Are you thinking of opening a company in Romania and are considering Iasi? Read below a quick guide on company formation in this city presented by the team of experts at our law firm in Romania.
Iasi was not one of the favourite Romanian cities for multinational companies that intended to open new offices, but recently the situation changed, and the investors started to see the advantages. Iasi has many skilled young workforce due to its university and the wages are 25% less than in Bucharest, these advantages convinced investors about the city’s potential.
Table of Contents
Reasons to open a company in Iasi presented by our Romanian lawyers
The main advantages for Iasi are the strong University environment – over 70.000 students study here, the advanced telecom infrastructure and the new IT specialists entering the employment market after studying in one of the three profile faculties. There may also be added that in this city there are many active recruitment agencies, cultural venues, training companies and public institution flexible enough and oriented towards attracting foreign investments.
If hirign foreign employees is an option, you can also discuss this with our lawyers in Romania.
Another very important criteria for choosing Iasi for opening a company is the low priced rental office space. The office spaces are modern and attractive, also offering flexible arrangements. There are already some important investors in Iasi signalling that the investment market in Iasi is in expansion and has growth potential. Some of the companies are: Embarcadero, Comodo, Mind Software, BitDefender, Pentalog, Capgemini, Continental, Unicredit Business Partner. In 2005, Amazon opened a development center in Iasi, which really put the city on the IT&C business map because of the company’s recognition worldwide.
What to consider when opening a business in Iasi
Although there are many strong advantages for investing in Iasi, there are still some setbacks, such as the poor development of its international airport. But there are positive signals that the situation is handled by the authorities and airport will receive funds for expansion.
The paper formalities that need to be made in order to open a company in Iasi is similar to any other city in Romania. Our Romanian lawyers specializing in company incorporation can assist throughout the process.
Setting up a SRL (Limited Liability Company) in Iasi, generally in Romania, is the most popular choice. If you know the steps to follow in order to set up such a company, the process may be fairly smooth. You should need one week in order to gather and obtain all the needed documents that need to be submitted to the Trade Registry in order to obtain a certificate for the company registration, but the certificate is released in no more than a few days.
For further assistance regarding opening a company in Iasi, please contact our lawyers in Romania who will provide all the needed information.