Dental Tourism in Romania - a Rising Business

Since Romania is becoming a world-famous destination for dental tourism we believed it was time to provide the readers of our blog with information on this type of activity in Romania.

From the UK, Israel or even the United States, a rising number of tourists arrive to Romania for dental work. This is not because Romania offers a special kind of dental treatments, but because the prices are much lower than at home. In order to facilitate the accommodation here, certain cabinets have special departments for relations with foreign patients practicing dental tourism. It manages their stay here, facilitating their visits to the cabinet according to the time limits and the services they require. An example in this sense would be Romanian Dental Tourism.com, a service started by a well-known dental clinic in Romania with the purpose of providing all the necessary information on arrangements of trips, various dental treatments and dental tourism in general. The service can offer detailed information on prices for dental treatment in Romania, services provided by the clinic, arranging your trip in Romania: from transportation to hotel reservations.

Enescu & Cuc Law Firm can offer full legal assistance for opening this type of business in Romania, including the company formation and assistance for obtaining the necessary permits.

Our Partners in Milan, Italy

E&C LAW FIRM has established a partnership with a reputable law firm in Milan, Italy. For those interested please find below a company liquidation guide drafted by our Italian partners:


How can you liquidate your company in Italy?
For liquidating your company in Italy, you must follow a few steps and know the major procedures according to the Italian law. If the shareholders decide to close the company, it is a voluntary liquidation and if a third party asks for the company liquidation for legal reasons (such as a debt), then it is a compulsory liquidation.
In both cases, you must appoint a liquidator, according to the Civil Code in Italy. His mission is to conclude the legal procedure and to verify the documents for company liquidation.
The voluntary liquidation can be requested in certain situations:

-         after the expiry date of the company, according to the articles of association;

-         when the company has achieved its goals;

-         there is no minimum capital required;

-         the company is not active for a long time

-         the shareholders decide to close the company after a general meeting.  

For the compulsory liquidation, the local court will decide after the judges examine the request from the creditors or other third party who is interested in company’s liquidation. If the company pays its debts to the creditors, it is allowed to continue its activity, but if it refuses or can’t pay anything it will be declared in insolvency.

The liquidation for bankruptcy of a company can be started after the request sent by a creditor, debtor or court. The judges will decide if the company is insolvent and, in this case, it will be appointed a delegated judge and a bankruptcy trustee. The court will hear the claims regarding the bankruptcy and it will decide if these are approved or not. After the situation of the claims is clarified, the liquidation process will be closed.

A liquidation of a company in Italy may last at least six months, but it may take several years if there are many or complex issues to be solved.

If you need more information about the company liquidation in Italy, you may contact our law firm in Italy and our attorneys will handle the entire procedure.

Partner Law Firm in Hungary

Enescu & Cuc is a Romanian Law Firm with partners throughout Europe, Hungary included. This is why we invite you to read a guest post from our partner law firm in Budapest: www.LawyersHungary.com.

Why invest in Hungary?

FDI Magazine, a publication owned by Financial Times Group, recently published its ranking related to the most attractive investment environments in Europe. In this top, Budapest ranks on top of the list as the most attractive Eastern European city for capital investment.

The country is situated in the center of Europe therefore providing optimal logistics conditions for investors who intend to address European markets. Entrepreneurs interested in starting their businesses in Hungary will be able to benefit from low transportation and production costs. Other advantages are an excellent infrastructure, friendly economic environment, governmental incentives and a competitive tax system. The best performing industries are automotive, electronics, information technology and biotechnology.

Hungary’s EU membership status provides investors with many advantages such as a harmonized VAT payment system, increase in economy stability, easier access to financial institutions and funds and lower real interest rates. Also, foreign investors and expats in Hungary enjoy a high standard of living since the country is very welcoming and opened towards foreigners.

The Hungarian Government created many programs to support the economy and attract investments. Besides signing Double Tax Treaties with a considerable number of countries in order to avoid the situation when investors are taxed twice, they also started a program of Special Packages for Large Investors that offers them preferential terms for conducting their businesses and considerably lower taxes. However, the conditions to be accepted in this program are not easy to reach. For example they must start manufacturing projects amounting up to 50mil. Euros and create minimum new 100 jobs.

Entrepreneurs decided to open a companies in Hungary might also be interested in the fact that the country signed several bilateral and multilateral investment protection treaties with countries with high strategic importance. These treaties with over 35 countries stipulate special legal guarantees for investors from these countries.

Our Partners in Poland

Poland is one of the fast-growing and developed markets in Europe due to the increasing number of new investment projects. A World Investment Report published in June 2013 by the United Nations Conference on Trade and Development (UNCTAD) estimates that by the year of 2015 Poland will be 4th in Europe and 14th in the World most attractive economy for investment

As the sixth largest EU member state and the largest of the post-communist countries, Poland provides foreign investors with the opportunity of an easy access to the worlds’ biggest free market area. Entrepreneurs choosing to invest in Poland can therefore benefit from the country’s position in Central Europe and be taking advantage of lower transportation costs of goods and facile import and export procedures.

The country provides business owners with a well-educated and highly skilled workforce of 17 million workers, certified in areas like economy engineering, IT and science. The country is also called the “manufacturing hub of Europe” due to the high number of factories and low cost of production. The Polish labor cost is 4 to 10 times cheaper than in other countries according to a report from Boston Consulting Group. Poland offers competitive products due to their superior quality.

The legislation is becoming increasingly more open and friendly for foreign investors in Poland, granting them real possibilities for the development of new economic entities. One of the largest and most successful development projects meant to encourage investments was the creation in 1995 of Polish Special Economic Zones. The Government established 14 such zones and entrepreneurs have the possibility to conduct their activities on preferential terms and with the assurance lower taxes than in other Polish areas.

According to the Central Statistical Office of Poland, in 2010 the country’s economic growth rate was 3.9%, which was one of the best results in Europe. In the first quarter of 2014, the economy of Poland increased by 3.4% and by the end of the year is expected to grow by another 3.5%. Premises for the future look bright since the country’s economy is expected growth by 3.5% in 2015 and 3.8% in 2016. All data show a high potential for business investments and company formation in Poland.

Why Start a Business in Cluj?

We believe it is time to share some additional information on the procedures necessary for establishing companies in other main Romanian cities such as Cluj. We have had an increase in the number of requests for Cluj as the investments rise in the area. With this in mind we suggest interested investors to read the following material:

http://www.romanianlawoffice.com/opening-a-company-in-cluj

Why would opening a company in Cluj be a good idea? An example would be the latest news:

Cluj's Mayor Emil Boc has requested the support of the European Commission in Bucharest to supplement 10 percent of EU funds allocated Cluj-Napoca to complete some projects that over eight million, saying that the decision will belong to the government.

A specialist's opinion: Cluj is among the champions of EU accession, European values ​​because there are many who live day by day and we can see them at work. Entrepreneurship is very strong here, the energies of the region are used constructively and not in another way (...). Cluj look good absorption rate.

Investor Confidence on the Rise in Romania and Eastern Europe

Considering that Romanian is the second largest country in Eastern part of the European Union, our law firm believes that the rise in investor confidence in this part of the world is indeed a result of good signs of economic recovery in the country. Deloitte considers that the main business areas of interest to foreign investors in Romania are the financial and IT&C industries. Nevertheless one must take into account that a good number of specialists (Romanian and foreign) are betting on agriculture as the new rising star of Romania's economy. Romania has indeed a very good potential in this sector as well.

Investor confidence in Eastern Europe reached a maximum of the last two years, according to Deloitte CE Private Equity Confidence survey, the share of respondents who expect a return of transactional activity reaching 60 %, double the previous report.

Investor confidence in Eastern Europe continue to rise to the level of 2003-2007 . The recession in the region could thus ends : the proportion of respondents who expect a return of transactional activity has doubled since the last survey Deloitte , thus reaching 60 % , which indicates maximum confidence in the last two years , says a release of Deloitte.

"It is encouraging to see an increase in trading activity in Romania , compared to last year ," said Hein van Dam, a partner Deloitte Romania .

IT & C and financial were the ones that attracted the interest of investors in the period October 2013 - April 2014 in Romania. 

Two-thirds of respondents expect the economic situation to improve, with 43​​% more than in the previous study, this level of trust is no longer achieved in 2004, when eight Central European countries joined the European Union.

Please have in mind that Enescu & Cuc is a law firm oriented towards assisting foreign investors in Romania. Please contact us for any query about investing in Romania.

Foreign Investment in Romania: 36% Rise

As a Romanian Law Firm with with over 90% of our clients being formed of foreign companies or individuals, we believe that Romania is one of the top 3 destinations for foreign investment in Central and Eastern Europe. And the figures released by the Romanian Press (mediafax) seem to agree with us.

Foreign direct investment in the first two months totaled 282 million euro, up 35.6% from the same period last year. Last year, foreign direct investment (FDI) rose by 26.8% year on year to 2.71 billion euros, reaching the top of the last four years after the first assessment in 2012 was recorded at the beginning of the crisis. 

We encourage business people worldwide to read our article on why a business should expand to Romania. Should you require in depth legal information on how to form a company in Romania please click to visit our dedicated website.

In 2012, net FDI increased for the first time since the crisis began, the advance being 18.7% to 2,138 billion euros, according to final data released by the central bank and the INS, while initial estimates showed a decrease of 11 % compared to 2011.

Romania does show better and better financial results in most important sectors and the advice to invest in the country is given by the most trustworthy sources, such as UK's ambassador in Bucharest.  Mr. Martin Harris, said the annual growth rate of trade of UK with Romania is 16%, one of the sectors raising the most interest being the IT sector, but in his excellence's opinion there are many other sectors that are not sufficiently known by the British business people.

Mr. Harris pointed out that in Romania there is a strong interest of British investors for IT, which is a "strategic and very impressive."

"It's an area that has grown very quickly in these four years and where we have many British companies that employed hundreds of people in Iasi, Cluj, Bucharest, because here in Romania there is a skilled labor force and the fact Romania has become a factory of websites for other European firms. Romanian IT companies make web sites for banks in the City of London, for football clubs in the Premier League. In a digital single market, Romania has an advantage very important.I'm convinced that British investors will continue to be involved in this area, "said Harris.

Investing in Romanian Tourism

The tourism business continues to be on the rise in Romania, as the country grows continuously in the area. Specialists do consider Romania to have an enormous potential in tourism with an important part of the country being covered in forests, existence of a growing number of skiing resorts, highly attractive resorts at the seaside and a growing number of city-break tourists in Bucharest, a city known everywhere for its exciting nightlife and low prices. With this is in mind we believe that this would be a good time for those investors looking to open a hotel, a travel agency or any other tourist related business in Romania. Please contact our law firm located in Bucharest in order to set up any type of tourism - related business in Romania.

Tourist receptions in Romania in the first two months showed an increase of 4.6 % over the same period last year to 1.78 million. Romanian tourists' overnight stays after February were increased by 11.5% , according to the INS.
Foreign tourists accounted for 21.1 % of all overnight stays in the first two months , the highest share of those returning from Europe (79.5 % of total foreign tourists ) , and of these , 80.6 % were from EU countries .

The average length of stay was two days for both groups of tourists.

In February , tourist reception almost 950,000 overnight stays were registered , 11.5 % more than in February 2013. Of this total , foreigners held 20 % , most of them from Europe (77.4 %).

Most foreigners who visited Romania in the first two months came from Germany, Italy , France and Israel.

They were directed to Bucharest and other main cities, as well as tourist attractions and mountain resorts.

Chinese Investments in Romania

As a Romanian Law Firm with over 90% of our clients being foreign business people expanding their business operation in Romania, we are very interested in the recent developments related to the expected Chinese investments in Romania. It remains to be seen how much of these investments will actually materialize, however the plans are certainly interesting enough. 

Chinese investors are looking to build a high speed rail link via Bucharest to Constanta as well as modernize rail way tracks around Bucharest. The Romanian side wants rapid rail line to be built from scratch and not rebuild the existing tracks. 

The Romanian Prime Minister Dragnea, located in China, said that he met with the leadership of Industrial and Commercial Bank of China, which he has proposed to open a subsidiary in Romania.  Chinese bank representatives have reported that, in principle, agree with this idea.

"We had a meeting with the Industrial and Commercial Bank of China, the largest bank in the world, with a capital of three trillion dollars. I asked the Chinese bank to open a branch in Romania and they told me that in principle they agree, which for us is very important, "said Dragnea. The bank's representatives have shown interest to financially support investment in Romania.

For any information related to investing in Romania please see our related articles:

http://www.romanianlawoffice.com/taxation-of-a-foreign-company-in-romania

http://www.romanianlawoffice.com/dividends-profit-romania.htm 

http://www.romanianlawoffice.com/tax-lawyers-romania.htm

Brief Information on why one would invest in Romania

The following article published on our main website offers 7 reasons why an investor would start doing business in Romania, respectively:
1. Advantageous geographical location for transportation of goods
2. A large number of natural resources
3. Low Corporate Taxes and a large number of Double Taxation Treaties
4. Low Costs for Business Operations
5. Foreign languages spoken on a large scale
6. Large number of different types of specialists
7. General openness to foreign investors
You can see the entire article here.

Investing in Romanian Agriculture

Investing in Romania's enormous agricultural potential is definitely a good idea, and the latest figures seem to agree with us: the export of Romanian agricultural products has double in the recent years. According to Mediafax, last year exports of agricultural products were 5,1 billion, exceeding imports with 300 million. Exceptional was the evolution of exports of the last six years. From about one billion euros in 2007 to 5,1 billion euros in 2013. At this time there is no other industry that increased five times in six years!

In the same period , Romania's exports have doubled from 25 billion to 50 billion euros , which means that the share of exports of agricultural products doubled in this period a total of 4 % to 10 % .

The € 5.1 billion exports last year were obtained on the basis of doubling exports of wheat ( 1 billion euros , 4.7 million tons ) and a significant increase in exports of maize ( 700 million) , Sunflower sun (600 million euros), barley and rapeseed (400 million euros) .

In total, gross grain exports means 2.7 billion euros. 's Next top exports of sheep and goats ( 150 million) , cattle ( 130 million euros) and poultry ( 140 million euros).

In total, exports of grain and livestock means 3.2 billion euros, or two thirds of the 5.1 billion euros in 2013.

It should be noted , however, that we have a substantial increase in processed food , even if the values ​​are low now  at this time (these were even lower in the past).

Our law firm has important experience in matters related to purchasing Romanian agricultural land, performing a due diligence procedure before the purchase, reviewing or drafting sale/purchase agreements, notary procedures etc. Please contact us right now for further information related to these aspects.

How to reserve a company name in Romania

We recommend the following article on RomanianLawOffice.com to find out how to reserve a company name in Romania quickly and avoiding any potential problems.
http://www.romanianlawoffice.com/reserve-a-romanian-company-name

For any other issues related to the formation of a Romanian company please contact us!

Partner Lawyers in Turkey

Romanian Law Firm.com is has many collaborations with overseas partners, including Turkey. These have provided the following information on how a foreign investor in Turkey can avoid double taxation.

Foreign investors who run a business abroad have to pay taxes in their country of residence and in the state where they have registered the company if there is no double tax treaty signed between the two countries. In order to avoid the double taxation of their profits, the foreign citizens should choose for opening a company a country which already signed a double tax treaty with their state of residence.
Turkey has signed this kind of treaties with a lot of countries: Albania, Algeria, Azerbaijan, Austria, Bahrain, Bangladesh, Belarus, Belgium, Bosnia and Herzegovina, Bulgaria, Canada, China, Croatia, Czech Republic, Denmark, Egypt, Estonia, Ethiopia, Finland, France, Georgia, Germany, Greece, Hungary, India, Indonesia, Iran, Israel, Italy, Japan, Jordan, Kazakhstan, Korea, Kuwait, Kyrgyz Republic, Latvia, Lebanon, Lithuania, Luxembourg, Macedonia, Malaysia, Moldova, Mongolia, Montenegro, Morocco, New Zealand, Norway, Oman, Netherlands, Northern Cyprus, Norway, Pakistan, Poland, Portugal, Qatar, Romania, Russia, Saudi Arabia, Serbia and Montenegro, South Africa, South Korea, Singapore, Slovakia, Slovenia, Spain, Sudan, Syria, Sweden, Tajikistan, Thailand, Tunisia, Turkmenistan, Ukraine, United Arab Emirates, United Kingdom, Yemen, United States of America and Uzbekistan.
In the future, there will be other double tax treaties to be signed. Due to these treaties, the foreign investors are exempt from paying the taxes for the income and the capital for companies that are already paying the taxes in the parent country of the investor. The foreign entrepreneur should present a proof of the fact that he pays the taxes in one country in order to be exempt from the fiscal obligation in Turkey. He must present a certificate of taxation from his country of residence and an application.

The foreign investor can ask for a refund after he paid the taxes in the two countries, if he has a proof of the fact that he paid double taxes.

If you need more information about the taxation, you can ask our lawyers  (www.lawyer-turkey.com/contact) in Turkey who provide a wide range of legal services to international clients interested in setting up a company in this country.

A Short Guide on Company Acquisition in Romania for 2014

For those foreign investors looking to purchase shares in already existing Romanian companies (such as shelf companies for instance) please see our law firm's guide in this matter:
http://www.romanianlawoffice.com/buy-shares-romania.htm

The article contains information on procedure, timeframes, costs, taxation and even basic wording of the Share Transfer Contract.

No changes in Romanian Taxation for 2014

Our Law Firm can only salute the Romanian Government's confirmation that the flat 16% corporate and individual tax will not change in 2014. This at least means some fiscal stability (at least in this area) and less unwanted surprises for foreign investors in Romania.

The Romanian Government claims not to introduce this year the so-called "solidarity" tax on high incomes and no differential tax rates for individuals (natural persons), says PM Victor Ponta.
Ït is important to note that this year we do not want to change any tax system and not make any increase in the 16% tax (flat tax for both companies and individuals) . Unfortunately, we cannot, at least in 2014 , perform the changes related to rates of 8% and 12 % for those with low income, for the budget is already done. We will do certainly do this in 2015".

In Fiscal Strategy 2014-2016 , approved last year by the government and parliament , says , in the chapter on " Trends of major taxes on the horizon 2014-2017 " , it is intended to " introduce differentiated tax on wage income tax deductibility odds 8%, 12 % and 16 % which will be determined on a certain grid and Social Insurance significant reduction of 5 percentage points since July 2014."

For further information on Romanian taxation please see our article: Paying Taxes in Romania: http://www.romanianlawoffice.com/tax-lawyers-romania.htm

Foreign Investment Peaks in 2013

FOREIGN DIRECT INVESTMENT last year totaled 2.71 billion euros, up by 26.8 % compared to 2012 , reaching the last four years maximum after the first assessment in 2012 was recorded at the beginning of the financial crisis, according to the National Bank of Romania (BNR ). For legal assistance while investing in Romania please contact our law firm.

Consolidated equity estimated net loss amounted to 1.776 billion euros and 937 million euros intercompany loans .
The highest FDI was recorded in 2008 , of 9.496 billion euros. Between 2003 and 2006 Romania recorded every year increases in foreign investment , which reached 5.183 billion euros in 2004 , 5.213 billion euros in 2005 and 9.056 billion euros in 2006. In 2007 there was a reduction of foreign capital invested in Romania , to 7.25 billion, followed by an increase to a record in 2008.
Starting next year , the indicator has deteriorated sharply decreasing investments to 3.48 billion euros in 2009 and 2.2 billion in 2010.
In 2012 , net FDI increased for the first time since the crisis began , the advance being 18.7 % to 2.138 billion euros, according to final data released by the central bank and the INS , while initial estimates showed a decrease of 11 % compared to 2001. 

Partner Law Firm in Slovenia

Lawyersslovenia.com is a company that provides a wide range of legal consulting services for international clients who want to expand their business in Slovenia. As a part of Bridgewest, a European Company Formation Agent, lawyersslovenia.com benefits from a long lasting expertise in establishing companies all around Europe.

Our partners in Slovenia, the PLAUSTAJNER&PLAUSTAJNER law office, have a long tradition with a heritage dating back in the early 1888. After 36 years of working in Celje the office is now operating in Ljubljana. The law office has been carried on since 1973 by Konrad Plaustajner, a professional and renowned attorney with a working experience of over 40 years in civil and commercial law. Ms. Konrad Plaustajner’s extensive working expertise helped him transform his office in a renowned brand on the Slovenian legal market.

The cabinet’s areas of expertise include civil, corporate and administrative law, litigations, Internet regulations and European Acts.  The members of the cabinet speak English, German, French, Spanish, Croatian, and Serbian.

Ms. Konrad Plaustajner’s law office consists of a perfect blend between experience acquired through the many years of practice and a number of young and enthusiast lawyers eager to prove themselves by solving their clients’ problems.

Clients can find on our site comprehensive information related to company establishment and liquidation, litigations, taxation regulations, debt collection and Double taxation treaties signed by the Slovenian government in order to attract foreign investors. The process of company incorporation is among the easiest in the world, taking only one working week due to the centralized one-stop-shop. The workforce from Slovenia is recognized as being well trained and prepared to face any types of challenges. Slovenia is situated in a very advantageous geographical location in Central Europe having borders with Italy, Austria, Croatia and Hungary, and therefore facilitating the trades and the communication with some of the largest markets in Europe. These are just a few reasons Slovenia becomes increasingly more appealing from the investments point of view.

Company Formation in Romania

Starting an IT Business in Romania

Starting an IT business in Romania is a very popular idea of foreign investors since the country has some major advantages for this type of business: skilled professionals, low wages and internationally recognized high speed Internet connection. Also there are some tax incentives for those companies activating in this field in Romania. While the largest part of investments in IT goes to Bucharest, lately Cluj is the Romanian city named Romania's Silicone Valley. E&C Law Firm incorporates companies both in Bucharest and Cluj.

Romania is the sixth of 20 countries in a ranking of the speed of Internet connection conducted quarterly by the American company Akamai Technologies, the first position being occupied by Hong Kong.

The search was conducted taking into consideration the maximum connection speed in the overall network traffic achieved by the company, according to Bloomberg.

The latest success story of IT entrepreneurship in Romania is that of the company UberVU, a company founded in 2008 by three Romanians, monitoring information about companies on social networks. The company was acquired by Canadian company HootSuite for 15-20 million dollars, according to TechCrunch portal.

"UberVU is the next generation analytics solutions and also bring a world-class team. Acquisition put together the best solutions uberVU analysis solutions HootSuite social involvement and brings us closer to our vision for a simple platform, accessible and safe social networks for a landscape that is rapidly changing, "said the general manager of Hootsuite, Ryan Holmes, in a statement.

If you are interested about the legal conditions for opening a Romanian IT company, please contact our law firm.

Foreign Investment in Romania Peaks in 2014

Foreign direct investment totaled almost 2.4 billion in the first 11 months of last year , up 22.3% from the same period in 2012, which marks a peak level of the last four years , according to data of the National Bank of Romania (BNR ) .

 Consolidated equity estimated net loss amounted to 1.347 billion euros and intercompany loans of 1.041 billion euros, according to the central bank announced Friday .

In November , Romania has attracted the highest level of investment in the first 11 months of last year , that is 578 million euros, 85 % more than in the previous month .

In September (379 million) , October ( euro 313 million ) and November were recorded the largest foreign investment in 2013. Lows were recorded in March (48 million) and in May (92 million).

The highest FDI was recorded in 2008-9496000000 euros. Between 2003 and 2006 Romania recorded every year increases in foreign investment , which reached 5.183 billion euros in 2004 , 5.213 billion euros in 2005 and 9.056 billion euros in 2006. In 2007 there was a reduction of foreign capital invested in Romania , to 7.25 billion, followed by an increase to a record in 2008.

Starting next year , the indicator has deteriorated sharply decreasing investments to 3.48 billion euros in 2009 and 2.2 billion in 2010.

In 2012 , net FDI increased for the first time since the crisis began , the advance being 18.7 % to 2.138 billion euros, according to final data released by the central bank and the INS , while initial estimates showed a decrease of 11 % compared to 2011 .

TPG Group: A Reliable Accounting Office in Romania

Who can help you with accounting issues in Romania?

 

The annual financial statement, tax paying, preparation of payrolls and many other accounting issues can be very challenging if you are the owner of a company without a financial department with professionals who know very good all the procedures and the recent changes in Romanian legislation.

If you want to save time and money, you can choose outsourcing and hire a team of professionals who will take care of all your accounting issues. Foreign investors, looking for accountants, may find at Romanian-accountants.com all they need. They can contact a team of professionals who will provide services in different areas, starting with tax registration and compliance; accounting and annual tax filing, consolidation, tax returns preparation and filings, debt monitoring and risk assessment till forensic accounting that can be used in justice.

Every single businessman is considered a different entity and the team of accountants provides him personalized services tailored to his needs, at high professional standard. The accountants will be in charge with personnel administration and consultancy on management accounting.  

All the accounting documents on audit will be made in accordance with International Financial Reporting Standards (IFRS). Furthermore, you will have the advantage of full assistance for organizing your financial department and financial policies for your company. You will have the chance of growing your business and obtain the best performance because the team of accountants will offer you professional advice and analysis.  

For all accounting matters in Romania we strongly recommend our partners TPG GROUP, a financial advisory and accounting company based in Bucharest.

Romanian Real Estate On the Rise

We are a Romanian law firm specialized in real estate transaction and therefore welcome the news about the rise in the volume of real estate transactions in the country in 2013. It seems that all those investors willing to bet on the Romanian market will not be wrong after all. There is one other very important note: in 2014 foreign investors will be able to buy all type of land directly (and not through a Romanian company) including agricultural land.

For additional information on the conditions of purchasing Romanian land you can also review our article: Purchase of Romanian Property by foreigners.

Property transactions in Central and Eastern Europe rose by 31 % in 2013. Romania is 5th out of 9 after volume brought in.

Romania has attracted 229 million, up nearly 25 % compared to 2012.
In Russia and Poland, " champions " of the region , investors bought commercial properties ( offices, retail and industrial ) 5.2 billion ( +40 % ) and 2.97 billion euros (+10 %).

One of the best developments had but Czech market where investment rose by almost 70 %, from 605 million euros in 2012-1015000000 euro. Ranking fourth is Slovakia with investment have soared , from 16 million to 250 million.

Other markets analyzed are Croatia (67 million, +56 % ), Ukraine (41 million, -84 %) and Bulgaria (23 million, +285 %).

The study authors noted an increase in investment activity in countries with low levels recorded in recent years , particularly Romania and Hungary (225 million euros from 121 million euros in 2012) .

" The year 2013 proved to be one of the most active commercial property investment market in Central and Eastern Europe, from the start of the financial crisis. From the perspective of investors , Poland continues to be the most active market in the region, the list of target most of them , " say CBRE representatives .

Moreover, they believe that austerity measures adopted in recent years in the region give a better perspective for 2014. At the same time, they point out that political problems can cause short-term concerns for investors in some markets " peripheral " but noted that overall investor sentiment is better than previous years.

Open a Travel Agency in Romania

Opening a travel agency (Tourism Agency) in Romania might prove to be a good idea in accordance to the latest trends showed by the specialized Romanian press, outlined below. Our Romanian lawyers are experienced with the setup of such Romanian companies as well as with obtaining the necessary permits for the activating as a travel agency in Romania. The main conditions refer to the headquarters of the travel agency and the specialized personnel for management positions (they have to have expertize in this area). For more information please contact us.

Tourist arrivals and overnight stays in Romania in increased in the first 11 months of last year compared to the same period in 2012 by 3.1 % and 0.6 % , according to data announced Monday by the National Institute of Statistics ( INS) .

Arrivals of the Romanian tourists in tourist accommodation were 78.1% of total arrivals , while foreign tourists accounted for 21.9 % of the total arrivals. The largest share was held by those from Europe ( 80.6 % of total foreign tourists ) and of these 85.8% were from countries belonging to the European Union , "says NIS, in a statement .

Most tourists came from Germany ( 217 478 ), Italy ( 170,342 ) and France ( 112 082 ) , a total of 1.62 million .

Arrivals at hotels had a 74.9% share, up two percentage points.

Arrivals of foreign visitors registered at the border were analyzed period 7.508 million , up 1%. Most foreign visitors from Europe (93.8 %). Among the EU there were 58.6 % of total tourist arrivals . Most arrivals were registered in Hungary ( 30.3% ), Bulgaria (24% ), Germany (9.5 % ), Italy (7% ), Poland ( 6.5%) and Austria (4.2 % ) .

Departures of Romanian visitors abroad, according to customs, were 10.618 million , an increase of 1.8%.

In November arrivals in the establishments of tourists' reception amounted to 579 500 , up 5.8 %, while overnight stays rose by 8.2 % to 1.42 million.