How to start a business?

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steps how to start a business
How to start a business

“How to start a business?” sounds very interesting, but especially attractive. We all want to be our own masters, we to be the “head”, the one who decides and no one else. It is a normal desire, especially if we have either a relevant experience in the field in which we want to work, or we have the desire and strength to work.

But given the current economic conditions before thinking “how to open a business” it is more important to:

We establish the field of activity of the company. Do we have experience in this sector, is it a sector with high demand and low supply or with prospects that in the very near future to develop and bring us customers? Or if there is demand and supply, even surplus, what can I bring new in the field and promote to clearly detach myself from the competition? What are the prospects for success and how much can I afford to lose? The choice of the field of activity must be found in the CANE codes and be provided in the constitutive act of the future company. Do not neglect this stage. Practically based on this analysis and implicitly on the decision, the whole future of your business will flow. The business plan that must be drawn up before starting the business has as starting point the field of activity and implicitly the promoted products or services. You can choose one or more domains. It depends on which direction you want your business to go.

We draw up a business plan that must include the stages of opening, implementation and development of the business, as well as the time intervals and objectives. It is mandatory that the plan includes calculations regarding the financial part. Prepare the plan as real as possible, take into account unforeseen expenses, as well as normal losses at the beginning of the activity. Make a budget and try to keep it. There is nothing more disappointing than to make some erroneous calculations and in the middle of the plan to find that we no longer have the necessary financial resources to continue. If you opt for a loan, do your homework correctly and calculate well whether or not you can afford a loan.

Depending on the field of activity, choose the legal form that your company wants to have. There are several legal forms, from the easiest to the most complex, depending on the investment, the type of business, etc. The most common and most accessible are SRL or Limited Liability Company. Or if you undertake certain activities such as services, in which other people are not involved, you can opt for a PFA, Authorized Individual. In the case of a company with a complex structure and a large financial investment, you may opt for a SA or Joint Stock Company. It all depends on what you want.

Another important aspect is to choose whether you will be a VAT paying company or not. Attention depending on the specifics of the activity deserves or not to be a VAT payer. Analyze carefully and make the wisest decision.

After you have put on paper and analyzed the data of the problem, depending on the decision you have to check the legislation and see what documents you need for the company to operate in a legal framework.

We need:

A name for the future business or more correctly for the future company, regardless of the legal form chosen. The exception is PF where the person’s name appears. After choosing the name, go to the Trade Register to check if that name is not already used and reserve it. Can stay booked for 3 months.

Preparation of the Articles of Incorporation that you can do either at the Trade Register, or it can be drawn up by a lawyer. In this document it is important to specify the fields or field of activity according to CANE, number of associates (it is recommended to be the only associate) and the administrator of the company. Please note that the partner or associates do not necessarily have to be administrators. A person employed on the basis of an employment contract can be an administrator.

In addition to the Articles of Incorporation, it is necessary to copy the identity cards of the associates, as well as the declaration on their own responsibility that they have no criminal record and that they meet the legal conditions and the signature specimens.

Choose the registered office because without a space the company incorporation documents are not issued. If you own a space, you can use it, you just have to get a land book extract from the Cadastre Department, which shows that you are the owner of the building. If the property is taken on a mortgage loan you need the written consent of the lending bank. If you do not own a space, you will have to conclude a rental or loan agreement. You also need the CF of the building from the owner, as well as his written consent for carrying out the economic activity.

The file must also include:

identity cards and their copies – of the associates;

Establishing the company’s share capital. For an LLC, the minimum capital you need is 200 Ron.

Choose a bank and open an account.

Establishing the tax base and the date on which the company wants to pay the profit tax.

Fiscal records of future partners in the company;

If all these documents and stages are completed, you can present yourself at the Trade Register to submit them. Here you will complete:

After submitting the documents to the Trade Register within 4 working days, you will obtain the documents certifying the establishment of the company. Although it seems complicated how to open a business, the system, compared to other years, is now very accessible.

In order to certify the new company, the Trade Register will issue:

It’s no big secret how to start a business. The hardship is just beginning. The struggle to attract customers, either through more special products or services than most, and especially to survive in a supersaturated market. This is the real touchstone for anyone starting a business. Success!

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