Wednesday, January 29, 2014

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.

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