Capital: Bucharest HDI: 0.785 (54th)
Language: Romanian GDP (PPP): $392.8 billion
Population: ~ 21.7 million Currency: Romanian Leu
Romania is one of the newer members of the European Union and the only Romance language speaking country in Eastern Europe. The country experienced rapid economic growth based primarily on its manufacturing and service sectors. Romania has one of the lowest labor costs and one of the lowest levels of unemployment in the EU; the middle class has started to expand since the 2000’s. Exports are the main fuel for economic growth, in particular the country has a large and growing car manufacturing industry. Tax incentives were put in place to stimulate business growth and investment, this included the transition to a 16% flat tax.
Doing Business in Romania
This economy profile presents the Doing Business indicators for Romania. To allow useful comparison, it also provides data for other selected economies (comparator economies) for each indicator. The data in this report are current as of June
1, 2014 (except for the paying taxes indicators, which cover the period January–December 2013).
Romania Overview – World Bank
Joining the European Union (EU) in 2007 was a driving force for reform and modernization. When the global financial crisis hit in 2008-09, Romania made a quick recovery thanks to prudent macroeconomic management
Starting a Business in Romania
Overview of the Romanian Economy – This page summarizes Doing Business 2015 data for Romania. The first section presents the Ease of Doing Business rank (out of 189 economies) and the distance to frontier (DTF)** measure, overall and by topic. The second section summarizes the key indicators for each topic benchmarked against regional averages.
Industry Trends & Business Climate
Business climate – Romania Solutions
The business potential in Romania is very high due to a number of factors. Romania has the Biggest GDP in South Eastern Europe and is simultaneously the regional leader in South Eastern Europe for attracting FDI, including Greenfield and investment projects. As a result, Romania ranks 1st in the EU in terms of total investment share in GDP (24,6%).
Do business in Romania
Why should one be interested in starting a business in Romania? Because the main goal of the Government is sustainable growth. Backing private entrepreneurs and stimulating entrepreneurship are central to the activity of the Executive.
Establishing a Presence
Business Types – Types of Romanian Companies
The Law nr.31/1990 the Romanian law regulating the commercial companies their formation and the way they ought to conduct their activity, establishes 5 types of legal entities from which you can choose in order to develop a business in Romania:
Business Types – Setting up a Company in Romania
The Company Law regulates five types of commercial companies that are described on this site
Business Registration Requirements – Starting a Business in Romania – Doing Business
This site provides a detailed summary of the bureaucratic and legal hurdles faced by entrepreneurs wishing to incorporate and register a new firm in Romania.
Business Registration Requirements – Starting a business in Romania
See “Registering a company” on this site
Income taxes abroad – Romania
Corporate Income Tax in Romania
Key questions on personal income taxes in Romania answered on this site
Romania Sales Tax Rate | VAT
The Sales Tax Rate in Romania stands at 24 percent. Sales Tax Rate in Romania averaged 20.88 percent from 2000 until 2015, reaching an all time high of 24 percent in 2010 and a record low of 19 percent in 2001. Sales Tax Rate in Romania is reported by the National Agency for Fiscal Administration (ANAF).
Romania Corporate Tax Rate
The Corporate Tax Rate in Romania stands at 16 percent. Corporate Tax Rate in Romania averaged 23.38 percent from 1995 until 2015, reaching an all time high of 38 percent in 1996 and a record low of 16 percent in 2005. Corporate Tax Rate in Romania is reported by the National Agency for Fiscal Administration (ANAF).
Corporate Income Tax in Romania
Romania companies pay tax on their Romanian and worldwide income. Non-residents companies pay tax only on Romanian source income. A foreign company is resident if the management is in Romania.
Romania Personal Income Tax Rate
The Personal Income Tax Rate in Romania stands at 56.50 percent. Personal Income Tax Rate in Romania averaged 43.70 percent from 1995 until 2014, reaching an all time high of 56.50 percent in 2013 and a record low of 40 percent in 1996. Personal Income Tax Rate in Romania is reported by the National Agency for Fiscal Administration (ANAF).
Romanian VAT – Meridian Global Services
Romania being an EU member state falls under the EU VAT regime. Member states must adopt EU VAT Directives into their own legislation
The Romanian Visa | Ministry of Foreign Affairs
Visa information regarding expected length of stay and purpose of visit
ROMANIA – Entry Requirements
American and Canadian citizens as well as citizens of Australia, New Zealand and most European countries do not need an entry visa for stays up to 90days.
Telecom/IT – Category: Telecommunications companies of Romania
This site describes internet companies and service providers and mobile phone companies
Telecom/IT – Romania – Telecoms Infrastructure
Romania’s fixed-line telecoms market is evolving under the weight of competition and technological change. Implementation of EU Directives has opened the telecoms market to competition and implemented a regulatory framework designed to foster effective competition. – See more at: http://www.budde.com.au/Research/Romania-Telecoms-Infrastructure-Operators-Regulations-Statistics-and-Analyses.html#sthash.4oFX5hYQ.dpuf
Getting around Romania on local transport
Romanian cities generally have very good public transport systems comprised of buses, trams, trolleybuses and, in some cases, maxitaxis. Bucharest is the only Romanian city with an underground metro.
Best Romania Transportation on VirtualTourist
A description of the best forms of public transportation
Labor Rules and Regulations – Overview of Romanian Employment Law
All employers in Romania must comply with Romanian labor law, whether they employ Romanian citizens or foreign nationals
Labor Rules and Regulations – Labor Law in Romania | CFE portal
This site describes labor contract requirements, working hours, minimum wage and more
Overview of Romanian Employment Law
A report on unemployment, retirement and disability laws in Romania from the US Social Security Office
Romania – Social Security
A report on unemployment and disability benefits in Romania from the US Social Security Administration
Climate – ROMANIA – Official Travel and Tourism Information. Climate
Romania has a temperate climate, similar to the northeastern United States, with four distinct seasons.
Safety – Romania – US Department of State
US Department of State – Go to Safety and Security for updates from the Romanian government
Safety – Romania – Department of Foreign Affairs and Trade
Safe travel advice from the Department of Foreign Affairs and Trade
Business Etiquette – Doing Business in Romania | etiquette
This guide to doing business in Romania offers some introductory points to some areas such as business culture and etiquette.
Climate of the World: Romani
Romania has a temperate-continental climate with moderate features which is characteristic for Central Europe. with hot summers, long, cold winters and very distinct seasons. Abundant snowfalls may occur throughout the country from December to mid-March, especially if you are in the mountainous areas of Romania.
Cost of Living in Romania
Cost of living information includes price indices for rent, food, utilities, transportation, restaurants, clothing and more
Cost of living in Romania | Expat Arrivals
The cost of living in Romania is still a relative bargain for expats: cheaper than Poland, Hungary and the Czech Republic, but more expensive than the Philippines and the medium-sized cities in China and India.
Business Etiquette – Business etiquette in Romania
Learn about business etiquette in Romania by understanding punctuality, dress code, gift giving, bribery, corruption and corporate social responsibility.
Demographics – Romania Demographics Profile
Demographic information includes population, quality of life, health, sports, technology, energy and the environment
Demographics – Romania – The World Factbook
Demographic information on Romania from the CIA
Education in Romania – Wikipedia
Education in Romania is based on a tuition-free, egalitarian system. Access to free education is guaranteed by Article 32 in the Constitution of Romania.
Education and Schools in Romania
Expats moving with children will be pleased to know that they have options when it comes to schools in Romania. Public education is taught in Romanian and, as a result, most expats choose to send their children to international or private schools.
Holidays and observances in Romania
Schedule of National holidays and Observances
Holidays 2015 and 2016
Approximately 90 percent of Romania’s population practices the Eastern Orthodox Christian religion. Therefore, many of the holidays in this country are based on religious doctrine and cultural observances.
OEC: Romania (ROU) Profile of Exports, Imports and Trade
Top exports and imports and top destination countries and countries of origin
Importing and Exporting in Romania
The activity of import-export in Romania can be performed in most cases without any measure of control or supervision. This is a particular aspect of the international commercial liberty principle in Romania.
WTO | Romania – Member information
This site provides key information on Romania’s participation in the WTO. Romania has been a WTO member since 1 January 1995 and a member of GATT since 14 November 1971. As of 1 January 2007 it is a member State of the European Union (more info). All EU member States are WTO members, as is the EU (until 30 November 2009 known officially in the WTO as the European Communities for legal reasons) in its own right.
International Agreements in which Romania is a Signatory Party
Preferential Agreements to which Romania is a Party
Housing and Rentals
ROMANIA – Distinctive Accommodations
This site provides a list of accommodations in the major cities of Romania
Accommodation in Bucharest | Expat Arrivals
Expats have many options when it comes to housing in Bucharest. The city is divided into six districts, stretching from the city centre to the suburbs. Apartments are most common in the city centre, but larger villas are available in some of the other neighbourhoods in Bucharest.
ROMANIA – Travel and Tourism Information
Fortified churches and painted monasteries stand regally amid a pristine landscape. In the cities, former Saxon settlements such as Sibiu and Braşov ooze charm, while vibrant Bucharest is all energy.
Romania – Lonely Planet
While tourism is growing, Romania is still considered something of an off-the-beaten-track destination for foreigners, and you’ll get kudos from the locals just for showing up.
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