In a statement published on its website, the BNA states that the new regulation, approved in Presidential Decree 146/21 of 2 June, as part of the improvement of the business environment, aims to simplify the "procedures related to the registration of representative offices of foreign companies.
The new regime also eliminates the "requirement for the issuance of a capital import license" by the BNA, and only "the proof of entry of funds issued by the receiving commercial bank" will suffice.
According to the note, the obligation to provide collateral by the representative office also ceases to have effect with this new regime.
The "imposition of a maximum number of workers that can be hired and the specification of their nationality was also eliminated, and the number that is appropriate to their activity under current legislation should be hired".
