The Legal System in Hungary

The legal system in Hungary is regulated by 5 types of institutions:

·         the Curia

·         the regional courts of appeal,

·         the regional courts,

·         the district courts and

·         the administrative and labor courts.

The Curia in Hungary

As the highest judicial authority in Hungary, Curia is run by a President and composed out of the following departments: civil, criminal and administrative. It is also known as the Supreme Court in this country. The responsibilities of this institution are numerous and extremely complex. Its attributions include analyzing, adopting, passing and publishing all decisions related to the Hungarian civil law and criminal areas. Uniform law enforcement is guaranteed by the Curia and its decisions are binding for other courts.

The President of the Supreme Court of Hungary is elected by the Parliament, with a two-thirds majority of its members, on the recommendation of the President of the Republic. At the time of his election, the future President must already be a judge.

The Regional Courts in Hungary

The 20 regional courts in Hungary act as first instance courts and their role is to review appeals submitted against district and administrative courts. The regional Courts are run by a President and they have a status of legal entities.

Regional Courts of Appeal in Hungary

The 5 regional courts of appeal must review appeals in second and third instance submitted against the decisions of district and regional courts or other cases submitted in their jurisdiction. There are 5 such courts in Hungary and they are led by a President. Just like the regional courts, the regional courts of appeal have a legal entity status.

The District Courts in Hungary

The 111 district Courts in Hungary act as fist-instance courts. They are led by a President and don’t have legal personality. Their role is to hear the majority of criminal and civil cases in first instance and their competency must conform to the area of public administration.

Administrative and Labor Courts in Hungary

The 20 administrative and labor courts in Hungary must judge first instance cases regarding administrative and employment decisions. They are led by a President, without having the legal personality status

For legal consultancy regarding the opening of a new company in Hungary please contact our attorney partners in Hungary.

What are the main types of companies you can set up in Italy

A foreign investor interested in doing business in Italy may choose from a large variety of companies’ types the one that suits best its interests and goals. If you don’t know what type is more appropriate for your business, you may contact our Italian lawyers who will offer you tailored solutions and then they will help you register the new company and start doing business.

The main types of companies you can set up in Italy are:

- SRL – “Societa a responsabilita limitata” or limited liability company, the most common type of company, is chosen by the most foreign and local entrepreneurs who intend to run a small or medium business in Italy. The shares in this type of company cannot be bought freely by the public. Anyone who wants to open a limited liability company in Italy is required to pay a minimum capital share of 10,000 EUR.

- SpA – Societa per azioni or joint stock company is generally chosen by investors who want to run large businesses. Every shareholder is liable for the company debts depending on the amount paid for his shares. All the shares are registered with the Stock Exchange and can be bought by the public. For opening a joint stock company, you will need at least 120,000 EUR for the capital share.

- general partnership – is formed by an association of persons interested in running a certain business. This type of company has legal personality and all the partners are liable for the debts of the company. At the registration, every partner may bring his contribution in cash or goods, such as properties.

- limited liability partnership – can be set up by one or more persons, but one of them is the general partner, with unlimited liabilities, and the others are limited partners, with liabilities limited to their contribution at the company’s capital.

For opening a company in Italy you don’t have to go in person to this country for the registration procedure if you don’t want or you don’t have time. You may give the power of attorney to one of our lawyers who will handle the entire procedure of company registration.  

  

What type of company would you open in Poland?

Poland is the sixth largest EU member state and one of the most fast-growing economies in the world. Due to its position in Central Europe it provides entrepreneurs decided to invest in it with the opportunity of an easy access to the worlds’ biggest free market area. This means low transportation costs and more facile trading procedures for import and export activities within this area. The United Nations Conference on Trade and Development estimated in a report in 2013 that Poland will become the 4th European most attractive country for foreign investors

In this situation it is understandable that the number of investors turning towards Poland for businesses startups has increased considerably over the last few years. Poland provides them with a wide range of structures to choose from. Also, in case they consider the process of opening a new company in Poland to be too time consuming, foreign investors have to opportunity buy a shelf company that will allow them to start conducting their business immediately.

One of the most common is the Polish Limited Liability Company (Sp.z.o.o.) which requires a minimum share capital of 5,000 PLN and at least one shareholder in order to be established. The founders can be either individuals or legal entities and they liability is limited to the amount of shares they own. A Polish Joint-Stock Company (Spólkaakcyjna) is best suited for large size businesses and the setup process requires a minimum share capital of 100,000 PLN. Another type of partnership specially designed for large businesses is the Polish Limited Joint-Stock Partnership (Spólkakomandytowo-akcyjna) that requires a minimum share capital of 50,000 PLN.

Poland also offers a variety of partnership types to choose from. The Polish Limited Partnership (Spólkakomandytowa) must be formed by at least two individuals or legal entities. It has minimum one entirely liable partner and at least one limited liability partner. Taxes are paid by each of the individuals or organizational units that form the partnership in Poland.

The Polish Civil Partnership (Spólkacywilna) is a legal form with a relatively simple structure. It is usually chosen by small businesses and it is composed out of minimum two shareholders with common business goals. Although it is easy to set up, entrepreneurs should keep in mind the fact that this type of Polish company has no legal personality and it doesn’t’ require registration with the National Court Registry.

A special type of entity is the Polish Sole proprietorship because it only requires one founder and no minimum capital. There is no legal distinction between the business and the owner, who must be registered for paying taxes in Poland

Premises for the future development of Poland from the investments point of view look bright since the country’s economy is expected growth by 3.5% in 2015 and 3.8% in 2016.

Why invest in Romania?

Investors are always keen to find new opportunities for great investments. So why should they consider Romania as one of their choices? In 2013, Romania registered a 22.3 percent increase in direct foreign investment, according to data released by the National Bank of Romania. The amount of capital invested in the first 11 months of 2013 totalled some 2.4 billion EURO, even though the economic climate was not one of the friendliest at the time. 

Some of Romania's industries are very attractive, not only for foreign investors but also for local ones. The top 3 industries worth considering are agriculture, energy and tourism, these industries are mentioned by most of the studies and also recommended by embassies and chambers of commerce. 

One example of investment for the energy industry is the 91 million euro investment announced by E.ON on April 8th, 2014 for this year in order to upgrade its gas and electricity distribution networks. 

Real estate ownership 

Starting January 2014 , the acquisition of land in Romania and owning buildings has been liberalised for foreign citizens and legal entities under the same conditions and terms as Romanian citizens and legal entities. The conditions for the agricultural land require compliance of a pre-emption right. The new Civil Code states that the authentic form of the sale-purchase agreement does not suffice for ensuring ownership right over real estate. This implies that it is mandatory the transfer of registration with the relevant land book of ownership. This means the ownership right will be transferred when the inscription in the Real Estate Register is made. 

Corporate legal framework 

The most commonly types of companies used in Romania are limited liability companies (LLCs) and joint stock companies (JSCs). The same corporate tax applies to both types – a rate of 16%. The payments of profits for shareholders are being treated as dividents so they may be subject to specific taxation. 

The LLCs and JSCs offer a higher degree of protection for shareholders regarding the liability perspective. The LLC has the advantage of a very low share capital requirements (approximately 45 EURO) as opposed to the JSC – the minimum is about 20.000 EURO. More so, the LLC is governed by a simpler corporate structure, involving a less costs and a lighter operating burden. 

Energy 

The Law no. 220/2008 regarding the promotion of renewable energy projects was created in order to support small projects and it provides opportunities for selling the energy produced at regulated fares, this case implies that the investor no longer benefits from green certificates. The producers accredited after January 1st, 2014 there will be a number of green certificates reduced out of the initial number of green certificates. For the projects already accredited, the E-RES target for the 2014 that benefit from the green certificates scheme was established at 11.1% by the ANRE. 

Labour 

In Romania, investors may find skilled workforce for competitive prices (the average gross salary is 510 EURO/month, while the minimum gross salary is 190 EURO/month). There is also regulated a trial period for employees (it is not considered mandatory), the law provides up to 120 calendar days of trial period. During this time, the employer may fire the employee without any notice and motive. The contributions for social security system vary from 27.75% to 38.45% for the employer (it depends on the working conditions), while the employee's contribution is 32.5%. 

Other incentives 

The Government Emergency Ordinance no. 102/2013 (active from January 1st, 2014) states that the dividends received by holding companies, the revenues obtained by the holding companies and the capital gains acquired by the holding companies from the sales of shares in their subsidiaries are not taxable. Another incentive is offered for deductibility of expenses that are related to development activities and research, there is 5% VAT rate reduced for selling buildings under specific conditions or for the accelerated depreciation of certain assets. The general level of income and profit tax is preserved at 16% and this measure is favourable for new and stable investments.

For further information related to the legal framework for investing in Romania, you may contact our team of lawyers.

Investments in the Romanian Pharmaceutical Industry

Investments in the pharmaceutical industry are generally intricate and exhaustive processes, especially when referring to the legal background which must advocate for the overall approach. This particular sector requires a much more fastidious business development plan since this specific field comes with various risks in the financial area and as well with vast implications in the health care industry. As a foreign investor in Romania it becomes highly important to benefit from best legal counseling as laws are continuously modified. These changes are explained through multiple means, either understood in the European context or interpreted as a needed improvement, able to adapt the national climate to international standards. Most important steps in approaching a solid investment in the pharmaceutical industry in Romania concern the practical due diligence audit and the conversion of local opportunities in real profits. Evaluating opportunities on certain niches always involves an expert’s opinion which points out, in an accurate manner, all gains and losses. Despite the troublesome experience of the claw-back tax evolution, the pharma sector in Romania provides several advantages that deserve to be nominated. An extended perspective indicates that during a harsh period as that covering the interval from 2005 to 2012, the market essentially doubled and an estimated 5% growth is expected for each of the following years. Analysts’ forecasts indicate that Romania has real chances of becoming a highly important and as well influential market for the Central and Eastern Europe area. Even if the current dynamics seems to put pressure on most active participants, constant solutions are identified and professionally approached. Important companies such as Pfizer, Sanofi or Hoffman La Roche focus on strong strategies able to compensate the bureaucratic barriers and an ineffective law apparatus. 

Apart from the specific measures which are to be taken into consideration, the national authorities frequently declared their support for the generic medicine industry. Understanding the high level of qualification as a particular trait for this industry is quintessential. There are certain types of drugs which specifically increased profits on specific sectors. Here are mentioned substances related to muscle or bone disorders, cardiovascular diseases, metabolism and the digestive system. Accurately analyzing the market and identifying possible areas for investments in the pharmaceutical industry calls for a complex evaluation as it requires the close monitoring of a domain which is always changing and continuously imposing new regulations. We shall provide all necessary documentation required by such an instance explaining the functions of the licenses, IP laws to be considered when introducing new products on the market, legal features related to general company formation aspects and specific matters related to regulatory compliance. Our team delivers alternatives by identifying most appropriate strategies adjusted for investors’ intentions, market’s tendencies and trends and active competition.

Contributions to the Environment Fund in Romania

Certain types of business activities come with specific obligations concerning taxes to be paid to the Environment Fund understood as financial contributions able to cover a series of eco-friendly policies. According to Order No. 192/2014 which was published in the Official Gazette on 21st of February, 2014, details concern explicit practices used for determining contributions according to industries involved. These newly introduced regulations are of great interest for three main areas related to oils, packaging waste and used car tires policies. Contributions to the Environment Fund in Romania regarding oil control procedures refer to taxes imposed to operators coming with this type of products on our market. This tax must be specified on all invoices proving the commercial activity. The 0.3 RON/kg contributions involve oils of synthetic or semi-synthetic provenience and also adjacent substances having or not having additional elements. The packaging domain is mentioned with regard to operators whose activity involves reusable packaging. They have to take into account the deposit system and also stipulate the real packaging value in all accounting logs. Procedures described offer necessary information concerning packaging waste management understood in terms of recycling norms. Used tires management provides important features indicating the appropriate recycling means adapted to eco-friendly strategies. Details mentioned concern as well important features referring to other substances introduced on the market and being labeled as dangerous. The sale of wood and other implicit materials is also nominated with a contribution of 2%. Hunting funds are as well included with a 3% payment. Another area which is referred to through this newly published order concern the failure of administrative units to register a 15% decrease in terms of waste disposed. The sale of various products such as metallic waste involves a 3% contribution. 

These changes come to amend the Order no. 578/2006 and they provide an effective framework able to handle matters concerning regulations of contribution through taxes which are to be paid to the Environment Fund. Understanding the obligations of each industry area, concerning these taxes, relate to an optimal function of the business itself. The statements which are to be submitted regarding the Environment Fund contributions are subject to constant changes imposing a regular monitoring of novelties in the legal field. Our team is able to provide counseling in this domain, pointing out as well other financial duties that are to be met under Romanian regulations. The lawyers in our office will deliver a complete report evaluating your business approach and conceived as a valid tool for adapting to our local taxes apparatus.

VAT on electronic services in Romania

The GEO No. 8/2014 indicating latest operations regarding Tax Code changes provides details related to future VAT regime on supply of electronic services which will modify from 1^st of January, 2015.

Starting with the next year, the present VAT regime for supply of electronic services provided by non-EU taxable persons will be extended to telecommunications, radio and television broadcasting services fields as well.  The newly introduced stipulations add important details concerning the location of the supplier and as well the place of the consumption. According to these terms, the taxable person in question is someone who is not a resident of EU area and who does not owe a business establishment within these borders, as well not having the obligation to be registered for VAT purposes for other operations but those included in the special regime. The registration member state is defined as the EU state chosen by the taxable person to declare the initiation of business operations, within EU borders. The member state of consumption is nominated as the EU member state where services are supplied. These services refer only to telecommunications, radio and television broadcasting. According to new stipulations valid starting with the 1^st of January 2015, any non-EU taxable person may benefit from a special taxation regime applying for telecommunications, radio and television broadcasting services provided to non-taxable persons, residents in an EU state. This special regime allows the registration in one single member state of the taxable person delivering these services to non-taxable individuals within EU borders. The specific regime will also apply to taxable persons, resident in an EU state, but another member state, different from the member state of consumption.

According to GEO No.8/2014, the taxable person in question, not a resident in the member state of consumption, refers to someone who possesses an establishment, headquarter for business activities on EU territory but does not owe such an establishment on the territory of the member state of consumption. The registration member state refers to either the EU location where is established the headquarter handling the business activity or the EU location where the person in question holds a secondary office. If the taxable person has several secondary offices allover EU territory, the registration member state is the state where the taxable person declared to apply the specific VAT regime. This is valid for the present year and for the two following years as well. The member state of consumption is the state where these services are supplied. New regulations explain that any taxable person that possesses an establishment handling business operations in Romania, or for the situation when the person in question does not owe a registered office on EU territory but it has an office in Romania, there is the chance to apply this special VAT service. The services in question are provided to non-taxable persons in EU member states provided that the supplier does not owe the office in the same member state. For any additional details feel free to contact our lawyers.

Financial support for SMEs in the Romanian brewery industry

The Law no. 88/2010 was republished in the Official Gazette (no.121) on February, the 18^th providing several financial stipulations concerning the small and medium enterprises involved in the brewery industry in Romania.

The newly introduced regulations concern the financial measures allowed for SMEs active in Romania in the brewery industry. These stipulations refer to a specific group of companies which declared until the 15^th of January 2009 an output less than 500 hl/year. They were not entering the bankruptcy procedures up until the moment when this law went into force. They can be labeled as small and medium companies according to law stipulations valid in Romania. They are SMEs which can be considered firms in difficulty, following current regulations. The restructuring plans for long-term viability were established according to provided legal background. They are legally aware of all financial responsibilities which must be achieved within these restructuring measures as it follows: medium companies must compensate at least 40% of expenses and small ones must compensate at least 25 %. These restructuring plans shall be approved and verified by the Ministry of Agriculture and Rural Development within 15 days after the file was submitted. The Ministry of Agriculture and Rural Development has the authority to nominate a legal or natural person, a specialist in this field, to evaluate conditions and fulfillment of all regulations. The nominated person must be certified in this area of expertise. These expenses shall be covered my companies in question. The restructuring plan may refer to a time interval of a maximum of three years.

All guaranteed facilities are no longer valid if, during the application of the restructuring plan, the beneficiary party proceeds to increasing output, fails to follow all measures stipulated in the restructuring procedures, does not assume and does not execute fiscal responsibilities on time. If the fiscal responsibilities are not fulfilled within limits they do have the alternative of paying taxes for a period of 90 days, including other adjacent payments. Up until 29^th of December of each fiscal year, all taxes must be paid. The benefits will also be suspended when the majority of shareholders controlling activities changes, without providing a notice to fiscal authorities in the area. Managers of these small and medium companies are not allowed to have committed crimes related to taxation for which the competent courts had pronounced a final judgment. Another detail that cancels benefits is represented by the alienation of any type of fixed assets, without noticing the tax authorities. At this point, an exception must be identified and that is the sale of assets which is stipulated within restructuring plans. Another condition obviously concerns the importance of making proof of all characteristics, particular for SME’s structures.  The Ministry of Agriculture and Rural Development shall provide a report for each year concerning the accessibility to this state aid scheme, according to legal stipulations. For any other additional details, our team may provide all necessary answers explaining how this scheme suits your type of business and circumstances imposed.

Repatriation of Profits from Romania

Profit repatriation of non-resident companies conducting their activity in Romania is possible and the dominant regulation mostly establishing the legal framework is provided by the National Bank of Romania. We shall explain below all other important features related to this rather intricate topic.

Foreign investors in Romania do have the alternative of repatriation of profits and the transferred items must follow certain regulations related to exchange control. The authority which administers these types of directives is represented by the Romanian National Bank. Earnings, either from dividends or profits, can be transferred if the taxation obligations are being met according to stipulations. A 16% withholding tax is to be paid for dividends according to Romanian regulations but this rate can be modified as a consequence of a tax treaty or a directive of parent-subsidiary origins with EU implications. A Romanian company pays dividends to another legal entity, resident in another EU state, or to a permanent company representing a corporation located in another EU member state, following the 16%-tax regulations. These dividends may be subject to exemption if a resident company derives them either from another company in an EU member state or another legal entity being a resident, and if the case involves another company, non-EU one, that has participated together with Romania to a treaty convention, on the fundamental condition that the Romanian company owns the minimum of 10% of the distributing company shares for a continuous time frame of two years.  

The general rule states that non-resident entities must pay this 16% withholding tax on earnings obtained in Romania covering the following attributes: all profits obtained through services performed in here, including management, royalties, revenues determined through termination of a resident legal entity, and as mentioned above, dividends. So business activities performed by foreign investors in Romania generate profits which can be transferred in the country of origin. We shall take several examples in order to concisely illustrate several basic rules concerning the repatriation of profits. An EU-member-state company operates in Romania through an establishment which acts as a subsidiary. The object of activity concerns public constructions. In this case the parent company may receive profits from the subsidiary taken into account that there is a chance for exemption if the EU parent company holds at least 10% of the shares belonging to the subsidiary for two uninterrupted years.

If the supposed EU company decides to operate in Romania using a structure with branch functions then profits gained here can be distributed without paying any dividend taxes because earnings cannot be considered as dividends. This same scenario applies for an EU company operating directly in Romania. The withholding tax regime was amended starting with the 1^st of January 2014 which means that exemptions applying to dividends are limited only to situations when these dividends are remunerated to affiliated legal entities incorporated in other EU states. Before these changes, the exemption regime could be considered as well for companies with an affiliation status originating from the European Free Trade Association perimeter. Understanding all legal aspects dictating these procedures directly contribute to optimal capital dynamism within a company’s natural development. Our team strongly encourages foreign investors to seek professional help, able to point out all possible vulnerabilities, unexpected alternatives and best options a company may have through its activities conducted in Romania. 

VAT on real estate transactions in Romania

For any real estate investor it becomes mandatory to understand the standard terms and conditions related to VAT regulations.

Charging VAT on property transactions is subject to exception when dealing with a rental or leasing procedure. This is a case of VAT exemption in Romania but there are some options for the lessor to submit a report to designated authorities in order to apply taxation regulations. For this situation, a standard 24% VAT is to be taken into account. Another case when a standard VAT procedure is not a matter of concern regards the sale of properties others than those defined as new establishments or the land on which the building was built. But it is allowed to apply for taxation if the situation requires it. New buildings sale and building land sale are subject to taxation and a standard percentage of 24% applies in this case. The term “new buildings” also includes establishments which were rehabilitated and the costs of all these adjustments exceed 50% of the entire building value on the market. The VAT rate is modified to 5% if the buildings taken into consideration are intended to serve for seniors or as children homes, as well those which are provided to city halls to be used for social purposes. Starting with February 2013 the usage right over a real property can be assigned as usufruct or superficies right.

A particular instance is represented by the adjustment of input VAT which occurs when the lessor opts for not taxing the fees for rent or the sale transaction. The standard period which applies in this case is of 20 years and it begins with the first day of the year when the acquisition takes place. There are special conditions to be fulfilled in order to conclude these procedures. The transfer of assets which is generally involved when transferring a business is not considered as taxable only if the beneficiary is a taxable person and the transferred asset can be nominated as an independent unit.

VAT on property transactions in Romania - refunds

VAT returns are also a specific matter that deserves to be brought into discussion. The Romanian VAT registered entities will have their requests processed within 45 days since submission but this term can be extended to 90 days provided that some supplementary audits are to be performed by authorities. On special conditions, for those entities that manage to be labeled as particular cases (such as those with a clean tax record) procedures can be accelerated. For companies which are incorporated within EU perimeter, the reimbursement procedures are administered through the 9^th Directive. Requests will be submitted to authorities in the state where the company was registered and thereafter transferred to Romanian authorities. The 13^th Directive controls VAT reimbursements for non-EU entities. As details above state it, the VAT on real estate transactions in Romania is of 24% for new buildings and building land, taking into consideration as well all exceptions mentioned in this article. For any further information related to this topic, you can contact our lawyers.

What types of companies you can set up in Italy

Italy is an important destination for foreign investors who want to develop a business in manufacturing, agriculture and tourism, some of the most attractive economy fields in this country, well-known for its great potential and the incentives offered by the authorities for performing exports.

Foreign investors can benefit of investment loans at a reduced interest rate and deductions from taxable income granted for those who have a big amount as investment capital, more then it’s required by law.

When an entrepreneur thinks of opening a company in Italy, firstly he has to decide what type of firm is more appropriate for his goal.

The main types of companies an entrepreneur can set up in Italy are the following:

- limited liability company (Societa a Responsabilita Limitata) is recommended for investors who are interested in small and medium businesses and don’t want to invest a big amount for share capital. They need to deposit minimum 10,000 EUR for the share capital;

- joint stock company (Societa per Azioni) is suitable for important business and investment and it’s required a minimum 120,000 EUR share capital. At the registration of the joint stock company, it’s necessary to pay 30,000 EUR, if the firm has two or many share holders, and the total amount in case there is only one shareholder.

- general partnership is formed of two or many entities and for this type of firm no minimum share is mandatory. All the members of the partnership have full liability and they do business on behalf of the same company.

- Limited partnership is similar to general partnership, but in this case at least one of the members should have limited liability and other one is general, with full liability.

- Partnership limited by shares is a firm in which there are at least two partners and one of them will have limited liability and another one is a general member. The partners have no minimum capital share to pay at the registration of the new company.

If you need more information about registration of a company in Italy and assistance throughout the whole procedure of setting up a firm, you can contact our local specialists in company formation

Why invest in Switzerland?

Switzerland has one of the most rich, modern and stable economies in Europe and in the world. It has one of the smallest taxation fees of all developed countries. Its neutral status has helped retain its economic stability and the very low inflation rate ensures that the Swiss franc is one of the world's strongest currencies. Employees have one of the highest salaries per capita from Europe and therefore Switzerland's quality of life is rated among the best in the world.

In addition to all these, it provides investors with the opportunity of very generous interest rates and therefore convincing them to invest in the country.

Investments in Switzerland

Switzerland is an open gateway to European, African and Middle-Eastern markets, due to its strategic location. Its geographical location in central Europe offers the opportunity for an easy access to over 30 countries by car.

Switzerland offers well-developed infrastructures, as well as a competitive business environment. The Swiss market is a good testing ground for the introduction of new high technology and spends the most capital in the world in IT. Switzerland is also one of the world’s most advanced countries in research and development. Last, but not least, tourism is a key economic sector, generating 6% of the Swiss gross domestic product.

In 2002, Switzerland was ranked 15th in the World Economic Forum’s Global Competitive Index, but by 2009, it climbed up the list to the first position.

Swiss Business Hubs

The Swiss Government created the Swiss “one-stop-shop” in order to attract entrepreneurs interested in doing business in various countries around the world and for foreign entrepreneurs interested in bringing their business to Switzerland. The group can help arrange initial contacts, find specific providers and manufacturers, and also find other useful information faster.

Workforce

Switzerland is very open to foreigners and has a diverse population. 22% of the whole population is made up from residential and temporary foreign workers which make for a high educated multilingual employment force. It also provides the employers with the choice of four languages besides English and these are German, French, Italian and Romansh. They are highly productive and create high-quality products and services. The majority of Swiss managers have more international experience than average.

Taxes

Switzerland presents one of the friendliest tax systems in the world. Many tax incentives are offered on both federal as well as cantonal level in Switzerland, in order to attract companies to establish operations and invest in their jurisdictions. In some cantons new investors can profit for a period of up to ten years of taxes free business.  This possibility, of being able to benefit from partial or full corporate income tax breaks for up to 10 years is also possible at a federal level.

However, tax breaks are available for investment projects that meet certain requirements, for example creation of new jobs or non-competition with existing businesses. When it comes to cantonal level, business incentives are generally granted in connection with the creation of at least 10 to 20 new local jobs. The Government also offers subsidized loans up to 25% of financing packages in order to encourage infrastructural investment in tourist facilities, communications and training facilities.

Social Benefits

Switzerland is one of the top 10 wealthiest countries in the world but it can be expensive to live in. However, the social benefits by far manage to outweigh the costs:  the public transportation system is very good and it offers the best health care system in the world

It is viewed as one of the most appropriate countries to raise healthy, multilingual children due to its excellent education system, at the state school and academic level, also providing dual vocational training system. Children raised in Switzerland are provided with the opportunity to attend world-renowned universities, technical institutes or valuable R&D institutions.

The Swiss have a great respect for personal privacy and have no prejudice against wealthy people. The residents enjoy great political stability not being exposed to war since 1515. The country offers the highest personal safety in Europe and social harmony. Switzerland remains the country with the highest quality of living according to a governmental survey, and it also has no official religious state.

Stable economy

Switzerland became perfect destination for investors due to its bank secrecy and monetary security policies. Strategically located on the continent of Europe, Switzerland has an accessible and first-rate infrastructure network for international trades. Its stability is also provided by the agreements signed with the European Union that offer a similar business environment as inside the EU.

The Swiss franc has been rightfully viewed as a refuge through the years due to its stability over times. It was the currency of choice in the 1970s for Americans looking to escape rampant inflation because few other asset classes offered this much protection. Also nowadays, in a prolonged period of on-again off-again crisis, the Alpine country’s currency is viewed as one of the world's most popular safe-haven investment destinations.

Therefore judging from its political neutrality to its banking secrecy, the country has reputation for protecting valuables. But if adding strong economy, low national debt, low inflation, currency and price stability, low unemployment, efficient capital markets and a highly professional international banking system, Switzerland becomes a safe and appealing investment destination in its own right. 

Foreign Investment and Protection of Intellectual Property Rights in Romania

Developing a solid business also involves some specific terms regarding the functions of the intellectual property apparatus. For every foreign investor coming to Romania becomes highly authoritative to understand the pertinence of such legal framework.

The importance of becoming fully aware of all direct effects of steady implementation of intellectual property regime, when developing any type of business, represents a key aspect for reaching optimal profits. Even if considered a secondary matter and generally seen as not such an important factor able to affect the overall coherent business development project, the protection of intellectual property rights is in fact strongly influencing the investment sector. As we are constantly providing legal assistance to investors in various fields we managed to technically grasp all subtle meanings of IPR area for sectors which directly rely on applying the intellectual property concepts (technology-active domains) but also for some different economic divisions such as brewing industry. Probably the most talked-about topic, at this level, relates to investors’ tendency to focus on projects involving distribution, ignoring the local production field if questions in connection to IPR functions are not properly handled and, most important, effectively answered. Our lawyers gathered the most significant law tools regulating this sector adding as well several factual cases exhibiting the relevance of accurately implementing the intellectual property notions.

In terms of copyrighting, the legal background regulating judicial principles in Romania is represented by Law 8/1996 which was constantly improved since present requirements for protective measures, in this respect, become more and more stringent as dictated by rapid development of various technological sectors. This particular legal framework covers issues related to scientific and artistic topics reaching as well notions particular for more specific areas such as the IT, architecture or audiovisual domain. Concepts regarding the trademarks registration and functions are handled by Law 84/1998. Protection of trademarks, in Romania, is regulated as well through the 1894 Madrid Agreement and stipulations within the Community Trademark System. Concepts regarding the registration of drawings and models and their protection are monitored through Law 129/1992. In our country, these are protected for a period of ten years and this term can be extended. Law 64/1991 covers matters concerning the registration procedures and functions of patents. The patent certificate is provided through the State Office for Inventions and Trademarks (OSIM). All these legal frames of reference are frequently amended, as mentioned before, according to newly identified practicalities of this particular sector.

The legal background regulating matters of IPR becomes much more approachable when illustrated through common cases that explain the necessity for a solid juridical milieu. Quite a common situation is described by the importance of designing a highly functional legal basis for patent license agreements including different types of commercial agreements related to IPR concepts. Protection of trademarks and also infringement cases in this area are frequently encountered issues for a large range of domains considering the importance of a brand name and logo and the huge impact on the market. The fair use, the ownership of various technological products, the influence of internet capability on violating various intellectual property rights – all these are items which are repeatedly debated in legal matters. Another important fact concerning this sector regards certain vulnerabilities introduced by the disorientation of owners who fail to register their inventions, creations or other artistic approaches. For certain industries such as the IT area, pharmaceutical field, petroleum industry, etc, understating the proper use of the legal framework becomes fundamental, especially when involving research projects developed for identifying new technologies. Our main focus lies on the continuous effort to increase IPR awareness for our clients in order to request legal counseling whenever a situation requires such a fact. The IP department within our law firm is able to deliver solutions for an impressive variety of legal matters regarding intellectual property concepts. 

The Romanian Real Estate Market in 2014

Representing an important investment area, the real estate market went through major transformations imposing new strategies for both developers and investors. At the end of 2013, even still callous, the overall result was positive providing a valuable reinforcement for business approaches in this domain.

The real estate market progressively recovered during 2013 announcing positive results for a 2014 which cannot be defined as excessive but rather looking cautious and premeditated. Transactions in this area are expected to gradually increase providing notable opportunities for the commercial real estate sector. In this perimeter, the office segment seems to be the most engaging unit. Another aspect which is frequently brought into debate concerns the risk appetite which provides sometimes an opportunity for business initiative more venturesome and, in other situations, identifies the most secure alternative which might not guarantee a large profit but it is undoubtedly regarded as entirely reliable. For 2014, the Romanian office segment continues the upward trend of last year since large BPO companies decided to extend their businesses in Romania. As stated in a recent report, not only outsourcing companies announced their intention to extend operations in our country but IT corporations as well, mainly convinced by high performance employees. The overall offer for office spaces to be provided in 2014 covers an average of 120,000 sq m and some developers might postpone deadlines because of an unexpected increase of transactions signed by companies interested to extend their business. As expected, most important projects announced for 2014 are located in Bucharest: Green Gate (30,000 sq m), AFI Business Park (24,000 sq m) and City Offices (25,000 sq m).

Apart from the office segment, supermarkets and hypermarkets intend to expand indicating for developers a clear demand in the retail park-type approaches which comes with a unique format: a relatively short execution period and lower execution costs. Operators in the supermarket/hypermarket field are determined to broaden their activities creating an important niche for developers concerned with the almost motionless overall perspective of the real estate market during the last economic crisis.  Another area which proves highly dynamic is the one representing industrial and logistics projects. A particular characteristic for 2013 was the increasing demand for production spaces. This promising tendency was particularly animated by initiatives coming from the automotive industry. The US based Lear Corporation which is a global automotive supplier signed a lease agreement for 12,000 sq m within Solo Industrial Park. This appears to be one of the most important contracts in Romania for this sector, in 2013. An approximate evaluation performed at the end of 2013 indicates an average of 1,8 million sq m designed for industrial use. Interests for new retail space came from franchisees willing to expand their operations. This particular movement seems to be generally influenced by the positive response obtained through profits coming from shopping centers and galleries. For 2014, analysts predict as well a dynamic evolution in non-core fields such as smaller office buildings or even distressed retail centers. The general attitude expressed towards the real estate investment in Romania, for 2014, focuses on conservative movements, evaluating all risks and generating initiatives in areas showing major potential. Developers and investors are interested in securing their approaches avoiding perimeters which involve risky speculative actions.

Investments in Romania's automotive industry

The automotive industry was clearly refreshened in 2013 and foreign investors identified ways of either extending their businesses or beginning new projects. We indicate below several of the most prominent approaches to be taken into consideration as valid examples of successful initiatives.

Considered for a while a sensitive industry area, the automotive domain began to forcefully extend in our country. Romania becomes more and more engaging for auto components manufacturers who decide to open and expand their businesses within this perimeter. Their registered demands continuously improve allowing new investments and delivering lucrative opportunities in this respect. The beginning of 2013 brought a turnover increase rate of almost 4% and this definitely positive evolution was as well confirmed by the decision of several important international market participants to invest in Romania’s potential. We shall list below most significant investment approaches notable for the automotive industry in our country pointing out as well each specific field that was considered advantageous by each investor. The Polish-Dutch solution provider Bianor introduces the injection moulding techniques used to offer an alternative for the automotive industry in order to manufacture plastic components for cars reducing fuel consumption. This production site was opened in Ploiesti on July, 2013, and the investor described the overall approached as a homogenous strategy to experiment the Central and Eastern Europe market.

After opening a new steering wheel facility in 2013, the USA based company TRW, announced a new project in Roman. The supplier of automotive components and systems decided to extend their investment through an airbag factory which will be located in Roman. Their factory in Timisoara remains their largest project providing as well airbags and steering wheels. In November, 2013, Lear Corporation announced the opening of the automotive seating plant in Iasi. Their choice was strongly supported by the fact that the town of Iasi was seen as an important center active in the textile industry. In November, 2013, Continental, the German automotive supplier, launched a new research and development facility in Timisoara. The EUR 20-million investments are also complemented by the extension of the factory in Timisoara. Last year another German automotive system manufacturer, Kirchhoff Automotive, opened a new plant in Craiova.

The economic forecasts for the foreign automotive companies in Romania are generally optimistic. The automotive sector for investments focusing on car components manufacturing continues to improve and successfully delivers resources for an increasing number of business entities interested in exploring possibilities in Romania. In July 2013, Daimler announced the opening of the assembly plant providing automatic transmissions for Mercedes-Benz. The new project is located in Sebes and will probably provide 250 jobs for the area. In 2013, the Italian producer Vimercati SPA opened in Bacau a new unit delivering mecatronic parts to other automotive companies such as BMW, Fiat or Iveco. Our main purpose, through this brief presentation, is to provide convincing and successful examples of foreign investors clearly estimating the true potential of this country and obviously determined to build their approaches in a highly lucrative manner. Investments in Romania's automotive industry are to be understood as solid alternatives for various business concepts and our team, through its professional experts, offers legal counseling and additional assistance to all companies interested to initiate and develop a project of this type. Our lawyers will provide complex analyses evaluating the approach and indicating all suitable auxiliary options. 

Start an outsourcing company in Romania

Outsourcing is a major strategy which is taken into consideration by powerful corporations around the world. Romania delivers resources for a large range of domains representing the shared service centers and the business process outsourcing.

The outsourcing field became a preferred alternative for a large number of companies and Romania gradually developed solid strategies to provide multiple options in this area. Even if Central Eastern Europe is already an established market for these types of services, the resources to sustain newly incorporating entities prove inexhaustible. The main reasons behind this fact directly relate to highly skilled labor force which is available in these European countries and Romania is no exception. Besides the language proficiency level which impressively exceeds high standards by far, education covering specific fields provides flawless experts and, most important, always easy adapting to change. Another benefit which is as well taken into consideration by investors concerns the human capital which is at low costs. State incentives for companies investing in Romania are considered as key factors influencing frequently the decision to continue or initiate business activities in our country. Ministry of Public Finance recently announced that seven companies shall receive up to €67 million as state aids for creating 3,151 new jobs, for the next three years. Indeed, as numbers indicate the IT field is the favorite choice but other domains are professionally covered as well. If intending to start an outsourcing company in Romania investors should know that the finance area, administrative services, accounting, collections, procurement, engineering services, legal services, real estate, warranty management or tele-sales are important sectors that successfully accomplish all required functionalities of an outsourced department.

Most prominent benefits when deciding to open a BPO business in Romania strictly refer to reducing costs, cash infusion aspects, saving internal resources for different tasks, raising standards through enlarging perspective on labor quality since world-class workforce is taken into account. Social contributions in Romania refer to social security, unemployment fund, risk fund, medical leave and allowance and health fund. Corporate taxation varies for resident and non-resident companies. Entities that can be defined as resident are to be taxed according to their worldwide income but those companies which are not resident will be taxed for their incomes obtained in Romania. Incomes which are considered as exception from taxation may refer to dividends. Starting January, 1^st, 2014, dividends obtained by a resident company from another resident company (which can be from an EU member state or a non-EU territory sharing a tax treaty with Romania) shall not be taxed provided the beneficiary company possesses at least ten percents of the other company’s shares, for a time interval of a continual one year. The sale of shares and also of real property, by resident and non-resident companies, is considered part of the profit and a 16% tax is applied for such cases. Our team is available for any additional detail and for legal counseling intended to handle any procedure common for incorporating BPO companies in Romania. 

New provisions on asylum system in Romania

The recent amendments brought about through the Ordinance No. 1/2014, published in the Official Gazette on the 27^th of January, 2014, modify and add several terms concerning Law No. 122/2006 on asylum in Romania and also related to the Government Ordinance No. 44/2004 regarding social integration of aliens who previously acquired a form of protection or residence permit granted by the Romanian state, including individuals from the EU member states and from the EAA.

Changes performed include the addition of the definition of terms such as “international protection“referring to the refugee status granted through the subsidiary protection. Important adjustments cover the necessity for establishing a clear function of the responsibilities of the Romanian state providing international protection to aliens with long-term residence permits, issued by another member state, taking into consideration the obligation for initiating procedures to alter terms related to granting international protection. Another aspect covered through these latest changes impacting the asylum system in Romania is connected to Romania’s state obligations to accepting the entrance in our country of citizens who benefit from international protection provided that they were taken out of a member state which issued for them the long-term residence permit. These newly introduced features include as well the addition of references stating that for the case when a request was admitted concerning the transfer of responsibility, for a foreign citizen who was provided a long-term residence permit by a member state, the General Inspectorate for Immigration must request the member state in question to modify the terms regulating procedures for granting international protection. Due to these changes, the new legal support regarding the asylum system in Romania comes to provide supplementary provisions explaining the regime of foreigners requesting international protection in Romania and the status of refugees already benefiting from international protection in our country. It brings new details to provisions regulating procedures for granting, cessation and cancellation of international protection in Romania; it indicates procedures for establishing the member state which has the responsibility to review the asylum request, conditions for granting it, exclusion and cessation of temporary protection.

According to these provisions the residence permit is provided as soon as possible, after the international protection granting, for three years, for persons whose refugee status was acknowledged, or for two years, for persons who were provided the subsidiary protection. After the expiry date a new permit shall be issued. Travel documents must be issued, on demand, for beneficiaries of the international protection regime in Romania for two years, without an extending option. Another document must be provided after expiry date. An entire article was added in order to regulate the situation of vulnerable persons with special needs. This category includes minors, unaccompanied minors, people with disabilities, elderly persons, pregnant women, single parents with minor children, victims of human trafficking, people with mental illnesses, persons who were tortured, raped or involved in other violent instances with severe psychological outcomes. Experts from the General Inspectorate for Immigration will evaluate condition for these people establishing if they fall into this category.

We fully comprehend the vulnerabilities of such cases and our lawyers strictly approach these contexts. Our team delivers any necessary detail related to either asylum conditions in our country or application procedures for Romanian residence permit.

Incentives for employers in Romania

State incentives for employers supporting underprivileged individuals may be considered a successful technique aiming to balance certain labour areas which were previously considered with risk. Being familiar with basic legal regulations specific for this domain becomes compulsory since we are all socially committed to integrate these persons.

According to latest changes in this area there are several categories of Romanian employees which can be considered as highly vulnerable groups in terms of employment-to-population ratio. Various programs manage this situation by imposing a set of regulations which are generally understood as consistent benefits offered to employers in order to take into consideration these underprivileged groups. We shall provide a comprehensive list of all classes of employees which are to be regarded as preferential as connected to the general need of labour market equilibrium. As expected, the most disputed category is represented by graduates who are visibly exposed because of the lack of experience. Incentives increase according to educational background and employers must not use a limited duration employment contract, they have to hire these individuals for at least 18 months. If these prerequisites are not fulfilled, the employer must repay subsidies for each individual plus the NBR’s Reference Interest Rate. Another group that is considered as highly disadvantaged refers to unemployed people who are over 45 years old.  Incentives for employers in Romania indicate that those companies hiring this specific category of individuals will receive monthly funds (equal to 1 X social reference indicator) for one year.

Unemployed single parents are as well considered as a vulnerable category and employers hiring these individuals are to receive financial stimuli. A rather particular category is represented by unemployed individuals who are able to retire in five years after being recruited. For this specific situation, employers will receive a monthly fund equal to 1 X social reference indicator till the retirement of the individual in question (with implicit specific requirements emphasizing the condition to keep hired the nominated person). Recruitment of people with disabilities is also taken into account. Employment protection in Romania builds policies in order to encourage this practice and those companies hiring individuals in this category shall receive a monthly sum equal to 1 X social reference indicator, for one year.

Latest stipulations introduce one distinctive group which concerns young people at risk of lifetime disadvantage. These are individuals, aged 16-26, already registered with the employment office in their area, part of the child welfare system or deriving from it, are persons with disabilities, have no family or their current family cannot help them, have dependent children, executed one or more custodial sentences, are victims of human trafficking. Employers hiring them are called “angajatori de insertie” and they benefit from a special treatment. These young people will have to conclude a particular contract with the National Agency for Employment and this contract is known as “contract de solidaritate”. The provided incentives for the employer are equal to the basic salary, valid when the individual is hired. This sum will be provided monthly untill the “contract de solidaritate” expires. As you can see, regulations regarding incentives for employers in Romania may prove difficult to approach and understating the legal background becomes necessary if willing to optimally function according to specified requirements. Hiring these particular categories of individuals is a benefit for both employer and society and we strongly support both sides. Our team is always available to provide any supplementary detail related to this topic.  

Establishing business activities for a Romanian company

Company formation procedures evidently include the identification of a primary and secondary object of activity which, in Romania, is regulated through the CAEN code system. Understanding the subtle intricacies revealed by this classification frequently determines the lucrative characteristics of a profitable business.

Any business approach which depends on establishing a company is always conditioned by the very first phase intended to decide its immediate purpose. In legal terminology this stands for confirming the principal object of activity or the primary business activity and, of course, all other secondary practices. There are several issues which need to be known by any entrepreneur who focuses on reaching the full potential of the business itself. In Romania, the system which statistically classifies economic activities is generally known as the CAEN codes. CAEN is an acronym which can be translated as “clasificarea activititatilor din economia nationala” representing an entire apparatus designed to build the foundation for preparing a large range of statistical data. The average entrepreneur is not obviously preoccupied with specific technicalities but running a business in the best possible way involves also being aware of multiple features related to NACE codes in Romania. Founding a lucrative company is always conditioned by a preparatory session supposed to establish if the primary activity to be conducted may guarantee core revenues, if this activity can be used only as primary or there is also the chance to shift it as secondary, if this feature must be used as sole and exclusive activity since the law imposes this regulation.

The primary activity of a company can play a highly important role in establishing taxes. Companies which derive their incomes from providing services related to business management consulting are to pay the standard profit tax of 16% and not the 3% income tax which applies to micro-companies. And thereby a strategic choice may help in saving some money. Certain activities may be performed only if they are indicated as principal business activities and here we can mention the temporary employment agencies. Some other companies must choose only one object of activity since they are not allowed by the law to perform any other different works and here we might add the detective agencies. These types of companies must also obtain some specific authorizations and licenses from the Trade Register.

The NACE codes in Romania provide a unique choice for the main business activity which means that each company has the opportunity to pick one single principal object which must be appointed when founding the enterprise. The secondary business activities come to deliver alternatives for certain establishments which intend to vary their performances. Establishing business activities for a Romanian company supposes the CAEN code registration which is not a demanding task but it might reveal certain ambiguities. It becomes essential to benefit from quality assistance while incorporating. Legal help widens perspectives and explains all possible options. Our team is always available for any disambiguation and we are committed to simplifying procedures implied by the company creation process. Understanding the economic climate and being closely familiar with each and every aspect concerning the legal system in Romania provides us with a comprehensive view on all features related to corporate and commercial issues. 

Registering as a sole trader in Romania

The Romanian individual enterprise functions at a specific routine that must be explicitly illustrated. Understanding the legal apparatus behind this structure becomes an essential condition for the financial success of each business project.

Among options that the Romanian law provides for small business alternatives we would like to mention as well the sole proprietorship. Being included in a particular category and frequently raising various types of questions, this specific form of enterprise has an almost similar profile to what is known as the Romanian authorized physical person. Starting a sole proprietorship in Romania clearly implies the fact that you have chosen a small-scale economic activity which allows a more individualistic approach. Setting up a business in Romania according to this particular framework comes with certain duties that must be fulfilled. Probably one of the most important features relates to providing a document which proves the fact that you are professionally trained for the activity that you will conduct.

Setting up a Business in Romania – documents needed for establishing a sole proprietorship

Documents which must be provided in order to establish the sole proprietorship (in Romania called Intreprindere Individuala) include a copy of the identity card, papers offering information related to your professional training, a bailment contract, a document proving the fact that you are certified to use the future registered office, a specimen signature, evidences that taxes were paid. The main steps to be followed, for starting a sole proprietorship in Romania, indicate as an initial phase the reservation of the name. In order to check the name availability you will have to submit a request to the National Trade Register (ORCT). In the same day you will be provided with the result that must be added to the file which is to be submitted in order to open the sole proprietorship. The name of the company has the same structure as that imposed for PFA meaning the name and surname of the owner adding as well the collocation “intreprindere individuala”.

The sole proprietorship structure allows hiring employees and cooperation with other entrepreneurs avoiding to change the legal status of the entity itself. Starting a sole proprietorship in Romania involves a particular tax regime which applies to this unique framework. The owner must pay the state income tax and the social security contributions required by the public pension system and the health bureaucratic apparatus. If employees with individual employment contract are to be hired than all taxes connected with an optimal function of the agreements must be paid. The income tax is determined by taking in account the 16% rate. The basis for calculating the income tax is to be established according to the system chosen by the payer: the real system or at income norm. Tax returns are to be explained by a professional and that is why our experts support the approach that always involves the certified legal help. Asking an expert’s opinion completely changes the perspectives, accurately emphasizing significant details and also introducing the possibility of identifying another alternative for your business plan. Setting up a business in Romania may become an effortless approach when benefitting from the appropriate legal assistance which is able to simultaneously secure the overall investment. 

Romanian State Aid Schemes for Foreign Investors

State aid can actually represent a solid alternative for foreign investors and understating procedures related to this area becomes mandatory. Applying for these financial supports means following strict regulations and benefiting from professional help is a plus for any approach of this kind.

Foreign investments in Romania clearly focuses on several main areas such as IT, agriculture and the highly competitive domain of externalized services, still delivering plenty of alternatives in various other areas which might not be as popular as those mentioned above but deserving attention and a solid professional business approach. In order to provide a coherent support for such cases the Romanian state aid schemes for foreign investors were adjusted through the Government Decision no. 955/2013 which was included in the Official Gazette no. 764 on December 9, 2013. These stipulations come to extend the terms of the Government Decision no. 797/2012 until June 30, 2014 providing new alternatives for investing authorities willing to apply for state aid in Romania. Recent changes also operate as a budget increasing measure adding an extra financial boost of 35 million Euros. The main goal of this provision is to secure regional development for the time interval between 2013 – 2020. Beneficiaries of these funds will have to create at least 200 new jobs with a minimum rate of 20% for the IT&C component guaranteed by the investment plan.

Financial Support for Foreign Investment in Romania - conditions

As we previously mentioned in our articles, financial support for foreign investment in Romania implies the responsibility to introduce a number of new jobs and also to maintain these positions. Features such as profit tax and social security contributions are duties that must be respected since, for the next five years after implementing the project, activities shall be closely supervised. Procedures to be followed specifically sustain the importance of the letter of bank guarantee which plays a distinctive role for a repayment instance. After submitting this letter the fund will be paid out. Even if understood as an implicit detail, the incipient phase of the business approach involves a consistent financial basis to cover expenses occurring till requesting the state aid. There are particular stipulations for those projects having a bank financing backing implying a set of specific documents which must be submitted.

Legal counseling during the implementation of such a project is definitely a condition for financially securing the investment. Romanian state aid schemes for foreign investors are controlled through a highly intricate bureaucratic apparatus that requires a professional approach able to point out immediate moves and possible vulnerabilities. Romania is also a country where sudden fiscal changes might confuse and an expert up-to-date with latest legal interventions offers a substantial assistance on this point. Understanding operational costs and benefiting from the cooperation of highly skilled professionals, effectively informed in matters concerning the typical administration tools, enlarge the perspectives for these approaches.  Programs offering financial support for foreign investment in Romania may also provide alternatives for areas less explored by international investors, the presence of an expert familiar with local opportunities becoming even more predictable. Our team is strictly acquainted with the most efficient strategies to be taken into account when applying for such an aid. We are deeply concerned with any feature that might impact the normal development of the project itself and our lawyers identify best alternatives suiting the needs of any business.