STARTUPS IN TRANSYLVANIA
Hello and welcome to Transylvania Beyond's guide to starting a small business in Transylvania. If you're looking to start a company or if you are already building one and want to read more about the relocation opportunities, this is the place to start
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. All companies with less than 100.000 euro revenue per year are subject to an even smaller rate: 1-3%. 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 16% applies. You will pay about 3x less than in UK, France or Germany.
DOING BUSINESS IN 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 1493 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.
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:
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
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.
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.
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.
The Romanian tech startups directory: startups, founders, incubators, accelerators, events. Find out what's hot on the Romanian startup scene and connect with relevant startups. It is noteworthy that Liverail, one of the most successful tech startups in Eastern Europe of all times - recently bought by Facebook for $500 mln - was created in Cluj, Transylvania.
CO-WORKING SPACES IN TRANSYLVANIA
Contact Madalina Martin: firstname.lastname@example.org | +40 743 016 788
Contact Madalina Grecu: email@example.com | +40 751 030 413
Contact Claudiu Marginean: firstname.lastname@example.org | +40 720 801101
Contact: email@example.com | +40 753 461 740
Contact: firstname.lastname@example.org | (+40) 749 222 322
Contact: email@example.com | (+40) 745 070 410
Contact: firstname.lastname@example.org | (+40) 722 338 149
MIERCUREA CIUC, HARGHITA
Contact: email@example.com | (+40) 744 483 213
Contact: https://www.facebook.com/centralhubsibiu/ | (+40)749 036 360
SFANTU GHEORGHE, COVASNA
Contact: firstname.lastname@example.org | (+40) 758 712 980
Contact: Ioana@innowork.eu | (+40) 785 232 748
Contact: email@example.com | (+40) 742 329 588
STARTUP & TECH ECOSYSTEM IN TRANSYLVANIA
Cluj IT is a cluster based organization formed of active organizations in the information technology field: providers of software services and solutions, universities and research institutes, public bodies and other catalyst organizations
Contact Ioan Dragan: firstname.lastname@example.org
Contact Bianca Muntean: email@example.com | +40 742 225 405
Contact: firstname.lastname@example.org | (+40) 264 450 320
Contact Jennifer Austin: email@example.com
Contact forms available on the website
Contact form available on the website
Contact Cristian Dascalu: firstname.lastname@example.org | +40 742180 889
Contact Ciprian Tudor: email@example.com | +40 745 546 088
Contact Olivia Frosin: firstname.lastname@example.org | +40 744 549 898
Contact Cristian Bordei: email@example.com | +40 724 226 593
Contact form available on the website
Contact form available on the website
Contact: firstname.lastname@example.org | (+40) 766-810276
Contact: email@example.com | (+40) 785 666 553
Contact: firstname.lastname@example.org | (+40) 264.407900
Contact: form available on the website | +40 736 354 425
ODORHEIU SECUIESC, HARGHITA
Contact: email@example.com | (+40) 366 567 941
EXPATS IN Romania
A large expat community. you can find useful information about moving to Romania, working and living here, events for expatriates.
Forum for expats living in Romania or people considering a move to Romania.
Life in Cluj, Transylvania, through the eyes of an expat.
Daily news in English about life in Romania: expat life, experiences, voice of the community and financial affairs
Find out here if you need a visa to Romania. A detailed list of countries that need a visa for Romania can be found here. If you're interested in a permanent residence in Romania you can find more information 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.
Click here to read useful information about
Cluj-Napoca: cost of living, low-cost flights, international schools, private healthcare, shopping, entertainment
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