Dental tourism in Romania

I heard a lot about dental tourism in Romania, but I’d like to know more about it. What is dental tourism?

           Dental tourism is a relatively new medical industry, a type of tourism that sums up to foreign citizens that require a certain kind of dental treatment which, for various reasons, they can’t get in their country of origins, thus they travel to another country in order to get the treatment in a different healthcare system.

           Above the reasons that prevent people to get the appropriate treatment in their own country are as follows:  the treatment is too expensive in their country, the treatment requires a higher level of expertise that can’t be found in their country etc.

Why should I choose Romania to get my medical treatment?

            According to numerous studies and experts, the dental system in Romania is strongly supported by numerous factors that make Romania one of the greatest countries in terms of dental tourism.

            One of the first arguments to consider in the process of choosing the appropriate country for your treatment is that the private clinics in Romania can offer the same high quality level of dental treatment that can be found in the Western Europe countries and even U.S. or Canada, but for only a fraction of their cost. Romania offers great costs packages.

            A second factor to take into consideration is the wide range of dental treatments and procedures, executed by experienced and well trained doctors, with the latest medical equipment.

            Romania presents foreign citizens with great accommodation offers, thus making travelling to Romania for medical treatment more affordable than the costs of the medical treatment in other countries alone.

How does the whole dental tourism system work in Romania and what are dental tourism agencies exactly?

            Dental tourism agencies are travel agencies specialized in dental tourism that collaborate through contracts with various dental clinics and present foreign citizens in search of dental treatments in our country with the best medical and accommodation offers.

            The travel agency usually requires a commission that is given by the dental clinic from the patient’s dental treatment plan. Neither the patient nor the dental clinic has to bear any additional costs.

            In Romania, the dental tourism is a rising market and more and more foreign citizens from all over the world seek dental treatment for all the reasons mentioned above. Thus opening up a dental tourism agency is an appropriate and great investment opportunity in Romania.

            For more information on how to open a travel agency, please feel free to consult our website and contact our specialized team on the subject.

Darie, Manea & associates can offer legal guidance in the process of opening up a travel agency, as well as any further information you may need concerning this subject. Our lawyers are dedicated to meet your expectations, acting with professionalism and experience in any matter.

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.