Romania, useful info

Do business in Romania

Any business initiative stands for an opportunity and the government of Romania encourages Romanian and foreign citizens alike to be active in the private sector.

Why should one be interested in starting a business in Romania? Because the main goal of the Government is sustainable growth. Backing private entrepreneurs and stimulating entrepreneurship are central to the activity of the Executive.

The actions of the Government are geared at consolidating a stable and predictable  business environment, strengthening free competition, eliminating state monopolies that are not economically justified, enhancing the transparency of the business environment, of governmental policies and monetary policies and liberalizing the labour market.

 

Institutions and useful links

  • Foreign trade

The chief institution in charge of drafting and implementing the commercial policy internally is the foreign trade structure at the Ministry of Economy, Commerce and Business Environment (www.dce.gov.ro, http://www.portaldecomert.ro ).

This institution keeps the business environment abreast of import/export opportunities in third markets and of the schedule of Romania’s participation in international fairs and exhibition.

Other entities having tasks in the field of commerce:

 

The Romanian Centre for Trade and Investment (www.traderom.ro) – public institution of national interest that promotes exports, publicizes the economic potential, ensures domestic and international market research, domestic and foreign trade journalism, trade facilitation. In 2009 the institution took over the tasks related to attracting foreign investment (www.arisinvest.ro) to Romania.

 

Eximbank Romania (www.eximbank.ro) – institution created to provide support, by means or financial-banking instruments, for Romanian exporters to enter  and manage to stay on foreign markets, high-risk ones included.

 

  • Foreign investment

Since 2009 the institution empowered to implement the Government’s policy on promoting and attracting foreign direct investment is the Romanian Center for Trade and Investment (www.traderom.ro , www.arisinvest.ro ).

 

  • Economic policy

The Ministry of Economy, Commerce and Business Environment (www.minind.ro) is the specialized institution of the central public administration that implements the Government’s policy on economic growth, industry, energy, mineral resources, defense industry, European integration, trade and economic external relations.

 

  • Taxation

Tax policy focuses on ensuring a stimulating role of taxes, designed to help economic growth and development, fiscal consolidation as well as the development and strengthening of the middle class.

 

The Ministry of Public Finance (www.mfinante.gov.ro ) has a synthesis role as to the activity of the financial and fiscal structures of the Romanian state.

 

  • Monetary policy

Designing and implementing the monetary policy, the exchange rate policy included, is the task of the central bank – the National Bank of Romania (BNR) (www.bnr.ro ), an independent public institution, the only one authorized to issue currency in the form of banknotes and coins to be used as legal tender in Romania.

The fundamental goal of BNR is to ensure and maintain price stability.

Along with its monetary policy tasks, the National Bank of Romania authorizes, regulates and supervises prudentially the credit institutions, promotes and oversees the smooth functioning of payment systems to ensure financial stability, establishes the currency regime, supervises its observance and manages Romania’s international reserves.

BNR also supports the general economic policy of the state, without prejudice to its main objective of ensuring price stability.

 

  • Small and medium-sized enterprises

Small and medium-sized enterprises (SMEs) currently are the engine of the private sector and the free market in Romania, while also making up the sector accounting for the biggest absorption of labour. SMEs evince increased flexibility and mobility when it comes to adjusting to market trends and the evolution of the legal framework.

 

97% of all Romanian companies are SMEs. Coordination, monitoring and support for the implementation of governmental programmes targeted at SMEs is provided by an Agency for the Implementation of Projects and Programmes for SMEs (www.aippimm.ro), subordinated to the Ministry of Economy, Commerce and Business Environment.

  • Customs Policy

Customs policy is in agreement with the European Union’s. The national authority with specific competence in this field is the National Customs Authority (www.customs.ro ), subordinated to the Ministry of Public Finance.

 

  • Company Registration

The institution that handles company registration in Romania, both in the case of Romanian-owned and of foreign-owned companies, is the National Office of the Trade Register (www.onrc.ro ), subordinated to the Ministry of Justice.

 

  • Chambers of Commerce

The Chamber of Commerce and Industry of Romania (www.ccir.ro ) comprises the entire network of 42 territorial and bilateral chambers of commerce, plus professional associations.

The CCIR works to create a stable, coherent business environment favouring the development of the private sector and of a real, sustainable market economy, open to the world.

 

  • Statistics

Official statistics in Romania is organized and coordinated by the National Institute of Statistics (www.insse.ro ), a specialized body of the central public administration, subordinated to the Government and financed from the State budget.

The National Institute of Statistics supplies operational statistical information to economic and social decision makers, assimilates the specific statistical indicators of the market economy, implements research and computing methodologies according to European and international standards and practice, and cooperates with other national statistics institutes.

Other sources: the National Prognosis Commission (www.cnp.ro )

I M P O R T A N T

01/19/17

ON MONDAY, JANUARY 23rd an ON TUESDAY, JANUARY 24th, 2017 CONSULAR SECTION IS CLOSED. …

I M P O R T A N T

11/22/16

BETWEEN NOVEMBER 30 AND DECEMBER 2, 2016

CONSULAR SECTION IS CLOSED