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Doing business in Romania

How quickly can I set up a business?

5 days after the application is submitted (online procedure). Certified documents are due

What is the minimum investment needed?

There is no minimum investment

How can I raise finance?

Leasing, bank loans, shareholders loan, crowdfunding, EU funds.

What are the legal requirements for setting up my business?

The most usual structure is Ltd Company: no minimum share capital required, no audit requirements up to certain size of business.

What structure should I consider?

Depending on the complexity of the shareholders structure. Ltd is the most usual due to relaxed financial and control requirements, however less flexible than Joint stock companies in terms of shareholders’ decisions and type of rights.

What advice can you give me in regards to payroll and taxation requirements?

Payroll taxes are approximately 45% of the gross wage. The minimum gross wage is EUR 460 while the average gross wage is approximately EUR 1,200

The corporation tax is 16%, but small companies (yearly revenues below EUR 1 million) may choose for special regime (1 or 3% revenue tax).

Dividend tax is 5%

Personal income tax is 10%

Basis VAT quota is 19% with reduced quotas for medicines, books, food, houses, hotels).

VAT threshold is EUR 60,000

VAT threshold for distant sales EUR 8,000

Tax Reports are due every 1/3 months, depending on size.

Financial statements are due every year.

Audit is not mandatory for Ltd Co below certain size.

Is there anything else that I should know?

Bucharest is the main city (population 2million), generating more than 25% of the National GDP. Cluj Napoca is the second largest city (population 500 k), it has the highest ranked University in Romania and the most accelerated development, mainly in IT industry. Timisoara and Oradea in the west and Iasi in the east are emerging as well.

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