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Entités juridiques

Société par actions (Societatea pe Actiuni - SA)

Censuré par: Duma Cristian-Gabriel


  • To begin with, the first thing you have to know is thant an SA ( Societatea pe Actiuni ) is essentially the Romanian counterpart of an JSC ( Joint-Stock Company). Under the existing legal framework in Romania, it attains the status of a 'legal entity,' signifying that it acquires a separate identity with its own specific rights and obligations. Consequently, the SA is regarded as an independent entity, distinct from the individuals comprising its structure.

Chapitre 1: Formation et Structure du Capital

  • Formation: Establishing an SA requires a simplified process, needing only a few critical documents. Additionally, it involves fewer mandatory authorizations compared to other European legislations.
  • Exigences de fonds propres: En ce qui concerne son capital, il est considérablement plus élevé que son alternative directe SRL, se tenant à un minimum de 90.000 lei.
    • Rules regarding capital subscription: the paid-up capital at the time of formation must not be less than 30% Le solde du capital souscrit est à libérer comme suit:
      • for shares issued in exchange for cash contributions, within 12 months from the company's registration date;
      • for shares issued in exchange for in-kind contributions, within a maximum of 2 years from the registration date.

Chapitre 2 : Gestion et gouvernance

  • Structure de gouvernance: En ce qui concerne sa gouvernance, la SA est plus formellement structurée, avec différents organes qui dictent son activité. Adunarea Generala a Actionarilor). Il est important de noter que le reste de la structure est différente, et à cet égard, vous pouvez opter pour les systèmes de structure suivants:
    • Le système unitaire: its main characterstic consists in the existence of only one administrative body, named board of directors (CA- consiuliul de administratie), which is the equivalent of the administrator in a SRL. The board of directors is the organe exécutif de la SA, et prend toutes les décisions nécessaires pour que la SA fonctionne et opère.
    • Le système dualiste: il implique 2 organes essentiels:
      • board of directors, organe exécutif avec des attributions similaires à celles du système unitaire;
      • conseil de surveillance, which oversees the company's management and operations, ensuring compliance with legal and regulatory standards;
  • Flexibilité de gestion: running and managing an SA in Romania is a straightforward process, but it implies more formal procedures, than its competitve, the SRL. Depending on the number of shareholders involved, you have the flexibility to oversee and control the entire business. If you're interested in exploring these opportunities further, feel free to engage in a discussion with our experienced team.

Chapitre 3: Responsabilité et risque

  • Étendue de la responsabilité: Given its structure and regulations, an SA is a more complex form of legal entity, but with good knowledge, it presents a viable option for entrepreneurs in Romania. It is regarded as a entité juridique distincte, indépendamment de ses associés, employés et autres. Par conséquent,la responsabilité des associés est limitée au capital de la SA. The legislation gives you the choice of having a bigger capital, but the minimum is 90.000 lei.
  • Gestion des risques: risk management in a Romanian joint-stock company involves identifying and ranking risks, including financial uncertainties, and the operational issues. This process is overseen by the Board of Directors who integrate risk assessment into the decision-making process of the company. Risks are mitigated through strategies that comply with legal standards and also meet strategic objectives of the company. Such proactive approach safeguards the company’s assets and places the company for a sustainable growth.

Chapitre 4: Conséquences financières et fiscales

  • Obligations fiscales: it is known that Romania has one of the lowest tax obligations out there:
    • TVA: is the equivalent of the TVA in Romania, which is 19%. newly established company is not a VAT payer. Although, you automatically become a VAT payer if your annual turnover exceeds 300,000 lei, or you can opt to become a VAT payer by request to the National Agency for Fiscal Administration (ANAF) after the company's registration.
    • TAX: il est actuellement à 16% du revenu total.
  • Rapport financier: must be done according to Romanian Accounting Standards. It involves the preparation of comprehensive annual financial statements, and for larger or public companies undergoing independent audits, undergoing independent audits. These reports are meant to ensure transparency and compliance, because of the scale of the operations.
    • You don't need to worry about this aspect, as our professional team can assist you with everything related to bureaucracy.

Chapitre 5: Dissolution et stratégies de sortie

  • Processus de dissolution: The dissolution of a joint-stock company (SA) in Romania starts with a shareholder decision, followed by public notification and registration. A liquidator is appointed to settle debts, liquidate assets, and distribute any remaining assets to shareholders. After settling all obligations, the company is officially de-registered from the Trade Register, concluding the dissolution process in compliance with Romanian law.. Finally, with official deregistration, you've successfully navigated the dissolution process, ready for new horizons.
  • Impact sur les actionnaires: Shareholders are presented with a compelling advantage in the dissolution process, characterized by its adherence to formal equity principles. As the company concludes its operations, shareholders have the opportunity to receive their proportionate share of any remaining assets. This distribution is meticulously calculated to align precisely with their ownership stake in the company, ensuring an equitable and transparent process.


  • In summary, an SA in Romania offers a structured and formal business entity option, suitable for those seeking a comprehensive legal and operational framework. With its distinct legal identity, higher capital requirements, and formal governance structures, either unitary or dualist, an SA provides a stable environment for business operations, balanced with efficient risk management and financial reporting systems. While it demands more formal procedures and compliance compared to an SRL, the benefits include limited liability for shareholders and clear exit strategies. This makes the SA a viable choice for entrepreneurs and businesses in Romania looking to leverage a robust legal structure for sustainable growth and stability.