The experience of a foreign entrepreneur in Romania # 1
When you decide to make the big step, move to Romania and open a business here, as a a foreign, you start with a lot of enthusiasm. You are fascinated by the enigmatic and vast culture of the Romanians, they lure you with their warmth and kindness, while their foods warm your senses, helping you enjoy every lunch or dinner you can have at the traditional restaurants here.
Sure, you read all kinds of articles, you try to do your homework and thoroughly document on Romania, reading about the lifestyle, about the economy, about the big urban centers, about what the cost of life is and how the Romanians perceive change. In fact, to start a business somewhere, anywhere, you have to understand the people and their habits, and just after make the calculations. You try to ignore the confusing taxation, go over a strange contrast between the non-working people and the entrepreneur friends who tell you they do not find employees and choose to take the first step.
Timisoara. It is close to the border with Hungary and Serbia, and this can become an advantage. It is also a large university center and a city in constant competition with Cluj-Napoca, which means that the authorities will want to invest in the infrastructure and, at the same time, they want to attract new investors, no matter how small. It benefits from a very generous suburb area, the living standard is quite high, but it’s normal to be so in a city with so many intelligent people. It’s somewhat different from the Romania that you learned from your first trips here: mountains, rivers, fresh air, and forests. It’s definitely not Brasov or Sighisoara. But hey, it has so many other benefits!
The first thing to check from the list: find a company that deals with the establishment of companies in Romania. To get good results, you’ll be looking for: Establishing a SRL. I choose the logical solution, namely the association between a lawyer specialized in setting up commercial companies and an experienced accountancy firm. Because after you set up LLC, you need someone serious to handle contributions, tax calculations and filing tax returns and business process optimization.
Once you have all the “documents signed”, go to the second phase: organization. And because we are in the computer age and much of the work can be automated, look for a suite of programs that will allow you to save time and human resources. Accounting, reporting, inventory management and business intelligence software. WinMentor seems to be the most popular and affordable solution in Romania, but you also need help with integration and maintenance.
Phase Three involves building an application that covers your online presence. The website must solve the online information and sales process. There are open-source solutions that need to be installed and configured, there are also premium solutions that offer you more modules. You have to make a decision. Then you’ll find out about payment processors, commissions, and implementation. There are more than you originally expected.
to be continued…