Thanks a lot. I find different opinions regarding the effective management. In Malta and︁ Cyprus you can hire managers (though in Malta I heardthey need a license soon and︂ will be registered, publicly available data. This might undermine the purpose when local tax offices︃ can easily see your director is also working for 30 other companies). In Romania I︄ couldn't find a lawyer offering such services - they are scared to be on the︅ line when it comes to liability. So in this case I wouldn't really see a︆ way to solve the 'effective management' issue...