Updating the Classification of Economic Activities in the National Economy

The National Institute of Statistics (INS) has, through Order no. 377 of 17.04.2024, formalised the third revision of the Classification of Economic Activities in the National Economy (CAEN), due to enter into force on 1 January 2025.

Under the order, alignment with the new legal provisions on CAEN codes will cease to optional and become obligatory for all company directors, with the first step in this process, which can already be carried out now, being to check the existing CAEN codes specified in the memorandum of association as well as those submitted to the Trade Register.

Moreover, for those activities that require specific authorisations, licences and permits in order to be carried out, it is recommended that these be checked in advance, so that the issuing authority can be notified within the given time limits and according to the procedures laid down by law, in order to avoid the invalidation of any such documents.

In terms of the activities a company in effect carries out, it will be necessary to verify their conformity with the new CAEN codes according to the new classification due to enter into force in 2025, thereby creating a mapping of any new object of activity according to CAEN rev. 3.

After obtaining this mapping, the necessary steps should be taken to update the articles of association and submit any changes to the Trade Register.

Source: Order no. 377 of 17 April 2024 on the updating of the Classification of Economic Activities in the National Economy (CAEN)