STARTUPS IN TRANSYLVANIA

7 August 2018

STARTUPS IN TRANSYLVANIA

Hello and welcome to Transylvania Beyond's guide to starting a small business in Transylvania. If you're looking to start a company or if you are already building one and want to read more about the relocation opportunities, this is the place to start.

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, Germany or Italy. All companies with less than 100.000 euro revenue per year are subject to an even smaller rate: 1-3%. 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 16% applies. You will pay about 3x less than in UK, France or Germany.

DOING BUSINESS IN ROMANIA

Invest Romania

The website created by the Romanian government for companies that want to invest in Romania. You will find info about the macroeconomy, education, wages, cost of living, tax, infrastructure, doing business, government support, success stories. Romania is among the Top 3 countries with the highest GDP growth in EU, according to Eurostat.

If you make 4500 pounds a month in London, you would need to make 1493 pounds in Romania 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 5 euro/hour, which is 5x less than the EU average.

Download the official 'Foreign Investor's Guide 2017'.

Liberty Technology Park, Cluj (Photo source)

´╗┐Romania trade & export guide by gov.uk

This guide was created by the British Government for British businesses interested in developing their overseas trade and doing business in Romania. The guide contains information about: challenges of doing business in Romania, growth potential of the market, trade between the UK and Romania opportunities in Romania, start-up and market entry considerations, legal considerations, tax and customs considerations, entry requirements, who to contact for more help.

The Office, business center in Cluj, Transylvania (Photo source)

Benefits for UK businesses investing in Romania:

Domestic market of nearly 20 million consumers, English is widely spoken, gateway to markets of the CIS and Balkans, low cost flights between Romania and the UK. The EU has allocated EUR 23 billion to Romania until 2020. The funds will contribute to investments in Romanian infrastructure, human development, regional development. Resulting projects will offer 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, plentiful natural resources, western business practices.

Doing Business in Romania Report by the World Bank Group (2017)

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 (2016)

The KPMG guide for those who want to invest or do business in Romania. The guide contains general information about: forms of business organization, 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 organization, 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.

Romania 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.

CO-WORKING SPACES IN TRANSYLVANIA

Co-working in Cluj (photo source)

CLUJ

IMPACT HUB Contact Madalina Martin: madalina.martin@impacthub.ro  |  +40 743 016 788

CLUJ COWORK Contact Madalina Grecu: contact@clujcowork.ro  |  +40 751 030 413

CHAOS CC Contact Claudiu Marginean: chaosclubcluj@gmail.com  |  +40 720 801101

CLUJ HUB Contact: contact@clujhub.ro  |  +40 753 461 740

FABRICA DE PENSULE Contact: info@fabricadepensule.ro | (+40) 749 222 322

ZAIN STUDIO Contact: studio@zain.ro | (+40) 745 070 410

ARAD

COWORKING HUB ARAD ADFINES AML Contact: adfines.aml@gmail.com | (+40) 722 338 149

BRASOV  ALCHEMY HUB Contact: office@alchemy-hub.ro | (+40) 730 830 760

HUB 1317 Contact: contact@hub1317.ro | (+40) 744 583 682

HUB ONEZERO Contact: sabina.milcoveanu@hubonezero.ro | (+40) 737 032 505

MIERCUREA CIUC, HARGHITA

THE HOUSE Contact: hello@thehousecowork.ro |  (+40) 744 483 213

ORADEA

COWORKING OFFICE ORADEA Contact: info@coworkingoradea.ro | (+40) 726 773 656

ORADEA TECH HUB Contact: info@oradeatechhub.ro

SIBIU

CENTRAL HUB Contact: https://www.facebook.com/centralhubsibiu/  | (+40)749 036 360

SFANTU GHEORGHE, COVASNA

INNOHUB Contact: hello@innohub.center | (+40) 758 712 980

TARGU MURES

INNOWORK Contact: Ioana@innowork.eu | (+40) 785 232 748

ZALAU, SALAJ

HUB ZALAU Contact: crisb777@yahoo.com | (+40) 742 329 588

STARTUP & TECH ECOSYSTEM IN TRANSYLVANIA

RECOMMENDED PARTNER

CLUJ IT CLUSTER

Cluj IT is a cluster based organization formed of active organizations in the information technology field: providers of software services and solutions, universities and research institutes, public bodies and other catalyst organizations.

Contact Ioan Dragan: ioan.dragan@clujit.ro

CLUJ

ITECH TRANSYLVANIA CLUSTER Contact Bianca Muntean: bianca.muntean@aries-transilvania.ro  |  +40 742 225 405

CLUJ INNOVATION PARK Contact: office@clujinnovationpark.ro | (+40) 264 450 320

SPHERIK ACCELERATOR Contact Jennifer Austin:  jennifer@spherikaccelerator.com

CLUJ MEETUP COMMUNITIES Contact forms available on the website

SPRING POINT Contact form available on the website

CLUJ STARTUPS Contact: clujstartups@gmail.com

STARTUP TRANSYLVANIA

Contact Cristian Dascalu: cristian@startuptransilvania.ro  |  +40 742180 889

TRANSYLVANIA EVOLUTION Contact Ciprian Tudor: transylvaniaevolution@gmail.com  |  +40 745 546 088

TECH ACADEMY Contact Olivia Frosin: olivia@techacademy.ro  |  +40 744 549 898

INVEST CLUB Contact Cristian Bordei: cerrbo@gmail.com  |  +40 724 226 593

TECHSYLVANIA Contact: contact@techsylvania.co

CLUJ STARTUP WEEKEND Contact form available on the website

IT CAMP CLUJ Contact form available on the website

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

TETAPOLIS SCIENCE AND TECHNOLOGY PARK Contact: mihai.coca@tetapolis.com | (+40) 264.407900

BRASOV

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

EXPATS IN Romania

Unirii Square, Cluj-Napoca (photo source)

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

Source: Transylvania Beyond