EUR 6,000,000 (investment value)
Accounting, tax, legal counseling
Schnecker Van Wyk & Pearson innovated in the field of tax structures,
implementing the first permanent establishment of a foreign company in Romania.
Tax/Legal Advisor: Schnecker Van Wyk & Pearson/Industry: Construction/Country: Romania

The Russian company Podvodtruboprovodstroy, listed in the European top 500, is the first non-resident company that registered a permanent establishment (PE) in Romania. The Russian company was appointed to build an underwater pipe from Isaccea to the Romanian-Ukrainian frontier (under the Danube) based on the contract closed with the Romanian National Company for the Natural Gas Transport in 2002.  

Podvodtruboprovodstroy addressed to SvWP to assist the company in setting-up a permanent establishment in Romania and complying with the Romanian legal and tax framework during the construction period. SvWP managed to decipher the comprehensive legal framework of the PE and registered the first PE of a foreign company in Romania in an only two-week term from the first contact with the project.

Following the registration of the PE, SvWP has provided professional accounting, tax and legal assistance and counseling to the client during the construction period (June 2003 – October 2004).