romania infobusiness 2011aprilie
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ROMANIAInfoBusiness
2011
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Romania InfoBusiness is based on data and information produced by relevant andauthorizedsourcesastheyhavebeenavailableatthemomentofitscompilation,anditwill
beperiodicallyrevisedforeditingtwiceayearupdatedversions.
The designations employed and the presentation ofmaterial in this publication do not
imply theexpressionofanyopinionwhatsoeveron thepartof theRomanianCenter for
TradeandInvestment(CRPCIS).
Whilsteveryefforthasbeenmade toensuretheaccuracyof the informationcontained in
thispublication, theRomanianCenter forTradeand Investment (CRPCIS)cannotaccept
any responsibility for the data changes that may occur after its compilation or for the
outcomesofusingthispublication.
Anypiece
of
information
or
data
does
not
imply
the
endorsement
of
the
Romanian
Center
forTradeandInvestment(CRPCIS).
RomanianCenterforTradeandInvestmentCentrulRomnpentruPromovareaComeruluiiInvestiiilorStrine CRPCIS
DepartmentforMarketResearchandTradePublications
17
Apolodor
Street,
Bucharest
5,
Romania
Phone:+40213185050Fax:+40213111491
office@traderom.ro www.traderom.ro www.arisinvest.ro
April,2011
ROMANIAInfoBusiness
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Contents
1.CountryOverview 1
2.EconomicOutlook 2
3.International
Trade
3
ForeignTrade2008 2010 3
CustomsLegislation 5
4.ForeignInvestments 8
ForeignInvestmentFlows2008 2010 8
MajorStateAidSchemesforInvestments 12
IndustrialParksandFreeZones 17
OECD RomanianNationalContactPoint 27
5.Setting
up
aBusiness
28
6.Taxation 30
7.UsefulLinks 36
RomanianCenterforTradeandInvestment
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1.CountryOverview
Location
IntheSoutheasternpartofCentralEurope,oneithersideoftheCarpathians,onthelowercourseofthe
Danube(1,075km),withexittotheBlackSea(coastline:245km);
Boundaries:3,150km;
Neighboringcountries:Bulgaria,Hungary,
RepublicofMoldova,SerbiaandUkraine.
Area
238,391sq.km(ranking12
th
inEurope); Landuse:farmland61.7%(ofwhich39.5%
arableland),forest28.4%,other9.9%.
Population
21.5millioninhabitantsasofJanuary1st,2009
(ranking9thinEurope);
Density:90inhabitants/sq.km;
Urban:54.9%;
Ethnicbreakdown:Romanians89.5%,Hungarians6.6%,others3.9%;
Administrativeorganization:42counties,includingBucharestMunicipality(enjoyingcountystatus);320towns(103municipalities)and2,860communes;
Capitalcity:Bucharest(1.9millioninhabitants);
NationalDay:December1st;
Officiallanguage:Romanian.
Government
Republic;
ThePresidentiselectedbyuniversalvoteforafiveyearmandate;
Legislativebody:Parliament(SenateandChamberofDeputies);
Executivebody:governmentheadedbyPrimeMinister(appointedbythePresident).
Status
NATOandEuropeanUnionmembership.
Currency
Romanianleu(RON);fractionalcoin:ban;
Fullconvertibility;
Exchangerateissetintheinterbankforexmarketonadailybasis;
Referencecurrency:EUR(EUR);
RON/EUR=4.2099;RON/USD=3.1779(averageexchangerate,2010).
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Macroeconomicdata2010
GDP:EUR121.9billion(currentprices,provisionalannualdata,unadjustedseries);
GDPannualrealgrowthrate:1.3%(currentprices,provisionalannualdata,unadjustedseries);
GDPstructurebysector:agriculture6.0%;industry26.4%;construction8.9%;trade,hotels&restaurants,transport&telecoms21.1%;services26.4%;andnettaxesonproduct11.2%;
Inflationrate(CPI,averagerate):6.09%;
Unemploymentrate(endoftheyear):6.87%;
Currentaccountbalance:EUR4,969million;
Tradebalance(goods&services,FOBFOB):EUR5,905million;
Tradebalance(goods,FOBCIF):EUR9,508million;
Export(goods,FOB):EUR37,294million;
Import(goods,CIF):EUR46,802million;
Directinvestment(netvalue):EUR2,437million;
Externaldebtbalance:EUR90,765million;
Internationalreserves:EUR35,950.7million.
2.EconomicOutlook
Afteramajorslumpineconomicgrowthin2009(7.1%),theRomanianeconomyremainsmiredbyweak
domesticdemand in 2010 (EuropeanCommission,EuropeanEconomicForecast autumn2010).The long
duration of the recessionary period ismainlydue to the unsustainabledevelopments in the economy
before the international crisis. The economic boom in the precrisis period with real GDP growth
averaging6.8%in200408 wasunderpinnedbystrongdomesticdemand.Romaniaenteredtherecessionwith abudgetdeficit of 5.4% ofGDP and a currentaccountdeficit of 12.7%.This vulnerableposition
createdadditionalstressinlocalfinancialmarketsandlimitedthescopeforanygovernmentstimulusto
propuptheeconomy.
With the onset of the crisis, Romania received mediumterm financial assistance in the form of a
multilateral loanpackage totallingEUR20billion from theEuropeanUnion, the InternationalMonetary
Fund, theWorldBank, theEuropean InvestmentBank and theEuropeanBank forReconstruction and
Development.Thisassistanceisstillongoingandloandisbursementsareconditionalonimplementingan
adjustment programmewhich aims tobringdown thebudgetdeficit, promote structural reforms and
restorestabilityinfinancialmarkets.Thekeyeconomicreformsincludeanewpensionsystem,aunified
wage lawfortheemployees inthebudgetarysectorandafiscalresponsibility lawtoensuringthe long
termsustainabilityofpublicfinances.Thankstotheprogramme,pressuresontheexchangeratehavebeen
reduced,financialstresshaseased,andtheinternationalreservespositionhasimproved.
Despitetheseimprovements,therecoverywasdelayedduetocontinuedweaknessindomesticdemand.
Economicgrowthwasof1.3%in2010,buttheeconomyisexpectedtoturnaroundin2011,withrealGDP
forecastedtoincreaseby1.5%.
Thecontraction ineconomicactivity led toan increaseof theunemployment rate from4.4% in2008 to
7.8%in2009.However,theregisteredunemploymentratecontinuedtopostadecreasein2010to6.87%by
theendoftheyear.
Thedecliningtrendininflationsincemid2008washaltedbythe5%increaseinthemainVATrateinJuly
2010.VATandhigherfoodpricespushedCPIinflationtowards7.96%byyearend,comparedto4.74%inDecember2009.TheannualaverageCPIinflationwasof5.59%and6.09%for2009and2010,respectively
ratesrelativelyhighcomparedtoregionalpeers.Inviewoftheseinflationarypressures,theNationalBank
ofRomaniamaintaineditspolicyrateat6.25%sinceJune2010.Annualinflationisprojectedtobewithin
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thecentralbankstargetedtolerancebandof3%+/1pp.inend2011andthroughout2012.Forend2011,
thebaselinescenarioof thecurrentprojectionplaces theannualCPI inflationrateat3.6%.The inflation
rateisforeseentoreenterthevariationbandaroundthe3%centraltargetinthesecondhalfof2011,after
thefirst
round
effect
of
the
VAT
rate
hike
on
the
annual
inflation
is
expected
to
have
entirely
faded.
The
inflationforecastforend2012standsat3.2%.
Thecurrentaccountdeficitimprovedfrom13.5%GDPin2007to5percentofGDP(ona12monthbasis)
by September2010, driven by strongly shrinking trade deficit. Exports are gaining momentum with
recoveryinmajortradingpartners(drivenbymanufacturingsector)whiledepresseddomesticdemandis
limitingimportgrowth.Thecurrentaccountdeficitwasestimatedataround5.5%ofGDPin2010,risingto
near6%by2012.
Themacroeconomic scenario is subject toboth positive and negative risks.A positive risk is that the
recovery in theEU economywillbe stronger than expected.Thiswould lead to a stronger increase in
externaldemandwhich canhavepositive spilloversondomesticdemand.Anegative risk is that fiscal
consolidationwillbeweakerthanplanned.Thiscouldhaveanegativeimpactonhouseholdandbusiness
confidenceandfurtherdelaytherecoveryofdomesticdemand.
3.InternationalTrade
ForeignTrade2008 2010
Exportsofgoodsrecordedahugerecoveryin2010followingthesharpdeclineduringthepreviousyear(an
annualdecreaseof13.8%versus2008).ExportscameinatEUR37,294million,up28.2%against2009,asa
resultofhigherexternalprices,largerexportvolumeandtheshiftinstructureinfavorofcapitalgoods,as
wellasthedepreciationofthedomesticcurrencyagainsttheEURandtheUSdollarinthesecondpartof
theyear.Basedonprovisionaldata,theshareofexportsinGDPwasestimatedtorisefrom25.1%in2009
to30.6%in2010.
ImportsofgoodsstoodatEUR46,802millionCIF(orEUR43,199millionFOB),up20.1%versus2009.The
shareofimportsofgoodsinGDPwaspreliminaryestimatedtoincreasefrom31.0%to35.4%yearonyear.
InternationalTrade,2008 2010
Annualchanges2008 2009 2010*
2009/2008 2010/2009
EURmillions %
Exports(FOB) 33,725 29,084 37,294 13.8 28.2Imports(CIF) 57,240 38,953 46,802 31.9 20.1
Tradebalance(FOBCIF) 23,515 9,869 9,508 58.0 3.7
%
ShareofexportsinGDP 24.1 25.1 30.6 1.0 5.5
Shareofimports*inGDP 37.8 31.0 35.4 6.8 4.4
Shareoftradebalance*inGDP 13.7 5.9 4.8 7.8 1.1
Shareoftradebalance*incurrentaccountbalance 118.3 139.9 118.8 21.6 21.1
Coverageofimports*throughexports 63.8 80.9 86.3 17.1 5.4
Economyopenness* 61.9 56.1 65.9 5.8 9.8Note: *provisionaldata
**BalanceofPaymentsdata
Source:NationalBankofRomania;NationalInstituteofStatistics;RomanianCenterforTradeandInvestmentcalculations.
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TradebalancewasofEUR 9,508millionFOBCIF (orEUR 5,905millionFOBFOB),down3.7%yearon
year.Theannualgrowthrateofexportsoutpacedthatofimportsby8.1%,whiletheshareoftradedeficit
inGDPdecreasedby1.1%to4.8%.
Thecoverageof imports throughexportsandtheopennessof theRomanianeconomy increased in2010overthepreviousyearby5.4%and9.8%,to86.3%and65.9%,respectively.
TradeStructurebyProducts
Theoutstandingexportdevelopment in2010(an increase invalueofEUR8,210millionversus2009)was
mainlycoveredbyexternaldeliveriesofmachinery,equipmentandtransportmeans(EUR3,336million,
or a share of 40.6% of total increase in export value),metal products (EUR 1,533million, or 18.7%),
chemicals,rubberandplasticproducts(EUR1,039million,or12.7%),andagrifoodstuffs,beveragesand
tobaccoproducts(EUR882million,or10.7%).
Thebreakdowndata on exports during 2008 2010 indicated an expansion in the share of exports of
machinery,andequipmentand (up3.3% to27.2%), transportmeans (up3.1% to15.4%),agrifoodstuffs,beverages and tobaccoproducts (up 2.0% to 8.4%), chemicals, rubber andplasticproducts (up0.2% to
9.5%)andpaperandwoodproducts(up0.6%to3.9%),alongwithadeclineintheshareofmetalproducts
(down2.7% to11.9%),textiles,apparel, footwearand leathergoods (down 2.7% to 11.5%), andmineral
products(down3.8%to5.5%).
ExportProductStructure,2008 2010
Annualchanges2008 2009 2010*
2009/2008 2010/2009
EURmillions %
Exportstotal
33,725
29,084
37,294
13.8
28.2
Agrifoodstuffs,beveragesandtobaccoproducts 2,165 2,242 3,124 3.6 39.3
Mineralproducts 3,142 1,784 2,060 43.2 15.4
Chemicals,rubberandplasticproducts 3,139 2,506 3,545 20.2 41.4
Paperandwoodproducts 1,112 1,084 1,458 2.5 34.6
Textiles,apparel,footwearandleathergoods 4,782 3,924 4,304 17.9 9.7
Basemetalsandproductsthereof 4,941 2,922 4,455 40.9 52.5
Machinery,equipmentandtransportmeans 12,200 12,553 15,890 2.9 26.6
Others 2,244 2,069 2,458 7.8 18.8
Note: *provisionaldata
Source:NationalInstituteofStatistics;RomanianCenterforTradeandInvestmentcalculations.
During 2008 2010, thedemand for importswasupheld in aweight of about 83%by five commodity
groups,asfollows:machinery,equipmentandtransportmeans(ashareof35.9%oftotalimportsin2010),
chemicals, rubber and plastic products (16.9%),mineral products (11.0%),metal products (10.9%), and
agrofoodproducts(8.4%).
ImportProductStructure,2008 2010
Annualchanges2008 2009 2010*
2009/2008 2010/2009
EURmillions %
Imports total 57,240 38,953 46,802 31.9 20.1
Agrifoodstuffs,beveragesandtobaccoproducts 4,347 3,823 3,915 12.0 2.4
Mineralproducts 7,850 3,883 5,169 50.5 33.1
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Annualchanges2008 2009 2010*
2009/2008 2010/2009
EURmillions %
Chemicals,rubberandplasticproducts 8,040 6,842 7,917 14.9 15.7Paperandwoodproducts 1,566 1,274 1,360 18.7 6.8
Textiles,apparel,footwearandleathergoods 4,027 3,180 3,560 21.0 11.9
Basemetalsandproductsthereof 6,501 3,794 5,116 41.6 34.9
Machinery,equipmentandtransportmeans 20,846 13,429 16,792 35.6 25.0
Others 4,063 2,728 2,973 32.8 9.0
Note: *provisionaldata
Source:NationalInstituteofStatistics;RomanianCenterforTradeandInvestmentcalculations.
In 2010 trade balance structurebymain groups of goods registered surpluses under textiles, apparel,
footwearandleathergoods(EUR745million)andpaperandwoodproducts(EUR99million),anddeficits
underchemicals,rubberandplasticproducts(EUR4,372million),mineralproducts(EUR3,109million),
machinery, equipment and transportmeans (EUR 902million), agrifoodstuffs,beverages and tobacco
products(EUR791million),andmetalproducts(EUR661million).
TradeStructurebyCountryPartners
Thegeographicalorientationof theRomanian trade in2010wasprimarily focusedonEurope (87.9%of
totalexportsand84.1%oftotal imports),followedbyAsia (14.2%and12.8%,respectively),Africa(2.7%
and0.6%,respectively),andAmerica(2.4%oftotalexportsandimports,aswell).
Within theEuropeanUnion (EU), trade ingoodsamounted toEUR26,914million forexports (intraEU
dispatches)andtoEUR33,924millionforimports(intraEUarrivals),representing72.2%oftotalexports
and72.5%oftotalimports.
Themainmarketsfor theRomaniangoods (representingacumulativeshareof67.5%of totalexports in
2010)were as follows:Germany (18.1% of total exports), Italy (13.8%), France (8.3%), Turkey (6.9%),
Hungary (4.8%), United Kingdom (3.6%), Bulgaria (3.6%), Spain (3.0%), the Netherlands (2.8%), and
Poland (2.6%). In the same time, the greatest part of the foreign supplies of goods into Romania
(representing 67.7% of total imports in 2010)was coveredby:Germany (16.7% of total imports), Italy
(11.6%),Hungary (8.7%),France (5.9%),China (5.5%),RussianFederation (4.4%),Austria (4.1%),Poland
(3.7%),Turkey(3.7%),andtheNetherlands(3.5%).
Therecoveryintheeconomiesofmajortradepartnershadapositiveimpactonexternaldemandforthe
Romaniandeliveriesofgoods: the exportsvolume saw renewedgrowthquarteronquarter, taking the
annualdynamicsbackintopositivetrendandaprospectivedevelopment
CustomsLegislation
AsanEuropeanUnion(EU)memberstate,RomaniaappliestheCommunityCustomsCode(CCC)andthe
EuropeanCommission provisions for implementation ofCCC from the accession date (i.e., 1January
2007).Also,RomaniaadoptedtheEUCommonTradePolicyandacceptedtheEuropeanCommissionasa
collective negotiatingbody for important international traderelatedmatters, particularly negotiations
withintheWorldTradeOrganization.
Themainprovisionsrelated to theRomaniancustomsmattersareas follows (Ernst&YoungRomania,
RomaniaBusinessPassport2011edition excerpts):
Communitycustomslegislation
Asof1July2009,thepersonswhoperformactivitieswhichareregulatedbythecustomslegislationmust
register for customspurposes.Also, the statuteof authorized economicoperatormaybegrantedupon
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requestundercertainconditions.The respectivestatuteconcedescertainadministrative incentives to its
holder.
Commoncustomstariff
Thespecificcustomsdutiespayableuponreleasingthegoodsintofreecirculation,areestablishedbasedon theCommunityCustomsTariff (adopted foreachyearby theCommission)and relatedpreferential
tariffmeasures.ThereisanonlineEUcustomstariffdatabase(TARIC)whichcomprisesthefollowing:
Thecombinednomenclatureofgoods;
The rates and other items of charge normally applicable to goods covered by the combined
nomenclature,asregardscustomsdutiesandimportchargeslaiddownunderthecommonagricultural
policy,orunderthespecificarrangementsapplicabletocertaingoodsresultingfromtheprocessingof
agriculturalproducts;
The preferential tariff measures contained in agreements which the European Community has
concluded with certain countries or groups of countries and which provide for the granting of
preferentialtarifftreatment;
Preferential tariffmeasures adopted unilaterallyby the EuropeanCommunity in respect of certain
countries,groupsofcountries,orterritories;
Autonomous suspensive measures providing for a reduction in, or relief from, import duties
chargeableoncertaingoods;
OthertariffmeasuresprovidedforbyotherCommunitylegislation.
Customsdutiesareexpressedasapercentageofthecustomsvalueofgoods.Othertaxes,dutiesandlevies
mayberequiredtobepaiduponimportinadditiontocustomsduties,suchasexciseduty,VAT,etc.
TheCCCand its ImplementingRegulations include rulesandprovisions in respectof the statusof the
goods,customsvaluation,amendmentofcustomsdeclarations,bindingorigin informationandbinding
tariffinformation,quotaadministrationsystem,etc.
Establishingthecustomsvalueofgoods
Where thegoods tobe imported intoRomaniaas from theAccessiondatewillbe subject toa sale, the
customsvalueshouldbebasedgenerallyonthesalepriceincreasedwithcertainothercoststhatmayhave
been incurredwith purchasing the goods (e.g., insurance, transport, commissions, royalty and license
fees).
The cost of (i) transport and insurance of the imported goods, and (ii) loading and handling charges
associatedwiththetransportoftheimportedgoodstotheplaceofenteringintothecustomsterritoryof
theCommunityshallbeaddedtothepriceactuallypaidorpayablebythe importerwhendeclaringthe
customsvalueofthegoods,totheextentthattheyareincurredbythebuyerbutarenotincludedinthe
priceactuallypaidorpayableforthegoods.
Customsprocedures
AsprovidedbytheCommunityCustomsregulations,thegoodsmaybeplacedunderoneofthecustoms
procedures,asfollows:
Releaseofgoodsforfreecirculation;
Transit;
Customswarehousing;
Inwardprocessing;
Processingundercustomscontrol;
Temporaryadmission;
Outwardprocessing;
Exportation;
Freewarehouse;
Freezone.
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ThereleaseforfreecirculationconfersnonCommunitygoodsthestatusofCommunitygoods.Thismeans
thatthecustomsdutiesandchargeshavebeenpaidand,asaresult,thegoodsmayfreelymovewithinthe
territoryoftheEuropeanCommunityfromacustomsperspective.
The specific customsprocedures suspending thepaymentof the importdutiesaregenerally subject toauthorizationfromthecustomsauthorities.
The transitprocedureallows themovementofnonCommunitygoods fromonepoint toanotherwithin
thecustomsCommunityterritory,withoutsuchgoodsbeingsubjecttoimportdutiesandotherchargesor
tocommercialpolicymeasuresforacertainperiodoftime.
Acustomswarehouseisanyplaceapprovedby,andunderthesupervisionof,thecustomsauthoritieswhere
goodsmaybestoredundercertainconditions.Thecustomswarehousingprocedureallowsthestorageina
customswarehouseofthefollowing:
NonCommunitygoods,without suchgoodsbeing subject to importdutiesorcommercialpolicy
measures;
Community goods, where Community legislation governing specific fields provides that theirplacementinacustomswarehouseattractstheapplicationofmeasuresnormallyusedforexportof
suchgoods.
TheinwardprocessingprocedureprovidesnonCommunitygoodsintendedforreexportfromtheterritory
of the Community in the form of compensating products, without application of import duties or
commercialpolicymeasures.
This specific procedure is also applicable to goods released for free circulation with repayment or
remission of import duties chargeable on such goods if they are exported from the territory of the
Communityascompensatoryproducts.
ProcessingundercustomscontrolprocedureallowsnonCommunitygoodstobeusedintheterritoryofthe
Community in operations which alter their nature or state, without application of import duties or
commercialpolicymeasures,andshallallow theproductsresulting fromsuchoperations tobereleased
forfreecirculationattherateofimportdutyappropriatetothem.
ThetemporaryadmissionprocedureallowstheuseinthecustomsterritoryoftheCommunity,withtotalor
partialrelieffromimportdutiesandwithoutthembeingsubjecttocommercialpolicymeasures,ofnon
Community goods intended for reexport without having undergone any change except normal
depreciationduetotheiruse.
TheoutwardprocessingallowsCommunitygoodstobeexportedtemporarilyfromthecustomsterritoryof
the Community in order to undergo processing operations and the products resulting from those
operationstobereleasedforfreecirculation,withtotalorpartialrelieffromimportduties.
The export allowsCommunity goods to leave the customs territory and entails the application of exit
formalities,includingcommercialpolicymeasures.
FreezonesandfreewarehousesarepartsofthecustomsterritoryoftheCommunityorpremisessituatedin
that territoryand separated from the restof it inwhichnon Communitygoodsareconsidered, for the
purposeof importdutiesandcommercialpolicy importmeasures,asnotbeingonCommunitycustoms
territory,providedtheyarenotreleasedforfreecirculationorplacedunderanothercustomsprocedureor
usedorconsumedunderconditionsotherthanthoseprovidedforincustomsregulations.
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Value ShareoftotalFDI
2008 2009 2008 2009
EURmillions %
Administrativeandsupportserviceactivities 1,617 2,299 3.3 4.6
Agriculture,forestryandfishing 707 552 1.4 1.1
Trade 6,060 6,164 12.4 12.3
Constructionandrealestate 6,155 6,453 12.6 12.9
Hotelsandrestaurants 181 213 0.4 0.4
ITandcommunications 3,283 3,235 6.7 6.5
Financialintermediationandinsurance 10,026 9,510 20.5 19.0
Transports 500 684 1.0 1.4
Otheractivities 131 194 0.4 0.4
Source:NationalBankofRomania
Fromaterritorialspreadpointofview,FDIwent
mainly toBucharest Ilfov region (63.4%),other
development regionsbenefiting from significant
FDI inflows being Center region (7.4%), South
region(7.2%),Westregion(6.2%)andSouthEast
region(5.9%).
NorthEast region was the least attractive to
foreign investors,makingup forashareof1.9%offoreigndirectinvestment.
The analysis of regional FDI dispersion should
also take into consideration that statistical
researchlocatedFDIbyregisteredoffice,whichis
notalwaysthesameasthebusinessplace.
ForeignDirectInvestments,2008 2009
Stockdistributionbydevelopmentregions
Value ShareoftotalFDI
2008
2009
2008
2009
EURmillions %
TotalFDIstock(asofendyear) 48,798 49,984 100.0 100.0
Bucharest 30,594 31,699 62.7 63.4
Center 4,146 3,703 8.5 7.4
South 3,411 3,576 7.0 7.2
West 2,626 3,095 5.4 6.2
SouthEast 3,551 2,938 7.3 5.9
SouthWest 1,226 2,058 2.5 4.1
NorthWest 2,108 1,940 4.3 3.9
NorthEast 1,136 975 2.3 1.9
Source:NationalBankofRomania
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TopfivecountriesbytheshareoftotalFDIstockasatDecember31st,2009were:theNetherlands(21.8%of
totalstockat theendof2009,up from17.2% in2008),Austria (18.1%,down from18.8%ayearearlier),
Germany(13.4%,downfrom15.4%),France(8.5%,thesameasin2008),andGreece(6.6%,sameshareasa
yearago).
TheanalysisoftheFDIstockdistributionbycountryoforigintookintoaccountthecountryoforiginof
the direct holder of at least 10% in the resident direct investment enterprises share capital on an
immediatecountrybasis.
ForeignDirectInvestments,2008 2009
Stockdistributionbytop15countriesoforiginin2009
Value ShareoftotalFDI
2008 2009 2008 2009
EURmillions %
TotalFDI
stock(asofendyear) 48,798 49,984
100.0
100.0
TheNetherlands 8,402 10,907 17.2 21.8
Austria 9,186 9,037 18.8 18.1
Germany 7,509 6,718 15.4 13.4
France 4,294 4,259 8.8 8.5
Greece 3,154 3,281 6.5 6.6
Italy 3,585 2,528 7.3 5.1
Cyprus 1,896 2,344 3.9 4.7
Switzerland 2,298 2,115 4.7 4.2
Belgium 233 1,115 0.5 2.2
USA 869 1,054 1.8 2.1
Spain 604 841 1.2 1.7
Hungary 878 810 1.8 1.6
Luxembourg 1,107 638 2.3 1.3
CzechRepublic 354 580 0.7 1.2
Turkey 578 569 1.2 1.1
Source:NationalBankofRomania
The flowofequitycapital intoFDIenterprises isdivided intogreenfield,mergersandacquisitions,and
corporate development.During 2009, corporate development accounted for 98.3% of FDI equity (EUR
3,065million),mergersandacquisitions(M&A)madeup1.1%ofequity(EUR34million),whileonly0.6%
ofFDI,i.e.EUR19million,wentintogreenfieldinvestment.
The accumulation of foreign direct investment in enterprises established as greenfield investment
companies,calledgreenfieldenterprises,washighlightedinordertoassessthelastingimpactofgreenfield
investmentontheeconomy.
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ForeignDirectInvestmentsinGreenfieldEnterprises,2009
Stockdistributionbymaineconomicactivities
TotalFDIofwhich:FDIin
greenfieldenterprises
ValueShareof
totalFDIValue
Shareof
totalFDI
EUR
millions%
EUR
millions%
TotalFDIstock(asofendyear) 49,984 100.0 25,375 50.8
Industry,ofwhich: 20,680 41.4 6,565 13.1
Mining 2,221 4.5 224 0.4
Manufacturing,ofwhich: 15,555 31.1 6,067 12.1
Food,beveragesandtobacco 2,058 4.1 922 1.8
Cement,glasswareandceramics 1,629 3.3 355 0.7
Woodenproductsandfurniture 962 1.9 777 1.6
Computertechnology,electronicsandopticaldevices 690 1.4 371 0.7
Machineryandequipment 943 1.9 398 0.8
Basemetalsandproductsthereof 2,577 5.2 431 0.9
Transportmeansandequipment 2,373 4.7 1,036 2.1
Oilprocessing,chemicals,rubberandplasticproducts 3,132 6.3 916 1.8
Textiles,apparel,footwearandleathergoods 717 1.4 589 1.2
Othermanufacturing 474 0.9 272 0.5
Electricity,naturalgas,water 2,904 5.8 274 0.6
Administrativeandsupportserviceactivities 2,299 4.6 1,643 3.3
Agriculture,forestryandfishing 552 1.1 454 0.9
Trade 6,164 12.3 5,339 10.7
Constructionandrealestate 6,453 12.9 5,137 10.3
Hotelsandrestaurants 213 0.4 105 0.2
ITandcommunications 3,235 6.5 2,095 4.2
Financialintermediationandinsurance 9,510 19.0 3,342 6.7
Transports 684 1.4 522 1.0
Otheractivities 194 0.4 173 0.4
Source:NationalBankofRomania
The overall activity of foreigndirect investment enterpriseshad a positive impact onRomanias trade
balance,contributing69.8%tototalexportsand60.1%tototalimports.
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InternationalTradeofForeignDirectInvestmentEnterprises,2009
Exports(FOB) Imports(CIF)
ValueShareof
totalsectorValue
Shareof
totalsector
EUR
millions%
EUR
millions%
TotalFDIenterprises(asofendyear) 19,643 69.8 22,525 60.1
Industry,ofwhich: 17,264 79.3 15,155 76.5
Manufacturing 16,440 79.7 14,423 78.8
Trade 1,827 51.7 6,214 45.4
Othereconomicsectors 552 19.3 1,156 29.0
Source:NationalBankofRomania
The export/import activities of FDI enterprises refer to companies investigated exhaustively (over 20
employees).Export/importdataeconomywide,takenintoconsiderationindeterminingtherelativesize,
arereportedbyenterpriseshavingexceededthereportingthresholdsfor2009setforIntrastatdeclarations.
Exportsandimportswereaggregatedbycompaniescorebusinessaccordingtothestatisticalclassification
ofeconomicactivitiesNACERev.2,excludingexportsand importsofdivisionsunderheadingsPublic
administrationandHouseholdactivities.
In2010,netdirectinvestmenttotalledEUR2,437million,down31.4%,against2009.Nonresidentsdirect
investmentinRomaniaworthEUR2,695million(ascomparedwithEUR3,488millionover2009)covered
54.2%ofthecurrentaccountdeficitin2010.
MajorStateAidSchemesforInvestments
RomanianGovernment adopted a largenumber of state aid schemes stimulating economic growthby
meansofinvestmentfacilitiesgranting.Thegeneralframeworkinthefieldofstateaidwasestablishedby
meansofGovernmentEmergencyOrdinanceNo.85/2008regulatingtheprinciplesofinvestmentstimulation,
investment fields, types of incentives and subsidies available, general eligibility conditions for both
investorandinvestmentproject,etc.
State aid can be granted to large, small and mediumsized companies (including microenterprises),
dependingonthetypeofinvestment,thefieldinwhichtheinvestmentisimplementedandtheprovisions
ofthestateaidschemeappliedfor.
Majorstateaidschemessupportinginvestments(RomanianCenterforTradeandInvestment,Department
forForeignInvestmentsandInternationalRelations,www.arisinvest.ro)areasfollows:
Stateaidschemeensuringsustainableeconomicdevelopment(GovernmentDecisionno.1680/2008,
subsequentlyamended)
Thestateaidschemeappliestothefollowing4investmentcategories:
initialinvestmentsbetweenEUR5and10millionandcreating50jobsminimum;
initialinvestmentsexceedingEUR10millionandcreating100newjobsminimum;
initialinvestmentsexceedingEUR20millionandcreating200newjobsminimum;
initialinvestmentsexceedingEUR30millionandcreating300newjobsminimum;
Maximumaidceiling/economicoperator:
EUR 22.5 million (RON equivalent), for investments carried out and new jobs created in the
developmentregionBucharestIlfov;
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EUR28.125million(RONequivalent),forinvestmentscarriedoutandnewjobscreatedasaresultof
initialinvestmentinanyoftheotherdevelopmentregionsinRomania(exceptregionBucharestIlfov).
Beneficiarysfinancialcontribution: at least50%oftheeligibleexpenses;theformofthiscontributionmust
notfallunderanyotherstateaid.Maximumtotalbudget/scheme:EUR1billion(RONequivalent)/5years(2009 2013).
Annualaveragebudget:EUR200million,notexceedingannualbudgetceilingsapprovedfortheperiodof5
years(Art12(2)GovernmentDecisionno.1680/2008,subsequentlyamended).
Durationofthescheme:2009 2013.
Provider:MinistryofPublicFinanceofRomania.
Total number of companies estimated tobe granted state aidunder the scheme: 150; average number of
beneficiaries/year:30.
State aid scheme supporting regional development by means of investment stimulation
(GovernmentDecisionno.753/2008)Beneficiaries:largeenterprisesmeetingthefollowingthreeconditions:
initialinvestmentexceedingEUR100million(RONequivalent);
investmenteligiblecostsofoverEUR50million(RONequivalent);
minimum500newlycreatedjobsasaresultoftheinitialinvestment.
Aidintensity:calculatedbyadjustingtheregionalceilingtothelevelofeligibleexpenses,accordingtothe
followingformula
A=Rx(50+0.50B+0.34C),where:
Aisthemaximumstateaidamount;
R is theunadjustedregionalceiling, that is50% foralldevelopmentregions inRomania,except
regionBucharestIlfov,whereitreaches40%;B is the eligible expenses amountingbetweenEUR 50million (RON equivalent) andEUR 100
million(RONequivalent);
CistheeligibleexpensesexceedingEUR100million(RONequivalent).
Beneficiarysfinancialcontributiontotheinvestmentmustcoveratleast25%fromtheeligiblecosts;theform
ofthiscontributionmustnotfallunderanyotherstateaid.
Maximumtotalbudget/scheme:EUR575million(RONequivalent).
Annualaveragebudget:EUR115million,notexceedingannualbudgetceilingsapprovedforthe5years(Art
11(2),GovernmentDecisionno.753/2008).
Durationofthescheme:2008 2012,withthepossibilityofextendingthisperioduntil2013.
Provider:MinistryofPublicFinanceofRomania.
Regional state aid scheme for renewable energy resources harnessing (GovernmentDecision no.
750/2008,subsequentlyamended)
Investment supported: initial investments harnessing renewable energy resources for the production of
electric and thermal energy renewable energy sources: sun,wind,waves,microhydro (systemswith
installedpower
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Beneficiarysfinancial contribution: at least 30% of the investment eligible expenditure; this contribution
mustnotcomeunderanyformimplyingpublicaid.
Totalbudget/scheme: EUR200,000,000(RONequivalent);budget2011:EUR41.4million(Art17(1)Table2,
GovernmentDecisionno.750/2008,subsequentlyamended).TheschemedoesnotapplytoprojectswithatotalexpenditureexceedingEUR50million.
Durationofthescheme:2008 December31st,2013.
Provider:Ministry of Economy, Trade and Business Environment of Romania, through theManaging
AuthorityoftheSectoralOperationalProgrammeIncreaseofEconomicCompetitiveness.
Horizontal state aid scheme for regional sustainable development and reduction of emissions
(GovernmentDecisionno.718/2008,subsequentlyamended)
Investmentsupported:initialinvestmentsimplementedinallindustrialsectorsandtheenergeticsector(with
theexceptionsprovidedbythelaw),concerningactivitiesofelectricandthermalenergyproductionand
consumption.
Beneficiaries: large enterprises, SMEs (microenterprises included). Aid under present scheme is not
awardedforlargeinvestmentprojects(totalexpenditureexceedingEUR50million).
Maximumaidintensity:
40%ofthetotaleligibleexpenditure,fordevelopmentregionBucharestIlfov;
50%of the total eligibleexpenditure, foranyof theotherdevelopment regions inRomania (except
regionBucharestIlfov);
intensities increase by 20% in case of smallsized and microenterprises, and by 10% in case of
mediumsizedenterprises.
Beneficiarysfinancial contribution: at least 30% of the investment eligible expenditure; this contribution
mustnotcomeunderanyformimplyingstateaid.
Total budget/scheme: EUR 318,800,000 (RON equivalent); budget 2011: EUR 65.9 million (Art 17(1),
GovernmentDecisionno.718/2008,subsequentlyamended).
Durationofthescheme:2008 December31st,2013.
Provider:Ministry of Economy, Trade and Business Environment of Romania, through theManaging
AuthorityofSectoralOperationalProgrammeIncreaseofEconomicCompetitiveness.
RegionalstateaidschemeFinancing initial investment inresearchdevelopmentand innovation
(Orderno.1293/2008issuedbytheMinisterofEconomyandFinance,subsequentlyamended)
Theschemecorrespondstothefollowingoperations intheSectoralOperationalProgrammeIncreaseof
EconomicCompetitiveness, priorityAxis 2:Research,TechnologicalDevelopment and Innovation for
Competitiveness:2.3.2DevelopmentofbusinessR&D infrastructureandcreationofnewR&Djobs;2.3.3Promotinginnovationinenterprises.
Beneficiaries:
enterpriseswithR&DactivitiesmentionedintheirStatute,implementinginitialinvestmentsaccording
tooperation2.3.2DevelopmentofbusinessR&DinfrastructureandcreationofnewR&Djobs;
productiveenterprisesnothavingR&Dasmainactivity,implementinginitialinvestmentsaccording
tooperation2.3.3Promotinginnovationinenterprises.
Formoffinancialsupportawarded:grants.
Maximumaidintensity(%oftheeligibleexpensesoftheinitialinvestmentintangibleandintangibleassets):
40%forthedevelopmentregionBucharestIlfov;
50%foranyoftheotherdevelopmentregionsinRomania(exceptregionBucharestIlfov);
intensitiescanbeincreasedby20%incaseofsmallsizedenterprisesandby10%incaseofmedium
sizedenterprises(exceptforaidawardedinthetransportsector).
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Beneficiarysfinancial contribution: at least 30% of the investment eligible expenditure; this contribution
mustnotcomeunderanyformimplyingpublicfunds.
Maximum allocated budget/scheme: EUR 180,000,000 (RON equivalent) the budget for operation 2.3.2
DevelopmentofbusinessR&DinfrastructureandcreationofnewR&Djobshasexpired.Budget2011:EUR30,000,000(Art15,Orderno.1293/2008issuedbytheMinisterofEconomyandFinance,
subsequentlyamended).
Durationofthescheme:2008 December31st,2013.
Provider:Ministry of Economy, Trade and Business Environment of Romania, through theManaging
Authority of Sectoral Operational Programme Increase of Economic Competitiveness; intermediary
organismNationalAuthorityforScientificResearch(ANCS).
StateaidschemeFinancingRDIprojectsbymeansofSectoralOperationalProgrammeIncreaseof
EconomicCompetitiveness (Order no. 3388/2008 issuedby theMinister ofEconomy and Finance,
subsequentlyamended)
Theschemecorrespondstothefollowingoperations intheSectoralOperationalProgrammeIncreaseof
EconomicCompetitiveness, priorityAxis 2:Research,TechnologicalDevelopment and Innovation for
Competitiveness: 2.1.1 R&D projects in partnership between universities/ research institutes and
enterprises;2.1.2R&Dprojects(highscientificlevel)withforeignparticipation,2.3.3Promotinginnovation
inenterprises.
Beneficiaries: large enterprises andSMEs,havingornotR&D asmain activity.Specific category:young
innovativeenterprises(smallenterprises,lessthan6yearsoldatthemomentofaidbeingawarded,with
registeredR&Dexpensesamountingat least15%ofthetotaloperationcostsduringatleastoneofthe3
yearsprecedingaidgranting Orderno.3388/2008,art.8litl).
Formoffinancialsupportawarded:grants.
Aidintensity(%oftheeligibleexpenses):
industrialresearch:50%;
experimentaldevelopment:25%;
theseintensitiesincreaseby10%incaseofmediumsizedenterprisesandby20%incaseofsmallsized
enterprises(microenterprisesincluded);
activitieswithinprojectsdevelopedbyyounginnovativeenterprises:100%fortheperiodoftimethe
beneficiarymeetstheconditionsofyounginnovativeenterprise,butnotmorethanEUR1million.
Maximumaidquotas(briefpresentation):
Eligibleactivities/Typeoftheenterprise large medium small
Industrialresearch
50%
60%
70%
Experimentaldevelopment 25% 35% 45%
Feasibilitystudiespreparatorytoexperimentaldevelopment 40% 50% 50%
Obtainingandvalidationofindustrialpropertyrights
(forindustrialresearch) 60% 70%
Obtainingandvalidationofindustrialpropertyrights
(forexperimentaldevelopment) 35% 45%
Innovationsupportandconsultingservices max.EUR0.2million
per3years(1)
Leaseofhighlyqualifiedpersonnel 50%(2)
Activitiesforenterprises 100%(3)
Notes:(1)IftheserviceproviderdoesnothaveanationalorEuropeancertification,theaidcoversamaximumof75%
oftheeligibleexpensesmaximum.
(2)Foraperiodofmaximum3years/beneficiary/temporarilyhiredemployee.
(3)ButnomorethanEUR1million.
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Typesofeligibleprojects:
Operation
SOPIEC(1)Projecttype Eligibleactivities
Maximumaid
perproject
EUR
Beneficiaries
2.1.1. Projectsdevelopedby
researchinstitutions on
behalfofanenterprise
Industrialresearch
Experimentaldevelopment
Obtainingandvalidatingthe
industrialpropertyrights
1,000,000Enterprisesnot
havingR&Das
mainactivity
2.1.2 R&Dprojects(high
scientificlevel)
Industrialresearch
Experimentaldevelopment
Obtainingandvalidatingthe
industrialpropertyrights
2,000,000Enterpriseswith
R&Dactivities(2)
Innovativetechnology
projects
Experimentaldevelopment
Obtainingandvalidatingthe
industrialpropertyrights
Technicalfeasibilitystudiespreceding
experimentaldevelopment
Contractinginnovationsupportand
consultingservices
3yearleaseofhighlyqualified
personalfromresearchorganizations
orlargeenterprises,forRDIactivities
5,000,000Enterprisesnot
havingR&Das
mainactivity
2.3.3.
Projectsforyoung
innovativeenterprises
Allactivitiesconcerningproducts/
servicesbeinginprocessof
production,manufacturingand
marketing.
1,000,000Younginnovative
enterprisesnot
havingR&Das
mainactivity
Notes:(1)SectoralOperationalProgrammeIncreaseofEconomicCompetitiveness.
(2)Thebudgetforoperation2.1.2R&Dprojects(highscientificlevel)withforeignparticipationhasexpired.
Regionalstateaidschemesupportinginvestmentinindustrialparks(Orderno.296/2007 issuedby
theMinisterofInteriorandAdministrativeReform)
Aidunderpresentschemeisnotawardedforlargeinvestmentprojects.
Aidintensityshallnotexceedtheregionalaidceilingof:
40%forthedevelopmentregionBucharestIlfov;
50%foranyoftheotherdevelopmentregionsinRomania(exceptregionBucharestIlfov);
intensities
can
be
increased
by
20%
in
case
of
small
sized
and
micro
enterprises,
and
by
10%
in
case
of
mediumsizedenterprises(exceptforaidawardedinthetransportsector).
Beneficiarysfinancial contribution: at least 25% of the investment eligible expenditure; this contribution
mustnotcomeunderanyformimplyingstateaid.
Formoffinancialsupportawarded:fiscalincentives:
(a)buildingtaxexemption;
(b)landtaxexemption;
(c)exemptionfromthetaxespaymentonchangingthelanddestinationbelongingtoindustrialparks;
(d) exemption from the taxespayment on the landwithdrawal from agriculturalusebelonging to the
industrialpark.
Exemptions (a) andb) are grantedby the territorial administrative unitwhere the industrial park is
located,inthelimitofintensityceilingsinthescheme,forthoseinvestmentprojectsthatbeneficiariesare
interestedtoimplementaccordingtolegalconditionsinthescheme.
Maximumallocatedbudget/scheme: RON268,681,461.
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Budget2011(Art.20(1),Orderno.296/2007issuedbytheMinisterofInteriorandAdministrativeReform):
landtaxexemption:RON653,520.8;
buildingtaxexemption:RON47,872,000;
exemptionfromthepaymentoftaxesonmodifyingthedestinationofthelandbelongingtoindustrialparks / on thewithdrawal of the landbelonging the industrial park from agricultural use: RON
1,150,000.
Durationofthescheme:2007 December31st,2013.
IndustrialParksandFreeZones
IndustrialParks
TheGovernmentOrdinanceNo.65/2001concerning theestablishmentandworkof the industrialparks
andLawNo.490ofJuly11th,2002regulatestheestablishingandworkingregimeforindustrialparks.The
Ministry of Administration and Interior is the public authority entitled to establish the title of an
industrialparkforaperiodofnotlessthan15years,basedonrequestofinterestedparties.
According to legislation in force, industrial parks are welldefined areas where economic, scientific
research, industrialproduction activities and services, aswell as activities assessing scientific research
and/ortechnologicaldevelopmentarecarriedout,withinaregimeofspecificfacilities,byusinghuman
andmaterial potential available in the area. Industrial parks regime allows commercial companies to
develop their activitywithin relevant areas, to have access to infrastructure required for performing
economicactivities.
Establishmentofanindustrialparkisbasedontheassociationinparticipation,betweencentralandlocal
publicadministrationauthorities, economicagents, research institutesand/orother interestedpartners.
Purposesofsettingupindustrialparksaretostimulateeconomicandsocialdevelopment,toperformthe
transferoftechnology,toinduceinvestmentinflowsandturntobestaccountthehumanresourcesinthe
area.
Industrialparklicensemaybegrantedonlytocompaniesactingsolelyintheindustrialparksfield,called
themanagingcompanies.
Industrialparksetupandoperation
Theinitiativetosetupanindustrialparkmaycomefromlocalpublicauthorities,chambersofcommerce
and industry,employersassociations,professionalorganizations,aswellasjointstockcompanieswith
theirregisteredofficeinRomaniaandwhosesoleobjectistheadministrationofindustrialparks.
The landcoveredby industrialparkalongwith thebuildingsand infrastructure related to theexisting
utilitiesatthemomentofestablishmenthastocomplycumulativelywithallthefollowingconditions:
ToensureaccesstonationalorEuropeanroads;
Tohaveanareaofatleast10ha;
Tobeownedorusedforatleast30yearsbytheassociationrequestingtheindustrialparklicense;
Tolackanyencumbrance;
Nottomaketheobjectofanypendinglitigationinrespectofitslegalstatus;
Tofulfillallthetechnicalrequirementsinrespectoftheenvironmentalprotection;
Ifmore thanone incentive regime isapplicable toan investment, the companyperforming ithas to
explicitlychooseoneofthem.
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ThetitleofindustrialparkisgrantedthroughanorderoftheMinisterofAdministrationandInterior.In
order to obtain an industrialpark title, the association submits to theMinistryofAdministration and
Interioranapplicationaccompaniedbythefollowingdocuments:
proofoffulfillingtheconditionsstipulatedaboveconcerningthelanddesignatedtotheindustrialpark,includingbuildingsandinfrastructureofexistingutilities;
feasibilitystudyforindustrialparkbuildingup,includingdescriptionofinfrastructurewithinthepark
andofsystemsconnectedtoutilitiesexteriortothepark,required;
agreementof the localgovernmentonbuildingup the infrastructureafferent to industrialparkand
relatedutilities;
listwitheconomicagentsinitiallyproposedandeconomicactivitiesscheduledtobedevelopedwithin
theindustrialpark,incompliancewithprovisionsofart.1par.(2).
IncentivesforInvestmentinIndustrialParks
Companies operating in the industrial parksbenefit from the following incentives stipulatedby the
GovernmentOrdinanceNo.65/2001asfurtheramendedbytheLawNo.490/2002andreinforcedbytheFiscalCode:
exemption from the payment of the fees levied for themodification of the destination or for the
withdrawalof the land from theagriculturalcircuitrelated to the industrialpark, for theassociation
owningthetitleofindustrialpark;
deductionfromthetaxableprofitof20%fromthevalueoftheinvestmentsmadeintheindustrialpark,
after thedateof thecoming into forceof theLawNo.490/2002, for theassociation thatmakes such
investmentsinconstructionsorrehabilitationsofconstructionsandintheinternalinfrastructureorof
connection to thepublicnetwork regarding theutilities, taking into account the legalprovisions in
forceon the classification and the standardizeddurationof the fixturesoperation.Thededuction is
calculated in themonth inwhich the operation of the investment is performed, according to the
provisions of LawNo. 15/1994 on the depreciation of fixed capital in tangible or intangible assets,republishedwith furtheramendments,only from the fiscalpointofview, through itssubscriptionat
thedeductibleamountsstipulatedinthetaxreturn.Ifafiscallossismade,itshallberecoveredfrom
thetaxableprofitsobtainedinthefollowing5years;
postponementoftheperiodofthesettinguptherespectiveinvestment,untiltheindustrialparkisput
intooperation,accordingtotheregulationsinforce,respectivelyuntilthe25thofthemonthfollowing
thedateoftheputtingintooperationsoftheindustrialpark,ofthepaymentofthevalueaddedtaxfor
thematerialsandequipmentnecessaryforinstallingthesystemofutilitiesfrominsidethepark,aswell
asoftheconnectionsoftheparkatthemainlinesorattheexistingnetworksofpublicutilities,attheir
suppliers,andthepostponementoftherighttodeducttherespectivevalueaddedtaxuntilthesame
datethattheeconomicentitiesmaketheinvestment;
taxreductiongrantedbythelocalgovernmentbasedonthedecisionofthelocalordistrictcouncilsin
the administrative territorialjurisdiction inwhich the industrial park is located, for real estate and
landstransmittedfortheuseoftheindustrialpark;
otherfacilitiesthatmaybegranted,accordingtothelaw,bythelocalgovernment.
Ifaninvestmentdoesnotfulfilltheconditionsinordertobenefitfromthesamefacilitiesgrantedbymany
laws,theeconomicentitywillhavetochooseexplicitlyonlyoneregimeoffacilitiesstipulatedinonelaw.
Thetitleofindustrialparkshallnotbegrantedtothosecommercialcompaniesfallingunderoneofthe
followingcategories:
companiesthataresubjecttovoluntaryorcompulsoryliquidationorbankruptcyprocedures;
companies that did not fulfill their obligations, assumed previously, in the operation of another
industrialpark;
companiesthatarebehindwiththeirtaxesandothersumsduetothebudget,thelocalbudgetsandthe
specialfundsbudgets.
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Theholderofthetitleofindustrialparkhasthefollowingobligations:
todevelopandoperatetheindustrialparkinkeepingwiththefeasibilitystudyandthebusinessplan
presentedintheofferdocuments;
toproduce,byMarch31st
ofthefollowingyear,anannualreportontheactivityoftheindustrialpark; wherever its funding is granted, from budgetary and extrabudgetary funds, earmarked for the
developmentof industrialparks toproducea financial reportevery threemonths,by the25thof the
followingmonth,aswellasanannualauditreport,byMarch31stofthefollowingyear,regardingthe
waythefundshavebeenused.
Theholderofthetitleofindustrialparkhastherighttorepresenttheeconomicactorsoperatingwithin
the industrial park in obtaining the authorizations required for thedevelopment of specific activities.
Notwithstandingthelegalprovisionsinforce,theassets,eitherpublicorprivatepropertyofthestateor
of territorial and administrative divisions included within an industrial park, shall be subject to a
concessionorsubconcessioncontract,respectively,or leaseorsubleasecontract,respectively,bydirect
entrusting.Incaseofasubconcessionorsubleasecontract,notwithstandingthelegalprovisionsinforce,
noagreementoftheownerisrequired.
Industrial parks are operated by commercial contracts concluded between titleholders and the
beneficiariesofthespecificactivitiestobedevelopedtherein,Romanianorforeignlegalpersons,selected,
asthecasemaybe,bypublictenders.Theholderofthetitleofindustrialparkcanalsobethecontractorof
theconstructionanderectionworks,commissioning,repairandmaintenanceoftherelevantobjectivescan
supplyservicesandpublicutilities,aswellastheservicesrelatedtoparkoperation.
TechnologicalParks
Based on Government Ordinance No. 14/2002, as amended by Law No. 50/2003, scientific and
technological parks are seen as strictly delimited areas where education and research activities are
performed,aswellasthetechnologicalimplementationoftheresultsforthepurposeoftheirutilizationineconomy.Ascientificandtechnologicalparkmaybesetupbasedonapartnershipagreementbetweenan
accredited university and/or another research and development unit and a consortium of companies,
associationsorindividuals,Romanianorforeign.Uponsetup,ascientificandtechnologicalparkneedsto
beauthorizedbyTheMinistryofEducationandResearch,whoisfurtherentitledtomonitortheactivities
ofthescientificandtechnologicalpark.TheparkisadministeredbyaRomaniancompany,designatedby
theconsortium,calledtheadministratorcompany.
ComplianceConditions
Land related to scientific and technological park has to comply cumulatively with the following
conditions:
Tolackanyencumbrance;
Nottomaketheobjectofanypendinglitigationinrespectofitslegalstatus.
Facilitiesofscientificandtechnologicalparkhavetocomplycumulativelywiththefollowingconditions:
TohavelocationconditionsincompliancewithAuthorizationandSuspensionMethodology
Tohavetheadequatefacilitiesinordertoperformitsobjectofactivity.
IncentivesforInvestmentinTechnologicalParks
For their establishment and operation, scientific and technological parks benefit from the following
incentives:
Taxreductiongrantedbythelocalauthoritiesforthefixedassetsandlandgiventotheparkforitsuse,
aswellasotherincentives,whichmaybegrantedaccordingtothelaw,bythepubliclocalauthority;
Exemption frompayment of taxes formodifying the landdestination or landwithdrawal from the
agriculturaluseforthelandusedinthescientificandtechnologicalparks;
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DeferredpaymentofVAT formaterials,equipmentandconnecting to thepublicutilitiesduring the
investmentperioduntiltheopeningofthepark;
Developmentprogramsforinfrastructure,investmentandprovidingequipmentgrantedbythecentral
andlocalpublicadministration,privatecompaniesandforeignfinancialassistance; Donations,concessionsandstructuralfundsfordevelopment.
Companiesoperatingwithinscientificandtechnologicalparksbenefitfromthefollowingincentives:
Favorablelocationconditionsandinfrastructureandcommunicationuse,bypaymentoninstallment
basis,ensuredorfacilitatedbytheadministratorforadeterminedfunctioningperiod
Tariffreductionorfreeofchargeservicesofferedbytheadministrator.
FreeZones
FreeZones (FZs)arespecialareaswithin thecustoms territoryof theCommunity.Goodsplacedwithin
theseareasare freeof importduties,VATandother importcharges.FZ treatmentapplies tobothnonCommunityandCommunitygoods.NonCommunitygoodsstoredinthezoneareconsideredasnotyet
importedtotheCustomsterritoryoftheCommunitywhereascertainCommunitygoodsstoredinthefree
zonescanbeconsideredasalreadyexported.
Onimportation,freezonesaremainlyforstorageofnonCommunitygoodsuntiltheyarereleasedforfree
circulation.Noimportdeclarationhastobelodgedaslongasthegoodsarestoredinthefreezone.Import
andexportdeclarationshaveonlytobelodgedwhenthegoodsleavethefreezone.Inaddition,theremay
bespecialrelievesavailable infreezonesfromothertaxes,excisesor localduties.Thesewilldifferfrom
onezonetoanother.
Thefreezonesaremainlyaservicefortraderstofacilitatetradingproceduresbyallowingfewercustoms
formalities.TheMemberStatesdefinetheentryandexitpointsofeachfreezoneorfreewarehouse.Theconstructionof anybuilding in a free zone requires theprior approvalof the customs authorities.The
perimeterandtheentryandexitpointsoffreezones,exceptthefreezonesdesignatedinaccordancewith
Article 168a (Commission Regulation 2454/1993/EEC concerning the application of the Community
CustomsCode),andoffreewarehousesaresubjecttosupervisionbythecustomsauthorities.
Personsandmeansof transportenteringor leavinga freezoneor freewarehousecanbesubjected toa
customscheck.Accesstoafreezoneorfreewarehousecanbedeniedtopersonswhodonotprovideevery
guaranteenecessaryforcompliancewiththerulesprovidedforinthisCode.
Thecustomsauthoritiesmaycheckgoodsentering,leavingorremaininginafreezoneorfreewarehouse.
Toenablesuchcheckstobecarriedout,acopyofthetransportdocument,whichshallaccompanygoods
enteringorleaving,needstobehandledto,orkeptatthedisposalofthecustomsauthoritybyanyperson
designatedforthispurposebysuchauthorities.Wheresuchchecksarerequired,thegoodswillbemade
availabletothecustomsauthorities.
There isno limit to the lengthof timegoodsmay remain in freezonesor freewarehouses.For certain
goods referred to inArticle 166 (b) of Regulation 2454/1993/EECwhich are coveredby the common
agriculturalpolicy,specifictimelimitsmaybeimposedinaccordancewiththecommitteeprocedure.Any
industrial,commercialorserviceactivity,undertheconditionslaiddowninCommunityCustomsCode,is
authorizedinafreezoneorfreewarehouse.Thecarryingonofsuchactivitieswillbenotifiedthoughin
advancetothecustomsauthorities.
Thecustomsauthoritiescanimposecertainprohibitionsorrestrictionsontheseactivities,havingregardto
thenatureofthegoodsconcernedortherequirementsofcustomssupervision.
Withoutprejudicetospecialprovisionsadoptedundercustomslegislationgoverningspecificfields,goods
leavinga freezoneor freewarehousecanbe:exportedorreexported from thecustoms territoryof the
Community,orbroughtintoanotherpartofthecustomsterritoryoftheCommunity.
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Therearetwotypesoffreezones.ControltypeIfreezoneshaveaperimeterfencesothatgoodsplacedthere,
whichissupervisedbycustoms,areautomaticallyunderthisregime.TherulesforcontroltypeIIfreezones
areessentiallythesameasthosegoverningcustomswarehouses.Thismeansthat,unlikewithtraditional
stylefree
zones,
the
goods
are
subjected
to
a
declaration
in
order
to
be
able
to
benefit
from
the
arrangement.
RomaniahassixFZsofcontrolItype,namely:Sulina,Constana,Galai,Brila,GiurgiuandCurticiArad.
Thereareno transitionalrulesgoverning the free tradezonesandwarehouses inRomania.Thismeans
thatCustomsCodeandtheRulesofApplicationoftheCustomsCodearemandatoryforthenewmember
states (RomaniaandBulgaria)startingJanuary1st,2007.Anyother legalauthorizationorprovision that
doesntcomplywith theCommunityregulationswillnotbevalidfrom thisdayon.On theotherhand,
freezonesandfreewarehousesestablishedaccordingtotheCommunitylegislationinforcewillcontinue
tofunctionastheyarenow.
For theRomanianFZs therehasbeen establisheda fiveyearsperiodof transition,untilDecember31st,
2011,regardingtheexemptionfromroyaltypaymenttofreezonesadministrationforoperatorswithinthe
freezoneswhichhadalreadyclosedtradecontractswiththisadministrationbeforeJuly1st,2002.
Asfarasfreezonesareconcerned,RomaniancustomslegislationtookovertheCommunityprovisionstoa
greatextent.Also,provisionsreferringtofreezonesareincludedintheLawNo.84/1992regardingthefree
zonesregime.LawNo.84/1992hasbeencompletelyharmonizedwiththeCommunitycustomslegislation
CustomscontrolandisapplicableonlyatthebordersofFZs,whichhavetobestrictlydelimited.Goods
andothermerchandiseareadmittedintoFZswithoutcountryoforiginbasedrestrictions,providedthat
importofsuchgoods isnotprohibited.Explosives,drugs,arms,ammunitions,psychotropicsubstances,
radioactiveandtoxicsubstances,aswellasanyothersubstanceormaterialprohibitedbyRomanianand
Communitylawsareforbiddentoenterthefreetradezones.
The activitieswhichmaybe carried outwithin FZs are:handling, storing, sorting,measures,packing,
conditioning, processing, assembling, manufacturing, testing, auctioning, buying, selling, renting and
concessionoflandandbuildings(concessionmaybedoneforaperiodupto50years),quantitativeand
qualitativecontrolofgoods, surveying, repairing,dismantling,exhibitions, stocksexchangeoperations,
commercialfinancialoperations, inneror international transportsor forwarding,brokerage,agencyand
shiphandlingservices,aswellasotherFZsspecificactivities.Allmentionedactivitiesmaybecarriedout
by any natural or legal persons, foreign or Romanian,based on a license issuedby Free TradeZone
Administration.
OnJanuary1st,2007,RomaniasfreetradezoneswereincludedinAnnex108ofEECRegulation2454/1993
concerningtheapplicationoftheCommunityCustomsCode.
SulinaisthefirstfreetradezoneestablishedinRomania,having: Over340lmriverquay;
Over450lmmaritimetransitbasinquay;
Over70,000m2ofplatforms,fencedandequippedforopenstorage;
Morethan5,000m2coveredarea,inwarehouses,fittoaccommodateanygeneralcargo;
3floatingcranesof16ftcapacity,providedalsowithgrabs;
2floatingcranesof32ftcapacity,perfectlyfitfor20ftand40ftcontainers;
2riverpushers,of840HPeachandonesearivertugboatof630HPcapacity;
2coveredriverbargesEurope2Atypeof1500MTScapacityeach;
Several3.5 10ft forklifts,bobcats forbulkcargotrimming, tractorsand trailers,etc.,alldeserving5
operationalberths.
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WithinSulinaFZtheremaybecarriedoutthefollowingactivities:
Handling, storage, sorting, measuring, packing, conditioning, processing, assembling, fabrication,
marking, testing, auctioning, salepurchase, expertise and dismantling of merchandises, inner and
internationaltransportsforwarding; Organizingexhibitions;
Organizingstockexchangeandfinancialbankingoperations;
Organizingcanteensandrestaurants,aswellasretailorwholesaleshopswithinFZperimeter;
RentingorconcedinglandandbuildingswithinFZarea;
Quantitativeandqualitativemerchandisescontrol;
Ship chandlery of all vessels or any othermeans of transport operating in FZ or transiting Sulina
Channel;
Services,includinganyotherFZsspecificactivities
All theabovementionedactivitiesmaybecarriedoutbyanyeconomicagent, legalornaturalpersons,
Romanianor
foreigner,
with
the
acknowledgment
and
based
on
a
license
issued
by
Sulina
Free
Zone
Administration.
ConstanaSouth Free Zone is situated in SouthEastern area of Constana city, 24 km away from
downtown.Oneof thebiggestBlackSeaports,Constanaprovides the linkbetweenNorthernSeaand
BlackSea, throughRhineMainDanubeChannel.ConstanaSouth,a largeandcomplexport,represents
an oldConstanaport expanding.During 1997,ConstanaPorthasbeen extended toBasarabiHarbor,
becomingConstanaSouthandBasarabiFreeZone.
ConstanaSouthisaccessibleby:
RoadmodernaccessroadconnectedtoDN39;
RailthereisarailwaybranchofSouthConstanaharborenteringenclosure1;
Seafreezoneberths119,122,123,124,125,126,127,128,129,131,137withdepthsalongsidebetween 12.5mand16.5mfittedforseaandrivervessels;
RiverDanubeBlackSeaChannel;
AirMihailKoglniceanuInternationalAirport(about35kmfromFZ)andTuzlaHeliport(about10
kmfromFZ);
Descriptionofenclosures:
1A total area of 20.2 ha; oneberthwith 13.5m depth alongside; leased for storing activities on
coveredanduncoveredspaces,processinganddistribution;
1B totalareaof6.33ha;willbeendowedwithall infrastructure facilities in thenearfuture;willbe
leasedforstoringactivitiesoncoveredanduncoveredspaces,processinganddistribution;
2totalareaof10.55ha;partlyleasedforindustrialproduction,commercialandbankingactivities;
3 totalareaof97.55haandberthswith 14.5/ 16.5mdepthsalongside; leased forconstructionof
terminal for oil and chemicalbulk products, containers and suitable for industrial and commercial
activitiesperformance,too.
FollowingactivitiesmaybecarriedoutwithinConstanaSouthFZ:
Handling,storage,sorting,measuring,processing,assembling,manufacturingofgoods;
Testing,auctioning,sellingandpurchasing;
Stockexchange,financialanddomesticoperations;
Leasingorrentingbuildings,storageareas;
Chartering,brokerage
AlltheseactivitiesmaybeperformedbyRomanianorforeign,naturalorlegalpersons,subjecttoalicense
issuedbyConstanaSouthFreeZoneAdministration.Regarding investmentsopportunities, inorder to
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expand itsactivities,ConstanaSouthFreeZoneAdministrationsets forth severalstrategicproposals to
foreigninvestors:
Trafficofgoods:
-terminalforoilproducts enclosure3,wharfII;
- terminalforcontainers enclosure3,wharfII;
- terminalforcereals enclosure3,rootofwharfII;
- terminalforcarriageofgeneralgoods,automobilesandprocessingproductsenclosure3,wharfIII
andIV.
Bankingandfinancialactivities:bankingandbusinesscenters enclosure2;
Commercialactivities:distributionparkforgeneralmerchandise enclosure1Band2;
Industrial activities: processing raw materials originated from Romania and neighbor countries
(Ukraine,Serbia,Moldova) enclosure2.
GalaiFreeZonewasestablished in1994,beinglocatedinEasternareaofGalaicity,nearMoldovaand
Ukraineborders.GalaiFZisdelimitedbyBasarabiaRoadtoEast,byLuncachanneltoNorth,byDanubetoSouthandWest.FZcanbedirectlyaccessedby:
WatertransportaccesstoDanubeRiver,withmooringberthsfittedwithalltheloading/downloading
facilitiesincloseproximity;
RailwaytransportFZistheterminalpointofalargerailwaylinefromformerUSSRcountries,being
directlyconnectedtothenationalrailwaynetwork;
RoadtransportmodernaccessroadfromFZtoBasarabiaRoad,connectedtoformerUSSRcountries
viaGiurgiuletiCustoms.
AdministrationofGalaiFZmanagesa136.98haarea,dividedin2platforms:
PlatformI130haarea;
PlatformII6.98haarea,locatedintheharborperimeter,andincluding300lmofverticalwharfand120lmofbank).
Developmentofnew industries in theareawillallow localeconomicprofilediversificationof twomain
industrialbranchesintheregion:ironandsteelindustry,andshipbuildingsector.
BrilaFreeZonecoversanareaof114.418haandconsistsof4distinctsites:
Site 1 located in downstreamberth area, in vicinity of the projected container terminal,between
Danube andprotection embankment. Site extents over 22.5ha and isborderedbyDanube toEast,
transshippingplatformshipyardtoSouth,railswitchyardportandaccessroadtothebuildingsto
WestandsuburbminorsewertoNorth.Berthoperatingcapacityis190,000tayearforgeneralgoods
and 350,000 t a year for bulk goods. A terminal for seagoing and river ships will be provided
downstream.Operatingsectorhastwotonshorecranes,whichprovideanannuallyworkingcapacity
of140,000 t containers.Storage andprocessingplatformhas a storage areaofmax. 100,000m2.Rail
accessisgrantedfromswitchyard,whichdeserveswholeportarea.Site1isdesignedforlightindustry
activities:foodprocessing,woodworks,textiles,footwear,buildingmaterials,finishingandpackaging
operationsforironandsteelproducts,etc.
Site 2 industrial estate in Vrstura area of 34.3 ha. Site limits are provided by access road to
productionbaseonNorthEast,accessroadtooperationbasetoSouthEast,BrilaSloboziaDN21on
NorthwestandaccessroadverticaltoDN21onSouthWest.Consideringtheaccessibility(road,river
andrailtransportmeans)andactivitiessuitabletobedevelopedinthearea,thissiteisalsoknownas
ExportProcessingZone.Closetomainroadnetwork,sitebenefitsfromshortjunctionsaccessiblefrom
DN21andDN26.Therangeofactivitiesproposed forSite2 includes: fruitandvegetableprocessing
andcanning,pastryandsweetsproduction,beverageandalcoholbottling,brewery,textiles,cosmetics
andotherconsumergoodsproduction.
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Site 3 locateddowntownBrila city,betweenHarbor Station andFishery. Sites area isof 8.3ha,
limitedbyaccessroadtoproductionbaseonNorth,accessroadtooperationbaseonSouthEast,Brila
Slobozia DN21 on SouthWest and access road vertical to BrilaSlobozia DN21 on SouthWest.
Platformhas
a
rail
network
disposed
between
the
Debarcader
Street
and
quay
which
deserves
berth
operationsfrontsfromdockbasin.Itboastswarehouses,buildingsthatcanbeusedasareaforstorage
andprocessinggoodsandproducts.Cargoworking iscarriedouteitherbyfloatingequipmentorby
mobileequipmentontheaccessplatformtoships.
Site4locatednearSite1,areaof4.018ha.SiteislimitedbyDanubetoEast,BrilaCustomstoNorth,
HerculesCompanytoSouthandWest.
Main goals for Brila FTZ is attracting foreign investments, promoting foreign trade and introducing
modernindustrialtechnology.SpecificinfrastructurefacilitiesforBrilaFTZcompriseaccessforvehicles
ofanytonnage;accesstorailways;accessforseagoingshipsorrivervessels;variouspossibilitiesofcargo
handling (loading,downloading, sorting, etc.); storage capacities on open platforms or inwarehouses;
customsandtechnicalassistance;waterandsewagesystems,energy.
GiurgiuFreeZonehasasmainobjectivesattracting foreign investmentsand stimulatingproduction for
export,alongwithitstraditionalgravitationalcentrefunctionforinternationaltradeflows.
Its location and existent industrial enterprises grant it a specific character and advantages.Giurgiu is
locatednearlyBucharest(61km),Romaniascapital,themostimportantindustrialandcommercialcenter
of the country.Also,Giurgiu is one of themost importantDanube ports, standing at somemain and
waterwayscrossingpointsthatensureconnectionbetweenallEuropeanregions,aswellasconnectionto
Middle East countries. Starting 1993, DanubeMainRhine Channel provides connection toNorth Sea
throughRotterdamport.
GiurgiuFZlieson153.56ha,borderedbywateronthreesides.GiurgiuFZbenefitsof:
Infrastructureworks(banks,platforms,roadsandrailwaysaccess)
Superstructureworks,bothforcommercialandindustrialproductionarea
Electricityconnection
Communicationinfrastructure
Twomachinebuildingproduction companies areworkingwithinGiurgiuFZ: antierulNavalSA and
ICMUGSA.antierulNavalSAisspecializedonbuildingandrepairsofriverandseacargoandpassenger
ships.Same time, ICMUGSA isspecializedon lowandmediumdepthdrillequipment,mining,oiland
chemicalequipmentand20/40 feetcontainersproduction.GiurgiuFZrunsanoilterminalwitha350m
landingberth.Terminalprovides50,000tonesstoragecapacityfordiverseoilproducts.
CurticiAradFree Zone, the newest free zone of Romania, hasbeen established inwestern region ofcountry,within oneof themost importantEuropean railway corridor (BerlinIstanbulSalonic, corridor
No.4).
CurticiAradFZconsistsof twosites: firstonehasanareaof75haright in the townofCurticiand the
secondonehasanareaofover15haareawithintheAradInternationalAirportpremises.CurticiAradFZ
isthefirstRomanianfreezoneplacedexclusivelyonaEuropeanoverlandtransportroute,anditsthefirst
freezoneplacedonaEuropeanmainline,nearbythreeroadtransportfrontierconnections,togetherwith
air ones.Therefore, carriage in and out the free zone isbasedon rail transportworks throughCurtici
marshallingyardforgoingoutandbyinternalmainlinesforgoinginsidethecountry.
Theroadtransportusesthefollowingmainlines:
NorthSouth highway (TransEuropean) on the BudapestSzegedAradDevaPitetiBucuretiConstanavariant
AirtransportshallbedoneusingAradInternationalAirport
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IndustrialParks(IP)andFreeZones(FZ)
IP with titlegranted byMinister Order
IP establishedby GovernmentDecisions
IP set up byGovernmentEmergencyOrdinanceno 115/2003
Applicationsfor granting IPtitle underevaluation
PHAREInfrastructureprojects
Other IP FZ
Bacau - - - - Hemeiusi PHARE 2000 - -
Neamt Ceahlau IP - - - - - -
Iasi - - - -
Iasi PHARE 2000
(Tehnopolis Science &Technology Park)
- -
Suceava - - - -
Siret PHARE 2000
(Bucovina EconomicCenter)
- -
Botosani Botosani IP - - - - - -
Covasna - - - - - - -
Harghita - - - - - - -
Brasov
Prejmer IP
Pro Roman IP
Brasov IP
Euro Sand Vladeni IP
Zarnesti IP
Fagaras IP
Victoria IP
Metrom IP
Carfil IP
- - - - -
Sibiu
Medias IP
Sibiu IP
Sibiu-Sura Mica IP
- - - - - -
Alba Cugir IP - - - - - -
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IP with title
granted byMinister Order
IP establishedby GovernmentDecisions
IP set up byGovernmentEmergencyOrdinanceno 115/2003
Applicationsfor granting IPtitle underevaluation
PHAREInfrastructureprojects
Other IP FZ
Mures Mures IP - - - - - -
Timis Aton 1 Sanandrei IP - - -Timisoara PHARE 2000
(Timisoara Technological& Industrial Park - PITT)
- -
Caras Severin - - - -Caransebes PHARE
2001 - 2002- -
Hunedoara Hunedoara IP - - - - - -
Arad UTA 2 IP - - - Arad OHARE 2000 -Curtici
Arad FZ
BucurestiMetav IP
Sema IP- Faur IP - - -
Dolj Craiova IP - - - - - -
Olt Corabia IP - - - - - -
Gorj Gorj IP - - - - - -
Arges Pitesti IP - - - - Campulung IP -
Dambovita
Moreni IP
Mija IP
Racari IP
- - Corbii Mari IP - - -
Prahova
Prahova IP
Ploiesti IP
Brazi IP
Plopeni IP - - - - -
Ialomita Fetesti IP - - - - - -
GiurgiuBucuresti IP
North Giurgiu IP- - - - -
GiurgiuFZ
Teleorman - - - -Turnu
MagurelePHARE 2001
-
Galati Galati IP - - - - -Galati
FZ
Braila - - - -Braila PHARE
2000Braila
FZ
Tulcea - - - - -Sulina
FZ
ConstantaRompetrol IP
Mangalia IP- - - - -
Source:RomaniaCenterforTradeandInvestment,DepartmentforForeignInvestmentsandInternationalRelations,www.arisinvest.ro
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OECD RomanianNationalContactPoint
National Contact Point for encouraging the observance of the OECD Guidelines for Multinational
EnterprisesproposedbyOrganizationforEconomicCooperationandDevelopment(OECD)isestablishedaccordingtoGovernmentDecisionNo.420/2005.
The attributions of the RomanianNationalContact Point (RNPC), presented inOECDGuidelines for
MultinationalEnterprisesreferto:
PromotionoftheOECDGuidelinesforMultinationalEnterprises;
AnalyzingthequestionsonaspectsregardingtheOECDGuidelinesforMultinationalEnterprisesand
contributestotheirsolving;
Disseminating the information regarding the experiences of the adhering countries to the OECD
DeclarationinapplyingtheOECDGuidelines;
PreparinganannualreportforOECDInvestmentCommitteeaboutitsactivities.
Inprovidingtheassistance,theRomanianNationalContactPoint:
Makesaninitialassessmentofwhethertheissuesraisedmeritfurtherexaminationandrespondstothe
partyorpartiesraisingthem.
Wheretheissuesraisedmeritfurtherexamination,providesgoodofficestohelpthepartiesinvolvedto
resolvetheissues. Forthispurpose,theRNCPconsultswiththesepartiesandwhererelevant:
- Seeksadvicefromrelevantauthorities,and/orrepresentativesofthebusinesscommunity,employee
organizations,othernongovernmentalorganizations,andrelevantexperts;
- ConsultstheNationalContactPointintheothercountryorcountriesconcerned;
- SeekstheguidanceoftheOECDInvestmentCommittee ifithasdoubtaboutthe interpretationof
theGuidelinesinparticularinstances;
- Offers, andwith the agreementof theparties involved, facilitates access to consensual andnon
adversarialmeans,suchasconciliationormediation,toassistindealingwiththeissues.
ThespecificinstancerequestmaybeaddressedtotheRomanianNationalContactPointbyanyindividual
or legalpersonand shouldcontain thedirect reference to theOECDGuideline that isconsidered tobe
infringedaswellas theargumentation/documentation for thisassumption.Within the specific instance
requestshouldbementionedifthecaseisorwaspresentedinacourtoflaw.
The Romanian National Contact Point provides a forum for discussion and assists the business
community, employees organizations andotherparties concerned todealwith the issues raised in an
efficientandtimelymannerandinaccordancewithapplicablelaw.
TechnicalSecretariatoftheOECDRomanianNationalContactPointislocatedwithin
RomanianCenterforTradeandInvestment
(CentrulRomnpentruPromovareaComeruluiiInvestiiilorStrine,CRPCIS)
Contactdetails:
Address: 17ApolodorStreet,District5,Bucharest050741,Romania
Phone:(+40)(21)318.50.50;Fax:(+40)(21)311.14.91;Email:office@traderom.ro
OECDGuidelinesforMultinationalEnterprises
TheOECDGuidelines forMultinationalEnterprisesarerecommendationsaddressedbygovernments to
multinationalenterprises,voluntaryprinciplesandstandardsforresponsiblebusinessconductconsistent
with applicable laws. The OECD Guidelines for MultinationalEnterprises aim to ensure that the
operationsoftheseenterprisesareinharmonywithgovernmentpolicies,tostrengthenthebasisofmutual
confidencebetween enterprises and the societies inwhich they operate, to help improve the foreign
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investment climateand to enhance the contribution to sustainabledevelopmentmadebymultinational
enterprises.
TheOECDGuidelinesforMultinationalEnterprisescover issuessuchas:(1)Employmentand industrial
relations,(2)Environmentprotection,(3)Humanrights,(4)Combatingbribery,(5)Consumerinterests,(6)Competition,(7)Taxation,(8)Scienceandtechnology,and(9)Corporatedisclosure.
TheOECDGuidelinesforMultinationalEnterpriseswereadoptedin1976,beingrevisedlasttimein2000
inordertomakethemmorerelevanttomodernbusinesspractice.Theupdatedversionshavebeenmade
basedonanextensivedialoguewithbusinessenvironment,unionsandnongovernmentalorganizations
and covered the main elements of the sustainable development economic, social and environment
protectionareas.
ThelastupdatedversionoftheOECDGuidelinesforMultinationalEnterprisesisavailableat:
www.oecd.org/document/28/0,3343,en_2649_201185_2397532_1_1_1_1,00.html
Otherusefuldocuments:
PolicyframeworkforInvestment
www.oecd.org/dataoecd/1/31/36671400.pdf
OECDRiskAwarenessToolforMultinationalEnterprisesinWeakGovernanceZones
www.oecd.org/dataoecd/26/21/36885821.pdf
5.SettingupaBusiness
TherearenospecificinvestmentapprovalsrequiredforsettingupabusinessinRomania.Theprocedure
requiresfulfillingcertain legalformalitiessuchasregisteringwiththeRomanianTradeRegistryandthe
FiscalAdministration.
FormsofBusinessOrganization(Ernst&YoungRomania,RomaniaBusinessPassport,2011edition):
LimitedLiabilityCompany(SRL)
The shareholder liability is limited to the amount subscribed as participation to the companys share
capital.The share capitalofaSRLmustbeat leastRON200 (approximatelyEUR47, calculatedat the
exchangerateofRON4.2/EUR),dividedintoshareswithaminimumfacevalueofRON10each.ASRL
maybe formedby aminimum of one shareholder and amaximum of fifty. These shareholdersmay
includeindividualsand/orlegalentities.
Aperson,eithernaturalorlegal,cannotbethesoleshareholderofmorethanoneSRL.Ifapersonintends
to formseveralcompanies, it isnecessary foraminimumofoneshare tobeheldbyanotherpersonor
entity.Moreover,anSRLcannothave,assoleshareholder,another limited liabilitycompanythat isalso
ownedbyasingleshareholder.
Theshareholderliabilityisingenerallimitedtotheamountsubscribedinthecompanyssharecapital.
ASRLismanagedbyoneormoreadministratorswhomayhavefullorlimitedpowersandwhomaybe
Romanian or foreign nationals. There is no distinctionbetween companies operatingwith orwithout
foreignsharecapital.
ForUStaxpurposes,SRLisachecktheboxentity.
JointStockCompany(SA)
TheminimumstatutorycapitalforajointstockcompanyisRON90,000(approximately21,428,calculated
at the exchange rate of RON 4.2/EUR). Shares must be held by a minimum of two shareholders,
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individualsand/orlegalentities(thereisnomaximumlimit),andcanbeopentoeitherpublicorprivate
participation.TheminimumfacevalueofoneshareisRON0.1.Pursuanttorecentamendments,company
shareholders may empower the administrators to increase the share capital by a specified amount,
providedit
does
not
exceed
half
of
the
value
of
the
existing
share
capital.
Twooptionshavebeenprovidedforadministrationofjointstockcompanies:theunitarysystemandthe
dualistsystem.
Unitarysystem thecompanyismanagedbyoneorseveraladministrators,alwaysinanoddnumber,
organizedasaBoard.TheBoardcanassignmanagementof thecompanytooneorseveraldirectors.
For those companies whose financial statements are subject to auditing, such an assignment is
compulsoryandtheminimumnumberofadministratorsisthree.
Dualist (twotier) system the management of the company is ensured by a Directorate and a
SupervisoryBoardwiththefollowingduties:
The Directorate carries out the activities andmanagement of the company and reports to the
SupervisoryBoard;
TheSupervisoryBoardexertspermanentcontrolover theDirectorateandreports to theGeneralMeetingofShareholders.
AdministratorsandothermembersoftheDirectorateandtheSupervisoryBoardmaynotconcludealabor
agreementwiththecompany;amanagementagreementisrequiredinstead.
RepresentativeOffice
A representativeoffice isusuallysetupby foreigncompanies inRomania tocarryoutnoncommercial
activities,suchasadvertisingandmarketresearch,onbehalfoftheparentcompany.Representativeoffices
cannotcarryoutcommercialactivities inRomania. Inorder toregisterarepresentativeoffice,company
officials should apply to theMinistry of Economy,Commerce and Business Environment and pay an
annual feeof theRON equivalentofUSD 1,200 for the license.Upon authorization, the representative
officemust
be
also
registered
with
the
Ministry
of
Public
Finances,
and
with
the
Romanian
Chamber
of
CommerceandpayanannualincometaxoftheRONequivalentofEUR4,000.
Branchofaforeigncompany
Abranchofaforeigncompanydoesnothaveitsownlegalpersonalityorsharecapital.Beingaunitofthe
parentcompany,branchactivitiescannotexceedthescopeofactivityoftheparentcompany.
Partnership
PartnershipasalegalformisseldomusedinRomania.Thethreekindsofpartnershipsprovidedbylaw
thatleadtothecreationofanentitywithlegalpersonalityare:(1)Generalpartnership(societatennume
colectiv), (2)Limitedpartnership (societaten comandit simpl),and (3)Partnership limitedby shares
(societatencomandit peaciuni).
The partners in a generalpartnership and the active partners in a limitedpartnership have unlimitedliabilitywithrespectto theobligationsofthepartnership towardthirdparties.Amongthemselves,each
partner is individually and collectively responsible for these obligations. The minimum capital is
stipulatedonly forapartnership limitedby shares (i.e.,RON90,000, equivalentofapproximatelyEUR
21,428, calculated at the exchange rateofRON4.2/EUR).No capital requirements areprovided for the
otherformsofpartnerships.
Consortium
Domestic legislation allows for the conclusion of ajoint venture agreement (contractde asociaiunen
participaiune).Underthisagreement,partiesacttogetherfortheaccomplishmentofacommonbusiness
goal.This formofdoingbusiness inRomaniadoesnot createa legal entity.Generally,oneparty is in
chargeofthebookkeepingofthejointventure.
EconomicInterestGroup(EIG)
AnEIG isanassociationof twoormore individualsorcompaniessetup foradefiniteperiod. Itsmain
objective is the development of the activities of the members; the development of the EIG itself is
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Fiscalyear
InRomania,thefiscalyearisthecalendaryear.
Profitstax
ResidententitiesaswellaslegalentitieshavingtheirheadquartersinRomania,butincorporatedasperthe
European legislation (i.e., European companies) are subject to tax onworldwide income.An entity is
resident inRomania if it is incorporated according to theRomanian legislation, if it is a foreign legal
personhavingitsplaceofeffectivemanagementinRomaniaorifitisalegalentityhavingitsheadquarter
inRomaniaanditisincorporatedaccordingtotheEuropeanlegislation.
Associations or consortiabetweenRomanian legal entities,which do not qualify as legal persons, are
taxableinRomaniaseparatelyatthelevelofeachpartner.ForsuchassociationsbetweenaRomanianlegal
entityandindividualsorforeignentities,thetaxmustbecomputedandpaidbytheRomanianlegalentity
onbehalfoftheindividualsoritsforeignpartners.
NonresidentcompaniesaresubjecttotaxontheirRomaniansourcedincomeonly.Saleofsharesheldin
Romanian companiesby nonresident companies, and sale of real estate located in Romania, are also
subjecttoprofitstaxinRomania.
Apermanentestablishment inRomaniamaybeconstituted interaliaby:anoffice,abranch,afactory,a
mine,landforoilandgasextraction,orabuildingsitethatexistsforaperiodexceedingsixmonths.Also,
apermanentestablishmentincludestheplacewhereanactivitycontinuesusingtheassetsandliabilitiesof
aRomanianlegalentityundergoingarestructuringprocess(e.g.,merger,spinoff)involvingentity/entities
fromothermemberstateoftheEuropeanUnion(EU).
Romanian legalentitiesshouldregisterwith therelevant taxauthoritiesanycontractssignedwithnon
resident legal entities or individuals performing in Romania construction and assembly works,
surveillance,consultancy,technicalassistanceoranyotheractivityperformedinRomaniaifsuchactivities
couldgive rise to apermanent establishment of thenonresident inRomania.The contracts shouldbe
registeredbysubmittingadeclarationwithin30daysfromthedatetheywereconcluded.Theformand
contentoftherespectivedeclarationisapprovedbyorderoftheNationalAgencyofFiscalAdministration
(ANAF).
Ratesofprofitstax
Thestandardprofitstaxrateis16%.
Profitstaxpayablebycompaniesearningrevenuesfrombars,nightclubs,discos,casinosandsportsbets,
includingrevenuesfromanassociationagreement,iscomputedatthestandard16%rate,providedthetax
amount isnot less than 5% of the totaldeclared revenue. In case theprofits taxpayable isbelow thisthreshold, the taxpayer is liable topayprofits tax computed at 5% of thedeclared revenue from such
activities.Ifcertainconditionsaremet,companiesmayoptforthemicroenterpriseregime,underwhicha
3%incometaxrateisappliedtorevenuesderivedbythecompany(in2010thisregimewascancelledbut
reintroducedfrom2011).
Representativeofficesare taxedonayearlybasisata lump sumof theRON equivalentofEUR4,000,
payableintwoequalinstallments,until25thofJuneand25thofDecember.
Capitalgainstax
Noseparatecapitalgainstaxispayablebyresidententities.Capitalgainsofnonresidententitiesfromthe
saleofimmovablepropertyinRomania,orfromsale/transferofsharesheldinaRomanianlegalentity,are
taxedatthestandardcorporatetaxrateof16%.D
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