Doing Business with Romania - Über die Osec

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ate occurred due to several factors: large increase in incomes (public wages and pensions), increase in prices not sustained by productivity, depreciation of the national currency, etc. Since Q2 2009 Romania has started experiencing again a disinflation process as a result of the fall in volatile prices, stable administered prices and lower household expenses. However, the increase of tobacco excises and natural gas prices occurred at the very end of the year kept the inflation rate in 2009 (5,6%) far from the EU 27 average (1,0%) For the inflation rate evolution and benchmarking see Attachment 5. Key points o Costs of production – Even if production costs have grown in the last decade, the cost of production is still much lower than in most European countries, which turns it into a FDI promotion factor; this is why a lot of western companies decide to outsource their activity in Romania (while others decide to go further east, as lately, Romania has become more expensive). Compared to other countries in the region, the cost of production is lower than in Hungary, Greece and Slovakia but higher than in Bulgaria, Moldova, Serbia and Ukraine. o Labour force skills – Romanian workers are well qualified, especially when it comes to theoretical knowledge, but they lack experience and need to gain expertise in order to become truly skilled and effective. Romania can provide specialists fluent in English in such fields as IT, petrochemical industry, agriculture, and textile industry. o Leadership – 20 years after the fall of the communist regime, Romania continues to be in an acute need for leaders in many fields and very often multinational companies are not able to find locals qualified for upper management jobs. o Weak infrastructure – It represents a huge problem for Romanian development because infrastructure is decisive for any economic activity and society. - the lack of modern motorways which would facilitate a rapid transit between different regions (e.g. the time to reach the Hungarian border leaving from Bucharest is around 9 to 10 hours for 575km); - Local infrastructure such as local roads and public transportation need upgrading; - The railway transportation network is not providing high-speed trains; - Airports need upgrading. Romania's ranking in Doing Business 2010 _________ In Doing Business 2010, Romania is ranked 55 th ; the country ranked ahead of Poland, Czech Republic and Moldova but behind Hungary, Bulgaria and Slovakia. The main criteria at the basis of the World Bank’s Doing business ranking are the costs, time and procedures difficulty in setting up the business, operating in the specific country, employing workers, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts and closing the business. For further information see attachment 4. “Romania increased the cost of insolvency procedures by requiring that 1.5 percent of the amount recovered from each insolvency procedure be transferred to a fund that reimburses the expenses of insolvency administrators when debtors have no assets. Construction permit costs rose because of a new fee equal to 0.05 percent of the project value. In addition, labour taxes were increased. Property registration was expedited with the introduction of new procedures at the land registry and cadastre. Areas of Reform: Dealing with construction permits (making it more difficult), Registering property, Paying taxes (making it more difficult), Closing a business (making it more difficult)” Free World Academy country rating (according to its potential regarding a small business investor) Romania, together with Slovenia, Croatia and Bulgaria is placed 47 th out of 130 and is given 2 stars equivalent of acceptable conditions. 22
Heritage Index of Economic Freedom Romania’s economic freedom score is 64.2, making its economy the 63 rd freest in the 2010 Index. Its score is 1.0 point better than last year, reflecting improvements in half of the 10 economic freedoms. Romania ranked 29 th out of 43 countries in the European region, and its overall score is higher than the world average. GDP, Current account balance For macroeconomic indicators – see o www.eurostat.eu o www.bnr.ro - National Bank of Romania o www.worldbank.org.ro – World Bank Inflation o www.indexmundi.com from the CIA Factbook o www.eurostat.eu Trade o www.intracen.org o www.eurostat.eu Consumer price index o www.insse.ro - The National Institute of Statistics o www.eurostat.eu FDI o www.bnr.ro - The National Bank of Romania o www.eurostat.eu o www.oecd.org Employment o http://www.anofm.ro/ - The National Agency for Occupying the Labour Force o http://www.mmuncii.ro/en/ - Ministry of Labour, Family and Social Protection R&D o Science, Technology and Innovation in Europe, Eurostat News release, 8 September 2009 Doing business in Romania (synthesis) o www.oecd.org Production & trade o www.worldbank.org 1.3. Economic policies o www.worldbank.org, Doing Business 2010: Reforming through Difficult Times, Fact Sheet—Summary of Reforms in Europe and Central Asia o http://www.heritage.org/Index/pdf/2010/countries/romania.pdf o http://www.heritage.org/Index/Country/Romania o http://www.freeworldacademy.com/newbizzadviser/fw8.htm#2 � Government policy & strategy � Central Bank policy & strategy � European Union common trade policy – General conditions � Foreign trade of Romania in 2009 � FDI policy Government policy & strategy The most relevant measures for the development of foreign economic & commercial relations are the following: o Cohesion policy: maintaining the current objectives of the EU cohesion policy and renegotiating them for the 2014-2020 time period; o Free circulation of individuals: supporting the EC recommendation for the Member States not to impose restrictions on the freedom of movement for workers of the new Member States; o Stability and predictability in the public finance domain; 23
Page 3 and 4: Doing business with Romania: Data b
Page 5 and 6: 6. Errors and traps / 83 6.1. Intro
Page 7 and 8: în anul 2009 a fost de 800 mil Eur
Page 9 and 10: New products have appeared and have
Page 11 and 12: Foreword of Mr. Daniel Küng CEO of
Page 13 and 14: 2a. Eastern Europe - Old cultures,
Page 15 and 16: 3a. The research of effectiveness -
Page 17 and 18: Abbreviations & Acronyms Ag Silver
Page 19 and 20: 1. Framework conditions Drafting te
Page 21: After an average annual rate growth
Page 25 and 26: � Inflation issues o The National
Page 27 and 28: Energetic security - Increase the e
Page 29 and 30: o investments over EUR 30 mill and
Page 31 and 32: o Citizens of the United States of
Page 33 and 34: o The procedure for registering pat
Page 35 and 36: longer required for certain capital
Page 37 and 38: quota onto the gross revenue) is re
Page 39 and 40: As a general rule, the fiscal perio
Page 41 and 42: issued by Ministry of Labour, Socia
Page 43 and 44: o The agricultural land size and th
Page 45 and 46: Extractive Industry Energy Products
Page 47 and 48: o http://economie.hotnews.ro/stiri-
Page 49 and 50: Salt o http://www.ecomagazin.ro/ros
Page 51 and 52: o http://www.factbook.net/countryre
Page 53 and 54: Overview o Forestry industries in R
Page 55 and 56: Hydro, 17,3% nuclear. Export was 5,
Page 57 and 58: o The investment in the sustainable
Page 59 and 60: o The prices of prescribed drugs an
Page 61 and 62: Education Overview o Teaching staff
Page 63 and 64: Secondary Manufacturing Industry o
Page 65 and 66: As per the table new export strateg
Page 67 and 68: - The business climate has to be im
Page 69 and 70: Measures imposed by the Romanian Na
Page 71 and 72: Competence of Tribunals: - As 1st P
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o Collective Labour Agreement • I
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4.4. Subsidiary o “An overseas co
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e) Other services related to the su
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5. Choosing a local partner Draftin
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o Romanians will put in 110% dedica
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The best way to find a good consult
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6. Errors and traps Drafting team H
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6.3. The corruption issue General o
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7. UBCG - University of Bucharest C
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7.6 Website www.doingbusinesswithro
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ROMANIA Anthem: “Desteapta-te, ro
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• Change of Price - Monthly Avera
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Urban 5188 5151 5423 5361 5595 Rura
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Chapter 1 Attachment 1: Ancestors,
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activities but their mission was ha
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In the structure of exports, six se
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ian. 2006 7,50 14,00 1,00 ian. 2005
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Direct Inflation Targeting 1. bring
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Chapter 3 Attachment 8 Agriculture
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� The best area for aquaculture i
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Attachment 11 Electric, gas and wat
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Attachment 14 Construction & Real E
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Attachment 16 TOURISM - Extra Infor
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- The seaside resorts which are wel
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to cut costs and reduce non-strateg
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Attachment 19 Education - Extra Inf
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520 500 480 460 440 420 400 380 Dat
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233 Selgros Consumer Business and T
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Romanian Shelf Companies d) There a
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share capital must be fully paid up
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Duration of protection is 10 years;
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� The Court of International Comm
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Chapter 6 Attachment 27 Tax payment
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Chapter 7 Attachment 29 Tax payment
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