- Posted by: Sebastian Burduja
- Category: Business plans, Competitive research, Economics, Funding trends, Innovation, International
by Sebastian Burduja, Managing Partner & Alin Iliescu, Partner
At RISE Consortium we believe in the power of rising together. And we also believe in Romania’s tremendous business opportunities. Many of us have worked and studied around the world, and have decided to return to Romania in pursuit of what we believe are unparalleled opportunities. We think you should consider joining us in this endeavor. Here are some reasons why.
One of the most dynamic and competitive economies in the European Union, Romania’s macroeconomic situation is one of the strongest in EU in terms of GDP growth, public debt, and fiscal deficits. The GDP growth rate was 4.9 in 2016, the highest in EU28, while current forecasts estimate growth at 4-5% in 2017. Further proof that Romania is one of the rising stars of the European economy is that its GDP has quintupled over the past 16 years.
According to the World Bank’s Doing Business Report, Romania is ranked 37th worldwide on the aggregate ease of doing business index, ahead of countries like Croatia, Hungary, Italy, Turkey, Serbia, or Greece. In addition, the number of payments per year required to fulfill fiscal obligations has decreased from 113 in 2012 to only 14 in 2016. Also, Romania has the lowest gas price, the 5th lowest electricity prices in Europe, and is the first in the EU for its internet connection speed.
Why our Solutions?
Romania has one of the friendliest tax systems in the EU, with the VAT cut from 24% in 2015 to 19% in 2017. The corporate and income tax rate is only 16%, with exemptions for employees working in IT. Also, the tax for reinvested profit is 0%, while the dividend tax rate was cut from 16% to 5% in 2016. In terms of infrastructure, Romania has a vast network of 14 international airports and 8 ports, with Constanta the largest port at the Black Sea and a key trade hub. There are 72 industrial parks spread across Romania, with both private and public ownership.
Why our Experts?
While the Romanian labor force is one of the most competitive in Europe (the second lowest minimum wage in the European Union), it is also skilled and competitive: 97% of the the 535,000 university students are proficient in two or more foreign languages (90% English, 26% French, 17% Spanish, 8% German). With 7,000 IT&C grads in Romania every year, the available number of engineers per capita is higher than the US, India, China or Russia, while forecasts estimate that by 2018 there will be more than 100,000.
Did you know that…
…the software for Curiosity, the rover that is exploring Mars for NASA, is made in Romania?
…one of the leading anti-virus software in the world, protecting over 500 million users, is Romanian?
…tires for Formula One cars are built in Romania?
There is a lot more to discover in Romania. RISE Consortium is the one-stop shop to all your potential needs and aspirations here. Let us know how we can help.