INVEST IN TRANSYLVANIA
Welcome to Transylvania Beyond's guide to investing in Transylvania. If you're interested in opening a business here or you simply want to learn more about the relocation opportunities, you're in the right place
Romania has one of the lowest tax rates on the continent: the standard corporate tax rate is 16%, about half the tax you would pay in France or Germany. Fiscal incentives include tax exemption for the reinvested profit. The income tax for IT&C employees is 0%. The tax on dividends is 5%.
Resident individuals are taxed on their worldwide income irrespective of the type or source of income; a flat rate of 10% applies. You will pay about 4x less than in UK, France or Germany and 3x less than than the European average.
DOING BUSINESS IN ROMANIA
This is the website created by the Romanian government for companies that wish to invest in Romania. You will find information about the macroeconomy, education, wages, cost of living, tax, infrastructure, doing business, government support, success stories. According to Eurostat, Romania is among the Top 3 countries with the highest GDP growth in the EU.
If you make €5000 a month in London, you would need to make €1850 in Bucharest to maintain the same standard of life
If you open a business in Romania, you should know that overall, the hourly labor costs in Romania are around 6.3 euro/hour, which is about 4.25x less than the EU average.
Download the official 'Foreign Investor's Guide 2017'
This guide was created by the British Government for British businesses interested in developing their overseas trade and doing business in Romania. The guide contains information about: challenges of doing business in Romania, growth potential of the market, trade between the UK and Romania opportunities in Romania, start-up and market entry considerations, legal considerations, tax and customs considerations, entry requirements, who to contact for more help.
Benefits for UK businesses investing in Romania:
A domestic market of nearly 20 million consumers, English is widely spoken, it is a gateway to markets of the Commonwealth of Independent States (CIS) and the Balkans, low cost flights. The EU has allocated EUR 23 billion to Romania until 2020. The funds will contribute to investments in Romanian infrastructure, human development, regional development. The resulting projects will provide good prospects for UK businesses.
Strengths of the Romanian market include:
Young, skilled and educated workforce, well established support in Romania from foreign lawyers, accountants and consultants, implementation of Single Euro Payments Area (SEPA) standards for euro payments, an abundance of natural resources, western business practices
Doing Business in Romania Report
by the World Bank Group (2018)
This report focuses on business regulations that have an impact on small to medium-size businesses in Romania. The study covers measures in regulations affecting the following areas: starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts, resolving insolvency and labor market regulation.
KPMG Investment in Romania (2018)
The KPMG guide for those who want to invest or do business in Romania. The guide contains general information about: forms of business organisation, taxation in Romania, banking and finance, commercial rules, real estate, EU funding, labor regulations and employment standards, the legal system, protection of intellectual and industrial property rights, accounting, competition (main legal issues), environmental protection.
Another excellent source of information in English about investing in Romania comes from the American Chamber of Commerce in Romania. The guide covers general information about Romania, forms of business organisation, taxation, banking and finance, general commercial rules, real estate in Romania, EU funding, labour regulations and employment standards, the legal system, protection of intellectual and industrial property, accounting, competition in Romania - main legal issues and environmental protection.
Do I need a visa to travel to Romania or move there?
Find out here
Find out more about doing business in Cluj, the most important city in Transylvania
More about Cluj: European Youth Capital in 2015, ranked 1st as the city most welcoming to foreigners according to an EU study, the least polluted city in Europe, the most attractive growth pole in Romania, according to KPMG.
Cluj, among the Top 3 fastest growing economies in the EU
Cluj tripled its GDP per capita in the last 13 years. The economy of Cluj is growing 4x faster than the economy of the strongest cities on the continent. Around 20% of the workforce is employed in the creative and innovative industries. About 40% of the population of the metropolitan area are students or have recently graduated. The IT sector grew more than 10x in the last decade.
USEFUL CONTACTS IN CLUJ
The British Romanian Chamber of Commerce is the premier business-led organisation promoting bilateral trade and investment between the United Kingdom and Romania.
Contact: firstname.lastname@example.org | +40 744 873 340
The German-Romanian Chamber of Industry and Commerce (AHK Romania) is the official representative of the German economy in Romania. Under the role of the bilateral chamber and member’s organisation, it speaks for the interests of Romanian and German companies as well as those of its other members to the public institution therefore being a central actor in the development of Romanian-German economic relationships.
AHK Romania was founded in September 2002 and currently numbers of 580 members. Its Board of Directors consists of 12 members, aside from the managing Managing Director. President of AHK Romania is Dr Dragoș Anastasiu (Nova Travel SRL) and its Managing Director is Mr Sebastian Metz. The German-Romanian Chamber of Industry and Commerce currently has 20 employees.
The financial support of the Federal Ministry of Economic Affairs and Energy supplements the income that result from membership fees and other sources in order to successfully fulfil its role of developing bilateral economic relationships.
Contact: +40 21 223 15 31
Since 2006, The Netherlands Romanian Chamber of Commerce (NRCC) supports and promotes the Dutch-Romanian business community. The NRCC does that this by creating business opportunities within its active community of members, having a close contact with Embassy of The Netherlands in Romania and acting as a consultation partner between the business sector and the Romanian Government.
BEROBA is a business organisation which aims to promote the Belgian-Romanian trade and investment by supporting and defending the interests of our future members and in the same time to provide information to our members about doing business in Romania and Belgium
The Association of Spanish Companies in Romania (ASEMER) was founded in September 2013, as a platform to defend the interests of all the Spanish companies and professionals who carry out their activity in Romania.
Contact: +40 21 795 05 73 | email@example.com
The Chamber of Commerce, Industry and Agriculture Romano-Swedish, "Ro Swed Cham, is an organisation that promotes bilateral trade, investments and social projects developed between Romania and Sweden. Our mission is to facilitate economic and social dialogue and to increase relations between the two countries through business-to-business collaborations.
Contact: +40 722 806 384
The Enterprise Europe Network is the world's largest support network for small and medium sized businesses (SMEs) with international ambitions. It has 3,000 experts across 600 member organisations in more than 60 countries. Member organisations include chambers of commerce and industry, technology centres, and research institutes.
Contact Oana Stanculescu: firstname.lastname@example.org | +40 758 777 154
Are you interested to open a company in Transylvania?
Transylvania Beyond built a network of local companies that can help you with company registration, professional accounting services, human resources, business and marketing consultancy and help you connect with relevant business partners in Transylvania
Our colleagues will contact you to schedule a call and discuss your specific needs