6491
Financial leasing
Financial leasing is a solution whereby a leasing company (the financer) purchases a good at the request of the client (the user) and makes it available for a determined period in exchange for rent. At the end of the contract, the client may purchase the good at a residual price. Essentially, it is a credit in kind: you benefit from machinery, vehicles or equipment without paying the full price upfront, and the cost is spread out in leasing installments.
Entrepreneur Profile
Acest cod este destinat societăților de leasing financiar (SRL-uri sau SA) autorizate de Banca Națională a României (BNR) să desfășoare activități de creditare specializată. Este potrivit pentru firme care doresc să finanțeze achiziția de active pentru clienți persoane juridice sau PFA, în principal în domenii precum transporturi, construcții, agricultură sau IT.
Who should avoid:
Avoid the exclusive use of code 6491 if the main activity of your company shifts towards other commercial or related branches not specified in the official description. See the excluded activities section below.
Authorization procedure and Trade Register aspects for NACE 6491
Setting up a company carrying out the NACE 6491 – Financial leasing activity requires strict compliance with special legislation. Although from the Trade Register's perspective the procedure is similar to that of other companies, the main activity (class 6491) is subject to the prior authorization regime provided by Emergency Ordinance No. 99/2006 on credit institutions and capital adequacy. Thus, before registration with the Trade Register (ONRC) or concurrently, the applicant must obtain the operating authorization from the National Bank of Romania (BNR). Requirements include a minimum share capital for financial leasing companies of EUR 500,000 (equivalent in RON) and management by persons with proven experience in the field. The articles of association must expressly mention this activity and include clauses on compliance with BNR regulations. After the BNR approval, the ONRC will register the company, and the administrators will submit a sworn declaration under Law 359/2004, attesting fulfillment of the legal conditions.
Regulatory framework, specific approvals and control institutions
Financial leasing (NACE 6491) is fundamentally regulated by GEO 99/2006, which treats financial leasing companies as non-bank financial institutions (IFNs). Consequently, they are subject to BNR supervision, primarily regarding compliance with capital requirements, rules on net exposure, and periodic reporting (e.g., financial statements in accordance with IFRS). No approvals from local authorities are required, but the company must be registered in the BNR's special register. Leasing contracts are governed by the Civil Code (art. 2154-2166) and Law No. 287/2009, with the note that the parties may establish essential conditions: the value of the asset, the contract duration, the residual value, etc. Moreover, fiscally, financial leasing is treated as a lending operation, with VAT applicable to the value of the asset (reverse charge for movable assets) and recognition of deductible interest for corporate income tax purposes, according to the Fiscal Code (art. 40-41).
Tax management, ANAF audit risk and specific accounting
From an accounting perspective, financial leasing companies apply IFRS 16 (lessor) and OMF 1802/2014. The asset (good) is recognized in the lessor's balance sheet and is depreciated over the contract term. Interest income is reported monthly/quarterly, and VAT is recorded separately. The major fiscal risk lies in the reclassification of operations by the Tax Authority (ANAF), especially in transfer pricing inspection files (if related parties exist) or the unjustified deduction of losses from residual value. ANAF auditors verify the method of calculating deductible interest (financial market), the correct application of the reverse charge for VAT, and the recording of income from exchange rate differences. To avoid penalties, the company must print and keep contracts, tax invoices, and proof of VAT payment to the budget. Also, the fiscal vector (declarations 300, 390, 101) must be constantly updated with the type of leasing operations. The transfer of the asset at the end of the contract (residual value) is subject to VAT and corporate income tax if the good remains in the lessee's ownership.
Included Activities
- ✅ Financial leasing activities where the risks and rewards of ownership are transferred to the user
- ✅ Financial leasing contracts for movable assets (vehicles, machinery, industrial equipment, IT)
- ✅ Financial leasing contracts for immovable assets (buildings, commercial spaces, production halls)
- ✅ Financial leasing operations with a purchase option at the end
- ✅ Management of financial leasing contracts (collection of installments, risk management)
- ✅ Cross-border financial leasing activities (with partners from other EU or non-EU states)
Excluded Activities
- ❌ Operating leasing (NACE codes 7711, 7712, 7731-7739)
- ❌ Non-bank lending activities (NACE code 6492)
- ❌ Factoring activities (NACE code 6492)
- ❌ Simple rental activities (NACE codes 7711-7739)
- ❌ Financial intermediation activities (leasing brokerage)
Similar or Related CAEN Codes:
From the same category of economic activities:
Întrebări Frecvente
What authorizations are needed to carry out the financial leasing activity (NACE code 6491)?
For financial leasing, authorization from the National Bank of Romania (BNR) as a non-bank financial institution (IFN) of category I or II is required, depending on the volume of activity. Additionally, minimum capital, organization, and reporting requirements under specific legislation must be met.
What is the fiscal difference between financial leasing and operational leasing?
In financial leasing, the good is recorded in the user's assets, which depreciates and deducts VAT from the leasing invoice. In operational leasing, the good remains in the financer's ownership, and the user deducts the rent as an operating expense. VAT is deducted on each rent invoice.