The Romanian economy is gaining momentum today, partly because of European investments. Therefore, business immigration to Romania is becoming more promising. The government encourages and is loyal to investment immigrants and foreign start-ups.
So, with the country’s transition to a new political level, due to integration into the EU, the volume of foreign investment in Romania has also increased. Such progress can be observed for a long time. For the first half of 2019, the indicator exceeded 8.3 billion euros, which is 12.1% higher than in 2018.
Although not so fast, the start-up ecosystem in Romania is gaining traction. Today, about 170 start-ups operate in the country. At the same time, competition for capital cannot be called high. It is not difficult to find investors for innovative projects that are useful for the country’s economy. Active entrepreneurs from countries outside the EU can also get a start-up visa for business immigration to Romania.
A start-up visa to Romania is an option to establish your company in a European country, even in the absence of huge capital. The main thing is an interesting idea and understanding of the ways of its effective implementation. In this case, business immigrants are assisted by accelerators and venture capital funds. They are ready to support a promising start-up both financially and by consulting.
Romanian start-up visa provides an entrepreneur and his family with a residence permit at the time of foundation and development of a start-up. It can be extended.
What do you need to get a start-up visa to Romania?
- Submit an application and a business plan for consideration at the Trade and Foreign Investment Center of Romania
- Get approval from the Migration Board to register a start-up
- Confirm the presence of installation capital (minimum 43 euros)
- Open an account with a Bank of Romania and register it in the Commercial Register
- Registration in the Tax Service is also required
- Provide a minimum of 10 jobs
- Offer a unique start-up idea that will benefit the Romanian economy.
To enlist the support of start-up accelerators, entrepreneurs must prove the prospects of the business, allocate 3-5% of the future company to their assistants. Also they should provide decent working conditions for employees. Knowledge of the Romanian language is not even necessary for maintaining start-up documentation in Romania. The presence of a translator is enough.
Together with a start-up visa in Romania, a business immigrant is granted a residence permit first for a year with the possibility of extension. In order to update it, it is necessary to provide evidence of the effective functioning of a start-up. Also, one of the conditions is the active development of a start-up and its scalability.
What else needs to be provided for obtaining and renewing a residence permit in Romania?
- Social and health insurance
- Certificate of residence in Romania (may be a rental)
- Certificate of sources of financing
- No criminal record
- State duty payment confirmation
- Notarized documents
After 5 years, a business immigrant can obtain permanent residence in Romania. And having lived in the country for 8 years, a start-up founder can be applied for Romanian citizenship.
Thus, albeit not so large-scale, but Romania is confidently moving towards economic progress, improving its start-up ecosystem and attracting business investment in the country. A business immigrant with a useful and unique idea has every opportunity for the successful development of his business in Romania, at the same time without even investing his own money.
As in Canada, under the Romanian Start-up Visa, the applicant can immigrate with his family and get a residence permit, and then permanent residence. As in Romania, if you have permanent residence status for several years, you can apply for Canadian citizenship.
Do you want to live in a European country with comfortable prices? Romania is a good choice for business immigration with your start-up!