At the end of 2024, issue 101 of the State Gazette published the latest amendments to Ordinance No. 1 of 2007 on the maintenance, storage, and access to the Commercial Register and the Register of Non-Profit Legal Entities. These amendments introduced several measures aimed at reducing administrative burdens for businesses.
One of the most practically significant changes is the introduction of an option to submit an electronic document as proof of capital contributions made to a bank. This document can be issued by an automated system of a payment service provider and submitted when registering capital-related entries in the Commercial Register.
This change applies to both the initial establishment of capital-based commercial companies and subsequent increases in registered capital through monetary contributions.
The amendments extend to all forms of capital-based companies: limited liability companies, joint-stock companies, and limited partnerships with shares.
Previously, the Commercial Register typically required applicants to submit a scanned paper document issued by the respective bank. There were frequent disputes regarding whether a standard payment order sufficed or if an explicit bank certificate, signed and stamped by the issuing bank, was necessary.
The option to submit an electronic document has the potential to significantly streamline the process of registering capital-related entries, minimizing in-person interactions between applicants and banks.
These amendments are part of the legislature’s broader efforts to simplify processes for companies. This trend was also evident in the introduction of a new, sixth type of commercial company—the Variable Capital Company (VCC)—in August 2023.
You can view the full amendments to the Ordinance here.