Foreign Companies & Expats
Doing business in Romania 2016
Romania has a free market economy starting from 1990 despite the government presence in the industrial sector. Governments that followed have taken successful steps to liberalize and privatize the economy. Romania has a strategic position in the region. The Danube river and the port of Constanta, one of the largest ports on the Black Sea, is linked to the North Sea by a navigation route through the Rhine-Main-Danube Canal.
Romania is situated wets of the Black Sea in Southeast Europe and has an area of 238.390 square km. Moldova and Ukraine border Romania on its east and north, while Hungary and Serbia border Romania on its west, and Bulgaria in the south. Bucharest is the capital of Romania, with a population of over 2 million. Other large and important cities are: Cluj-Napoca, Iasi, Timisoara, Constanta, Craiova, Galati, Brasov and Sibiu. The climate in Romania is a continental one with warm summers and cold winters.The time-zone in Romania is GMT+02.00.
Population & Language
Romania has an average density of 90 inhabitants per square km and a population of around 20 million. About 88,9% of the people are ethnic Romanians. Minorities includeHungarians, (6,5), Roma (3,3%), German (0,2%) and Ukrainian (0,3%). Romanian is the official language used in the country. Hungarian and German are also spoke in some regions. As a member of the European Union since 2007, Romania holds 32 seats in the European Parliament. In addition, the working labour restrictions have been lifted starting the 1st of January 2014.
Political & Legal Environment
Romania is a semi-presidential republic and its present Constitution was adopted by the Parliament on the 21st of November 1991. It has been the subject the further amendments and has been effective since October 29th 2003. Among the provisions of the Constitutions, the multi-party system is guaranteed, a free market economy and the protection of human rights. Legislative power is held by a bicameral Parliament made up of a lower house (Chamber of Deputies) of 395 seats and an upper house (Senate) of 183 seats. Romania is also a member of NATO since 2004. As a result, there is a fully operational U.S. army military air base in Mihail Kogalniceanu, Constanta county.
The elections for Parliament are held every four years, while the presidential elections held every five years. Under the Constitution, the right to private property is guaranteed and protected by the State. All statutory provisions of civil, commercial, administrative, criminal and tax matters are enacted by the Parliament. International treaties are binding only if the are ratified by the Parliament.
Romania has enacted legislation necessary for instituting and strengthening of the free market, including laws concerning dispute resolution an other similar procedures. The concept of arbitration is also popular in Romania.
Business Reforms in Romania | 2016
Paying Taxes: Romania made paying taxes less costly for companies by reducing the rate for social security contributions and the rate for accident risk fund contributions paid by employers.
Enforcing Contracts: Romania made enforcing contracts easier by transferring some enforcement responsibilities from the court to the bailiff, by making it easier for the bailiff to obtain information from third parties and by making use of the electronic auction registry mandatory.
Resolving Insolvency: Romania improved its insolvency system by introducing time limits for the observation period (during which a reorganization plan must be confirmed or a declaration of bankruptcy made) and for the implementation of the reorganization plan; by introducing additional minimum voting requirements for the approval of the reorganization plan; and by clarifying rules on voidable transactions and on payment priority for claims of post-commencement creditors.
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Romanian Business Portal will also serve to all expats traveling to, recently relocated, or already working & leaving in Romania which are in need of business information on a local or national level.
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