Romania corporate bank account

Romania corporate bank account

Healy Consultants aids our global trading Clients to enter the EU markets and obtain quality corporate banking facilities in Romania to support their trade. With our expert corporate banking team, Healy Consultants minimizes red tape, due diligence and project management burdens. As part of our business setup package or separately, optimized corporate bank applications are prepared and submitted on our Client’s behalf. Below you can read our complete corporate banking guide for Romania.

Romania financial sector and players

    Romania banking options

  • The banking sector in Romania is safe with high capital adequacy ratio of 14,9% in 2014. Romania’s banking sector should become one of the leading ones in Central and Eastern Europe in terms of loan growth in 2014-2018, reaching 10% per annum;
  • Romanian banking sector is dominated by foreign-owned banks, predominantly by subsidiaries of French, German and Italian banks. The largest foreign institutions in Romania including i) Erste bank; ii) Societe Generale; iii) Unicredit Bank and iv) Raiffeisen bank;
  • Healy Consultants recommends to our EU, Asian and listed Clients looking for business banking in Romania to choose one of the above mentioned International , reputable banking groups, as they boast wider range of quality services;
  • In most cases we recommend our Client to initiate bank account opening with a bank with which they already have a bank account in another home country. This strategy will reduce i) the final timeline of the process and ii) the banks’ security clearance;
  • While the Romanian banking sector is dominated by international banks, there is a Romanian bank in the top 3 financial institutions by assets, namely Banca Transilvania. This large local corporate and retail bank provides quality facilities and supports online banking in English. This bank also requires significantly less due diligence and is generally more flexible.

Healy Consultants Romania corporate banking services

  1. Healy Consultants boasts a knowledgeable banking team to timely expedite our Clients’ engagement, securing a corporate bank facility in Romania. Please read below for further details:
      Banca Comercială Română (BCR)

    • Healy Consultants will assist our Clients to submit a quality corporate bank account application without travel. It is a time consuming task, Healy Consultants will shelter our Client from the administrative challenges. As you can appreciate, it is a difficult task to obtain bank account approval through a newly formed company, when shareholders and directors and bank signatories reside overseas. Healy Consultants will prepare a business plan for the bank to optimize the probability of corporate bank account approval. Depending on our Client’s business and nationality, there is a 20% probability the banks will request a bank signatory to travel for a one hour bank interview. Healy Consultants will try its best to negotiate with the bank for a travel exemption. Our fees to assist our Clients open a corporate bank account in Romania is €3,950. If our Client must travel to Romania for corporate bank account opening, Healy Consultants will refund our Client €950;
    • If our Client is not comfortable with only a Romanian corporate bank account, Healy Consultants will be pleased to open an international corporate bank account outside of Romania. Examples include New York, Germany, Liechtenstein, Austria, Bulgaria, South Africa, Australia, London, South America or Dubai. All banks will be top tier banks in these countries with excellent internet banking services. Example of our global banking partners include HSBC , Standard Chartered Bank, Citibank, Barclays, ABN Amro, Bank of China, ANZ bank, Standard Bank, UBS, Credit Suisse;
    • The banks enjoys ultimate power of approval of corporate bank account applications. Consequently, guaranteed success is outside of Healy Consultants’ control. What is inside our control is the preparation and submission of a high quality bank application that maximizes the likelihood of approval. To date, we enjoy a 100% approval record because of our global banking relationships and determination;
    • BRD bank

    • Global banks continue to tighten corporate bank account opening procedures, their internal compliance departments completing more thorough due diligence of Clients. Consequently, our Clients should expect the bank account approval period to take up to 4 weeks. Furthermore, global banks now require evidence of proof of business in the country where the corporate bank account will be, including sales contracts or lease agreement.

  2. Many Clients request Healy Consultants to support and advise them how to obtain additional financial support for their start-up ideas in Romania. Please read below for further information:
      unicredit

    • Following recent financial crisis in Europe and lack of profits in the banking sector, banks in Romania return to increase their portfolio of non-resident Clients and provide additional credit facilities. Healy Consultants supports start-ups to secure corporate finance in the form of i) a business credit loan; ii) short-term extended credit lines; iii) business credit card with overdraft facility or iv) preferential general terms for new businesses;
    • To secure these facilities, Romanian banks will require clear business idea and due diligence, including: i) Country specific business plan together with SWOT analysis; ii) sufficient collateral; iii) sufficient qualification and education of the management and iv) in some cases audited financial statements of up to 3 years back;
    • Romania is a convenient place to register trading business, due to its great location and maritime trade options. Many Clients wish to obtain EU trade finance facilities. Healy Consultants will be happy to negotiate terms with a local Romanian bank for services such as i) long-term bank guarantees; ii) letter of credit; iii) finance against trust receipt (for imported goods) and iv) document against payment and against acceptance.

Opening a corporate bank account in Romania

  1. In order to open a corporate bank account on our Client’s behalf, Healy Consultants will proceed as below:
      raiffeisen

    • As part of our engagement planning process, Healy Consultants will recommend to our Client the optimum local or international bank available from the options available;
    • To deposit the minimum required issued share capital, Healy Consultants will assist our Client open a temporary cumulative corporate bank account. Our Client deposits the minimum paid up share capital of €50 and supplies Healy Consultants with a certificate of deposit;
    • After the company is fully incorporated, the cumulative account can be transferred to a corporate account, as Healy Consultants will submit a complete corporate bank account opening application for the transfer;
    • If required, Healy Consultants will attend bank interviews or meetings on behalf of our Client to secure timely corporate bank account approval;
    • Once the corporate bank account is approved, Healy Consultants couriers Client the bank account details and internet banking device.

Exchange controls and other regulation

    banca transilvania

  • Since the 1st of April 2005, Romania introduced new Foreign exchange control regulation 04/2012;
  • In accordance to the new regulation, Romania does not impose foreign exchange controls or specific restrictions on payments to foreign individuals and companies;
  • Both residents and non-residents can perform current and capital transactions without restrictions;
  • Both residents and non-residents are allowed to a “full retention” in Romania as they both can open bank accounts in foreign currencies, including €, US$ and any other currency available;
  • National Bank of Romania, does not impose additional restrictions on the amounts of foreign currency that residents may hold in their bank accounts.

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Contact us

For additional information on our corporate banking services in Romania, please email us at email@healyconsultants.com. Alternatively please contact our in-house country expert, Ms. Karen Lee, directly:
client relationship officer - Karen