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Due to the current ongoing events in Ukraine, many businesses and individuals had no other choice than to leave the country and search for a new place to keep their business activities and everyday life running. The Romanian market uncovers numerous possibilities for both entrepreneurs and newly established companies to focus on their activities, providing multiple opportunities for Ukrainians who are looking to settle in Romania. This publication offers a brief overview for Ukrainian businesses and entrepreneurs on entering the Romanian market, and outlines the necessary steps and obligations that should be considered.
There are certain incentive plans in Romania that can be beneficial for individuals as well as companies from Ukraine.
Individuals working as IT specialists or in the Research & Development field may benefit from an exemption from the standard 10% income tax, under certain conditions expressly mentioned in the Romanian domestic legislation.
Companies doing business in Romania could benefit from the following incentives:
There are no legal provisions directly addressing the transfer of a company from Ukraine to Romania, only the incorporation of a new company is possible.
Recommended company type: Limited Liability Company (SRL)
Minimum registered capital: Minimum 1 RON
The citizens of the EU or EEA who will form the statutory body have to prove their integrity by submitting a notarized affidavit related fiscal record.
For Ukrainian individuals, the same rules apply and no visa is required for entering Romania.
Conducting a business without required registration can result in the revenue (obtained from unregistered / undeclared activities) being confiscated.
Newly incorporated company would be subject, by default, to microenterprises tax until the value of the total revenue per year exceeds the threshold of EUR 1,000,000. In this case, the rates are:
Note: Such rate would apply to the total revenue registered at the level of the entity, on a quarterly basis.
In Romania, the employer pays only the work insurance contribution, which is 2.25%.
The Government Decision 20/2022 set support measures and humanitarian assistance for Ukrainian individuals. More info can be found in our recently published article.
We have years of experience in supporting businesses to grow in Romania. Benefit from our free 1-hour long market entry consultancy that includes:
We can provide full-range support to Ukrainian companies planning to enter the Romanian market and help with navigating the country-specific statutory requirements – starting from advisory on choosing an optimal form of conducting business activity and taxation to a smooth incorporation process.