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Doing Business in Romania
Business Report Janne Hälinen Simon Lefever Chiara Perrone Adrián Rodríguez Ayvar Salaorg Edith Schmitz
Report 2009
Janne Hälinen Summary Simon Lefever Chiara Perrone Adrián Rodríguez 5.12.2009 Ayvar Salaorg Edith Schmitz HAAGA-HELIA University of Applied Sciences IBU3LI018 Doing business in Romania Background When entering a new market, a businessperson needs to do a lot of searching
for background information. The purpose of this report is to facilitate the process by compiling much of the needed information into one, easy to read package that can be used as the initial tool for finding information.
This report was done by an international team of students studying
international business at HAAGA-HELIA University of Applied Sciences.
The information in this report was collected from sources provided by various governmental organizations and the European Union, from international organizations like the World Bank and from other, reliable sources.
The structure This report is divided into three main parts. First one covers the current
macroeconomic situation of the country with forecast for next year, as well as looking deeper into some microeconomic subjects.
The second part focuses on information useful for people intending to enter
the Romanian market. This includes the information on how to establish and operate a business in the country.
The third and final part looks into specific legal subjects, such as intellectual
and industrial property rights and environmental issues.
Table of Contents
1 Introduction .............................................................................................................. 1
2 Overall view of Romania (România) ........................................................................ 2
3 General economic development ............................................................................... 5
3.1 Key indicators ........................................................................................................................5
3.2 Macroeconomic and investment conclusion .....................................................................8
3.3 Forecast ..................................................................................................................................9
4 Lisbon agenda ........................................................................................................ 10
4.1 Introduction ........................................................................................................................ 10
4.2 Strategy ................................................................................................................................ 10
4.3 The Romanian National Reform Programme (NRP) ................................................... 10
5 SWOT analysis ........................................................................................................ 13
6 Main sectors ............................................................................................................ 14
6.1 Information technology .................................................................................................... 14
6.2 Construction ....................................................................................................................... 17
6.3 Automotive.......................................................................................................................... 19
6.4 Tourism ............................................................................................................................... 21
7 Research & Development ....................................................................................... 24
8 How to set a company ............................................................................................ 27
8.1 Commercial Code / Legal framework ............................................................................ 27
8.2 To start a Business ............................................................................................................. 27
8.3 Different forms of business .............................................................................................. 28
8.4 Requirements for foreigners ............................................................................................. 30
9 Laws and regulations .............................................................................................. 30
9.1 Auditing ............................................................................................................................... 30
9.2 Accounting .......................................................................................................................... 31
10 Labour law & legislation ........................................................................................ 32
10.1 EU legislation...................................................................................................................... 32
10.2 National legislation............................................................................................................. 32
10.3 National labour market ..................................................................................................... 32
10.4 Wages / salaries .................................................................................................................. 33
11 Taxation .................................................................................................................. 34
11.1 Social Contributions .......................................................................................................... 34
11.2 Indirect taxation: Value Added Tax (VAT) .................................................................... 34
11.3 Corporate Income Tax ...................................................................................................... 35
11.4 Real estate taxation............................................................................................................. 37
11.5 Excise duties ....................................................................................................................... 38
12 Banking system and National Bank ...................................................................... 38
12.1 The National Bank of Romania ....................................................................................... 39
12.2 The Exchange Rate System .............................................................................................. 40
12.3 Banking and Payment Systems ......................................................................................... 40
12.4 The Single European Payments Area (SEPA) Project: ................................................ 41
13 Consumer protection .............................................................................................. 41
14 Intellectual and industrial property rights.............................................................. 42
15 Environment ........................................................................................................... 43
Useful links ..................................................................................................................... 45
Bibliography ................................................................................................................... 47
Appendix A: Copyright permissions .............................................................................. 50
1
1 Introduction
Romania is an interesting country for investors for several reasons: its strategic position in the
South-Eastern corner of the Union in the shores of the Black Sea offers great chances for
eastward trade, the available workforce is inexpensive and well trained, and the emerging post-
socialist economy and the amount of possible tourist attractions have huge potential and
opportunities for new and existing businesses alike.
Even when facing the same current economic difficulties as other European states, Romania still
attracts foreign companies due to the above mentioned reasons.
This report is made by team of students studying in HAAGA-HELIA University of Applied
Sciences for businesspeople interested in entering the Romanian market to do business there,
whether it is exporting or establishing manufacturing plants, or want to find out the basic
information about the country just out of plain curiosity.
First part of the report covers the economy of Romania, from both macroeconomic and
microeconomic point of view, and the second part has the necessary information for people
interested in setting up business in the country: steps of establishment, employment, legal aspects
and so on.
The third part deals with other legal issues concerning the intellectual and industrial property
rights and environment. Finally, there is a set of useful link that offer more information for
businesspeople.
The writers hope that this report serves well its purpose as a useful guide for wide range of
people.
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2 Overall view of Romania (România)
Geography:
Total area: 238,391 km2 (89th)
Border countries: Bulgaria 608
km, Hungary 443 km, Moldova
450 km, Serbia 476 km, Ukraine
(north) 362 km, Ukraine (east)
169 km
Climate: temperate; cold, cloudy
winters with frequent snow and
fog; sunny summers with
frequent showers and
thunderstorms
Natural resources: petroleum
(reserves declining), timber,
natural gas, coal, iron ore, salt,
arable land, hydropower
Natural hazards: earthquakes, most severe in south and southwest; geologic structure
and climate promote landslides
Time zone: UTC +2
People:
Population: 22,215,421 (July 2009 est.) (52nd)
Ethnic groups: Romanian 89.5%, Hungarian 6.6%, Roma 2.5%, Ukrainian 0.3%,
German 0.3%, Russian 0.2%, Turkish 0.2%, other 0.4% (2002 census)
Religion: Eastern Orthodox 86.8%, Protestant 7.5%, Roman Catholic 4.7%, others and
unspecified 0.9%, none 0.1% (2002 census)
Nationality: Romanian
Languages: Romanian 91% (official), Hungarian 6.7%, Romany (Gypsy) 1.1%, other
1.2%
Figure 1: Map of Romania (CIA 2009)
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Government:
Government type: Unitary semi-presidential republic
o Chief of State: President Traian Băsescu
o Head of Government: Prime Minister Emil Boc
Legislature: Bicameral parliament consisting of Senate and Chamber of Deputies.
Capital: Bucharest (1,944,367 inhabitants, January 2009 est.)
EU membership: 2007
NATO membership: 2004
Economy:
Currency: Leu, plural lei (RON)
GDP (Purchasing Power Parity, 2008 est. in USD):
o Total: 271.4 billion (42nd)
o Per capita: 12,200 (90th)
w
h
e
a
t
,
Labour force: 9.32 million (53rd)
Unemployment rate: 9% (Autumn 2009)
Exports: USD 49.41 billion (2008 est.) (56th)
Agriculture; 8,10 %
Industry; 36 %Services; 55,90 %
Figure 2: Composition of GDP per sector
4
Turkey; 6,6 %
Italy; 15,6 %
France; 7,4 %
Hungary; 5,1 %
Bulgaria; 4,2 %
Germany; 16,5 %
Others; 44,6 %
Imports: USD 76.17 billion (2008 est.) (43rd)
Turkey; 4,9 %
Kazakhstan; 4,6 %
China; 4,2 %
Others; 34,6 %
Italy; 11,4 %
France; 5,7 %
Hungary; 7,4 %Austria; 4,9 %
Germany; 16,3 %
Russia; 6,0 %
Figure 4: Main import partners of Romania
Figure 3: Main export partners of Romania
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3 General economic development
3.1 Key indicators
Here are the most important indicators about Romania’s macroeconomic environment.
Figure 5: Gross external debt
Romania’s external debt has almost the doubled in less than three years and is expected to further
grow (in 2010 up to 27.4% ), due to the government investment in the industrial sector and also
in the national infrastructure. (European Economic Forecast, autumn 2009)
Figure 6: HICP
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According to Eurostat, Harmonised Index of Consumer Prices has been declining steadily from
7.9% in 2008 to 5.7 % in 2009 and expected 3.5% in 2010. Although it is still one of the highest
in the EU it is on the right track to fulfill the Maastricht Criteria of HICP to be around 2%.
Figure 7: Unemployment rate
Romania’s unemployment rate is growing as high as 9% in 2009 but is still one of the lowest in
the EU. In addition, it is expected to decline in 2010 (8.7%). It increased only 0.3% since the
beginning of the year. However, investing in the construction and tourism sectors could be the
key to save the country and to diminish the unemployment rate. Also foreign investment in
infrastructure during the current administration is creating jobs.
Figure 8: General Government Balance
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Romania will be allowed to run a higher budget deficit this year and next to prevent its economic
situation from worsening, by the IMF and the European Commission. General government
balance has reached -7.8% of GDP in 2009, above and not close to the - 3% of GDP reference
value. The excess reflects a lack of fiscal consolidation efforts when economic conditions were
favourable. According to the Commission services' forecast (2009), the general government
balance is expected to increase by 2010 to -6.8%. (European Economic Forecast, autumn 2009).
Government expenditure
The main reasons for the general government imbalance are the governmental current
expenditures which are steadily increasing due to the fact that higher investments have to be made
in infrastructure in order to develop a better business environment. In 2010, construction, energy,
automotive, tourism and telecommunications/IT will be the most prone industries for FDI.
FDI
Foreign Direct Investment statistics (flows and stocks) are compiled by the National Bank of
Romania (NBR) in the BOP and IIP framework.
In the first months 2009, FDI registered a value of EUR 3152 million by covering the current
account deficit. In particular, FDI structure was:
EUR 1690 million: intra-group credits;
EUR 1462 million: reinvested profit.
The foreign direct investors’ net equity represents 51.3 % of net FDI flows. The FDI stock was
14% higher than the 2007 FDI final stock, the amount including revaluations due to the exchange
rate or price developments and also accounting restatements (National Bank of Romania, 2009).
The bulk of FDI went to:
8
Figure 9: FDI main sectors (National Bank of Romania, 2008).
3.2 Macroeconomic and investment conclusion
Due to the fact that Romania’s economy has developed drastically during the last years (especially
after joining the EU in 2007) and despite of the high inflation rate, Romania is seen as one of the
most preferred EU countries to invest in. The next factor that proves Romania macroeconomic
forecast is the amount of FDI received yearly. The inflation rate is the major problem of the
country, but Romanian Central Bank has developed a plan to decrease the HICP by 2014. The
governmental debt increased due to high investments in infrastructure.
Some attracting facts for companies to invest in Romania are its geographical proximity and the
low labour costs even though the salary wage is increasing 14% annually.
The most prone industries for FDI in the next few years are Construction (including
infrastructure), Automotive, IT and Telecommunications, Tourism and Energy (see also
Microeconomics). Those sectors are financially supported by the government but also by EU
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funds. In addition, they are the most rapidly developing sectors and also of greatest importance
for the overall economy of Romania.
In just a few years, Romania has become the most preferred countries for foreign investments.
3.3 Forecast
In comparison with the Maastricht criteria, the most important key indicators of Romania are:
Annual percentage change Maastricht criteria
Key indicators 2008 2009 2010
HICP 7.9 5.7 3.5 < 2 %
GROSS EXTERNAL DEBT (% of GDP) 13.6 21.8 27.4 < 60 % of GDP
GOV. DEFICIT (% of GDP) -5.5 -7.8 -6.8 < - 3 % of GDP
Table 1: Main features of country forecast According to the Commission services' autumn 2009 forecast, the general government deficit is
expected to reach 6.8% in 2010 due to high investments needed for developing the country.
This projection is based on GDP growth of -4.0% in 2009 and 0% in 2010.
However, it makes good developments especially in HICP which is expected to decrease from
5.7% in 2009 to 3.5% in 2010.
The total GDP decreased up to -4% in 2009, but the decline is expected to end in 2010 and to
remain the same as in 2009 (Eurostat 2009). Net exports are set to keep their positive
contribution to growth, notwithstanding weak demand from the Euro area. Net borrowing from
the rest of the world decreased significantly from 11.8% of GDP in 2008, to roughly 5% in 2009
and is expected to increase slightly to 5.1% in 2010.
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4 Lisbon agenda
4.1 Introduction
The Lisbon agenda, also known as Lisbon Strategy or Process is the plan of development for the
European Union. The purpose of the agenda is to make the EU “the most dynamic and
competitive knowledge-based economy in the world capable of sustainable economic growth with
more and better jobs and greater social cohesion, and respect for the environment by 2010"
(Europa, 2009).
4.2 Strategy
The Action Plan for Growth and Jobs 2008 – 2011 is the Government strategy for increasing the
competitiveness of the economy. It helps implement the Lisbon Agenda targets and so the
European Union’s growth and jobs strategy.
In order to maintain and increase the competitiveness of the Romania economy, the Government
sets important objectives in the plan for the year 2011.
4.3 The Romanian National Reform Programme (NRP)
General assessment
In spite of some progress, Romania's economic and social development is still hindered by a weak
public administration. Romania needs to reinforce its administrative capacity, its budget planning
and execution, reinforce its competition rules and regulatory authorities. Also, corruption still
affects the business environment and the quality access to public services.
The NRP foresees several measures to be taken in areas of knowledge, entrepreneurship,
employment and energy. Effort is also needed to make the business environment easier for
recruiting the first employee and facilitating the insertion of the young into the job market.
Macro-economic policies
Romania’s NRP identifies as the macro-economic priority, the improvements of the quality and
management of government. In fact, Romanian fiscal policy is not yet sufficiently stable and there
are still frequent budgetary amendments.
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Last year, expenditure increased due to the heavy investment in infrastructure an industrial sector.
This increased the gross external debt and government deficit.
For the budgetary policy, the NRP wants to maintain macroeconomic stability and disinflation.
The NRP forecast for the budget deficit is to improve it to 2% of GDP in 2009-2010.
If succeeded, it would help to contain the widening current account deficit. However, the NRP
does not make sufficiently clear how the budget deficit will be sustainably reduced. In fact, how it
will deal with pressures from the demographic developments, or from pension and health care
reforms, which correspond to an important part of the government expenditures for instance.
The other main point is that Romania has to continue to face labour market and skills shortages.
It’s first due to large outward migration, which has contributed to private sector wages increasing,
faster than productivity growth. Moreover, the public sector wage bill has risen by some 30% on
average over 2006-2007, which threaten to erode Romania’s competitiveness.
Furthermore, measures will also be needed to ensure the long-term sustainability of public
finances.
Micro-economic policies
The NRP is aimed to improve the business environment and the sustainable use of renewable
resources in order to increase economic competitiveness. It sets out initiatives to improve
transport, telecommunications and energy infrastructure. The government need to coordinate its
departments, open up network markets and the services sector, to achieve maximum benefits and
increase competition.
Total state aid is much higher than the EU’s, but not really well-oriented. Romania should reduce
and orient its state-aid towards horizontal objectives, such as innovation, energy,
telecommunication, and so on.
Other obstacles to growth and innovation are the long delays in obtaining authorisations and legal
insecurity, particularly for SMEs. The NRP proposes an e-government to improve the business
environment through simplified legislation.
12
The NRP wants also reduce administrative burdens and cut the red tape, which is a really
recurrent problem. Romania has now implemented a new National Research, Development
and Innovation Strategy for 2007-2013. It should improve the weak links between business and
research institutions. The NRP foresees an increase of public spending in R&D from 0.5% of
GDP in 2007 to 1% by 2010, and target 3% of GDP by 2015.
Employment policies
The Romanian economy should first continue to face an increasing labour shortage, due to fast
growth and large outward migration. Skills shortages have driven up real wages (by around 14% in
2008). Even if the unemployment rate (8 %) remains below EU average, the underemployment
rate is high, so that there is still a large source of untapped labour.
The employment rate (58.8%) is far below the Lisbon target of 70%. In order to reach the set
goal, Romania has to retain more people employed, by reducing the weak link between education
and labour market.
Agricultural activities represent nearly 30% of total employment, but contribute less than 10% of
GDP. Therefore Romanian government needs to modernise agricultural production and help re-
integrate farmers into other sectors of economic activities.
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5 SWOT analysis
Figure 10: SWOT-analysis of Romania’s economic environment
According to the Economist Intelligence Unit, Romania is one of the most preferred countries in
the world for foreign companies looking to relocate their activities. This confirms Romania's
growing attractiveness for foreign investment. Romania's strengths lay in the workforce cost
category and in the geographical proximity chapter. It has also scored well in the categories of
economic stability and political and security risks. The country's weaknesses are mainly in the
infrastructure ambit. Romania is further expected to grow in the coming years, as the effects of its
new flat tax rate on personal income and corporate profit come into effect.
Convenient geographical positioning Rich natural resources Declining inflation rate Low pressure on wage growth EU membership
Corruption and bureaucracy Increasing unemployment rate Growing budget deficit Lack of market information Education and training system underdeveloped Lack of transparency on banking system
Foreign investments Joining the euro zone by 2014
Downturn in world economy Competition from countries of low production costs
SSS WWW
OOO TTT
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6 Main sectors
The most important industry sectors are constructions (30%) and services (35%). Thus, the IT
and the construction sector, as well as the automotive sector, are examined as the most important
ones contributing to the overall development of the economy of a country. The IT sector is
essential since new technologies and innovations are needed to ensure a progress and the
construction sector is necessary due to the importance of infrastructure and basic needs
(buildings) of new businesses. A newer, emerging sector is the tourism industry.
Figure 11: Structure of Romanian Economy (National Institute of Statistics, 2009)
6.1 Information technology
Lately, Romania has managed to become one of the fastest growing IT markets in Europe
due to strong technology investments and trade with highly skilled workforce, competitive costs,
top-tier investors and a friendly business environment. Furthermore, it is considered to be one of
the top IT markets in Europe (following Poland’s, the second largest market in Central and
Eastern Europe).
Due to the great position of Romanian IT companies they are able to accommodate the world's
most demanding offshore customers in IT outsourcing, business process outsourcing, call
center support, and product development.
15
Due to those good expectations and high level of foreign direct inflows during the first half of
2008, spending on technology was encouraged and SMEs were opening up more for IT projects.
However, due to the financial crisis the market switched from a strong pipeline and a generally
upbeat economic outlook in the first half of 2008 to a sluggish year-end, dominated by cutting of
IT plans and freezing IT budgets impacted by a domino effect in demand shrinkage.
To get to know the impact of the crisis on the Romanian SITS (software and IT services) industry
SITS expenditures are also examined. The figure below (Figure 12) illustrates that the SITS
expenditure are 35 EUR/capita in Romania which is under the average of Eastern Europe (EUR
40/capita) due to the wide gap with more mature economies (Czech Republic: 159 EUR/capita,
Hungary: 104 EUR/capita or Poland: 86 EUR/capita). Comparing Romania’s expenditures to
Western European average for SITS spending/capita (EUR 548), the gap results in a difference
by a factor of 15+ times. “The figures are highly illustrative, as they provide a static view on
where Romania actually is in terms of IT maturity. Looking further at the composition of the
SITS market by sub-segments, this provides evidence on the infant penetration of IT in the
Romanian economy.”
Figure 12: IT expenditure and SITS per head 2008
In addition, the Romanian system infrastructure software (SIS) market represents almost 15% of
the SITS spend, while in Western Europe it accounts for 5.5%. In contrast to mature markets, in
Romania operating systems account for the largest portion of the SIS segment. This, the share
16
that office automation (26%, Western Europe average: 14%) software holds into the total
application software products market and the IT service portion in SITS (48% compared to
Western Europe: 74%) show that Romania remains a software product driven market and
illustrates the infant IT maturity of Romania.
Figure 13: Breakdown of the IT expenditure in Romania
However, it has to be said that Romania although having specialized workforce and the space and
resources to expand this sector it is still in the initial stage which means that there is enough space
upwards.
Here some facts and reasons why to invest in the Romanian technology sector:
high potential market (one of the biggest countries in CEE)
a dynamic IT/Internet sector
16% unique taxation rate on profit
access to EU funds
IT sector in Romania boasts more than 3,000 technology companies throughout the
country
€400 million in software and IT services revenue each year
Great IT infrastructure
17
Qualified Human Resources
5 elite polytechnic universities, 59 other universities, 174 private colleges with technical
degree programs
European leader and 6th in the world, in the number of certified IT specialists (greater
than that of the US and Russia), multilingual
Low labour costs
Major companies
Table 2: Major IT Companies operating in Romania.
6.2 Construction
The construction sector has grown 1.4% in 2009 due to the rising demand for housing, retail
outlets, and highway construction.
The construction sector in Eastern European countries will maintain positive trends although not
as high rates as the last years.
Siemens 2500+ engineers, all over Romania
Alcatel 1200 engineers, Western Romania
Intel Investment ($12M) in IT services and outsourcing companies, Bucharest
Infineon 250 R&D engineers, Bucharest
Oracle 100 engineers, Bucharest
Microsoft 700 employees, Global Technical Support Centre
Genpact 170 employees, plans to expand to 1500 for IT outsourcing, financial services and supply chain BPO
hp up to 1200 employees in few years, Bucharest but dedicated to EMEA region
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IBC Focus forecasts positive trend for the construction market, with growth supported mainly by
infrastructure works which will benefit from European funds and governmental budget.
The construction sector is divided into three different types:
Residential buildings
Non-residential buildings (offices and further industrial buildings)
Infrastructure
The chart below (Figure 14) shows the residential buildings contributed to 51 % of the
construction works in 2008. This is due to the improvement of the living standards. In addition,
there is a housing shortage which holds the demand on a very high level. As a member of the EU,
Romania is now eligible for a development funding scheme currently allocated for the 2007-2013
period. According to the Romanian programme for accessing these funds, the total value of the
transport infrastructure work for the specified period is €5.7bn, of which €4.6bn is EU
contribution, an amount that will be allocated to agreed priority areas. Another €5.6bn (of which
€4.5bn is EU funding) will be utilised for environmental infrastructure work.
Figure 14: Share of construction sector per field However, investor confidence and investments in fixed assets are expected to decline, resulting in
lower levels of FDI. These are premises for a decrease of the construction output in 2009. This
situation will also have an important effect on GDP growth, which was relying greatly on
construction.
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Table 3: GDP breakdown
In the following chart (Table 4) the construction fact sheet is analyzed. Special attention should be
paid to the total volume of works which increased from €6.7 (2004) to €7.4 billion (2005) and is
expected to rise until €10 billion in 2010. In addition, the total labor force is estimated to rise up
to 500,000 from 340,000 in 2004.
Table 4: Construction industry fact sheet
6.3 Automotive
The Romanian auto has taken the lead in Central and Eastern Europe in terms of the increase in
the import of new vehicles.
Indeed, imports have increased by 290% between 2004 and 2006 (whereas it was only 95% in
2001-2003). Sales on the domestic vehicles market have experienced an appreciation from 72,000
units sold in 2001 to well above 360,000 units in 2007.
The automotive sector has led to the appreciation of the foreign direct investment
(FDI).Romania ranked 5th as an investment destination in 2005. The biggest share of the
investment was attracted as an externality of the Renault’s activity at the Automobile Dacia.
Strong economic growth and rising levels of personal disposable income have also boosted
automotive demand in Romania. Car ownership has increased significantly over the past three
GDP Breakdown 2009 RON mn 2008 2009
Construction 9,299 18.9% -14.2%
Total Value Added 110,055 3.4% -8.1%
GDP 120,433 2.9% -8.7%
Description Measuring Unit 2005 2010
Total volume of works EUR billion 7.4 10
Household built Units 32,368 50000
Operational highways Km 226 1000
Total labor force No. persons 426000 500000
Average gross salary per hour EUR 1.5 2.2
20
years, despite relatively low levels of disposable income, to an estimated 160 cars per 1,000 people
in 2006. Registration of new passenger vehicles dropped by 17.4% during the first semester of
2009 (197,746 units). The number of registrations of new freight transport vehicles dropped by
48% during the first semester of 2009, compared to the similar period of the last year (26,308
units).
Opportunities in the automotive market have yet to be fully exploited by companies. Local
production is mainly export oriented and serves many of the top car brands worldwide. In order
to continue its industrial policy, Romania could receive up to 33 billion € during 2007 –2013
through EU funding.
Strengths Weaknesses - qualified staff personnel
- professional level in research-design
compartments
- certificate for the quality management system
- implementation of EU directives
- application of the European technical standards
- unavailability for technological
development and restructuring of the
production
- using old
- increase of the energy price and raw
materials
- low physical productivity
Opportunities Threats - increasing of the internal market demand
- attraction of direct foreign investments
- the development of road infrastructure
- increase of quality products and informational
technological
- the competitiveness increase on the
market, due to the importation of new
and second-hand cars
- the transfer of some industries with high
labour force consumption towards
countries with lower salaries
- the obligation to respect the
environment
Figure 14: SWOT
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6.4 Tourism
Romania is one of the most attractive tourist destinations from investors’ point-of-view in
Europe due to the variety of its tourism potential – for example, the capital city Bucharest is
sometimes referred as the “Paris” of Eastern Europe. This includes the accessible relief forms
which are combined harmoniously, the much diversified flora and fauna, the favorable climate for
practicing tourism all year round, the significant base of natural resources for treatment of health,
and its inestimable cultural, historical and architectural patrimony. Romania even has some very
unique locales such as the Castle of Dracula in Transylvania.
The Romanian government is investing heavily in the urban infrastructure. Within the next years,
about EUR 8.3 billion will be invested, among others in the Carpathian Motorway project
(Bucharest- Braşov) and in the expansion of the Bucharest underground system.
Furthermore, the Ministry of Tourism is doing active marketing and promotion which has already
led to an agreement with TUI for the comeback of the largest world tour operator on the
Romanian market, from 2010.
As the tourism infrastructure at the moment is still lacking, most of the tourists are business
travelers (82%).
When comparing the number of tourists visiting Romania with those visiting Finland it can be
seen that Finland is lacking behind and Romania enjoys more attractiveness and is gaining more
and more importance in this sector. In the presence of attractive pertinent facilities, Bucharest
would be also competing for business travelers with Prague and Budapest.
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Figure 15: Number of tourists in Romania (in 1000)
However, referring to Romania's National Institute of Statistics it was announced that the total
tourist arrivals in to the country decreased 18.7% year-on-year in September (eTurboNews 2009).
In addition, according to an international real estate analyst the tourism sector in Romania will
further grow in 2010 but by 2011 it will face a dramatic downturn in all three market segments
business travelers, conferences and tourists.
Figure 16: Annual Growth Forecast in different market segments (in %) (MRG 2008).
23
In 2009 304,000 people (Figure 17) were directly employed which means 3.5% of the national
labor force. The number is expected to rise. The tourism sector is referred to have low salaries
but due to the changing wage rates more employees will be attracted. Furthermore, due to the
governmental investments in infrastructure and IT, the tourism sector will experience further
growth.
Figure 17: Number of people employed in the tourism sector.
According to the WTTC (WorldTravel & Tourism Council), Romania has the largest
development potential in tourism after India, China and Montenegro. However, the tourist
product, services quality as well as regional infrastructure conditions have to be further improved
although high investments are already made.
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7 Research & Development
In 2009, the Government has allocated 0.18% of GDP to RDI activities, below the Lisbon
objective concerning Research and Development (3% of GDP) (Cordis, 2009).
The total R&D expenditure amounted to EUR 622million (latest available data, 2007) and the
shares are split between some funders, as outlined in the following table.
R&D FUNDERS % of the total
Government 60
Enterprises 27
Higher education public general funds 7
Tertiary education units 1
Non-lucrative purpose institutions 0,5
External funds 4,5
Table 5: Funding sources for R&D (National Institute of Statistics, 2007)
The 2007-2013 National RDI Strategy encourages the involvement of the private sector in RDI
activities, with a view to increasing the capacity for innovation, technological development and
industrial up-take of research results.
Launched in May 2007, the 2007-2013 National RDI Plan is the main funding instrument used
for supporting R&D policy. It is organised in six programmes (similarly to the EU FP7):
25
Figure 18: NASR programmes
It is also complemented by other programmes, such as:
the "Excellence Research" Programme, launched in May 2005 with the purpose of
supporting the collaboration between R&D units, universities and firms for improving
research quality in Romania, and facilitating integration in the European Research Area
(ERA).
the Core Programmes, proposed by national R&D institutes and/or public research
institutions to support specific medium- and long-term RDI strategies for the sectoral
development of the respective institutions.
the Sectoral R&D Programmes with the objective of strengthening NASR's capacity to
elaborate, implement and evaluate RDI policies, strategies and programmes, and to
develop instruments for their planning and monitoring.
the INFRATECH Programme with the purpose to develop the innovation
infrastructure in the country.
Among the five dimensions of innovation performance, Romania is below the EU27 average.
The European Innovation Scoreboard (EIS) 2008 indicates a Summary Innovation Index (SII)
in clear progression: Romania performed relatively well in Applications but performed less well in
Knowledge creation and Intellectual Property.
The total expenditure on Research and Development for Romania is planned to be increased to
1% of GDP by 2010. The 2009-2013 Government programme specifies the following objectives
in the RDI area:
14%
35%
18%
14%
9%10% Human resources
Capacities
Ideas
Partnerships
Innovation
Istitutional performance
26
Sustaining the scientific areas with the highest performance potential;
Increasing the number of internationally competitive researchers;
Increasing the attractiveness of scientific careers and promoting young researchers;
Encouraging partnerships and the comeback of the Romanian scientific diaspora;
Improving the functionality of the RDI system;
Better integration of scientific research into the economy and society;
Increasing institutional and personal capacity of researchers to attract international funds,
public and private;
Communication of science results to society.
27
8 How to set a company
The World Bank report on Doing Business in Romania 2009 mentions that the Romanian
government has made the process of setting up a new business simpler, faster and cheaper.
Also, by reducing corporate taxation to a flat rate of 16%, the government is encouraging
companies to establish a presence on the territory. (World Bank Report, 2009).
8.1 Commercial Code / Legal framework
The Constitution of Romania guarantees free trade and the protection of fair competition. As a
market economy, Romania is regulated by demand and supply which protects and safeguard the
private property.
The general framework for business consists of specific laws which comply with the principles of
the Constitution. Those include:
Formation
Authorization and functioning of trading companies
Taxation
Consumers' protection, among others
8.2 To start a Business
To start a business in Romania six steps, ten days and 2.88 % GNI per capita are needed as
outlined below. (World Bank, 2009).
List of Procedures
1. Certificate from the Trade Registry once the company name has been approved.
2. Funds must be deposited in a bank and must obtain confirmation that the funds are sufficient
3. Fiscal record to be requested from the respective Tax and Duties General Directorate
4. Register with the Unique Office (Biroul Unic, one-stop company registration office) of
trade registry Registrul Comertului (BASC), Bucharest Tribunal; obtain court registration,
publication of notice, and registration for statistical purposes and social security.
5. Register for VAT
28
6. Register the employee’s contracts with the Territorial Labor Inspectorate (TLI)
After, the business is entered into the Register of Companies and is granted a unique CUI code
(VAT identification number) from the Ministry of Public Finance, the new business will be
granted authorisation to operate.
The Web site of the National Trade Register Office offers guidance to complete the registration
application and affidavits.
8.3 Different forms of business
The main forms of commercial companies in Romania are Joint-stock company, Limited
Liability Company and Branch.
Joint-stock Company – SA (Societate pe Actiuni)
There are two types of Joint-stock Companies:
Private (through complete subscription)
o Minimum 30% of the subscribed registered capital, by every shareholder or partner
Public (through the prospectus of share)
o Minimum 50 % from the value of subscribed shares, by every acceptor
Requirements for a Joint-stock Company:
Registered capital minimum 25,000 EUR
Number of shareholders is five or more
Minimum nominal value of one share is 235 EUR
Translation costs of around 400 EUR depending of quantity of shareholders
No need of Romanian shareholder or administrator
29
Limited Liability Company – SRL (Societate cu Raspundere Limitata)
Requirements for Limited Liability Companies:
The minimum share capital 200 RON (about 47 EUR)
The minimum number of associates (natural or legal persons) is one and maximum 50
Minimum nominal value of one share is 10 RON (2.34 EUR)
Some activities need unique activity code (NACE code)
No need of a Romanian shareholder or administrator
Need of a Romanian accountant
General partnership – SNC (Societate in Nume Colectiv)
There are two types of General Partnership:
Limited partnership – SCS (Societate in Comandita Simpla)
minimum number of partners: two persons
Partnership limited by shares – SCA (Societate in Comandita pe Actiuni)
minimum number of partners: five persons
The minimum nominal value of a registered share is 0.1 RON (0.02 EUR)
Branches
Are not legal persons
Before beginning their activity they are incorporated in the Commercial Register of the
county where they will operate
The legal system of the branch shall be applied to any other secondary office, to which
the founding company gives the statute of a branch if they have the same object of
activity as that of the mother company
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Subsidiaries
Represent commercial companies with legal personality
Are set up in one of the forms of commercial companies specified by the Law No.
31/1990
Legal treatment of the form of company in which they are set up is applicable
Choosing the right depends on the chosen form and factors influencing the business strategy.
8.4 Requirements for foreigners
Under Romanian law both Romanian and foreign investors (and ventures) are equally treated and
benefit from the same opportunities for setting up business operations in Romania. Foreign
companies also enjoy the same tax laws as a domestic company. In case the share-holders are
foreign companies, then the Romanian Trade Register will require their registration documents
for proof of their existence.
A local accountant will have to handle interactions with Tax Authorities on behalf of the
company.
Incorporation starts with legal existence. The National Trade Register Office maintains
statistics of business activities in Romania.
The company should have at least one shareholder for a SRL and two shareholders for a SA.
The shareholders can all be non-Romanians and can be individuals or companies.
9 Laws and regulations
9.1 Auditing
Romania follows the International Standards on Auditing (ISA). All enterprises are subject to
statutory audit requirements, which are consistent with the existing “Acquis Communautaire”
(EU law) requirements. These audit requirements are generally conducive to greater compliance
with accounting standards.
31
The accounting and auditing profession in Romania is organized under two separate bodies
(European Commission, 2008):
Chamber of Financial Auditors of Romania (CAFR), whose members are licensed to
perform financial statutory audit as defined under the new provisions of the amended
Eighth Company Law Directive.
Body of Expert and Licensed Accountants of Romania (CECCAR), a self-regulating
body for certified expert accountants and authorized accountants.
9.2 Accounting
Accounting ensures chronological and systematic recording, processing, publishing and
preservation of information on their financial position, financial performance and cash-flows,
both for their internal requirements and in the relations with present and potential investors,
financial and commercial creditors, clients, public institutions and other suppliers.
By the Romanian Accounting Law (No.82/1991), accountants in the companies are responsible
for following main duties:
Recording and processing data
Reporting both internally (for management of business units) and externally (to outside
parties)
Management control
Fulfilment of legal requirements
Forecasting
There are two types of accounting:
Financial accounting is the monitoring of the financial situation. It is organized by the
basic standards and rules of authorities.
Internal management accounting is the analytical monitoring of the internal
management of business units
32
10 Labour law & legislation
10.1 EU legislation
The EU regulations set the minimum standards under which Romania has to operate, and it is
mostly concerned about the rights of the employees in the Union.
10.2 National legislation
The Romanian Labour Code (RLC) complies with the EU legislation.
Normal working time in Romania is 40 hours per week – which means eight hours per day.
A person is entitled to at least 21 vacation days per year. The legal holidays are the following:
January 1st and 2nd, New Years’ Day and the following day
Orthodox Easter
May 1st, Labor Day
December 1st, Romania’s National Day
December 25th and 26th, Christmas and Boxing Day
10.3 National labour market
Romania’s labour market has suffered from a growing migration which has had a big impact on
especially the active population (ages 15 – 64).
The aging is also a common problem and the largest percentage of people in active population is
found in the group of those above 35 years of old (Ministry of Labor, Family and Social
Protection 2008). Fortunately the activity rate is expected to rise to 67.6% in 2010.
Unemployment as of Sept. 2009 is 9% and it is expected to decrease slightly.
The reform programme set by the government mentions three main areas of improvement in the
labour market (Ministry of Labor, Family and Social Protection, 2008):
33
Promoting the creation of jobs, the reduction of undeclared work and the adequate
management of changes on the level of enterprises and workers;
Promoting social inclusion and improving access to the labour market for vulnerable
groups;
Promoting competitiveness, especially by improving the cooperation between the
educational and training system.
10.4 Wages / salaries
The national minimum gross wage was 600 RON (about 140 EUR) since January 1st 2009 (in
January 2000, the gross minimum wage was only 45 RON.) (Ministry of Labor, Family and Social
Protection, 2009).
The highest values of net nominal average earnings are registered in the activities of financial
intermediation and the lowest ones in wood and cork products processing, except furniture.
34
11 Taxation
11.1 Social Contributions
Employers must pay various social security contributions calculated on the gross salary:
Social security fund 30%
Health fund 7%
Unemployment fund 5%
Social Solidarity Special Fund 3%
Education Fund 2%
Chamber of Labour commission 1%
Table 6: Social security contributions paid by the employer
The employee pays the following contributions, which are deductible for salary tax purposes:
Pension fund 5%
Unemployment fund 1%
Health fund contribution 7%
Table 7: Social security contributions by the employee
11.2 Indirect taxation: Value Added Tax (VAT)
Rates, payments
According to the EU Sixth VAT Directive, a 19% VAT rate is applicable in Romania.
For export of goods and services a 0% VAT rate applies provided that the foreign currency
related to the export operation is paid into an account opened with an authorized bank in
Romania.
VAT should be paid monthly by the 25th of the month. After receiving the VAT reverse charge
invoice, it has to be paid in 7 days.
35
VAT exemption
VAT exemption can be applied to a large range of activities:
banking
finance and insurance
research and development work
specific activities performed inside the free trade zone.
Fiscal representative for VAT purposes
Foreign businesses can only register for VAT in Romania through a fiscal representative. In this
case VAT on services and goods supplied in Romania is accounted for through a return
submitted by the fiscal representative. The foreign business can recover VAT costs incurred
through the returns.
VAT refundable
If a company is in a VAT reimbursable position, it is entitled to request a refund according to
specific provisions, depending on its operations. Alternatively, the refundable balance can be
offset against past or future VAT liabilities. In practice, if a refund is requested it can often take
some months for the money to be effectively paid back.
11.3 Corporate Income Tax
The corporate tax is an annual tax in principle that affects all profits made in Romania by
corporations and other entities. Romania companies pay tax on their Romanian and worldwide
income, considering a tax rate of 16%. Also a lower rate of 3% is imposed on qualifying small
companies (between 1 and 9 employees, an annual turnover of less than 100.000€ , and engaged
in “productive activity”, provision of brokerage, banking, insurance, or consultancy services).
Non-residents companies pay tax only on Romanian source income, and more they have a 16%
withholding tax, which is imposed on dividends paid to them. Non-residents companies also have
an exemption on gains made on shares listed on the Romanian stock exchange.
A foreign company is resident if the management is in Romania.
36
Tax due date (can be paid quarterly or annually)
quarterly – by the 25 of the first month following the quarter for which the tax was
computer
annually – with payments made in advance every quarter, by the 15 of April of the
following year
Tax rate
The taxable profit shall be calculated as the difference between the income obtained from any
source and the expenses affected for the purpose of obtaining incomes, during a fiscal year, from
which non-taxable incomes are deducted and to which non-deductible expenses are added.
Income and capital gains earned by corporations are taxed at a flat rate of 16 %. Losses are
carried forward for 5 years; there is no carry back for losses.
Capital gains for corporations
Capital gains obtained from sale of immovable property by corporations are included in ordinary
profits and taxed at the standard rate of 16 %. It is a reduced rate – 10 %. It is applies, when the
property was acquired after 31 December 2003 and was held for more than 2 years and the buyer
and seller are not related parties.
Corporate micro-enterprises tax
Romanian legal persons liable to pay taxes on the small enterprises income that cumulatively
satisfies the following conditions:
the number of employees is from one to nine
the realized incomes do not exceed the equivalent in RON of 100 000 EUR
the social capital of the legal person is owned by persons other than the state, local
authorities and public institutions
In 2009, the tax rate is 3 %. In case of incomes exceeding 100 000 EUR during the fiscal year,
the company has to pay taxes on profit.
37
11.4 Real estate taxation
Stamp duty
A stamp duty is payable on most judicial claims, issue of certificates and licenses, and
documentary transactions which require authentication. There are two existing types:
Extra-judicial stamp duty: is charged for the issue of various certifications such as identity
cards, car registrations, etc.
Judicial stamp duty: is levied on claims and requests filed with courts and the Ministry of
Justice, depending on the value of the claim. Quantifiable claims are taxed under the
regressive tax mechanism. Non-quantifiable claims are taxed at fixed amount levels. A
judicial stamp duty may also be levied at the transfer of real estate property under certain
circumstances.
Categories of income subject to taxation
A flat income tax rate of 16% applies to the following categories of income: income from
freelance activities, salary income, rental income, pension income, prizes, agricultural income.
The Fiscal Code provides for special tax rates in case of income obtained from investments,
gambling and transfer of ownership rights over real estate.
Taxation on real estate transactions
The real estate transfer tax, which has to be paid by the taxpayer in the event of the transfer of the
property right or parts of it, is computed as follows:
for buildings and the related land, as well as for land without constructions, acquired and
sold within a three years period inclusively
3% of the sale amount, if this amount is up to RON 200,000 inclusively
RON 6,000 + 2% of the amount exceeding RON 200,000 inclusively, if
the sale amount is over RON 200,000
for buildings and the related land, as well as for land without constructions, acquired and
sold after three years
2% of the amount, if this amount is up to RON 200,000 inclusively
RON 4,000 +1% of the amount exceeding RON 200,000 inclusively, if
the sale amount is over RON 200,000
38
Land Tax
Land tax is paid from any person that owns land that is located in Romania.
The tax rate:
for urban land ranges from 0.001 RON per square meter
for land in urban areas from 0.59 RON per square meter
land outside urban areas is taxed at a fixed rate of 1 RON per hectare
11.5 Excise duties
Excise tax is a type of tax charged on goods produced within the country (as opposed to custom
duties, charged on goods from outside the country). In Romania, excise duties are paid on
gasoline, tobacco and alcohol.
12 Banking system and National Bank
The Romanian currency is known as the New Leu (RON). The Romanian Leu is divided into
100 Bani.
1 RON = 0.2355 EUR 1 EUR = 4.2455 RON (RatesList 2.12.2009)
Figure 19: RON strength vs. EUR in 2008 (RatesList 2009)
The Romanian government has planned to join the Euro zone by 2014.
39
12.1 The National Bank of Romania
The National Bank of Romania is an independent and public institution with responsibility for
monetary and exchange rate policy.
Its main objective is to ensure the stability of the national currency in order to contribute to the
stability of prices. To achieve this objective, the NBR applies currency policy, hard currency,
credit, payment policy, etc. Its aim is to guarantee the normal functioning of the banking system
and the promotion of a financial system in order to reach a free market economy.
According to its laws, the NBR carries out four main categories of operations acting on:
banking companies (credit banking companies and financial institutions, regulate and
supervise payment systems, ensure services of compensation, etc)
the state treasury (keep the current account of the state treasury and give loans to the
central administration in order to cover temporary deficits)
the currency market (discount, acquire or sell, claims or titles, of the state or banks, and
then attract deposits from banks, in order to achieve the objectives of the currency policy)
gold and external assets (maintain the international reserves on a certain level that is
considered to be proper for the external transactions of the Romanian state)
According to the National Bank of Romania, the main characteristics of the Romanian banking
sector on 31 July 2008 were:
41 credit institutions (2 with state-owned share capital, 3 with majority Romanian private
share capital, 26 with majority foreign share capital, 9 branches of foreign credit
institutions, one head office of credit cooperatives)
54.7% of banks’ assets are concentrated in the top-five credit institutions;
shareholders are mostly foreign entities;
credit institutions with majority foreign share capital hold a market share of 87.9%;
credit institutions with majority Romanian private share capital account for a market share
of 6.7%, while those with majority state-owned share capital hold a market share of 5.4%
40
12.2 The Exchange Rate System
The real exchange rate (RER) is one of the key economic variables determining country’s
macroeconomic performance. In Romania, the long-run real appreciation of the domestic
currency was determined by an improvement in terms of trade and net capital inflows.
Internal real exchange rates do not play a direct role in the trade performance. Foreign trade
depends on price competitiveness: an appreciation of the real exchange rate, especially at a large
pace on short run, means an erosion of competitiveness, as domestic goods and services become
more expensive relative to goods and services of partner countries.
Concerning the Exchange Rate Mechanism II (ERM II), the leu is not yet part of it. The
Romanian government has announced plans to join ERM II around 2010-2012, in order to join
the Euro zone by 2014.
12.3 Banking and Payment Systems
There are two interbank payment systems intended for:
large-value payments (ReGIS) and
retail payments (SENT)
ReGIS is the national real-time gross settlement system (RTGS) of payments in domestic
currency provided by the NBR. The system is used for the settlement of central bank's
operations, interbank transfers, as urgent or large-value payments in Romanian Leu (above 50,000
RON).
ReGIS processes credit transfers processed via different types of transactions:
payments related to central bank operations
payments for the settlement of funds related to operations with securities;
settlement of net positions
direct debiting of fees related to the participation in the three components of the
electronic payment system (ReGIS, SaFIR and SENT)
urgent or large-value (above 50,000 RON) interbank and customer payments
41
12.4 The Single European Payments Area (SEPA) Project:
The Romanian banking system will initiate a project for adopting Single European Payments
Area (SEPA) standards for the domestic currency payments.
The SEPA project is going to be achieved through:
adoption of a single set of payment instruments for euro payments (credit transfers, direct
debits and card payments)
implementation of efficient processing infrastructures for euro payments
adoption of common technical standards and common business practices
creation of a harmonised legal basis for payment services
further development of new customer-oriented services
And as for NRB, the SEPA will assume the following tasks:
guide and promote the expectations of Romanian stakeholders regarding SEPA
co-operate with the public administration and with consumers
contribute to the co-ordination of communication efforts at national level
monitor the progress in implementing SEPA at national level
13 Consumer protection
The main authority to protect the consumers’ rights is the National Authority for Consumer
Protection (ANPC) but other, non-governmental organizations are allowed to work on this field
as well. The consumers in Romania have certain fundamental rights:
to be protected from the risk of purchasing hazardous products
to have all the necessary product information available
to have the access to markets with wide selection of high quality products
to receive compensation for damages caused by products of poor quality
to organize associations to protect their rights as consumers
42
From the legal point of view the consumers and companies are on equal level when doing
business. The merchant may not, for example, include a harmful clause in the contracts, nor can
he sell products that do not comply with the given product information.
14 Intellectual and industrial property rights
The Romanian State Office for Inventions and Trademarks (OSIM) was established by
Government Resolution No. 573/07 in September, 1998.
The OSIM ensures the intellectual property protection in compliance with national legislation and
the international conventions and treaties. It is register and examine intellectual property
applications and gives the certificates of protection granting the right holder exclusively on
Romanian territory as well as to serve as the national depositary for registered certificates of
protection (Europa, 2009).
The OSIM services include (OSIM, 2009):
Patents for invention protect
Utility models
Trademarks: used in order to distinguish their good and/or services from similar or
identical goods of other enterprises, in order to stimulate the quality of goods and services
Industrial design: the novel ornamental aspect of an article having two or three
dimensions and utilitarian function can be protected as an Industrial Design or Model.
Design means patterns. Model means a three-dimensional form
The topography of a semiconductor product
Plant variety
In addition to the OSIM, there are several other organizations (mostly private) that are working
to ensure the respect of intellectual property:
1. The Working Group on Intellectual Property Issues - http://grupdpi.ro/
43
2. The Romanian Chamber of Patent Attorneys (CNCPIR) - http://www.patent-
chamber.ro/
3. Centre for Mediation of Commercial Disputes of the Chamber of Commerce and
Industry of Romania - http://www.ccir.ro/
15 Environment
Protection of the environment is an important issue. Especially the pollution of environment,
which is a result from intensive industrial and agricultural activities, and of the expansion of the
populated centres is a huge issue.
All these detrimental factors lead to disorder within certain ecosystems and to the deteriorating of
the living condition in certain areas.
The Romanian government has had to set programs and policies to protect the environment but
also to be integrated into the European Union. Among these are:
the National Plan for Adoption of the “Acquis Communautaire”;
the National Development Plan;
the Strategy of Environment Protection;
the National Sustainable Development Strategy;
the National Protection Environmental Action Plan: it includes the main targets and
priorities, such as:
protection and conservation of nature and biological diversity;
development and proper administration of the national network of protected areas;
protection of the complex ecological system consisting of the Danube, the Danube
Delta and the Black Sea;
turning agriculture into an environment-friendly activity;
firm enforcement of environmental legislation and endorsement of standards and
regulations compatible with the requirements of the European Union;
and the introduction and employment of the economic instruments aimed at
ensuring environmental protection by decentralization of the institutional system.
44
Considering all the natural resources of Romania, the most important is water. In fact, Romania
has many problems with water protection, particularly because of agriculture, concerning the
Danube and the Black Sea.
The Romanian Government Programme settled many policies and regulations in order to get
this fixed, and most of them are aimed at:
rationalizing the management of the surface and ground waters;
improving the quality of river waters;
completing the works on the water supply facilities intended for urban and rural localities
(rehabilitation of the water treatment plants for major cities);
continuing the adjustment, storage and development works in the hydrographical basins;
rehabilitating and protecting the Romanian Black Sea Coast and the off-shore area;
remaking and conserving the seaside area and the lakes with therapeutic properties;
protection against floods and dangerous weather phenomena;
and harmonizing the water related legislation with the provisions of the new Directive of
the European Parliament and Council of Europe concerning the community action
framework on water policies.
45
Useful links
General information on Romania
CIA The World Factbook: https://www.cia.gov/library/publications/the-world-factbook/geos/ro.html
Encyclopedia Britannica: http://www.britannica.com/EBchecked/topic/508461/Romania#
European Union
Europa, The official website of the European Union: http://www.europa.eu.
European Commission; Setting up a new business in Romania: http://ec.europa.eu/youreurope/business/starting-business/setting-up/romania/index_en.htm
ERAWATCH; National profiles: http://cordis.europa.eu/erawatch/index.cfm?fuseaction=ri.home
Enterprise Europe Network: http://www.enterprise-europe-network.ec.europa.eu/index_en.htm
Romanian authorities
Government of Romania: http://www.gov.ro/main/index/l/2/
Ministry of Environment: http://www.mmediu.ro/index_en.html
Ministry of Justice; The National Trade Register Office: http://www.onrc.ro/indexe.php
Ministry of Labor, Family and Social Protection: http://www.mmuncii.ro/en/
Ministry of Tourism: http://www.turism.gov.ro/en/
National Bank of Romania: http://www.bnro.ro
Legal issues
Enescu & Cuc Law Firm: http://www.romanianlawoffice.com
Romanian Labour Code: http://www.codulmuncii.ro/en
Taxation in Romania: http://www.docstoc.com/docs/15620179/Taxation-in-Romania
Trade
Romanian Trade Promotion Center: http://www.traderom.ro/english
46
Statistics
Eurostat: http://ec.europa.eu/eurostat
National Institute of Statistics: http://www.insse.ro/cms/rw/pages/index.en.do
47
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Appendix A: Copyright permissions
Dear Edith Schmitz, Please feel free to copy the content of the website. Regards, Cristian Gontariu ----- Original Message ----- From: "Edith Schmitz" <[email protected]> To: <[email protected]> Sent: Monday, November 09, 2009 6:30 PM Subject: gontariu: Copyright > This is an enquiry e-mail via http://www.companyformation.ro from: > Edith Schmitz <[email protected]> > > Hallo, > > I am student at Haaga-Helia University of Applied Sciences (Helsinki, > Finland) and I am currently writing a project for the Chamber of Commerce > in Finland about Doing Business in Romania and I would like to ask if you > could give me the right for copying some information regarding the > different forms of businesses from your website. > > Thank you in advance. > > Kind regards > > Edith Schmitz ------
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Hi Edith, It's ok with us to use to 2 graphs. Good luck with your project. Best, Claudia Nastase Assistant PAC Central & Eastern Europe [email protected] Pierre Audoin Consultants SRL Str. Louis Pasteur, nr. 40 050536 Bucharest - 5, Romania http://www.pac-online.com Direct Phone: +40 (0) 21 410 75 80 Fax: +40 (0) 21 410 75 81 On 11/24/09 4:28 PM, "[email protected]" <[email protected]> wrote: > Dear Mrs Nastase, > > the graphs we would use are: IT expenditures and SITS per head 2008 and 2008 > Breakdown of the IT expenditure in Romania. > > Thank you very much for the rapid response. > > Greetings from Helsinki. > > Kind regards, > > Edith Schmitz > > Zitat von Claudia Nastase - Pierre Audoin Consultants > <[email protected]>: > >> Hello Edith, >> >> Thank you for your email. >> >> What I would like to kindly ask you is to let us know what exactly you want >> to use/reproduce, so we can give an assent explicitly on that. Once this is >> taken care of, there shouldn't be a problem. >>
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>> Have a lovely day, >> >> >> Claudia Nastase >> Assistant >> PAC Central & Eastern Europe >> [email protected] >> >> Pierre Audoin Consultants SRL >> Str. Louis Pasteur, nr. 40 >> 050536 Bucharest - 5, Romania >> http://www.pac-online.com >> >> Direct Phone: +40 (0) 21 410 75 80 >> Fax: +40 (0) 21 410 75 81 >> >> ---------------------------------- >> Discover our information portal, PAC Online at http://www.pac-online.com >> The SITSI® Program can also be accessed via http://www.sitsi.com: >> * The ultimate source for IT information in Europe and the USA >> * USA + 20 European countries, more than 250 company profiles... >> * Comprehensive Analysis of the CEE markets, including the Czech Republic, >> Hungary, Poland, Romania, Russia and Slovakia >> --------------------------------- >> P Please consider the environment before printing this email >> >> Von: [email protected] >> Datum: November 23, 2009 12:38:19 PM GMT+01:00 >> An: [email protected] >> Betreff: Copyright >> >> Dear Sir or Madam, >> >> I am in a group of students at Haaga-Helia, University of Applied >> Sciences, >> Helsinki, Finland, doing a project about doing business in Romania. I >> have read >> the article "The Software and IT Services Market in Romania in the >> Context of a >> Global Crisis" by PIERRE AUDOIN CONSULTANTS S.R.L. . and would like >> to ask you >> for the right to use the graphs from the article for our project. >> >> Kind regards, >> >> Edith Schmitz