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Romania

The ISO code of Romania is RO according to the ISO 3166 standard. The local name of the country is the same as its English name. Romania capital city is Bucharest. People in Romania speak the Romanian language. On 1 August 1958, Romania emerged as a sovereign political entity. In the year 08/01/1958, Romania emerged as a sovereign political entity. The largest city in Romania is Bucharest.

Romania is located in the UTC +02:00 time zone, which is also called Eastern European Time or EET. The internet country code top-level domain (ccTLD) for Romania is .ro. Other domains assigned to Romania are .eu. The domain name .eu is available for use by organizations in and residents of European Union member-states. The International dialing code for Romania is 40. People in Romania drive on the right side of the road. Total land area of Romania is 238,391 km² (approx. 92,043 mi²). Romania is not a landlocked country. It means that is is bordered by at least one major body of water.

A view in Romania

Romania is located in Europe. Romania is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life.

Currently Romania faces various issues, including soil erosion and degradation, water pollution, air pollution in south from industrial effluents, contamination of Danube delta wetlands.

Doing business in Romania

We offer various corporate services in Romania jurisdiction. These services can serve both, people coming from Romania and foreigners. If you plan on doing business in Romania you might be interested in contacting us.

To find out about starting your business in Romania click on company formation in Romania.

To find out how to open a bank account in Romania and moreover what type of account Confidus Solutions suggests to create, please click on bank account in Romania.

Choose preferred service below or continue reading to find out more about Romania.

Company formation Bank account (Corporate)Available banks Bank account (Private)

Demographics of Romania

The total population of Romania is 19,580,634 people. In Romania, the population density is 84 people per square kilometer (219 per square mile). Because of this statistic, this country is considered to be sparsely populated. The ethnic diversity is diverse according to a fractionalization scale which for Romania is 0.3069. Romania has approximately 226943 foreign immigrants. The median age is approximately 39.8 years. In Romania, 50 in every 100 people use internet. Romania has a Human Development Index (HDI) of 0.785.

The majority religion of Romania is Christianity, Romania is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Click on a link to read more on demographics of Romania.

Culture of Romania

People in Romania speak the Romanian language. According to data on inbound tourists in Romania, 8,019,000 tourists arrive in the country each year. The first McDonalds in Romania was opened on 16 June 1995, and it was located in Bucharest. One of the most popular national dishes of Romania is mămăligă. To read more click on culture of Romania.

Geography of Romania

Romania is considered to be a large nation because of its total area. Its total land area is 238,391 km² (approx. 92,043 mi²). Romania is located in Europe. Its capital city is Bucharest. Romania has 5 neighbouring countries. Its neighbours include Bulgaria, Hungary, Moldova, Serbia, and Ukraine. Total length of land borders of Romania is 2844 kilometers (~1,098 miles).

The highest point of Romania is Moldoveanu, with its official height being 2544 m (8,347 ft). Including land mass and EEZ, the total area of Romania is approximately 262,018 km² (~101,165 mi²). The most notable natural resources found in Romania are petroleum, timber, natural gas, coal, iron ore, salt, arable land, hydropower.To read more click on geography of Romania.

Economy of Romania

The currency of the country is Romanian leu. The symbol used for this currency is lei, and it is abbreviated as RON. 4.6% of population in the country are unemployed. The total number of unemployed people in Romania is 900,709. Each year, Romania exports around $65.84 billion and imports roughly $73.42 billion. The Gini Index of the country is 27.3. Romania has a Human Development Index (HDI) of 0.785.The Global Peace Index (GPI) for Romania is 1.542. Romania has a government debt of 42.5% of the country's Gross Domestic Product (GDP), as assessed in 2012. Romania is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Major industries in the country are electric machinery and equipment, textiles and footwear, light machinery, auto assembly, mining, timber, construction materials, metallurgy, chemicals, food processing, petroleum refining.

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Romania is $393,830 billion. Each year, consumers spend around $101,103 million. The ratio of consumer spending to GDP in Romania is 0%, and the ratio of consumer spending to the world consumer market is 0.2915. The corporate tax in Romania is set at 16%. Personal income tax ranges from 16% to 16%, depending on your specific situation and income level. VAT in Romania is 19%. To read more click on economy of Romania.

Infrastructure of Romania

Infrastructure quality in Romania is rated to be at 2.77. It indicates a satisfactory quality - roads, railroad, ports and other facilities are able to handle significant traffic at all times and are also suited to various types of transport vehicles and vessels.

In Romania, 100% of the population has access to electricity. There are 2,667,000 internet hosts in Romania. Romania has 45 airports nationwide.

The logistics performance index of Romania is 3.26. It indicates a satisfactory performance - in general, traffic is handeled well, some flaws in certain areas are possible, but overall the logistics system performs reliably and is ready to handle predictable amounts of traffic.

Tracking possibilities for shipments are rated at 3.39. It indicates a satisfactory performance - the tracking systems provide all the basic information as well as additional data about shipments; most of the times it also has a weel established cooperation with foreign and international tracking systems, as well as usually provides information in multiple languages.

The number of road motor vehicles per 1000 inhabitants in Romania is 317. To read more click on infrastructure of Romania.

Politics of Romania

Romania, is a unitary semi-presidential republic. With regard to political and civil freedoms, Romania is 1. Citizens in Romania experience total freedom. The majority of countries in which citizens enjoy expansive civil liberties and political freedoms are representative democracies, in which officials are directly elected by citizens to advocate for their needs and desires. Free countries are often bolstered by healthy economies and high-functioning governments. The head of the government is Klaus Iohannis.

According to the World Bank Group, the government effectiveness index of Romania is 0. This indicates that the government of Romania is mediocre. While some public and civil services are limited, in other cases they can be considered adequate or even effective. Potential investors should carefully evaluate the governmental situation in Romania before considering any business maneuvers.In Romania, the legislative power is vested in a Parliament. The Global Peace Index (GPI) for Romania is 1.542. The strength of legal rights index for Romania is 10. Overall, it is considered to be rather strong - bankruptcy and collateral laws are able to protect the rights of borrowers and lenders quite well; credit information is abundant and easily accessible. Romania is a member of the United Nations (UN). On 14 December 1955, it joined the UN as a full member state. Romania is a member of the European Union (EU). On 14 December 1955, it joined the EU as a full member state. Romania is a member of the World Bank. To read more click on politics of Romania.

Environment of Romania

Romania emits 4.2 metric tons per capita of CO2. 69610 km² of Romania's territory is covered in forests. and forest land comprises 29% of all the land in the country. The number of road motor vehicles per 1000 inhabitants in Romania is 317. To read more click on environment of Romania.

Company formation in Romania

The development of telecommunications and economic globalization has made it possible for interested investors to form companies around the world. With proper research, financial investments, and legal backing, business ventures can safely be established in Romania.

When establishing a company in Romania, an interested investor must do due diligence with regard to legal processes, international regulations, and sufficient investment for success. It is critical to understand cultural, social, and political factors of Romania that will affect the establishment and growth of one's business. Contact us or click on company formation in Romania to read additional information when setting up a business.

Bank account opening in Romania

With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in Romania. This opportunity for international accounts and investments offers several advantages based on economic regulations and tax structures. Interest rates and fees vary depending on your interests.

When considering opening a bank account in Romania, one must enlist the help of international experts to guide them through the process. To find out more about our banking services click on bank account in Romania or contact us.