:

• Keep the account active to avoid inactivity fees; some banks charge if there are no transactions for a certain period.
• Register the account with the tax authority (ANAF) if you plan to use it for tax payments, which is usually done automatically but worth confirming.
• Consider a separate payroll account if you employ staff, as it can simplify bookkeeping and compliance.
• Maintain proper accounting records and reconcile bank statements regularly to stay compliant with Romanian accounting rules.

Opening a business bank account is a fundamental step for any company operating in Romania. With the right preparation and understanding of the process, you can have your company's finances up and running in just a few days, allowing you to focus on growing your business.