Mandatory bank account for companies: Complete guide for LLCs and sole traders - opening, obligations and penalties

What the mandatory bank account requirement for companies entails

Why this change? The main purpose of this regulation is to increase financial transparency and improve the relationship between the business environment and tax authorities. The Ministry of Finance identified that, in August 2025, approximately 698,000 companies did not have a bank account, accumulating debts of over 1.7 billion lei.

The obligation requires the existence of at least one payment account opened at a credit institution in Romania or at a State Treasury unit. This account will be used for current financial operations, including collections and payments to suppliers, customers and public institutions. To facilitate these operations, there are various payment solutions for companies available on the market. It is important to note that this measure does not prohibit companies from having accounts abroad, but requires the existence of an active account on Romanian territory.

Important update: Law 239/2025 stipulates that banks and payment institutions cannot refuse to open a payment account for a company, except in cases where there are real suspicions of money laundering or terrorist financing.

Next, we will analyze the specific situation of sole traders (PFA) and how this obligation applies to them.

 

Bank account for sole traders (PFA) - obligations and exceptions for authorized natural persons

Authorized natural persons (PFA) benefit from different treatment under the new legislation. Unlike commercial companies, sole traders are not explicitly legally required to open a bank account dedicated to their economic activity. This exception is based on the fact that the PFA does not have a distinct legal personality, and the holder is liable with their own assets.

In practice, this means that the activity of an authorized natural person can be carried out using the holder's personal account. However, financial experts strongly recommend separating the personal account from the one used for economic activity, for clearer financial records and to avoid complications in case of a tax audit.

The same rule applies to other similar forms of organization, such as Individual Enterprises (II), Independent Natural Persons (PFI) or Family Enterprises (IF). Although there is no direct legal obligation, opening a dedicated account for the activity can facilitate financial management and offer a more professional image in commercial relationships.

Important note: Starting 2026, sole traders are required to accept cashless payments (except when all operations are carried out exclusively through bank accounts). Complete details about this obligation can be found in our guide on mandatory POS and cashless payments for companies.

But what happens in the case of LLCs and other legal entities? Find out the specific legal requirements in the next section.

 

Bank account for LLCs and other legal entities - legal requirements

All limited liability companies (SRL) and other forms of legal entities conducting economic activities are required by law to hold a payment account starting January 1, 2026. This requirement applies regardless of the company's size or the volume of transactions made.

For newly established companies, the legislation provides a grace period of 60 working days from the date of registration with the Trade Registry for opening the account. It is important to mention that the bank account used for depositing the share capital at incorporation can be kept as the main payment account, eliminating the need to open an additional account.

Failure to comply with this obligation can have serious consequences: declaration of company inactivity, blocking of economic activity, inability to access credits and application of sanctions by ANAF. These measures can significantly affect the company's operational capacity and commercial relationships with business partners.

To avoid these consequences, it is crucial to know the exact deadlines and procedures for compliance, which we will detail below.

 

Deadlines and procedures for compliance

Companies existing as of January 1, 2026 must comply immediately with the new legislation. It is essential that these companies verify whether they already have an active payment account in Romania and ensure that the account details are correctly declared to ANAF and the Trade Registry.

For newly established companies, the 60 working day deadline provides sufficient time for choosing the right bank and completing the procedures. The process of opening a company account online can be done both physically, at the bank's headquarters, and online, through the digital platforms offered by most financial institutions.

The standard procedure includes preparing the necessary documentation (registration certificate, articles of association, tax identification code, signature specimen), completing the bank forms, signing the service contract and activating internet banking services. Many banks now offer complete digital solutions for opening business accounts, considerably simplifying the process for entrepreneurs.

But what happens if you don't comply in time? Here are the penalties and consequences for non-compliance.

 

Penalties and consequences for non-compliance

The consequences of failing to comply with the obligation to hold a mandatory bank account are severe and can fundamentally affect a company's activity.

Immediate penalties:

• Contravention fine between 3,000 and 10,000 lei for lack of a payment account
• Declaration of tax inactivity by ANAF

Long-term consequences:

• Practical blocking of all commercial operations
• Inability to access credits, financing or participate in public tenders
• Automatic dissolution of the company – if the company remains fiscally inactive for one year, ANAF is required to request its dissolution

Legal experts warn that compliance deadlines are strict and that there are no exceptions for companies that delay opening their bank account. Therefore, it is crucial for entrepreneurs to act proactively to avoid these penalties.

To help you avoid these penalties, we offer a practical guide for opening a bank account, with clear and easy-to-follow steps.

 

Practical guide for opening a bank account

The process of opening a bank account for a company can be simplified by following clear and organized steps. The first step is choosing the right bank, analyzing offers based on fees, services offered and the quality of digital platforms.

The required documentation usually includes the registration certificate from the Trade Registry, the updated articles of association, the unique tax identification code (CIF), the signature specimen and the identity documents of the legal representatives. It is recommended to contact the chosen bank in advance to confirm the exact list of required documents.

Stage	Description	Estimated duration
Choosing the bank	Comparing offers and services	1-2 days
Preparing documents	Collecting and verifying documents	2-3 days
Submitting the application	Completing forms and signing the contract	1 day
Processing the application	Verification of documents by the bank	3-5 working days
Account activation	Receiving data and activating services	1 day

 

Many banks now offer the possibility of opening a company account online, which can significantly speed up the process. After opening the account, it is important to activate internet banking services and familiarize yourself with the bank's digital platforms for efficient management of your company's finances.

To make an informed choice, here are some essential recommendations for selecting the right bank for your business.

 

Recommendations for choosing the right bank

Choosing the right bank for your company account is a strategic decision that can significantly influence the operational efficiency of your business. The fees charged represent the first evaluation criterion, including monthly administration fees, transaction commissions and costs of additional services.

The quality of digital services is equally important, given that most banking operations are conducted online. Check the functionalities of the internet banking platform, the mobile application and the ability to make batch payments or schedule recurring transactions.

The bank's reputation and financial stability are crucial factors for the safety of your company's funds. Consult financial ratings and reviews from other entrepreneurs to get a complete picture of the quality of services offered. Also, consider the accessibility of branches and the quality of customer support services, which can be essential in urgent situations.

To answer the most frequent questions, we have prepared a special section with frequently asked questions about the mandatory bank account.

 

Frequently asked questions about the mandatory bank account

The new regulations regarding the mandatory bank account requirement for companies raise numerous questions among entrepreneurs. To clarify the essential aspects and provide concrete answers to the most frequent questions, we have compiled the following practical information that will help you better understand the implications of this legislation.

1. What is the difference between a bank account and a payment account?

The law uses the term "payment account", which is broader than the traditional concept of a bank account. A payment account can be opened at a commercial bank or even at the State Treasury, being defined as an account used for executing payment operations, including through the Payment Initiation Service, part of the Open Banking concept.

 

2. Can I use my personal account for PFA activity?

Yes, sole traders are not legally required to open a dedicated account and can use their personal account. However, separation is recommended for clearer financial records and to avoid complications during tax audits.

 

3. Are accounts opened at digital banks accepted?

Accounts opened at banks with a European license and a branch in Romania, such as Paysera or Revolut Business, meet the legal requirements, offering an IBAN in RON and being subject to supervision by Romanian authorities.

 

4. What happens if I only have an account at an EU bank without presence in Romania?

If the bank does not have a branch in Romania, the account is not sufficient for compliance. An account must be opened at an institution with a local presence, keeping the external account for additional operations.

 

5. How much does it cost to open and manage a business account?

Most banks do not charge an opening fee. Monthly administration costs vary between 0 and 50 lei, depending on the bank and the service package chosen.

 

6. Can I close the bank account after opening?

The obligation is continuous - there must always be at least one active account. Before closing an account, another one must be opened to maintain legal compliance.

 

7. What documents are required to open an account?

Standard documents include the registration certificate, articles of association, tax identification code, signature specimen and identity documents of legal representatives. The exact list may vary depending on the bank.

 

8. How long does the account opening process take?

The process usually takes between 3-7 working days, depending on the complexity of the documentation and the bank's internal procedures. Online opening can speed up the process.

 

9. Can I have multiple bank accounts for my company?

Yes, there are no restrictions on the number of accounts. Many companies choose to have accounts at multiple banks for risk diversification and to benefit from specialized services.

 

10. What happens if I don't meet the 60-day deadline for newly established companies?

Failure to meet the deadline results in a contravention fine of 3,000-10,000 lei and can lead to the declaration of company inactivity. It is crucial to act within the allocated time to avoid these consequences.

 

11. Can the bank refuse to open an account for my company?

No. According to Law 239/2025, banks and payment institutions are required to accept requests to open payment accounts for legal entities. The only exception is when there are suspicions of money laundering or terrorist financing.

 

Open a company account online through Paysera

The obligation to hold a bank account for your company doesn't have to be a bureaucratic burden. With Paysera, you can open a 100% online business account, without trips to the counter and without hassle.

Why choose Paysera for your company account:

• ✔️ Fast, fully online opening – the process takes minutes, not days
• ✔️ Romanian IBAN in RON – you meet the requirements of Law 239/2025
• ✔️ Transparent and competitive fees – no hidden costs
• ✔️ Modern app and intuitive internet banking – manage everything from your phone or computer
• ✔️ Instant SEPA transfers – money arrives immediately at its destination
• ✔️ Support in Romanian – the Paysera team helps you when you need it

 

Whether you have a newly established LLC or want to simplify the financial operations of an existing company, Paysera offers you the tools needed to comply with the legislation and efficiently manage your business finances.

👉 Open a Paysera Business account and comply with the new legislation simply and quickly.