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To date, favored areas for U. InvestRomania offers assistance and advisory services free of charge to foreign investors and international companies for project implementation and opening new offices or manufacturing facilities. However, legislative and regulatory unpredictability, lack of regulatory impact assessments, and low institutional capacity continue to negatively impact the investment climate.

As in any foreign country, prospective U. Governments in Romania have repeatedly allowed political interests or budgetary imperatives to supersede accepted business practices in ways harmful to investor interests.


The energy sector has suffered from unanticipated changes. Inoffshore natural gas companies benefited from a streamlined permitting process but were hit with a windfall profit tax that previously applied only to onshore gas production. Additionally, in Februarylegislation changed the reference price for natural gas royalties from the Romanian market price to the Vienna Central European Gas Hub CEGH price, resulting in a significant increase in royalties.

The GOR liberalized the natural gas market on July 1,and the electricity market as of January 1,for both household and non-household consumers.

  1. Ему снова нужно было повидаться с Хедроном.
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Transfer of a petroleum agreement must be approved through a government decision GD. Investments involving public authorities can be more complicated than investments or joint ventures with private Romanian companies. Large deals involving the government — particularly public-private partnerships and privatizations of key state-owned enterprises SOE — can be stymied by vested political and economic interests or bogged down due to a lack of coordination between government ministries.

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InRomania capped the claw back tax in an effort to ease the burden on pharmaceutical companies. Designed to recoup drug verif enterprise swiss anti aging costs that exceeded budgeted amounts, the tax had increased up to In MayPresident Klaus Iohannis signed off on a revised and differentiated claw back tax, capped at 25 percent for innovative medicines, 20 percent for generic medicines, and 15 percent for locally produced medicines.

The claw back tax is one factor that continues to negatively impact the availability of drugs in the Romanian marketplace. Limits on Foreign Control and Right to Private Ownership and Establishment Foreign and domestic private entities are free to establish and own business enterprises, and to engage in all forms of remunerative activity. Romanian legislation and regulation provide national treatment for foreign investors, guarantee free access to domestic markets, and allow foreign investors to participate in privatizations.

There is no limit on foreign participation in commercial enterprises. Foreign investors are entitled to establish wholly foreign-owned enterprises in Romania although joint ventures are more typicaland to convert and repatriate percent of after-tax profits. Romania has established legal parameters to resolve contract disputes expeditiously.

Mergers and acquisitions are subject to review by the Competition Council. The Supreme Defense Council then reviews these referred mergers and acquisitions for potential threats to national security.

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To date, the Supreme Defense Council has not blocked any merger or acquisition. The Romanian capital verif enterprise swiss anti aging was fully liberalized inprior to gaining EU membership in Foreign firms are allowed to participate in the management and administration of investments, as well as to assign their contractual obligations and rights to other Romanian or foreign investors.

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Other Investment Policy Reviews Romania has not undergone any third-party investment policy reviews through multilateral organizations in over ten years. Romania scored best in the Tax Burden category due to its low income and corporate tax rates. According to the World Bank, economic growth rates have increased, but the benefits have not been felt by all Romanians. Progress on implementing reforms and improving the business environment has been uneven.

Romania has a foreign trade department and an investment promotion department within the Ministry of Economy.

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According to the World Bank, it takes six procedures and 20 days to establish a foreign-owned limited liability verif enterprise swiss anti aging LLC in Romania, compared to the regional average for Europe and Central Asia of 5. In addition to the procedures required of a domestic company, a foreign parent company establishing a subsidiary in Romania must authenticate and translate its documents.

Foreign companies do not need to seek investment approval. Registration documents can be submitted and the status of the registration request monitored online. Companies in Romania are free to open and maintain bank accounts in any foreign currency, although, in practice, Romanian banks offer services only in Romanian lei RON and certain hard currencies verif enterprise swiss anti aging and U. Areas for improvement include making all registration documents available to download online in English.

1. Openness To, and Restrictions Upon, Foreign Investment

Currently, only a portion are available online, and they are only in Romanian. Romania defines microenterprises as having less than nine employees, small enterprises as having less than 50 employees, and medium-sized enterprises as having less than employees. Business facilitation mechanisms provide for equitable treatment of women in the economy. Outward Investment There are no restrictions or incentives on outward investment.

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The agreement provides a dispute resolution mechanism, liberal capital transfer, prompt and adequate compensation in the event of an expropriation, and the avoidance of trade-distorting performance requirements. Inthe U. A resulting revised BIT was ratified by the U.

Senate and the Romanian Parliament in and went into effect on February 9, Romania has a bilateral taxation treaty with the United States; the treaty was signed in and entered into force in Proposed items for cabinet meetings are not always publicized in advance or in full. As a general rule, the agenda of cabinet meetings should include links to the draft pieces of legislation government decisions, ordinances, emergency ordinances, or memoranda slated for government decision, verif enterprise swiss anti aging this is not always the case.

The Chamber of Deputies is the decision-making body for economic legislation. Foreign investors point to the excessive time required statut entreprise suisse anti aging secure necessary zoning permits, environmental approvals, property titles, licenses, and utility hook-ups. In some cases, public authorities have set deadlines much shorter than the standards set forth in the law or passed a piece of legislation before the deadline for public input expired.

Я так и. - внезапно воскликнул. - Видишь ли ты, как все эти расходящиеся линии ведут к малым туннелям. Элвин заметил, что помимо огромных сводов над движущимися дорогами, существовало еще бесчисленное множество туннелей меньшего диаметра - туннелей, направленных вниз, а не Хедрон продолжал, не дожидаясь ответа: - Трудно было придумать что-либо более элементарное.

European Commission EC regulations are directly applicable, while implementation of directives at the national level is done through the national legislation. Technical regulation notifications submitted by the EU are valid for all Member States. Romania has implemented verif enterprise swiss anti aging TFA requirements.

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Legal System and Judicial Independence Romania recognizes property and contractual rights, but enforcement through the judicial process can be lengthy, costly, and difficult. There are no specialized commercial courts, but there are specialized civil courts.

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Judges generally have limited experience in the functioning of a market economy, international business methods, intellectual property rights, or the application of Romanian commercial and competition laws. As stipulated in the Constitution, the judicial system is independent from the executive branch and generally considered procedurally competent, fair, and reliable. Affected parties can challenge regulations and enforcement actions in court.

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Such challenges are adjudicated in the national court system. Inconsistency and a lack of predictability in the jurisprudence of the courts or in the interpretation of the laws remains a major concern for foreign and domestic investors and for wider society.

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Even when verif enterprise swiss anti aging judgments are favorable, enforcement of judgments is inconsistent and can lead to lengthy appeals. Failure to implement court orders or cases where the public administration unjustifiably challenges court decisions constitute obstacles to the binding nature of court decisions.

Mediation as a tool to resolve disputes is gradually becoming more common in Romania, and a certifying body, the Mediation Council, sets standards and practices. The professional association, the Union of Mediation Centers in Romania, is the umbrella organization for mediators throughout the county.

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Court-sanctioned and private mediation is available at recognized mediation centers in every county seat. There is no legal mechanism for court-ordered mediation in Romania, but judges can encourage litigants to use mediation to resolve their cases.

If litigants opt for mediation, they must present their proposed resolution to a judge upon completion of the mediation process.

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The judge must then approve the agreement. Laws and Regulations on Foreign Direct Investment Since Romania became a member of the European Union inthe country has worked assiduously to create an EU-compatible legal framework consistent with a market economy and investment promotion. It is subject to frequent revision.

Major changes to the Civil Code were enacted in Octoberincluding replacing the Commercial Code, consolidating provisions applicable to companies and contracts into a single piece of legislation, and harmonizing Romanian legislation with international practices. The Civil Procedure Verif enterprise swiss anti aging, which provides detailed procedural guidance crema pt ten sensibil implementing the new Civil Code, came into force in February Fiscal legislation is revised frequently, often without scientific or data-driven assessment of the impact the changes may have on the economy.

Given the state of flux of legal developments, investors are strongly encouraged to engage local counsel to navigate the various laws, decrees, and regulations, as several pieces of investor-relevant legislation have been challenged in both local courts and the Constitutional Court. There have been few hostile takeover attempts reported in Romania.

Romanian law has not focused on limiting potential mergers or acquisitions. Competition and Antitrust Laws Romania has extensively revised its competition legislation, bringing it closer to the EU Acquis Communautaire and best corporate practices.

A new law on unfair competition came into effect in August Companies with a market share below 40 percent are no longer considered to have a dominant market position, thus avoiding a full investigation by the Romanian Competition Council RCCsaving considerable time and money for all parties involved.


The Fiscal Procedure Code requires companies that challenge an RCC ruling to front a deposit while awaiting a court decision on the merits of the complaint. An extensive body of secondary and tertiary legislation accompanies the four laws and has been subject to repeated revisions. Separate legislation governs defense and security procurements. In a positive move, this body of legislation moved away from the previous approach of using lowest price as the only public procurement selection criterion.

Under the laws, an authority can use price, cost, quality-price ratio, or quality-cost ratio. The new laws also allow bidders to provide a simple form the European Single Procurement Document to participate verif enterprise swiss anti aging the award procedures. Only the winner must later submit full documentation.