Startups in Transylvania
CORPORATE TAXATION
Romania has one of the lowest tax rates on the continent: the standard corporate tax rate is 16%, about half the tax you would pay in France or Germany. Fiscal incentives include tax exemption for the reinvested profit. The income tax for IT&C employees is 0%. The tax on dividends is 5%.
PERSONAL TAXATION
Resident individuals are taxed on their worldwide income irrespective of the type or source of income; a flat rate of 10% applies. You will pay about 4x less than in UK, France or Germany and 3x less than than the European average.
You will find information about the macroeconomy, education, wages, cost of living, tax, infrastructure, doing business, government support, success stories. According to Eurostat, Romania is among the Top 3 countries with the highest GDP growth in the EU.
If you make €5000 a month in London, you would need to make €1850 in Bucharest to maintain the same standard of life.
If you open a business in Romania, you should know that overall, the hourly labor costs in Romania are around 6.3 euro/hour, which is about 4.25x less than the EU average.
Benefits for UK businesses investing in Romania
A domestic market of nearly 20 million consumers, English is widely spoken, it is a gateway to markets of the Commonwealth of Independent States (CIS) and the Balkans, low cost flights. The EU has allocated EUR 23 billion to Romania until 2020. The funds will contribute to investments in Romanian infrastructure, human development, regional development. The resulting projects will provide good prospects for UK businesses.
Strengths of the Romanian market include
Young, skilled and educated workforce, well established support in Romania from foreign lawyers, accountants and consultants, implementation of Single Euro Payments Area (SEPA) standards for euro payments, an abundance of natural resources, western business practices
Doing Business in Romania Report by the World Bank Group (2019)
This report focuses on business regulations that have an impact on small to medium-size businesses in Romania. The study covers measures in regulations affecting the following areas: starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts, resolving insolvency and labor market regulation.
KPMG Investment in Romania (2018)
The KPMG guide for those who want to invest or do business in Romania. The guide contains general information about: forms of business organisation, taxation in Romania, banking and finance, commercial rules, real estate, EU funding, labor regulations and employment standards, the legal system, protection of intellectual and industrial property rights, accounting, competition (main legal issues), environmental protection.
The AmCham's Guide to Investing in Romania (2015)
Another excellent source of information in English about investing in Romania comes from the American Chamber of Commerce in Romania. The guide covers general information about Romania, forms of business organisation, taxation, banking and finance, general commercial rules, real estate in Romania, EU funding, labour regulations and employment standards, the legal system, protection of intellectual and industrial property, accounting, competition in Romania – main legal issues and environmental protection.
Romanian startups
The Romanian tech startups directory: startups, founders, incubators, accelerators, events. Find out what’s hot on the Romanian startup scene and connect with relevant startups. It is noteworthy that Liverail, one of the most successful tech startups in Eastern Europe of all times – recently bought by Facebook for $500 mln – was created in Cluj, Transylvania.
CLUJ
CLUJ COWORK
Contact Daniel Prindii: contact@clujcowork.ro | +40 770 128 228
CHAOS CC
Contact Claudiu Marginean: chaosclubcluj@gmail.com | +40 720 801101
CLUJ HUB
Contact: contact@clujhub.ro | +40 740 021 644
FABRICA DE PENSULE
Contact: info@fabricadepensule.ro | +40 0727 169 569
BRAȘOV
MIERCUREA CIUC, HARGHITA
THE HOUSE
Contact: hello@thehousecowork.ro | +40 744 483 213
ORADEA
SFÂNTU GHEORGHE, COVASNA
INNOHUB
Contact: hello@innohub.center | +40 729 101 963
TÂRGU MUREȘ
INNOWORK
Contact: monica@innowork.eu
CLUJ
ITECH TRANSYLVANIA CLUSTER
Contact: aries.transilvania@gmail.com
CLUJ INNOVATION PARK
Contact: office@clujinnovationpark.ro | +40 264 450 320
SPHERIK ACCELERATOR
Contact: contact@spherikaccelerator.com
CLUJ MEETUP COMMUNITIES
Contact forms available on the website
DIGITAL TRANSFORMERS
Contact: studio@digitaltransformers.co | +40 742 180 889
STARTUP TRANSYLVANIA
Contact: contact@transilvaniastartup.ro | + 40 734 222 052
TRANSYLVANIA EVOLUTION
Contact: transylvaniaevolution@gmail.com | +40 745 546 088
TECH ACADEMY
Contact Olivia Frosin: olivia@techacademy.ro | +40 744 549 898
INVEST CLUB
Contact: contact@investclub.ro | +40 745 264 938
TECHSYLVANIA
Contact: contact@techsylvania.co
IT CAMP CLUJ
Contact: contact@itcamp.ro
RISKY BUSINESS ACCELERATOR
Contact: withus@riskybusiness.ro
SEED FOR TECH
Contact: contact@seedfortech.ro | +40 766-810276
SIMPLON
Contact: contact@simplonromania.org | +40 785 666 553
BRAȘOV
ALT BRASOV
Contact: form available on the website | +40 736 354 425
ODORHEIU SECUIESC, HARGHITA
HARGHITA BUSINESS CENTER
Contact: info@hbcenter.ro | +40 366 567 941
INTERNATIONS
A large expat community. you can find useful information about moving to Romania, working and living here, events for expatriates.
EXPAT EXCHANGE
Forum for expats living in Romania or people considering a move to Romania.
EXPAT IN ROMANIA
Life in Cluj, Transylvania, through the eyes of an expat.
ROMANIA INSIDER
Daily news in English about life in Romania: expat life, experiences, voice of the community and financial affairs