3515

Authorization procedure and Trade Register aspects for CAEN 3515

Setting up a company whose main object of activity is electricity trading (CAEN 3515) requires going through specific steps at the Trade Register (ONRC), different from those of a standard SRL. According to Law 359/2004, for regulated activities, the sworn statement is not sufficient; supporting documents proving compliance with operating conditions must be submitted. For CAEN 3515, the main condition is obtaining the supply or trading license for electricity from the National Regulatory Authority for Energy (ANRE). Without this license, the Trade Register cannot register the company with that object. Practically, the constitutive act is drafted, the registration application is filed with the Trade Register, and at the time of verification, the register will request the ANRE license or proof that it will be obtained later (under certain conditions, a commitment may be filed, but the risk of rejection is high). After registration, the company must register with the Tax Authority (ANAF) for the assignment of the unique registration code (CUI) and declare the fiscal vector. Also, subsequent changes regarding this activity object (addition or removal) are made by application to the Trade Register, with the same ANRE approval regime.

Regulatory framework, specific approvals and control institutions

Electricity trading is strictly regulated by the Electricity and Natural Gas Law No. 123/2012, correlated with ANRE regulations (orders, norms). The main approval is the supply license issued by ANRE, which is granted only after meeting technical and financial conditions (minimum share capital, financial guarantees, metering infrastructure). The company must have a secondary object of activity that allows operation (e.g. CAEN 3514 - production of electricity, or exclusively CAEN 3515). Control is exercised by ANRE (regulation and sanctions) and ANAF (tax). There is no obligation for a specific environmental approval for this class, but if storage or distribution activities are included, other regulations apply. The company must comply with reporting obligations to ANRE (quantities, prices, contracts) and have transport/distribution contracts with network operators. Sanctions for non-compliance with ANRE regulations may include suspension or withdrawal of the license, and for tax violations, ANAF penalties.

Tax management, ANAF audit risk and specific accounting

From a fiscal perspective, CAEN 3515 falls under the category of activities subject to VAT (standard rate 19%), except for cases where a special scheme applies (for example, sales to household consumers do not benefit from reduced rates). The tax base is the total value of the invoiced energy, excluding excise duties or green taxes, which are declared separately. The company is required to declare VAT monthly through the VAT Return (300) form, as well as the recapitulative statement (390). Corporate income tax is calculated according to the Fiscal Code, with the possibility of applying the quarterly declaration and payment system for small taxpayers. The ANAF audit risk is increased for this CAEN class, due to cross-border transactions (purchases of energy from other EU states) and commercial margins that may be artificially reduced. ANAF checks compliance with transfer pricing (if trading with related parties) and the correctness of the VAT register. Specific accounting requires separate recording of energy purchase costs (account 371 for traders, but with adjustments), recording supplier invoices and distribution invoices (account 605). Also, the use of the RO e-Factura system is recommended for all issued invoices, given the mandatory requirement starting from 2025 for B2B entities. The company must submit the single declaration (112) for employees, if any, and register in the SAF-T register (D406) with ANAF, transmitting the standard file monthly. For tax optimization, deductions for provisions regarding unbilled delivered energy may be used, but subject to legal limits.