Official Name: Romania
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Romanian
Romanian leu
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Romania
Romania is a country located in southeastern Europe, bordered by Ukraine, Moldova, Bulgaria, Serbia, and Hungary. It has a rich and complex history that has influenced its culture, economy, and politics.
The earliest known inhabitants of Romania were the Dacians, who were conquered by the Romans in 106 AD. This led to the creation of the Roman province of Dacia, which lasted until 271 AD when it was abandoned by the Romans. After the Roman period, Romania was invaded and ruled by a variety of peoples, including the Huns, Goths, and Byzantines. In the late 13th century, the Romanian principalities of Wallachia and Moldavia emerged, and they remained independent until they were united under the rule of the Wallachian prince, Michael the Brave, in 1600.
Romania became part of the Ottoman Empire in the 16th century and remained so until it gained independence in 1877. In 1918, Romania became a unified state and joined the Allies in World War I. During World War II, Romania was initially a member of the Axis powers but later switched sides and became a member of the Allied powers. After the war, Romania became a communist state under the leadership of Nicolae Ceausescu, who was overthrown in a popular uprising in 1989.
Romania’s culture is a blend of its Latin heritage and its interactions with various peoples throughout its history. The country is known for its folk traditions, including music, dance, and costumes. Romania is also famous for its literary tradition, with writers such as Mircea Eliade and Eugen Ionescu gaining international recognition. The country has also produced notable artists, including Constantin Brancusi and Ion Andreescu.
The Romanian economy has undergone significant changes since the fall of communism in 1989. The country has transitioned from a centrally planned economy to a market economy and has become one of the fastest-growing economies in Europe. Romania’s main industries include manufacturing, agriculture, and services. The country is also rich in natural resources, including oil, natural gas, and timber.
Romania is a parliamentary republic with a president as the head of state and a prime minister as the head of government. The country’s political system is based on a multi-party system, with several parties represented in the parliament. Romania is a member of the European Union and NATO, and its foreign policy is focused on strengthening ties with these organizations and other countries in the region.
In conclusion, Romania has a rich and complex history that has influenced its culture, economy, and politics. The country has undergone significant changes in the past few decades and has emerged as a fast-growing economy in Europe. Romania’s culture is a blend of its Latin heritage and its interactions with various peoples throughout its history, and the country is known for its folk traditions, literature, and art. Romania is a parliamentary republic with a president as the head of state and a prime minister as the head of government, and the country’s foreign policy is focused on strengthening ties with the European Union, NATO, and other countries in the region.
Type of company registration in Romania
Sole Trader (Persoana Fizica Autorizata or PFA)
A PFA is a one-person business that is easy and cost-effective to set up. The owner is responsible for all aspects of the business, including finances and taxes. However, there is no legal distinction between the owner and the business, which means that the owner is personally liable for any debts or legal issues.
Limited Liability Company (Societate cu Raspundere Limitata or SRL)
An SRL is a separate legal entity that provides limited liability protection to its shareholders. This means that the shareholders are only liable for the amount of money they have invested in the company, and their personal assets are not at risk. An SRL can have one or more shareholders, and it must have a minimum share capital of 200 RON (approximately 40 euros).
Joint-Stock Company (Societate pe Actiuni or SA)
An SA is a type of company that is suitable for larger businesses with multiple shareholders. It is a separate legal entity that provides limited liability protection to its shareholders. The minimum share capital for an SA is 90,000 RON (approximately 18,000 euros), and the company must have at least two shareholders.
Branch Office (Sucursala)
A branch office is a separate unit of a company that is established in Romania. It is not a separate legal entity, and it is fully controlled by the parent company. The parent company is responsible for the debts and legal issues of the branch office.
Representative Office (Reprezentanta)
A representative office is a type of company registration that allows a foreign company to conduct market research and promotional activities in Romania. It is not a separate legal entity, and it cannot engage in commercial activities or sign contracts.
Advantages of company registration in Romania
Strategic Location: Romania is strategically located in Southeastern Europe, making it a gateway to both the EU and the Balkan countries. This strategic location offers significant opportunities for businesses looking to expand their operations in the region.
Access to a Skilled Workforce: Romania has a highly educated and skilled workforce, with a high proficiency in English and other languages. This makes it an attractive location for companies looking for a skilled and multilingual workforce.
Low Operating Costs: Romania has relatively low operating costs compared to other European countries, making it an affordable option for businesses looking to establish themselves in the region. The cost of labor, office rent, and other expenses are significantly lower than in Western European countries.
Favorable Tax System: Romania has a relatively low tax system compared to other EU countries, making it an attractive destination for businesses. The corporate tax rate in Romania is 16%, and there are various tax incentives and exemptions available for businesses.
Access to EU Funding: As a member of the European Union, Romania has access to various EU funding programs that can provide financial support to businesses. This funding can be used to support research and development, innovation, and other business activities.
Stable Political and Economic Environment: Romania has a stable political and economic environment, which provides a secure and predictable business environment. The country has made significant progress in terms of economic and political stability in recent years, making it an attractive destination for foreign investment.
General Questions
What are the types of companies that can be registered in Romania?
There are several types of companies that can be registered in Romania, including limited liability companies (SRL), joint-stock companies (SA), partnerships, and sole traders.
What is the minimum share capital requirement for registering a limited liability company in Romania?
The minimum share capital requirement for registering a limited liability company in Romania is 200 Romanian lei (about 40 euros).
Can a foreigner register a company in Romania?
Yes, a foreigner can register a company in Romania.
What is the process for registering a company in Romania?
The process for registering a company in Romania involves several steps, including choosing a company name, preparing the necessary documents, obtaining a tax identification number, depositing the share capital, and registering with the Trade Register.
How long does it take to register a company in Romania?
The time it takes to register a company in Romania can vary depending on the complexity of the registration process and the workload of the Trade Register. Generally, it can take anywhere from a few days to a few weeks.
What are the required documents for registering a company in Romania?
The required documents for registering a company in Romania include the articles of association, the proof of payment for the share capital, the identification documents of the shareholders and directors, and the registration application.
What are the costs involved in registering a company in Romania?
The costs involved in registering a company in Romania include the registration fee, the notary fees, and the costs of preparing the necessary documents.
What is the corporate tax rate in Romania?
The corporate tax rate in Romania is currently 16%.
What are the accounting and bookkeeping requirements for a company in Romania?
A company in Romania is required to keep accurate accounting records and to prepare annual financial statements. The company must also appoint an accountant or a specialized accounting firm.
Can a company in Romania have a foreign director or shareholder?
Yes, a company in Romania can have foreign directors and shareholders.
What is the difference between a sole trader and a limited liability company in Romania?
A sole trader is a business owned and operated by one person, while a limited liability company is a separate legal entity with one or more shareholders and limited liability for the shareholders.
What is a branch office in Romania?
A branch office in Romania is a separate business unit of a foreign company that operates in Romania.
What is a representative office in Romania?
A representative office in Romania is a non-trading entity that represents a foreign company in Romania for marketing and promotional purposes.
How do I choose a company name in Romania?
A company name in Romania must be unique and cannot be similar to an existing company name. The name must also comply with certain legal requirements.
Can I change the company name after registration?
Yes, a company name can be changed after registration, but it requires a formal amendment process.
What are the restrictions on company names in Romania?
Company names in Romania cannot be misleading, offensive, or contrary to public policy or morality.
Do I need to have a physical office in Romania to register a company?
Yes, a company in Romania must have a registered office address.
What is a registered office address in Romania?
A registered office address in Romania is the official address of a company that is used for legal and administrative purposes. It is the address where all official correspondence from the authorities and third parties will be sent.
Can I use a virtual office as my registered office address in Romania?
Yes, it is possible to use a virtual office as a registered office address in Romania. However, the virtual office provider must be authorized to provide such services and the address must be a physical location where the company can be contacted and where official documents can be delivered.
What is a tax identification number (TIN) in Romania?
A tax identification number (TIN) in Romania is a unique number assigned to individuals and legal entities by the tax authorities. It is used to identify taxpayers and to facilitate tax-related transactions.
How do I obtain a TIN for my company in Romania?
To obtain a TIN for a company in Romania, you need to submit an application to the National Agency for Fiscal Administration (ANAF) along with the necessary documentation. The TIN will be issued within a few days.
Do I need to register for VAT in Romania?
If your company has an annual turnover above a certain threshold, you must register for VAT in Romania.
What are the VAT registration requirements in Romania?
To register for VAT in Romania, you need to submit an application to the National Agency for Fiscal Administration (ANAF) and provide certain documentation, such as proof of company registration and financial statements.
How do I register for VAT in Romania?
You can register for VAT in Romania by submitting an application to the National Agency for Fiscal Administration (ANAF) either in person or online.
What is the VAT rate in Romania?
The standard VAT rate in Romania is currently 19%.
What are the social security contributions in Romania?
Social security contributions in Romania are payments made by employers and employees to fund the country’s social security system. The contribution rates depend on the employee’s salary and the type of social security program.
How do I register my employees for social security contributions in Romania?
To register employees for social security contributions in Romania, the employer must obtain a social security number for each employee and register them with the National House of Public Pensions (CNPAS).
What is the minimum wage in Romania?
The minimum wage in Romania is determined by the government and currently stands at 2,300 Romanian lei per month.
What are the labor laws in Romania?
The labor laws in Romania govern the relationship between employers and employees and cover topics such as working hours, minimum wage, vacation time, and termination of employment.
What are the employment contracts requirements in Romania?
Employment contracts in Romania must be in writing and contain certain mandatory provisions, such as the employee’s job description, salary, and working hours.
Can I hire foreign employees in Romania?
Yes, it is possible to hire foreign employees in Romania. However, there are certain requirements that must be met, such as obtaining work permits and residence permits.
What are the work permit requirements for foreign employees in Romania?
Foreign employees in Romania must obtain a work permit and a residence permit. The requirements for these permits depend on factors such as the employee’s nationality and the duration of their stay.
What are the residence permit requirements for foreign employees in Romania?
Foreign employees in Romania must obtain a residence permit if they plan to stay in the country for more than 90 days. The requirements for this permit depend on factors such as the employee’s nationality and the purpose of their stay.
What are the banking requirements for a company in Romania?
Answer: In Romania, companies are required to open a corporate bank account in order to conduct business transactions. The bank will typically require documentation such as the company’s articles of incorporation, tax registration documents, and proof of address.
What are the currency exchange regulations in Romania?
Answer: The Romanian leu (RON) is the official currency of Romania. There are no restrictions on the exchange of foreign currency, and exchange rates are determined by the market.
What are the intellectual property laws in Romania?
Answer: Intellectual property in Romania is protected by a number of laws, including the Copyright Law, Patent Law, Trademark Law, and Design Law. These laws provide for the registration and protection of patents, trademarks, copyrights, and other forms of intellectual property.
How do I protect my intellectual property in Romania?
Answer: To protect your intellectual property in Romania, you can register your patents, trademarks, and copyrights with the relevant government agencies. You can also seek legal advice to help enforce your intellectual property rights in case of infringement.
What are the environmental regulations in Romania?
Answer: The environmental regulations in Romania are designed to protect the environment and promote sustainable development. These regulations cover issues such as waste management, air pollution, water pollution, and environmental impact assessments.
How do I comply with environmental regulations in Romania?
Answer: To comply with environmental regulations in Romania, companies must obtain permits and authorizations from the relevant authorities, conduct environmental impact assessments, and implement environmental management systems.
What are the health and safety regulations in Romania?
Answer: The health and safety regulations in Romania are designed to protect workers and ensure safe working conditions. These regulations cover issues such as workplace safety, occupational health, and safety training.
How do I comply with health and safety regulations in Romania?
Answer: To comply with health and safety regulations in Romania, companies must implement safety policies and procedures, provide safety training for employees, and ensure that equipment and machinery are properly maintained.
What are the import and export regulations in Romania?
Answer: The import and export of goods in Romania are subject to a number of regulations, including customs regulations and trade agreements. Companies must comply with import and export regulations, which may involve obtaining licenses, permits, or certifications.
How do I import and export goods in Romania?
Answer: To import or export goods in Romania, companies must comply with customs regulations and obtain any necessary licenses, permits, or certifications. They must also ensure that their goods comply with local regulations and standards.
What are the customs regulations in Romania?
Answer: The customs regulations in Romania govern the import and export of goods, including customs duties, import and export licensing requirements, and customs clearance procedures.
How do I comply with customs regulations in Romania?
Answer: To comply with customs regulations in Romania, companies must provide accurate documentation, pay any applicable duties and taxes, and comply with any licensing or permit requirements.
What are the anti-money laundering regulations in Romania?
Answer: The anti-money laundering regulations in Romania are designed to prevent money laundering and terrorist financing. These regulations require companies to establish internal controls and implement procedures to detect and report suspicious activities.
How do I comply with anti-money laundering regulations in Romania?
Answer: To comply with anti-money laundering regulations in Romania, companies must implement internal controls, conduct due diligence on customers and business partners, and report suspicious activities to the relevant authorities.
What are the data protection regulations in Romania?
Answer: The data protection regulations in Romania are designed to protect the privacy of personal data. These regulations cover issues such as data processing, data security, and data subject rights.
How do I comply with data protection regulations in Romania?
To comply with data protection regulations in Romania, you must ensure that you follow the rules set forth in the General Data Protection Regulation (GDPR), which is enforced by the National Supervisory Authority for Personal Data Processing (ANSPDCP). This includes obtaining consent from individuals to collect and process their personal data, implementing appropriate security measures to protect the data, and notifying the ANSPDCP in case of any data breaches.
What are the insurance requirements for a company in Romania?
The insurance requirements for a company in Romania may vary depending on the industry and the size of the company. However, all companies in Romania are required to have mandatory social insurance for their employees, which covers health care, pensions, and unemployment benefits. Additionally, some industries may require additional insurance coverage, such as liability insurance for construction companies or professional liability insurance for consulting companies.
What are the business license requirements in Romania?
In Romania, all businesses are required to register with the Trade Register and obtain a certificate of incorporation. Depending on the industry, additional licenses or permits may be required, such as a food safety license for restaurants or a construction permit for construction companies.
How do I obtain a business license in Romania?
To obtain a business license in Romania, you must first register your business with the Trade Register and obtain a certificate of incorporation. Depending on the industry, you may need to apply for additional licenses or permits from the relevant government agencies.
What are the requirements for a company to operate in a specific industry in Romania?
The requirements for a company to operate in a specific industry in Romania may vary depending on the industry. Generally, companies must register with the relevant government agencies and obtain any necessary licenses or permits. Additionally, some industries may have specific requirements, such as the need for specialized equipment or professional qualifications.
What are the regulations for opening a restaurant in Romania?
To open a restaurant in Romania, you must obtain a food safety license from the National Authority for Consumer Protection. Additionally, you must comply with regulations related to food safety, hygiene, and employment.
What are the regulations for opening a retail store in Romania?
To open a retail store in Romania, you must register your business with the Trade Register and obtain any necessary licenses or permits. Additionally, you must comply with regulations related to consumer protection, safety, and employment.
What are the regulations for opening a construction company in Romania?
To open a construction company in Romania, you must register your business with the Trade Register and obtain any necessary licenses or permits. Additionally, you must comply with regulations related to health and safety, labor, and environmental protection.
What are the regulations for opening a consulting company in Romania?
To open a consulting company in Romania, you must register your business with the Trade Register and obtain any necessary licenses or permits. Additionally, you may need to comply with regulations related to professional qualifications, liability insurance, and data protection.
What are the regulations for opening an IT company in Romania?
To open an IT company in Romania, you must register your business with the Trade Register and obtain any necessary licenses or permits. Additionally, you may need to comply with regulations related to intellectual property, data protection, and cyber security.
Documents required to register a company in Romania
Articles of Association: This document outlines the purpose, structure, and regulations of your company.
Identification documents: You need to provide identification documents, such as a passport or national identity card, for all shareholders, directors, and officers of the company.
Proof of address: You need to provide proof of address, such as a utility bill or bank statement, for all shareholders, directors, and officers of the company.
Shareholders’ agreement: If there is a shareholders’ agreement, you need to provide a copy of it.
Registration form: This form includes information such as the company name, address, type of business, and share capital.
Bank confirmation: You need to provide a bank confirmation that the share capital has been deposited into the company’s bank account.
Registration fee: You need to pay a registration fee, which varies depending on the type of company.
Once you have prepared the required documents, you can submit them to the Romanian Trade Register Office (Oficiul Registrului Comerțului) along with the registration fee.
Type of Bank in Romania
Commercial banks: These are the most common type of banks in Romania, providing various banking services to individuals, businesses, and other organizations. Examples of commercial banks in Romania include Banca Transilvania, BRD Groupe Société Générale, and Raiffeisen Bank.
Investment banks: These banks provide investment and financial services, such as underwriting of stocks and bonds, mergers and acquisitions, and advisory services. Examples of investment banks in Romania include BCR BpL and Société Générale Corporate & Investment Banking.
Development banks: These banks focus on providing long-term financing for economic development projects in Romania. Examples of development banks in Romania include the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC).
Cooperative banks: These banks are owned and operated by their members, who are usually local residents or businesses. Examples of cooperative banks in Romania include Credit Cooperatif and Banca Agricola.
Savings banks: These banks specialize in savings accounts and other deposit products, as well as personal and mortgage loans. Examples of savings banks in Romania include CEC Bank and Banca Comerciala Carpatica.
Major banks in Romania
Banca Comerciala Romana (BCR) – the largest bank in Romania by assets, with a market share of around 20%. It offers a wide range of financial products and services to both retail and corporate clients.
BRD-Groupe Société Générale – the second largest bank in Romania, with a market share of around 15%. It is a subsidiary of the French banking group Société Générale and offers a range of financial products and services, including retail and corporate banking, asset management, and investment banking.
Raiffeisen Bank – one of the largest foreign-owned banks in Romania, with a market share of around 10%. It offers a range of financial products and services, including retail and corporate banking, asset management, and leasing.
UniCredit Bank – a subsidiary of the Italian banking group UniCredit, with a market share of around 10%. It offers a range of financial products and services, including retail and corporate banking, asset management, and investment banking.
OTP Bank – a subsidiary of the Hungarian banking group OTP, with a market share of around 5%. It offers a range of financial products and services, including retail and corporate banking, asset management, and leasing.
“Our team can provide assistance if you need to open a bank account in Romania.”
The top universities in Romania
University of Bucharest – Ranked #701-750 in the world
Location: Bucharest
Website: www.unibuc.ro/en/
Major courses: Law, Medicine, Psychology, Physics, Mathematics, Computer Science, Political Science
Babes-Bolyai University – Ranked #801-1000 in the world
Location: Cluj-Napoca
Website: www.ubbcluj.ro/en/
Major courses: Computer Science, Mathematics, Psychology, Linguistics, History, Sociology, Political Science
Alexandru Ioan Cuza University of Iasi – Ranked #801-1000 in the world
Location: Iasi
Website: www.uaic.ro/en/
Major courses: Law, Economics, Physics, Mathematics, Computer Science, History, Psychology
Politehnica University of Bucharest – Ranked #801-1000 in the world
Location: Bucharest
Website: www.upb.ro/en/
Major courses: Engineering, Computer Science, Mathematics, Physics, Chemistry
West University of Timisoara – Ranked #1001+ in the world
Location: Timisoara
Website: www.uvt.ro/en/
Major courses: Computer Science, Mathematics, Physics, Psychology, History, Sociology, Political Science
“If you need assistance registering for college or university, our team is here to help.”
Strange or unusual to visitors in Romania
Greeting customs: In Romania, it is customary to greet friends and acquaintances with a kiss on each cheek, even if you are meeting them for the first time.
Dracula tourism: Many visitors are attracted to Romania because of its association with the fictional character Dracula. This has led to a thriving industry of Dracula-themed tourism, including visits to Bran Castle, which is often referred to as Dracula’s Castle.
Superstitions: Many Romanians are deeply superstitious and believe in various folk beliefs and customs. For example, it is considered bad luck to shake hands across a threshold, and many people wear red strings or bracelets to ward off evil spirits.
Traffic: Romania has a high number of cars per capita, and traffic can be chaotic and stressful, especially in larger cities like Bucharest.
Traditional dress: Some Romanians still wear traditional dress for special occasions, including weddings and festivals. These colorful and ornate costumes can seem unusual to visitors who are not familiar with them.
Food: Romanian cuisine is hearty and meat-heavy, and many dishes feature pork, beef, or lamb. Visitors may be surprised by dishes like mici, which are grilled sausages made with a mixture of beef and pork, or sarmale, which are cabbage rolls filled with meat and rice.
Public drinking: It is legal to drink alcohol in public places in Romania, and it is not uncommon to see people drinking beer or wine on the street or in parks.
Hospitality: Romanians are known for their warm hospitality and generosity, and visitors may be surprised by the level of kindness and hospitality they receive during their stay.
“Tips for Newcomers: Adjusting to Life in Romania”
Learn the language: Although English is spoken by many people in Romania, especially in big cities, it is a good idea to learn some Romanian phrases to help you communicate with locals and to make your daily life easier.
Understand the culture: Romania has a unique culture and customs that may be different from what you are used to. Take time to learn about the culture and social norms so you can better understand the people and their way of life.
Get involved in the community: Joining a club or group that shares your interests can help you make friends and feel more connected to the local community.
Be open-minded: As with any new country, there may be things that seem strange or unfamiliar to you. Try to keep an open mind and embrace the differences you encounter.
Explore the country: Romania has a lot to offer, from its stunning natural landscapes to its rich history and culture. Take advantage of your time in the country to explore and discover all it has to offer.
Embrace the food: Romanian cuisine is delicious and varied, with a mix of Balkan, Hungarian, and Turkish influences. Don’t be afraid to try new foods and dishes.
Stay safe: As with any new place, it is important to take precautions and stay safe. Be aware of your surroundings and take care when travelling or walking alone at night.
Be patient: Adjusting to a new country and culture can take time. Be patient with yourself and don’t be afraid to ask for help or support when you need it.
Top recruitment agencies in Romania
- Hipo.ro: https://www.hipo.ro/
- Manpower Romania: https://www.manpower.ro/
- Adecco Romania: https://www.adecco.ro/
- BestJobs Romania: https://www.bestjobs.eu/
- eJobs Romania: https://www.ejobs.ro/
- Smartree Romania: https://www.smartree.ro/
- ProHuman: https://www.prohuman.ro/
- Lugera: https://www.lugera.ro/
- People Centric: https://www.people-centric.ro/
- KPMG Romania: https://home.kpmg/ro/ro/home/cariere.html
Necessary phone numbers in Romania
- 112: Emergency number for police, ambulance, and fire services
- 961: Road assistance (non-emergency)
- 954: Bucharest City Hall Information Service
- 021-9551: Public transportation information in Bucharest
- 0800-800-868: Anti-drug helpline
- 0800-500-826: Anti-violence against women helpline
- 0800-008-008: Suicide prevention helpline
- 021-317-31-36: National Poison Control Center
EU/EEA citizens: Citizens of the European Union (EU) or European Economic Area (EEA) do not need a visa to enter Romania and can stay for an unlimited period. They have the right to work and study in Romania without a work or residence permit.
Non-EU/EEA citizens: Non-EU/EEA citizens may apply for a work or study permit in Romania. The easiest way to obtain a work permit is to secure a job offer from a Romanian employer. For students, they can apply for a study permit by enrolling in a Romanian university or educational institution.
Family reunification: If you have family members who are Romanian citizens or have legal residency in Romania, you can apply for a family reunification visa. This will allow you to join your family members in Romania.
Investment: Another way to immigrate to Romania is by making an investment in the country. This can include starting a business, investing in property, or purchasing government bonds. The minimum investment amount and other requirements will depend on the specific investment program.
