2025 · Investor's Handbook
Invest in Romania.
A practical guide to investing in Romania — opportunities, incentives, and regional profiles
🇷🇴Section · 01
Romania at a Glance
EU/NATO/Schengen member state at the crossroads of Europe, CIS, and the Middle East. Gateway to a market of 450M consumers with a dynamic €354B economy.
GDP
€353.8 billion (2024)
- Population~19 million consumers (3M in Bucharest metro)
- EU member since 2007 · NATO since 2004 · Schengen since 2025
- FDI stock€126.17 billion; new inflows €5.73B in 2024
- 2nd lowest hourly labour cost in EU-27€12.50/hr
- 3rd fastest fixed internet in EU248 Mbps avg download
- 16% flat corporate tax rate
- Automotive560,000+ vehicles produced in 2024 (13% of GDP)
- IT & business services€15.8B turnover (6.9% of GDP)
Strategic Position
- Located at the junction of EU, CIS, and Middle East
- Direct access to ~450 million consumers via EU single market
- Schengen entry (2025) unlocks full freedom of movement for people and goods
- 118 industrial parks across the country
Peak Sectors
- Automotive: 560,000+ vehicles/year, 13% of GDP
- IT & Business Services: €15.8B turnover, 6.9% of GDP
- Agrifood & Green Energy: 118 industrial parks, cost cuts up to 70% in Just Transition counties
- Renewables & Energy Storage: major EU-funded incentives
📈Section · 02
Macroeconomics & Business Climate
Post-pandemic soft landing with GDP growth of 2–3% projected 2025–2028. Competitive tax regime with 16% CIT and 10% dividend tax (rising to 16% in 2026).
GDP growth forecast
1.6% (2025), 2.8% (2026+)
- Annual inflation5.1% (2024), forecast 4.6% (2025), 3.1% (2026)
- Unemployment~5.4% (2025) — structurally low, below EU avg
- Budget deficit8.6% of GDP (2025, under fiscal consolidation)
- 67% of multinationals plan to expand in Romania in next 3 years
- Corporate tax16% flat (2nd lowest in EU)
- VAT21% standard
- Dividend tax10% (2024), rising to 16% from Jan 1, 2026
Investor Sentiment
- 67% of multinationals plan to expand Romanian presence in next 3 years (vs 41% in 2023)
- 70% of local companies consider investment level 'adequate'
- OECD accession process brings new anti-corruption legislation (end 2024)
- Resilient domestic demand: EU funds + private investment sustaining fixed capital growth
EU Tax Comparison (2025)
| Tax Type | Romania | EU Average | Ranking |
|---|---|---|---|
| Corporate Income Tax | 16% | ~22% | 2nd lowest in EU |
| Standard VAT | 21% | ~21.5% | Mid-range |
| Dividend Tax (2024) | 10% | ~20% | 3rd lowest in EU |
| Dividend Tax (from 2026) | 16% | ~20% | Below average |
💰Section · 03
Competitive Costs
One of the most attractive cost profiles in the EU — combining low-cost workforce, cheap utilities, top-tier internet, and significantly lower real estate vs Western Europe.
Hourly labour cost
€12.50 (2nd lowest in EU-27)
- Non-wage employer costs4.8% (lowest in EU vs 24.7% EU avg)
- Electricity€0.15995/kWh (11th smallest in EU)
- Natural gas€0.04795/kWh (6th smallest in EU)
- Internet248 Mbps avg download, 3rd in EU; 1Gbps plan costs just €8/mo
- Bucharest office rent index vs London = 100 vs 459
Labour Market Costs
| Indicator | Romania | EU-27 Avg | EU Rank |
|---|---|---|---|
| Hourly labour cost | €12.50 | €33.50 | 2nd lowest |
| Non-wage costs (% of total) | 4.8% | 24.7% | Lowest |
| Annual labour cost increase (Q1 2025) | 16.1% | 3.4% | Highest growth |
90% of university graduates speak English; 97% of high school students master 2+ foreign languages
Utilities
| Utility | Romania (2024) | EU-27 Avg | EU Rank |
|---|---|---|---|
| Electricity | €0.15995/kWh | €0.213/kWh | 11th smallest |
| Natural gas | €0.04795/kWh | €0.077/kWh | 6th smallest |
Digital Connectivity
| Indicator | Romania | EU-27 Avg | Rank |
|---|---|---|---|
| Median download speed (Mbps) | 248 | 167.6 | 3rd in EU |
| Fixed internet coverage ≥100 Mbps | 81% | 86.6% | 3rd in EU |
| 1 Gbps monthly cost | €8 | ~€20 | Among smallest |
Real Estate (vs Western Europe)
| Index | Bucharest | Berlin | London |
|---|---|---|---|
| Consumer Price Index (rent-free) | 100 | 153 | 191 |
| Rental Price Index | 100 | 215 | 459 |
🏦Section · 04
Funding Opportunities
Romania offers one of the most comprehensive financing ecosystems in Central & Eastern Europe: €44B+ in EU cohesion funds, €28.5B NRRP, and multiple state aid schemes covering manufacturing, agrifood, energy, and SMEs.
EU Cohesion Policy 2021–2027
€44.43 billion across 16 programmes
- NRRP€28.5 billion (€13.6B grants + €14.9B loans)
- Regional aid intensities30%–70% of eligible costs depending on county
- De minimis aidup to 90% for SMEs in Just Transition counties
- Key portaloportunitati-ue.gov.ro
EU Cohesion Policy Funds (€44.43B, 2021–2027)
16 programmes (8 national + 8 regional) managed by Ministry of Investment and European Projects.
- Name
- Education & Employment Programme (EPO)
- Objective
- Quality jobs, labour market skills, social integration and lifelong learning
- Eligible
- Educational institutions, companies, NGOs, local authorities, PPPs
- Duration
- 2021–2027
- Name
- Social Inclusion & Dignity Programme (SIDS)
- Objective
- Support vulnerable groups, reduce social exclusion, improve social assistance
- Eligible
- Public authorities, NGOs, community organisations
- Duration
- 2021–2027
- Name
- Health Programme (PS)
- Objective
- Modernise health infrastructure, digitalise health system, reduce regional disparities
- Eligible
- Public/private healthcare providers, local authorities, universities
- Duration
- 2021–2027
- Name
- Just Transition Programme (JTP)
- Objective
- Economic diversification in counties transitioning from coal (Gorj, Hunedoara, Dolj, Galati, Prahova, Mureș)
- Eligible
- SMEs, large companies, local consortia, authorities
- Grant Intensity
- Up to 90% (de minimis); 70–75% (SMEs, regional aid)
- Duration
- 2021–2027
- Name
- Sustainable Development Programme (PDP)
- Objective
- Disaster prevention, carbon reduction, energy efficiency
- Eligible
- Public authorities, companies, universities, NGOs
- Duration
- 2021–2027
- Name
- Smart Growth, Digitalisation & Financial Instruments (PCIDIF)
- Objective
- R&I acceleration, entrepreneurship support, business and public admin digitalisation, regional innovation hubs
- Eligible
- Start-ups, SMEs, companies, authorities, innovation hubs, universities
- Duration
- 2021–2027
National Recovery & Resilience Plan (NRRP) — €28.5B
Romania's largest post-accession reform + investment programme. 66 reforms, 113 investments across 16 strategic sectors. 44% green transition + 22% digitalisation.
- Total
- €28.5 billion
- Grants
- €13.6 billion (47.7%)
- Loans
- €14.9 billion (52.3%)
- Green Transition
- €12.58 billion (44.1%)
- Digitalisation
- €6.21 billion (21.8%)
- Period
- 2021–2026
- Water Management — safe water, flood risk reduction
- Forests & Biodiversity — reforestation, anti-logging
- Waste Management — circular economy, recycling
- Sustainable Transport — rail electrification, green mobility
- Renovation Wave — energy efficiency in buildings (nZEB)
- Energy Transition — coal phase-out by 2032; renewables, hydrogen, SMR
- Digitalisation — broadband, government cloud, cybersecurity, e-Gov
- Tax & Pension Reform — admin digitalisation, pension sustainability
- Private Support & RDI — SME grants, startup acceleration
- Local Development & Urban Revitalisation — housing, transport
- Tourism & Culture — heritage restoration, sustainable tourism
- Health & Social Services — hospital modernisation, e-health records
- Good Governance — e-procurement, anti-bureaucracy
- REPowerEU (2024 complement) — energy independence investments
Public institutions, private companies, NGOs, local authorities, research organisations, university consortia
State Aid — Regional Development (GD 300/2024)
For large projects (€10M–€100M eligible costs) in manufacturing and waste management. Competitive, transparent grants up to €49.5M per project.
- Total Budget
- €449.997 million (2024–2026)
- Max Grant
- €49.5 million per project
- Annual Budget
- €149.999 million
- Intensity
- 30%–70% of eligible costs (varies by county)
- Payment Deadline
- Until 2032
€10M–€100M per project
- New construction
- State-of-the-art machinery & equipment
- Depreciable intangible assets (patents, licences, know-how)
- Companies registered in Romania
- Not in difficulty, insolvency, or reorganisation
- Project completed within 36 months, maintained 5+ years
- At least 25% own/external financing (no other public aid)
- Single NACE code per application
Ministry of Finance, 16 Libertăţii Blvd, Sector 5, Bucharest
State Aid — Manufacturing Grants (GD 702/2024)
For multinationals, large companies, and innovative SMEs targeting manufacturing development, expansion, and modernisation. One of the most competitive schemes in the region.
- Total Budget
- €447 million (2024–2026)
- Max Grant
- Up to €57.75 million (in 70% intensity regions)
- Annual Budget
- ~€149 million
- Intensity
- Up to 70% depending on region
€5 million (excl. VAT)
- Tangible & intangible assets (machinery, IP, licences)
- Building/land/equipment rent
- Salary costs for new jobs created (2 years)
- Mixed asset + wage models
- Investment maintained 5 years (3 for SMEs)
- 25% own/external co-financing required
Wide manufacturing range per GD 702 Annex 1: automotive, chemical, electronic, furniture, food, textiles, and more
ajutordestat@economie.gov.ro | Ministry of Economy, Bd. Libertăţii 16, Sector 5, Bucharest
INVESTALIM — Agrifood State Aid
Dedicated to the food industry. €600M total (2023–2026), up to 500,000 lei per beneficiary. Supports digital automation and new capacity in food processing.
- Total Budget
- €600 million (2023–2026)
- Annual Budget
- €148 million
- Max Grant
- 500,000 lei per beneficiary
- Co Financing
- At least 25% own/external sources
- Meat/fish processing
- Fruit, vegetable & juice processing
- Dairy, bakery, sugar products
- Farm & pet food
- Oils & fats
- New units or extensions
- Processing equipment, manufacturing lines, patents, technologies
AFIR — politici.indalim@madr.ro | Tel: 021.307.23.82
Energy-Intensive Industry Exemption (GEO 20/2025)
Reduces green certificate costs by up to 85% for large industrial energy consumers competing globally. Provides long-term cost predictability through 2031.
- Total Budget
- €578.4 million (up to €150M/year until 2031)
- Max Reduction
- Up to 85% or 75% of green certificate costs
- Minimum Payment
- €0.5/MWh/year
Large industrial companies in sectors with significant carbon relocation risk (per EU NACE codes in Annexes 3a & 3b)
- Energy audit per Law 121/2014
- Implement measures with <3yr payback OR
- Ensure 30% of electricity from CO2-free sources OR
- Invest 50% of aid in emissions reduction
Ministry of Energy, 39-41 Academiei St, Sector 1, Bucharest | Tel: 0374.496.825
Advanced Biofuels Investment Aid
Supports bioethanol, HVO, and SAF plant investors. €500M budget, open until end of 2025. Government target: biofuels ≥5% of transport energy by 2030.
- Total Budget
- €500 million (until 31 Dec 2025)
- Max Grant Bioethanol
- €45 million per plant
- Max Grant Saf Hvo
- €91.25 million per plant
- Co Financing
- Minimum 55% from beneficiary
Micro, SMEs, large companies (incl. start-ups) with NACE 2014, Division 20 (basic organic chemicals)
Scheme open only until end of 2025 — early-mover advantage
Start-Up Nation Romania 2025
4th edition. ~€450M in grants for new entrepreneurs. Up to 250,000 lei / SME, covering 90% of eligible costs. Mandatory entrepreneurship training prerequisite.
- Total Budget
- ~€450 million
- Max Grant
- 250,000 lei / SME
- Coverage
- Up to 90% of eligible costs
- Min Jobs
- 2 new jobs per new SME
- Name
- Pillar I — Youth Entrepreneurship
- Budget
- €295.75 million
- Target
- Under 30 years old, all regions
- Expected Results
- 25,000 trained, 5,250 new companies, 10,500 jobs
- Name
- Pillar II — Vulnerable Groups
- Budget
- €150.44 million
- Target
- Ages 30–34, jobseekers, disadvantaged groups (excl. Bucharest-Ilfov)
- Expected Results
- 4,600 trained, 2,500 new companies, ~5,000 jobs
- Minimum 18 years old, Romanian resident
- Must complete training course
- Create minimum 2 jobs per new SME
- Minimum 10% own contribution
021 9059
Women Entrepreneur Programme 2024
€200M lei dedicated budget for women-led businesses. Grants up to 200,000 lei covering 90% of eligible costs. Focus on production, digital, and creative industries.
- Budget
- 200 million lei (2024 edition)
- Max Grant
- 200,000 lei per project
- Coverage
- Up to 90% of eligible costs
- Min Jobs
- 2 full-time jobs (maintained 12+ months)
SMEs established before 31 Dec 2021, at least one female associate with ≥50% ownership
- Technological equipment, IT, energy efficiency systems
- Workspaces, production, transport, furniture
- Salary costs (lump sum up to 60,000 lei)
- Entrepreneurial training courses
- Consulting (up to 10,000 lei)
National Microindustrialisation Programme (2023 Edition)
Supports SME scale-up with non-refundable grants up to 50% of costs (max 500,000 lei), linked to a mandatory investment loan with a partner bank.
- Budget
- 50 million lei (2023 call)
- Max Grant
- 500,000 lei / beneficiary (max 50% of costs)
- Mandatory Loan
- Minimum 250,000 lei investment loan from partner bank
- Duration
- 2022–2027 multiannual
SMEs registered in Romania, active 12+ months, private capital
- Equipment, energy efficiency, 100% electric vehicles
- Green investments (recycling)
- Business digitalisation (website, ERP, software)
- Vans and special vehicles
🏢Section · 05
How to Open a Company in Romania
Most common forms: LLC (SRL), Joint Stock (SA), Branch. ONRC processes registration in 1 working day; CIF/VAT issued automatically.
LLC minimum capital
1 leu
- SA minimum capital90,000 RON
- ONRC processes registration in 1 working day
- EU/EEA citizens can buy real estate under same conditions as Romanians
- Registration possible online via portal.onrc.ro
Step-by-Step Process
- Step
- 1
- Title
- Reserve Company Name
- Detail
- Submit 3 hierarchical name options to Trade Register (ONRC). Done online at portal.onrc.ro.
- Step
- 2
- Title
- Draft Articles of Incorporation
- Detail
- For SRL/SA: Company Statute or Constitutive Act (SRL with sole shareholder). Use standard ONRC forms (Order 5307/C/2022).
- Step
- 3
- Title
- Establish Registered Office
- Detail
- Submit proof of right to use: lease, title, or virtual office document. EU/EEA citizens can purchase real estate same as Romanian citizens.
- Step
- 4
- Title
- Open Bank Account & Deposit Capital
- Detail
- Deposit minimum capital in a Romanian bank. Obtain bank confirmation letter.
- Step
- 5
- Title
- Submit Registration Dossier to ONRC
- Detail
- Apply online or in person. Docs required: registration application, name reservation, articles of incorporation, bank confirmation, proof of HQ, administrator details, tax confirmations, self-declarations.
- Step
- 6
- Title
- Fiscal & Statistical Registration
- Detail
- Tax ID (CIF/VAT) and statistical code automatically issued by ONRC and transmitted to ANAF.
- Step
- 7
- Title
- Start Activity
- Detail
- Notify ANAF of accounting method, VAT option, and any sector-specific authorisations.
- https://portal.onrc.ro
- https://www.anaf.ro
Forms of Business Organisation
- Name
- Limited Liability Company (SRL)
- Min Capital
- 1 leu
- Associates
- 1–50 individuals or legal entities
- Liability
- Limited to capital contributions
- Governance
- One or more directors; no mandatory financial publication
- Best For
- Most common form; ideal for SMEs and foreign subsidiaries
- Name
- Joint Stock Company (SA)
- Min Capital
- 90,000 RON
- Associates
- Minimum 2; no maximum
- Liability
- Limited to capital contribution
- Governance
- Board of Directors + mandatory auditor; public financial reporting; freely transferable shares; stock exchange listing possible
- Best For
- Larger companies; companies seeking public listing
- Name
- Authorised Natural Person (PFA)
- Min Capital
- None
- Liability
- Unlimited personal liability
- Taxation
- 10% income tax + social contributions
- Best For
- Solo freelancers and micro-businesses with low turnover
- Name
- Branch of a Foreign Company
- Min Capital
- None (governed by parent capital)
- Liability
- Parent company liable for branch debts
- Note
- Considered Romanian legal entity for tax and reporting purposes
- Best For
- Fast market entry for foreign companies
🗺️Section · 06
Development Regions
Romania has 8 development regions with distinct economic profiles, varying state aid intensities (30–70%), and dedicated EU regional programmes. Total regional programme budget: ~€10B+.
8 development regions — no administrative status but coordinate EU fund access
- State aid intensities range from 30% (Bucharest-Ilfov) to 70% (Gorj, Just Transition)
- Each region has a dedicated EU Regional Programme 2021–2027
- Just Transition Programme coversGorj, Hunedoara, Dolj, Galati, Prahova, Mureș
West Development Region
Timiș · Arad · Caraș-Severin · Hunedoara
GDP
€28.42B
Unemp.
1.88%
FDI stock
€8.7kM
- Timiș, Arad
- 30% (max €24.75M)
- Caraș-Severin
- 40% (max €33M)
- Hunedoara
- 50% (max €41.25M)
- Regional Programme
- €1.18 billion (EU: €981M + state: €197M)
- Just Transition
- Hunedoara County — up to 70% for SMEs
- Mature automotive ecosystem (Automotivest cluster, ICT Regional Cluster)
- 9 universities incl. Politehnica Timișoara and West University
- Direct border with Hungary and Serbia
- A1 motorway + Timișoara Int'l Airport
- Curtici–Arad Free Zone + 13 industrial parks
- Exports: €13.7B (15% of national total, 2024)
North-West Region
Bihor · Bistrița-Năsăud · Cluj · Maramureș · Satu Mare · Sălaj
GDP
€39.21B
Unemp.
2.26%
FDI stock
€7.4kM
- Bihor, Cluj
- 40% (max €33M)
- BistrițA-NăSăUd, Maramureș, Satu Mare, SăLaj
- 50% (max €41.25M)
- Regional Programme
- €1.4 billion
- Cluj-Napoca: major IT & innovation hub
- 4 international airports
- A3 motorway access
- Babeș-Bolyai University + Technical University Cluj
- FDI stock €7.4B (2nd regionally)
- Exports: €10.9B
- 3.3% unemployment — very low
Centre Development Region
Alba · Brașov · Covasna · Harghita · Mureș · Sibiu
GDP
€34.28B
Unemp.
3.16%
FDI stock
€9.8kM
- BrașOv, Covasna, Harghita, Sibiu
- 40% (max €33M)
- Alba, Mureș
- 50% (max €41.25M)
- Regional Programme
- €1.384 billion
- Just Transition
- Mureș County — €277M; up to 70% SMEs
- FDI stock €9.8B — 2nd in Romania
- Mercedes-Benz, Continental, Autoliv, Schaeffler, Bosch present
- 14.74% of national exports
- University of Transylvania (Brașov), Lucian Blaga (Sibiu)
- Sibiu Int'l Airport + A3 motorway
South-West Oltenia Region
Dolj · Gorj · Olt · Mehedinți · Vâlcea
GDP
€25.1B
Unemp.
5.43%
FDI stock
€2.3kM
- Dolj
- 50% (max €41.25M)
- MehedințI, Olt, VâLcea
- 60% (max €49.5M)
- Gorj
- 70% (max €57.75M)
- Regional Programme
- €1.2 billion
- Just Transition
- Gorj: €537.2M; Dolj: €412M; up to 90% de minimis
- Gorj county: highest EU regional aid intensity (70%)
- Ford manufacturing centre in Craiova
- 8 licensed industrial parks (146.8 ha)
- Craiova Int'l Airport + Danube river ports
- Growing exports to €6.93B in 2024 (7.48% national)
South-Muntenia Region
Argeș · Călărași · Dâmbovița · Giurgiu · Ialomița · Prahova · Teleorman
GDP
€37B
Unemp.
3.71%
FDI stock
€7.4kM
- Prahova
- 40% (max €33M)
- Argeș, DâMbovițA, Giurgiu
- 50% (max €41.25M)
- CăLăRașI, IalomițA, Teleorman
- 60% (max €49.5M)
- Regional Programme
- €1.5 billion
- Just Transition
- Prahova: €104.52M
- Renault Technologie Roumanie R&D centre in Titu (largest outside France)
- Automobile Dacia — one of largest production volumes in Eastern Europe
- A1/A2/A3 motorways cross the region
- 31 industrial parks (1,388 ha)
- 3rd nationally by export volume: €13B (14.03% national, 2024)
- Proximity to Bucharest and Henri Coandă Airport
South-East Development Region
Brăila · Buzău · Constanța · Galați · Tulcea · Vrancea
GDP
€31.4B
Unemp.
3.57%
FDI stock
€4.3kM
- ConstanțA
- 40% (max €33M)
- BrăIla, BuzăU, GalațI, Vrancea, Tulcea
- 60% (max €49.5M)
- Regional Programme
- €1.48 billion
- Just Transition
- Galați: €387.5M; up to 75% SMEs, 90% de minimis
- Port of Constanța: largest Black Sea port, 4th in Europe by traffic
- Gateway to Black Sea–Danube–Central Europe axis
- Pan-European Corridor IV access
- Key companies: Rompetrol (€17B turnover), Liberty Galati, Bunge Romania
- Strategic for energy transition and offshore/marine industry
North-East Region
Bacău · Botoșani · Iași · Neamț · Suceava · Vaslui
GDP
€32.8B
Unemp.
4.17%
FDI stock
€3.0kM
- IașI
- 40% (max €33M)
- BacăU, BotoșAni, Neamț, Suceava, Vaslui
- 60% (max €49.5M)
- Regional Programme
- €1.759 billion
- Largest region by area (36,850 km²) AND population (3.2M+)
- Least developed = HIGHEST EU aid intensities (up to 60%)
- 8 industrial parks + science parks
- Major companies: Amazon, Continental, Oracle present in Iași
- 3 international airports: Iași, Bacău, Suceava
- Border with Moldova and Ukraine = cross-border trade access
- 'Alexandru Ioan Cuza' and 'Gheorghe Asachi' Technical University of Iași
Bucharest-Ilfov Region
Ilfov
GDP
€95.5B
Unemp.
0.8%
FDI stock
€75.4kM
- Bucharest
- Not eligible for regional aid
- Ilfov (Selected Municipalities)
- 30% (max €28.875M)
- Regional Programme
- €1.47 billion (EU: €586.6M + state: €879.9M)
- Generates 26–28% of national GDP
- FDI stock: €75.4B — 63.8% of Romania's total FDI
- GDP/capita: €41,600 — 190% of EU27 average (PPS)
- 0.8% unemployment — lowest in Romania
- 33.3% of students in higher education
- 26.7% of national exports (€24.8B in 2024)
- Henri Coandă Int'l Airport: direct flights to 100+ destinations
- Home to top universities: UB, ASE, Politehnica, Carol Davila, UTCB
Source · Investors-Handbook-2025_EN.pdf
Ready to proceed?
The full 2025 Investor's Handbook (70 pages) covers every program, region, and incentive in detail. For tailored introductions, the Embassy of Romania can connect you with national and regional investment authorities.