Nikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the BNR decision, including banking and payment rails.
Get an EMI license in Romania.
The second-largest market in Central and Eastern Europe: the National Bank of Romania authorises e-money institutions under Law 210/2019 - 19 million consumers, an exploding tech sector and 16% corporate tax. We build the Romanian file end to end.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
Romania in brief
CEE's second market, priced like a startup.
Romania authorises e-money institutions through the Banca Națională a României under Law 210/2019 - the EMD2 transposition - with payment institutions under Law 209/2019 and the detailed authorisation mechanics in BNR Regulation 2/2021. The numbers are the harmonised ones: €350,000 initial capital for the EMI, payment-institution tiers below, safeguarding, fit-and-proper testing to UBO level and a three-month window from a complete file, with authorised institutions entering the BNR's public registers. The file runs in Romanian, and the central bank reviews with central-bank thoroughness.
The market is the argument: 19 million consumers - CEE's second-largest pool after Poland - card and instant-payment adoption climbing from a low base, and Bucharest, Cluj and Iași running one of Europe's fastest-growing tech workforces at costs Western hubs cannot touch. The real caveat is fiscal churn: the 2025 consolidation package pushed VAT to 21% and dividend withholding to 16% from 2026, and the micro-company regime keeps tightening - we model the current law, not last year's folklore. Corporate tax holds at 16%, the EU/EEA passport is the same as anywhere, and realistic end-to-end runs 9-15 months from our Bucharest office.
BNR authorisation under Law 210/2019 + Regulation 2/2021: €350,000 capital, Romanian file, central-bank review, EU passport.
The market: 19M consumers, CEE's second pool, adoption climbing - with the region's deepest tech workforce at its cheapest prices.
The two routes
Full EMI - or the payment-institution tier.
One central bank, two entries: the e-money institution at €350,000 under Law 210/2019, or payment-institution licences under Law 209/2019. We fix the scope first, then build once.
EMI at €350,000 - or PI tiers under Law 209/2019, into the growth market.
01 - E-MONEY INSTITUTION
EMI authorisation
The flagship BNR authorisation: e-money issuance plus the payment-services list, €350,000 initial capital, safeguarding and EU/EEA passporting - from CEE's second-largest consumer market.
The flagship BNR authorisation: e-money issuance plus the payment-services list, €350,000 initial capital, safeguarding and EU/EEA passporting - from CEE's second-largest consumer market.
- ✓E-money issuance and distribution
- ✓Full PSD2 payment-services list
- ✓€350,000 initial capital · own funds ongoing
- ✓Safeguarding of client funds
- ✓EU/EEA passport on notification
- ✓BNR public register entry
02 - PAYMENT INSTITUTION ROUTES
The 19M-consumer marketPI routes
Payment-institution licences under Law 209/2019 run by service tier. Remittance to acquiring, initiation and account information. Into a market still adding electronic-payment share every quarter.
PI licences by tier; acquiring, remittance, PIS/AIS; upgrade path to the EMI.
- ✓PI licences by service tier
- ✓Money remittance and transfers
- ✓Acquiring for the e-commerce wave
- ✓PIS/AIS routes
- ✓Upgrade path to the EMI
- ✓Same BNR supervision
Costs and timelines are confirmed for your case before any work begins. BNR process follows Regulation 2/2021; capital, safeguarding and substance costs are itemised in your quote.
Why Romania
Growth you can still get in early on.
The framework is EMD2/PSD2 under the central bank. Attached to the EU's most underpenetrated large payments market.
✓
19 million consumers
CEE's second-largest market, with electronic-payment adoption climbing from a low base. The growth curve Western markets finished riding a decade ago.The EU's most underpenetrated large market.
✓
The tech workforce
Bucharest, Cluj and Iași run one of Europe's fastest-growing engineering pools. Payment platforms staff locally at costs Western hubs cannot touch.Bucharest, Cluj, Iași. Fast and affordable.
✓
A central-bank register
The BNR authorises and supervises directly. The register entry carries institutional weight with Romanian banks and enterprise counterparties.BNR weight with counterparties.
✓
16% corporate tax
A flat 16% on profit. Mid-table headline with a bottom-table cost base underneath it.Flat, with a cheap cost base.
✓
EU passport
One BNR authorisation notifies into every EU/EEA state. The single market from Bucharest, with the home market as the base case.Single market from Bucharest.
✓
PSD3-ready files
With PSD3/PSR close to adoption, e-money folds into the unified payment-institution regime. We structure Romanian files to convert rather than be rebuilt.Built to convert, not rebuild.
How it compares
How Romania differs from other routes.
Romania trades fiscal churn for market growth and cost. The full comparison is below.
Romania vs other jurisdictions
| Feature |  Romania | Other jurisdictions |
|---|---|---|
| Regulatory regime | Laws 209-210/2019 - BNR | Same directives, other desks |
| Home market | 19M, underpenetrated | Mostly saturated |
| Cost base | CEE's most affordable large hub | Higher everywhere west |
| Fiscal stability | Churning - model current law | Steadier |
Regulatory regime
RomaniaLaws 209-210/2019 - BNR
Other jurisdictionsSame directives, other desks
Home market
Romania19M, underpenetrated
Other jurisdictionsMostly saturated
Cost base
RomaniaCEE's most affordable large hub
Other jurisdictionsHigher everywhere west
Fiscal stability
RomaniaChurning - model current law
Other jurisdictionsSteadier
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Romania | EMI (BNR) | 16% CIT | Romanian file, central bank |
 Lithuania | EMI (Bank of Lithuania) | 17% CIT (2026) | CENTROlink, specialised desk |
 Hungary | EMI (MNB) | 9% CIT | Hungarian file, central bank |
 Bulgaria | EMI (BNB) | 10% CIT | Euro area since 2026 |
RomaniaLicense typeEMI (BNR)
Taxation16% CIT
RequirementsRomanian file, central bank
LithuaniaLicense typeEMI (Bank of Lithuania)
Taxation17% CIT (2026)
RequirementsCENTROlink, specialised desk
HungaryLicense typeEMI (MNB)
Taxation9% CIT
RequirementsHungarian file, central bank
BulgariaLicense typeEMI (BNB)
Taxation10% CIT
RequirementsEuro area since 2026
Before you apply
Requirements for the BNR authorisation.Requirements for the authorisation.
Regulation 2/2021 details the file. The craft is completeness a central bank can verify, in Romanian. The checklist below is what a passing application contains.
01
Romanian entity. An S.R.L. or S.A. with its head office and management in Romania.
02
Initial capital - €350,000 for the EMI, evidenced and paid in; PI tiers below.
03
Fit and proper management and holders. Competence, clean records and ownership transparent to UBOs.
04
Programme of operations. Services, volumes and three-year financials the BNR can interrogate.
05
Safeguarding. Segregated client-fund accounts or insurance, with documented reconciliation.
06
AML/CFT framework. KYC, monitoring and ONPCSB reporting with a resident compliance officer.
07
IT and security documentation. Architecture, DORA-grade resilience and incident procedures.
08
Internal governance. Control functions, outsourcing register and conflicts procedures.
09
Own-funds methodology. The ongoing capital calculation, modelled forward.
10
Romanian-language file. The application and annexes drafted and defended in Romanian, per Regulation 2/2021.
01
Romanian S.R.L./S.A., managed locally.
02
€350,000 capital (EMI).
03
Fit & proper holders to UBOs.
04
Interrogable programme of operations.
05
Safeguarding with reconciliation.
06
AML with resident officer (ONPCSB).
07
DORA-grade IT documentation.
08
Governance and outsourcing register.
09
Own-funds method modelled forward.
10
Full file in Romanian, per Reg. 2/2021.
Reflects Law 210/2019, Law 209/2019 and BNR Regulation 2/2021 as of 2026.Laws 209-210/2019 + BNR Reg. 2/2021, as of 2026.
How it works
From first call to the BNR register.
01
Route and strategy
EMI or PI tier. We fix the scope, capital and timeline in writing before any drafting.EMI or PI - in writing.
02
Romanian company and people
S.R.L. formation, capital evidence and the resident officers the central bank vets.S.R.L., capital, resident officers.
03
The application file
Programme, safeguarding, AML and IT documentation in Romanian per Regulation 2/2021. Complete before filing.Complete, in Romanian, per the Regulation.
04
BNR review
Three months from complete, question rounds answered - 9-15 months realistic end to end.3 months statutory; 9-15 realistic.
05
Authorisation and launch
The register entry, passport notifications and the reporting calendar. Live in CEE's growth market.Register, passports, growth market.
Quick facts
RegulatorBNR
EMI capital€350,000
Legal basisLaws 209-210/2019
Detail rulesBNR Regulation 2/2021
Statutory review3 months from complete
Realistic timeline9-15 months
File languageRomanian
PassportEU/EEA on notification
The BNR reviews like the central bank it is. A complete Romanian file is the entire game, and our job.
On the ground in Romania
Run from our Bucharest office.
Prifinance - Romania
Bucharest · Romania
Bucharest, Romania
01
Romanian company formation
S.R.L. incorporation, capital placement and the corporate layer the BNR expects. Structured for the licence from day one.S.R.L. + capital, structured for the file.
02
The BNR file - in Romanian
Programme of operations, safeguarding design, AML pack and IT documentation drafted with Romanian counsel natively, and defended through the central bank's rounds.Drafted natively with local counsel.
03
Fiscal modelling, current-law
The 2025-2026 package priced in. VAT 21%, dividends 16%, micro-regime limits, so the plan survives the next ordinance.The 2025-26 package, priced in.
04
Substance and staffing
Resident directors, compliance officer and MLRO from Bucharest's and Cluj's deep talent pools. Real substance at CEE cost.Bucharest/Cluj talent, real ops.
We also have offices in
Tallinn
Estonia
Roseni 13
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
London
United Kingdom
7 Bell Yard
Dubai
UAE
33 Level, Al Saqr Business Tower
Madeira
Portugal
Rua da Alegria 31, 1F
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of payment companies in Romania.
16% flat on profit with the EU's cheapest large-hub cost base, and a fiscal package that moved VAT and dividend rates in 2025-2026. We model current law.
Corporate tax 16%
The flat rate on an EMI's fee and float income. Mid-table headline, bottom-table operating costs underneath.Flat; cheap base underneath.
Dividends 16% - from 2026
The 2025 package raised dividend withholding from 10% to 16% for distributions from 1 January 2026. Treaty and EU-directive relief still applies; we model the transition.From 2026; treaty relief applies.
VAT 21% - services exempt
The standard rate rose to 21% in the 2025 consolidation, but payment and e-money services remain VAT-exempt financial services.Services exempt; rate rose 2025.
Micro-regime - tightened
The 1%/3% revenue-based micro-company regime survives with shrinking thresholds and conditions. Genuinely useful early, gone at scale; we model eligibility case by case.1%/3%, tightened - modelled.
The cost base
Bucharest and Cluj engineering and compliance salaries run at a fraction of Western hubs. The operating advantage outlasts any rate change.Fraction of Western hubs.
Treaty network 85+
A deep treaty network across Europe and beyond. Group structures above the Romanian entity model cleanly.Deep network.
Tax summary
Corporate tax16% flat
Dividend withholding16% · from 1 Jan 2026
VAT on payment servicesExempt
Standard VAT21% · since Aug 2025
Micro-company regime1%/3% · tightened
Tax treaties85+
*Figures as of 2026 per ANAF and Law 141/2025. The fiscal package keeps moving. We model the law in force, not last year's.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Romanian S.R.L., AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, authorised institution.
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Romania · BNR
Launch your payment project in Romania with expert support.
Full-service assistance - from S.R.L. registration to the BNR authorisation, passporting and ongoing compliance.
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Is Romania the right fit for your project?
Our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.
Written assessment within 2-5 business days
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The Romanian EMI licence: the practical answers.
What licence does an e-money business need in Romania?+
An e-money institution authorisation from the National Bank of Romania under Law 210/2019 - €350,000 initial capital, safeguarding and EU/EEA passporting. Payment-institution licences under Law 209/2019 sit alongside, with the detail in BNR Regulation 2/2021.
How long does licensing take?+
Three months from a complete application as the statutory window, with central-bank question rounds in Romanian. Realistic end-to-end: 9-15 months. Completeness per Regulation 2/2021 is our job.
What did the 2025-2026 fiscal package change?+
VAT rose to 21% from August 2025 and dividend withholding to 16% for distributions from 1 January 2026; the micro-company regime tightened again. Corporate tax held at 16%. We model the law in force and stress-test the plan against further changes.
What substance is expected?+
A Romanian S.R.L. managed locally, resident fit-and-proper officers, AML reporting to the ONPCSB, real safeguarding arrangements and DORA-grade systems documentation.
How are payment companies taxed?+
16% flat corporate tax, VAT-exempt payment services (standard rate 21%), 16% dividend withholding from 2026 with treaty and EU relief, and a micro-regime that helps early-stage revenue while it lasts.
Why is the Romanian market interesting for an EMI?+
It is the EU's most underpenetrated large market: 19 million consumers, adoption climbing from a low base, e-commerce compounding - the growth curve mature markets already spent.
Does the licence passport across the EU?+
Yes - the BNR authorisation notifies into every EU/EEA state. Most groups run the home market as the base case and passport outward as they scale.
Is the Romanian-language file a real obstacle?+
It is the main operational one - the application, annexes and rounds run in Romanian. We draft natively with Romanian counsel rather than translating afterwards.
What changes under PSD3?+
PSD3 and the PSR - provisionally agreed in November 2025 and close to formal adoption - fold e-money institutions into a unified payment-institution regime. Files we build now are structured to convert.
Why Romania rather than Hungary or Bulgaria?+
Hungary has the 9% rate; Bulgaria has 10% and the euro. Romania has the market - 19 million consumers and the region's deepest tech workforce. Models that need Romanian distribution or Romanian engineering belong here; pure rate-shoppers should look next door.
What licence is needed?+
BNR EMI - €350k; PI under Law 209/2019.
How long?+
3 months statutory; 9-15 realistic.
2025-26 changes?+
VAT 21%; dividends 16%; CIT held at 16%.
Substance?+
Resident officers, real Romanian ops.
Taxes?+
16% CIT; VAT-exempt services.
The market?+
19M consumers, adoption climbing.
Romanian file?+
Yes - drafted natively with counsel.
Passport?+
EU/EEA on notification.
PSD3?+
Agreed Nov 2025 - files convert.
Vs Hungary?+
Their rate; Romania's market and talent.
Client notes
Google4.7★★★★★
Founders who wanted it done right.
Google4.7★★★★★
“As a software development crew at FewMoreTaps OÜ, we've had the pleasure of working with Prifinance on some key financial moves.First of all, navigating the world of corporate banking and finance can be a maze, but Prifinance made it feel like a walk in the park. They helped us set up a corporate bank account without the hassle of jumping on a plane or drowning in paperwork. Everything was done remotely, smoothly…”
Google
“I had their assistance in company registration and I would recommend them. They were answering all my clarification during the process and offering all their supportThank you Daniel and Irinia”
Google
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Google
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Get a free legal opinion on your project - our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.Free legal opinion: which Romanian route fits your project and what it will cost.
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Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the National Bank of Romania (BNR) or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.