Welcome To Transylvania, Romania, European Union

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


Cluj Indoor Arena (photo source)

Cluj Indoor Arena (photo source)

CORPORATE TAXATION

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, Germany or Italy. Fiscal incentives include tax exemption for the reinvested profit. The income tax for IT&C employees is 0%. The tax on dividends is 5%.

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PERSONAL TAXATION

Resident individuals are taxed on their worldwide income irrespective of the type or source of income; a flat rate of 16% applies. You will pay about 3x less than in UK, France or Germany.

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DOING BUSINESS IN ROMANIA

Invest Romania

The website created by the Romanian government for companies that want to invest in Romania. You will find info about the macroeconomy, education, wages, cost of living, tax, infrastructure, doing business, government support, success stories. Romania is among the Top 3 countries with the highest GDP growth in EU, according to Eurostat.

If you make 4500 pounds a month in London, you would need to make 1365 pounds in Romania 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 5 euro/hour, which is 5x less than the EU average.

Liberty Technology Park, Cluj (photo source)

Liberty Technology Park, Cluj (photo source)

Download the official 'Foreign Investor's Guide 2016'


Romania trade & export guide by gov.uk

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.

The Office, business center in Cluj, Transylvania (photo source)

The Office, business center in Cluj, Transylvania (photo source)

 

Benefits for UK businesses investing in Romania:

Domestic market of nearly 20 million consumers, English is widely spoken, gateway to markets of the CIS and Balkans, low cost flights between Romania and the UK. The EU has allocated EUR 23 billion to Romania until 2020. The funds will contribute to investments in Romanian infrastructure, human development, regional development. Resulting projects will offer 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, plentiful natural resources, western business practices

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Doing Business in Romania Report 
by the World Bank Group (2017)

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.

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KPMG Investment in Romania (2016)

The KPMG guide for those who want to invest or do business in Romania. The guide contains general information about: forms of business organization, 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.

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The Amcham's Guide to Investing in Romania (2015)

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 organization, 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.

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Do I need a visa to travel to Romania or move there?

Find out here

 

INTRODUCING Cluj

Find out more about doing business in Cluj, the most important city in Transylvania

Read about: public Institutionsbusiness clustersbusiness clubsbusiness associationsinternational cultural centersconsulatesindustrial parks and universities.

 

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.

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USEFUL CONTACTS IN CLUJ

 

RECOMMENDED PARTNER

BRITISH ROMANIAN CHAMBER OF COMMERCE

The British Romanian Chamber of Commerce is the premier business-led organisation promoting bilateral trade and investment between the United Kingdom and Romania.

Contact: shajjad.rizvi@brcconline.eu  |  +40 744 873 340

The river bank in Cluj (photo source)

The river bank in Cluj (photo source)

 

NETHERLANDS ROMANIAN CHAMBER OF COMMERCE

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.

Contact: info@nrcc.ro

THE ROMANIAN-SWEDISH CHAMBER OF COMMERCE  

Contact: +40 722 806 384

ENTERPRISE BUSINESS NETWORK

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: bisnet@nord-vest.ro|  +40 758 777 154


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Are you interested to open a company in Cluj or 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