Romania

Romania is the largest country in the south eastern Europe. Measuring in at an area of 238400 square kilometer, its almost the same size as the United Kingdom. The first fully self propelled plane in Europe was built by a Romanian inventor. Romania seems to be one of the countries in Europe to get the first grasp on many things in the 20th century. Altho when the communist regime was overthrown in the end of 20th century, the economy experienced a downfall, it has since recovered and now considered an upper-middle class country.

Economy

As mentioned previously the now days the economy of Romania is quite stable and in a good state, growing a couple of percent every year. Part of the economy is built on the export sector. Romania export consists of a wide variety of products ranging from food to military equipment, industrial machinery and software. Large part of the economy is based on transport. Romania is a major crossroad in the economical exchange in the European Union, altho the current state of the country's transport system is in a too pour state to support the ongoing demand. Tourism is another big part of the economy as the Romanian geography is rich with natural landscapes and ample history.

Currency

Although the country joined the European Union in the 2007, the currency of the country has not yet been changed to Euros. The original currency still remains - the Romanian leu (RON).

Language

The list of languages used in Romania is quite was. The official languages of the country are Romanian, Romance language, French, Spanish and Portuguese. More that 90 percent of the population speaks the Romanian language as the first language. The English speaking population count is relatively low only about 30%. English and french are the main foreign languages that are taught in school.

Incorporation

There are two types of companies available for incorporation in Romania. The first being Limited Liability company(SRL) and the second Joint Stock company(SA). The company registration times ranges from 7 to 10 days depending of the type of the company that is incorporated. The minimum amount of directors and shareholders is one and they may be of any nationality. Records for both are publicly available. There is no requirement for company secretary. The shareholder meeting and the meetings of the company board may take place anywhere in the world.

Taxation

All companies in Romania are taxed at a fixed rate of 16%. There are many double taxation agreements available. The standard currency for the share capital is Ron, altho any currency may be used.

Company upkeep

The audits and accounts must be prepared yearly. Annual return must be filed and the annual license fee must be paid in order to maintain an incorporated company in Romania.