Foundations - incorporation

NGO_incorporation_Reinvent_Consulting

The foundation is an NGO which can be constituted at the initiative of one or more individual or legal entities, who allocate an asset that contributes to the realization of activities of general interest or in the interest of a certain community.

An initial asset of the foundation is the equivalent of one hundred (100) minimum gross salaries per economy. Exceptions are foundations which aim at fundraising operations, funds which will be made available to other associations and foundations; in this case the initial assets value must be at least the equivalent of 20 minimum gross salaries per economy.

After acquiring legal personality, the initial cash asset may be transferred into the current account, from which it will be used to make payments on behalf of the association and its purpose.

Necessary documents

NGO incorporation documents Reinvent Consulting

To incorporate a foundation, the following are necessary:

  • Copy of ID card/ Passport of the Founders (minimum 3);
  • Copy of the Registered Office Hosting Contract;
  • The landlords Identification documents;
  • Fiscal record of each Founder;
  • One name version for the new foundation.

The waiting time for the incorporation of a foundation is 45 days - at that moment the association will be fully functional. Obtaining the court decision for registration in the Registry of Associations and Foundations, takes up to 21 days, however there are several procedures to be followed before it becomes a final decision, thus the deadline extends to 45 days (working days). 

Tariffs

 

Services provided

TOTAL COSTS

fees, taxes, fiscal record*

Assets minimum value

Deadline

Foundation Incorporation

1.200 RON - in Bucharest
1.700 RON - elsewhere

70.000 RON (rule);

12.000 RON (exception; it can be
recovered)

45 working days

Foundation Modification

700 RON

-

45 working days

Registered office hosting service

370 RON

-

2 working days

 

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