Cris-Tim’s owners choose Cyprus
For lack of Romanian legislation for holdings, the owners of the Cris-Tim cold meats producer have resorted to a method which increasingly more Romanian businesspeople are adopting lately, in an attempt to simplify relations between their own enterprises. Cris-Tim has founded a company in Cyprus, Rangeglow Limited, that has taken over more than 99 percent […]
For lack of Romanian legislation for holdings, the owners of the Cris-Tim cold meats producer have resorted to a method which increasingly more Romanian businesspeople are adopting lately, in an attempt to simplify relations between their own enterprises.
Cris-Tim has founded a company in Cyprus, Rangeglow Limited, that has taken over more than 99 percent of the shares of Recunoştinţa Prodcom Impex and Cristim 2 Prod Com, two of the group’s main entities, whose equal shareholders are Radu and Cristina Timiş.
“We resorted to this procedure, because legislation regarding holdings is non-existent in Romania, and a group of companies, such as Cris-Tim, stands to suffer, at least from a tax point of view. Thus, if I want to invest in one of the companies in the group, then I do not have to pay thousands of taxes. At present, there is no benefit for persons operating groups in Romania, namely benefits that would lead to the simplification of activities, an ease of cash transfers between enterprises and VAT compensation [value-added tax], etc,” the President of the Cris-Tim group, Radu Timiş, told Business Standard.
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