Romania has embraced a pro-growth policy, which has directly contributed to the business confidence in Romania being at the highest level since 2009. This is largely due to robust economic growth prospects and to the recovery of investment and consumption.
Ease of Doing Business
According to the World Bank’s Doing Business Report, Romania is ranked 37th worldwide on the aggregate ease of doing business index, climbing 13 positions since 2014. The overall paying-taxes ranking of the country has been improving and is the second best among the regional peer countries.
From a tax perspective, the number of payments/ year required to fulfil fiscal obligations has dropped dramatically, from 113 in 2012 (historic maximum) to only 14 in 2016. Coupled with a tax system that is one of the friendliest in the EU, even more accessibility is the next step for growth.
Starting A Business
In order to support entrepreneurs, the Romanian government has also simplified the process of opening up a business, reducing the necessary time from 29 days in 2004 to a little over a week in 2016.
Aiding Emerging Entrepreneurs
For the short, medium and long term, the government is committed to aiding emerging entrepreneurs.
The pro-growth policy has further implications for the Romanian business environment, with the necessary paid-in minimum capital decreasing by 2.3 percentage points since 2004, reaching a minimum historical value of 0.6% of income per capita.
Incentives from the Romanian Government
The Romanian government offers a number of fiscal & employment related incentives that are aimed at leveraging the local technology and R&D capabilities by incentivizing investors and employers.