Biroul de Promovare şi Cooperare Economică

Actualităţi economice

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ECONOMIC AND LEGAL ISSUES WHICH FACILITATE INVESTING IN ROMANIA
(a selection of economic and investment aspects published by the US Department of State, Bureau of Economic and Business Affairs, in a survey regarding the investment climate in Romania – 2018)
- Romania welcomes all forms of foreign investment;
- The government provides national treatment for foreign investors and does not differentiate treatment due to source of capital;
- Romania’s strategic location, membership in the European Union (EU), relatively well-educated workforce, competitive wages, and abundant natural resourcesmake it a desirable location for firms seeking to access European, Central Asian, and Near East markets;
- United States (U.S.) investors have found opportunities in the information technology (IT), automotive, telecommunication, energy, services, manufacturing, consumer products sectors, and banking;
- InvestRomania1 offers assistance and advisory services free of charge to foreign investors and international companies for project implementation and opening new offices or manufacturing facilities;
- Foreign and domestic private entities are free to establish and own business enterprises, and to engage in all forms of remunerative activity;
- Romanian legislation and regulation provide national treatment for foreign investors, guarantee free access to domestic markets, and allow foreign investors to participate in privatizations;
- There is no limit on foreign participation in commercial enterprises. Foreign investors are entitled to establish wholly foreign-owned enterprises in Romania (although joint ventures are more typical), and to convert and repatriate 100 percent of after-tax profits;
- Romania has taken established legal parameters to resolve contract disputes expeditiously;
- Foreign firms are allowed to participate in the management and administration of the investment, as well as to assign their contractual obligations and rights to other Romanian or foreign investors;
- Secured interests in private property are recognized;
- Economic growth rates have increased;
- The National Trade Registry has an online service available in Romanian at https://portal.onrc.ro/ONRCPortalWeb/ONRCPortal.portal;
- Romania has a foreign trade department within the Ministry of Business Climate, Trade, and Entrepreneurship2and an investment promotion department in the Ministry of Economy3; 1InvestRomania is the “one-stop-shop” for foreign investors, assisting and advising international companies for project implementation in the country.
2 The English version commonly used for MinisterulpentruMediul de Afaceri, ComerțșiAntreprenoriatis the Ministry for Business Environment, Commerce and Entrepreneurship.
3 Actually, the investment promotion department is part of the Ministry for Business Environment, Commerce and Entrepreneurship.
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- InvestRomania is the government’s lead agency for promoting and facilitating foreign investment in Romania. InvestRomania offers assistance and advisory services free of charge to foreign investors and international companies for project implementation and opening new offices or manufacturing facilities. More information is available at http://www.investromania.gov.ro/;
- According to the World Bank, it takes seven procedures and 11 days to establish a foreign-owned limited liability company (LLC) in Romania. This is twice as fast as the regional average for Europe and Central Asia (eight procedures and 22 days);
- foreign companies do not need to seek an investment approval. The Trade Registry judge must hold a public hearing on the company’s application for registration within five days of submission of the required documentation. The registration documents can be submitted, and the status of the registration request monitored, online;
- Companies in Romania are free to open and maintain bank accounts in foreign currency, although, in practice, Romanian banks offer services only in certain currencies (including Euros, U.S. dollars, and Swiss francs);
- There are no restrictions or incentives for outward investment;
- the U.S.-Romanian Bilateral Investment Treaty (BIT) on the Reciprocal Encouragement and Protection of Investment (signed in May 1992 and ratified by the U.S. in 1994) guarantees national treatment for U.S. and Romanian investors. The agreement provides a dispute resolution mechanism, liberal capital transfer, prompt and adequate compensation in the event of an expropriation, and the avoidance of trade-distorting performance requirements;
- Romania has a bilateral taxation treaty with the United States; the treaty was signed in 1973 and entered into force in 1974;
- Romanian law requires consultations with stakeholders, including the private sector, and a 30-day comment period on legislation or regulation affecting the business environment (the "Sunshine Law");
- As an EU member state, Romanian legislation is largely driven by the EU acquis, the body of EU legislation. EC regulations are directly applicable, while implementation of directives at the national level is done through the national legislation. Romania’s regulatory system incorporates European standards. Romania has been a World Trade Organization (WTO) member since January 1995 and a member of the General Agreement on Tariffs and Trade (GATT) since November 1971. Romania has been a member of the EU since 2007. Technical regulation notifications submitted by the EU are valid for all member states. The EU signed the Trade Facilitation Agreement (TFA) in October 2015. Romania has implemented all TFA requirements;
- Since becoming an EU member, Romania has worked assiduously to create an EU-compatible legal framework consistent with a market economy and investment promotion;
- Romania has extensively revised its competition legislation, bringing it closer to the EU Acquis Communautaire and best corporate practices;
- Romania’s Public Procurement Directives outline general procurements of goods and equipment, utilities procurement (“sectorial procurement”), works and services concessions, and remedies and appeals. An extensive body of secondary and tertiary legislation accompanies the four laws. Separate legislation governs defense and security procurements. In a positive move, this new body of legislation differs from the previous approach of using lowest price as the only public procurement selection criterion. Under the new laws, an authority can use price, cost, quality-price ratio or quality-cost ratio. The new laws also allow bidders to provide a simple form (the
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European Single Procurement Document) in order to participate in the award procedures. Only the winner must later submit full documentation;
- The law on direct investment includes a guarantee against nationalization and expropriation or other equivalent actions. The law allows investors to select the court or arbitration body of their choice to settle disputes;
- Romania is a signatory to the 1958 New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards. Romania is also a party to the European Convention on International Commercial Arbitration concluded in Geneva in 1961 and is a member of the Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID). Romania’s 1975 Decree 62 provides for legal enforcement of awards under the ICSID Convention;
- Romania is a signatory to the New York Convention, the European Convention on International Commercial Arbitration (Geneva), and the ICSID;
- Local courts recognize and enforce foreign arbitral awards against the government. There is no history of extrajudicial action against investors;
- Romania increasingly recognizes the importance of investor-state dispute settlements and has provided assurances that the rule of law will be enforced;
- Romanian law and practice recognize applications to other internationally-known arbitration institutions, such as the International Chamber of Commerce (ICC), Paris Court of Arbitration, and the United Nations Commission on International Trade Law (UNCITRAL). Romania has an International Commerce Arbitration Court administered by the Chamber of Commerce and Industry of Romania. Additionally, in November 2016, the American Chamber of Commerce in Romania (AmCham Romania) established the Bucharest International Arbitration Court (BIAC);
- Romania's bankruptcy law contains provisions for liquidation and reorganization that are generally consistent with Western legal standards. These laws usually emphasize enterprise restructuring and job preservation. To mitigate the time and financial cost of bankruptcies, Romanian legislation provides for administrative liquidation as an alternative to bankruptcy;
- Currently, customs and tax incentives are available to investors in six free trade zones. State aid is available for investments in free trade zones under EU regional development assistance rules;
- In 2007, Romania adopted EU regulations on regional investment aid, and instituted state aid schemes for large investments and SMEs. Both Romanian and EU state aid regulations aim to limit state aid in any form, such as direct state subsidies, debt rescheduling schemes, debt for equity swaps, or discounted land prices. The EC must be notified of, and approve, GOR state aid that exceeds the pre-approved monetary threshold for the corresponding category of aid. To benefit from the remaining state aid schemes, applicants must secure financing that is separate from any public support for at least 25 percent of the eligible costs, either through their own resources or through external financing, and must document this financing in strict accordance with Ministry of Finance guidelines. Amendments made in 2010 to the state aid scheme for regional projects score applications based not only on the economics of the project, but also on the GDP per capita and unemployment rate for the county of intended investment. When granting state aid, the Ministry of Finance requires that the state revenues through taxes equal the state aid granted;
- Numerous foreign and American firms have successfully applied for and received Romanian State Aid;
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- Companies operating in Romania can also apply for aid under EU-funded programs that are co-financed by Romania;
- Free Trade Zones (FTZs) received legal authority in Romania in 1992. General provisions include unrestricted entry and re-export of goods, and exemption from customs duties. The law further permits the leasing or transfer of buildings or land for terms of up to 50 years to corporations or natural persons, regardless of nationality. Foreign-owned firms have the same investment opportunities as Romanian entities in FTZs;
- The government does not mandate local employment. There are no excessively onerous visa, residence, work permit, or similar requirements inhibiting mobility of foreign investors or their employees. There are no government imposed conditions on permission to invest. The government does not require investors to establish or maintain data storage in Romania. Romania neither follows nor is there legislation requiring a “forced localization” policy for goods, technology or data. Romania does not have requirements for foreign IT providers to turn over source code or provide access for government surveillance. Romania’s Constitutional Court has twice ruled such specific legislative drafts are unconstitutional;
- There are no performance requirements imposed as a condition for establishing, maintaining or expanding an investment;
- The Romanian Constitution, adopted in December 1991 and revised in 2003, guarantees the right to ownership of private property;
- Romania is a signatory to international conventions concerning IPR, including Trade-Related Aspects of Intellectual Property Rights (TRIPS), and has enacted legislation protecting patents, trademarks, and copyrights. Romania has signed the Internet Convention to protect online authorship;
- Romania is a party to the Paris Convention for the Protection of Industrial Property, and subscribes to all of its amendments. Romanian patent legislation generally meets international standards, with foreign investors accorded equal treatment with Romanian citizens under the law. Patents are valid for 20 years. Romania has been a party to the European Patent Protection Convention since 2002. Patent registration can be filed online. Since 2014, Romania has also enforced a distinct law regulating employee inventions. The right to file a patent belongs to the employer for up to two years following the departure of the employee;
- In 1998, Romania passed a trademark and geographic indications law, which was amended in 2010 to make it fully consistent with equivalent EU legislation. Romania is a signatory to the Madrid Agreement relating to the international registration of trademarks and the Geneva Treaty on Trademarks. Trademark registrations are valid for ten years from the date of application and renewable for similar periods. Beginning 2014, trademark registrations can be filed online. In 2007, Romania ratified the Singapore Treaty on the Law of Trademarks;
- Romania is a member of the Bern Convention on Copyrights. The Romanian Parliament has ratified the latest versions of the Bern and Rome Conventions. The Romanian Copyright Office (ORDA) was established in 1996, and promotes and monitors copyright legislation;
- Romania welcomes portfolio investment and is working to increase the efficiency of its capital markets. In September 2016, the FTSE included Romania on its “Watch List” to possibly reclassify the country to “Emerging Market” status;
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- The banking system is stable and well-provisioned. According to the National Bank of Romania, as of February 2018, non-performing loans account for 6.2 percent of total bank loans and interest;
- Romania does not restrict the conversion or transfer of funds associated with direct investment;
- There is no limitation on the inflow or outflow of funds for remittances of profits, debt service, capital gains, returns on intellectual property, or imported inputs. Proceeds from the sales of shares, bonds, or other securities, as well as from the conclusion of an investment, can be repatriated;
- Romania adhered to the OECD Declaration on International Investment and Multinational Enterprise in 2004. The government regularly sends representatives to the working sessions of the OECD Investment Committee and its Working Party on Responsible Business Conduct. Romania established an OECD National Contact Point in 2005 to promote the OECD Guidelines for Multinational Enterprises. Romania’s investment promotion agency InvestRomania currently serves as the contact point;
- Romania's fight against high and medium-level corruption has become increasingly credible, with significant numbers of prosecutions and convictions of corrupt public officials in recent years. Its prosecutorial efforts have become a model in Southeastern Europe. Romania was ranked 59 of 180 countries in Transparency International's 2017 Corruption Perception Index;
- The unemployment rate in Romania declined by one percent to 4.9 percent in 2017.

Acord de cooperare economică, comercială şi tehnică.

- Semnat la Abu Dhabi la 11.04.1993.

Acord pentru promovarea şi protejarea reciprocă a investiţiilor.

-Semnat la Abu Dhabi la 11.04.1993.

Acord pentru evitarea dublei impuneri.

- Semnat la Abu Dhabi la 11.04.1993.

 

 

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