6629

Authorization procedure and Trade Register aspects for CAEN 6629

Establishing a company operating under CAEN code 6629 involves going through the standard registration steps at the Trade Register (ONRC), with the note that the main object of activity must be formulated exactly: 'Other activities auxiliary to insurance and pension funding'. When submitting the application, the associates or shareholders present a sworn statement in accordance with Law 359/2004, attesting that the legal conditions for carrying out the activity are met. No prior approval from the Financial Supervisory Authority (ASF) is required at the time of incorporation, but it is mandatory to obtain the operating authorization from the ASF within a maximum of 30 days from the date of registration, under penalty of suspension of activity. For limited liability companies, the minimum share capital is 1 RON, but the fiscal recommendation is to subscribe a more substantial capital (minimum 200 RON) to cover operational expenses. CAEN code 6629 includes activities such as: administration of insurance policies, claims assessment services (other than those provided by insurers), insurance consultancy (excluding legal or accounting consultancy) and administration services for private pension funds.

Regulatory framework, specific approvals and control institutions

The activity carried out under CAEN 6629 is strictly supervised by the ASF, based on Law no. 32/2000 on insurance activity and the legislation on private pension funds. Any legal entity providing auxiliary services must obtain an authorization from the ASF, which will verify: financial capacity, integrity and professional experience of administrators and significant shareholders. Also, the company must implement an internal control and reporting system to the ASF. For specific activities, such as claims assessment or claims adjustment, an ASF approval is required for key personnel. Without authorization, the company cannot legally operate, and penalties include fines of up to 100,000 RON and temporary prohibition of activity. In relation to the Trade Register (ONRC), it is necessary to update the data in the Trade Register whenever changes occur regarding the registered office, administrators or share capital. The relevant control institutions are: the Tax Authority (ANAF) (for fiscal checks and taxes), the ASF (for prudential supervision) and the Labor Inspectorate (for compliance with labor regulations).

Tax management, ANAF audit risk and specific accounting

From a fiscal point of view, companies under CAEN 6629 are payers of corporate income tax (16%) or microenterprise income tax (if they meet the conditions of turnover under EUR 500,000 and have at least one employee). We recommend the VAT payer regime (if turnover exceeds 300,000 RON) in order to deduct VAT related to outsourced services. Invoicing is carried out through the RO e-Factura system, and monthly and semi-annual returns (D300, D394, D100) are submitted by the legal deadlines. A specific aspect is the classification of income from intermediation commissions: these are considered income from auxiliary activities, subject to corporate income tax, without any exemption. Deductible expenses include: professional insurance premiums, ASF authorization fees, legal consultancy services and staff salaries. ANAF may initiate an audit in case of discrepancies between reported revenues and the insurers' database. The main audit risk is incorrect declaration of commissions received from insurance companies. Accounting is kept on a single-entry basis for microenterprises or on a double-entry basis, with the obligation to submit the annual balance sheet (D30) and financial statements to the territorial units of ONRC. Also, it is mandatory to open a separate bank account for current operations and to comply with the deadlines for uploading to the e-Factura system (maximum 5 days from the issuance of the invoice).