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Romania: A Serious Destination for Serious Investors
Romania offers a rare combination: EU membership, a 16% flat corporate tax rate, a highly educated workforce, and a cost base that remains competitive by European standards. For investors from the Middle East, North Africa, and beyond, it also sits at a strategic crossroads — close to major European markets, with strong air links and a growing international business community. This guide covers the full journey, from your first decision to your first year of operations.
Before You Arrive
Research, structure, and preparation
Define your investment structure
Decide whether you need a wholly-owned SRL, a joint venture, a branch of an existing foreign company, or a representative office. Each has different tax, liability, and operational implications. For most foreign investors, the SRL (limited liability company) is the right starting point — it offers full foreign ownership, limited liability, and a minimum share capital of just 200 RON.
Assess your tax position
Romania's 16% flat corporate income tax is one of the EU's lowest. Smaller companies may qualify for the microenterprise regime (1% of revenue). Before you form your company, model how your Romanian entity will interact with your existing group structure, what transfer pricing obligations arise, and whether you can benefit from Romania's double taxation treaty network (80+ countries).
Understand visa and entry requirements
EU/EEA nationals can enter and reside in Romania freely. Non-EU nationals typically need a long-stay visa (type D) before arriving. If you plan to work or manage your company from Romania, you will also need a work permit and temporary residence permit. Start this process early — it typically takes 2–4 months from application to approval.
Engage local expertise
The single most effective thing you can do before arriving is to engage a trusted local consultancy. Romanian bureaucracy is navigable, but it rewards preparation and local knowledge. A good partner will flag issues you haven't considered, prepare your documents correctly the first time, and save you weeks of delays.
Company Formation
Registering your business in Romania
Reserve your company name
Check availability and reserve your chosen name with the National Trade Registry Office (ONRC). Reservation is valid for three months. Your name must be unique and cannot conflict with existing registered companies or trademarks.
Secure a registered address
Every Romanian company must have a registered address. Options include a physical office lease, a virtual office service (widely used and legally valid), or a coworking space that offers registered address services. The address appears on all official documents and must be maintained throughout the company's life.
Prepare and notarise founding documents
Your constitutive act (articles of association) must be drafted in Romanian and comply with Romanian company law. Foreign shareholders and administrators typically need notarised and apostilled identity documents. This is where most delays occur — prepare documents carefully and in advance.
Open a bank account and deposit share capital
Open a business bank account and deposit the minimum share capital (200 RON for an SRL). The bank issues a confirmation letter required for Trade Registry registration. Allow 2–4 weeks for account opening — KYC requirements have become more rigorous in recent years.
Register with the Trade Registry (ONRC)
Submit your complete registration file to the ONRC. With a correct and complete file, registration typically takes 3–5 business days. You will receive your Certificate of Registration and unique fiscal identification number (CUI).
Register with ANAF (tax authority)
After Trade Registry registration, register with ANAF for corporate income tax, VAT (mandatory above RON 300,000 turnover; voluntary registration is often advisable), and employer obligations if you plan to hire. Also register for Romania's mandatory RO e-Factura e-invoicing system.
Residency & Work Permits
Legal right to live and work in Romania
Long-stay visa (type D)
Non-EU nationals who plan to stay in Romania for more than 90 days must obtain a long-stay visa from a Romanian consulate or embassy in their home country before travelling. The type D visa is issued for employment, business activity, or family reunification purposes. Processing times vary by country — apply at least 2–3 months before your intended arrival.
Work permit
If you will be employed by your Romanian company (including as a salaried director), you need a work permit issued by the General Inspectorate for Immigration. The permit is tied to a specific employer and role. Investors who are shareholders but not employees may instead apply for a business person residence permit.
Temporary residence permit
Once in Romania on a long-stay visa, you must apply for a temporary residence permit within 30 days of arrival. The permit is initially issued for one year and can be renewed annually. You will need your work permit (or proof of investment), proof of accommodation, health insurance, and financial means.
Permanent residence and citizenship
After five continuous years of legal residence in Romania, non-EU nationals may apply for permanent residence. Romanian citizenship by naturalisation is available after eight years of legal residence (five for those married to Romanian citizens). Romania is an EU member, so Romanian citizenship confers EU citizenship and the right to live and work across the EU.
Banking & Finance
Managing your money in Romania
Business banking
Major Romanian banks include BCR, BRD, Raiffeisen, ING, and UniCredit — all offer business accounts with online banking and international transfer capabilities. Some have English-language services. Account opening requires company registration documents, shareholder and administrator identity documents, proof of address, and source of funds documentation.
Personal banking
Opening a personal bank account in Romania is straightforward for residents. You will need your passport, residence permit, and proof of address. Most major banks offer accounts in RON and EUR. International transfers are efficient within the EU via SEPA.
Currency and exchange
Romania uses the Romanian Leu (RON). Romania is an EU member but has not yet adopted the Euro, though Euro adoption is a stated long-term goal. EUR is widely accepted in business contexts, and most banks offer multi-currency accounts. Exchange rates are competitive and the RON has been relatively stable.
Accounting and payroll
Romanian companies must maintain accounting records in accordance with Romanian accounting standards. Monthly or quarterly tax filings begin from the first month of operation — even with no activity. Engage a qualified Romanian accountant before you start trading, not after.
Housing & Relocation
Finding your home in Romania
Choosing where to live
Bucharest is Romania's capital and largest city, home to the majority of international businesses and the most developed infrastructure for expatriates. Cluj-Napoca is a fast-growing tech hub with a strong university and startup ecosystem. Timișoara, Iași, and Brașov are also attractive options with lower costs and growing business communities.
Renting property
The rental market in Bucharest is well-developed, with a wide range of apartments and houses available. Central and northern districts (Floreasca, Dorobanți, Aviatorilor, Pipera) are popular with expatriates. Rental contracts are typically in RON or EUR and run for one year. A real estate agent can help navigate the market — agent fees are typically one month's rent.
Buying property
EU nationals can purchase property in Romania on the same terms as Romanian citizens. Non-EU nationals face some restrictions on agricultural and forest land but can generally purchase residential and commercial property. Property prices in Bucharest remain significantly below Western European capitals, though they have risen substantially over the past decade.
Schools and education
Bucharest has several international schools offering curricula in English, French, and German — including the American International School of Bucharest, the British School of Bucharest, and the International School of Bucharest. These are popular with expatriate families and offer continuity for children who may move again.
Daily Life & Integration
Settling into life in Romania
Healthcare
Romania has a public healthcare system, but most expatriates use private healthcare providers, which offer higher standards and English-speaking staff. Private health insurance is affordable by Western European standards and is strongly recommended. Major private hospital networks in Bucharest include MedLife, Regina Maria, and Medicover.
Language
Romanian is the official language. English proficiency is high among younger professionals and in the business community, particularly in Bucharest. Learning basic Romanian is appreciated and will help in daily life outside the capital. Arabic is spoken within the growing Middle Eastern business community in Bucharest.
Transport
Bucharest has an extensive metro system, trams, buses, and abundant taxis and ride-hailing services. Driving is common, and Romania has a growing motorway network. Henri Coandă International Airport connects Bucharest to major European hubs, with direct flights to London, Paris, Frankfurt, Dubai, Istanbul, and many other destinations.
Cost of living
Romania's cost of living is significantly lower than Western Europe. Dining out, groceries, utilities, and domestic services are all considerably cheaper than in the UK, France, or Germany. This makes Romania particularly attractive for entrepreneurs and investors who want a European base without a European cost structure.
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Our team has guided investors and professionals from across Europe, the Middle East, and beyond through every stage of the Romania journey. From company formation and tax structuring to residency permits and finding the right office space — we handle the complexity so you can focus on building your business.