The National Assembly is discussing several amendments in the Commercial Register and the Non-Profit Legal Entities Register Act (CRNPLERA). These amendments shall provide the legal basis for the introduction of a Centralized Administrative Information System “Single Entry Point” with the Registry Agency (RA). They also aim to reduce the administrative burden on the business sector.
The current legislation provides that all companies shall submit the information from their annual financial statements (AFS) with the RA, the National Statistical Institute (NSI) and the National Revenue Agency (NRA). The proposed amendments introduce a Centralized Administrative Information System “Single Entry Point” with the RA. Thus, the companies shall submit their AFS and annual activities reports only with the RA. The NSI and the NRA shall access this information through the centralised system. As a result, the business will no longer be obliged to submit the same information with several authorities. However, there are still discussion on the deadline for the submission of the AFS with the “Single Entry Point”.
We hereby remind you that the deadline for the submission of the AFS this year is September 30th.
The amendments also provide that the companies shall be exempt from fees for the registration of the AFS with the Commercial Register. Moreover, any person explicitly authorized with a notary verified power of attorney could submit the AFS or the declarations for lack of activities.
One of the most discussed amendments is related to the documents which shall be submitted together with the AFS. The applicable provisions require minutes or resolutions proving that the AFS is adopted by the competent bodies of the company. According to the proposed amendments the applicant shall only declare that these circumstances are at stake.
In the meantime, an amendment in Ordinance No 1 of 2007 for the record-keeping, storage and accessibility to the Commercial Register was published in the National Gazette. The new provision requires the declaration discussed above only for the companies representing micro small and medium-sized enterprises. However, it states that large enterprises shall submit proves for the adoption of the AFS by the competent bodies of the company.
We will update you on the final amendments in the CRNPLERA, because the published versions of the new texts do not provide for different requirements for micro, small, middle-sized and large enterprises.