Bucharest — Romania registered 12,427 new companies in May 2026, a modest 3.51% decline compared to the 12,879 recorded in May 2025 . While the headline figure points to a slight cooling in new business formation, a deeper look at the data reveals a notable structural shift in the types of entities entrepreneurs are choosing to establish.

The SRL Slowdown, The PFA Surge

The most striking trend in May’s data is the sharp divergence between corporate structures. Limited liability companies (SRLs) — traditionally the most popular business form — saw registrations drop by 14.48% year-over-year, falling from 8,143 in May 2025 to 6,964 in May 2026 . This reduction accounts for the vast majority of the overall decline.

In contrast, authorized sole proprietorships (PFAs) surged by 14.72% to 4,816 registrations, up from 4,198 a year earlier . Individual enterprises (II) also rose by 13.35%, reaching 552 registrations . Even the smaller categories of family enterprises (IF) and CA posted significant percentage gains — 74.07% and 190.91%, respectively — although from low bases.

This rotation away from SRLs and toward simpler, lower-cost individual enterprise formats may reflect entrepreneurs seeking more flexible, less administratively burdensome structures in an environment of economic caution.

Transportation and Trade Lead the Decline by Sector

The industry breakdown reveals where the losses are concentrated. The two largest sectors by registration volume — both of which experienced declines — were:

• Transport and storage fell sharply by 32.91%, dropping from 2,616 registrations in May 2025 to 1,755 in May 2026 . This is a dramatic reversal from the same period last year, when transport registrations had more than doubled compared to 2024.
• Wholesale and retail trade; vehicle repair declined 18.16%, from 2,186 to 1,789 .

Together, these two sectors alone accounted for nearly 1,250 fewer registrations year-over-year — far more than the total headline decline of 452.

Growth Bright Spots: Manufacturing, Agriculture, and IT

Several sectors posted strong gains, partially offsetting the losses in trade and transport.

• Agriculture, forestry and fishing surged 70.49% to 491 registrations , reflecting a sharp uptick in rural entrepreneurship.
• Manufacturing rose 51.62% to 702 registrations , a notable acceleration for a sector that grew just 7.42% in the same month last year.
• Financial intermediation and insurance climbed 61.21% to 266 registrations .
• Information and communications grew 19.45% to 1,038 registrations , continuing IT’s steady expansion.
• Professional, scientific and technical activities rose 9.71% to 1,333 .

On the downside, real estate transactions contracted 27.07% , while health and social assistance fell 19.28% .

Business Exits: Churn Remains Elevated

Business lifecycle data for May 2026 shows that total business exits — comprising suspensions, dissolutions, and deregistrations — reached 14,478, compared to 12,427 new registrations . This produced a churn rate of 116.5%, meaning more businesses exited the register than entered .

However, year-over-year comparisons show some improvement. Total exits in May 2025 stood at 14,837, meaning the current figure is slightly lower . The net growth (registrations minus exits) improved from -1,958 in May 2025 to -2,051 in May 2026, a marginal deterioration .

Breaking down the lifecycle events:

• Suspensions fell 16.42% year-over-year, from 1,693 to 1,415 , suggesting fewer businesses are being temporarily shuttered.
• Dissolutions dropped 3.39%, from 4,756 to 4,595 .
• Deregistrations edged up 0.95%, from 8,388 to 8,468 .

The health ratio — registrations divided by total exits — stood at 0.86, essentially unchanged from 0.87 a year ago , indicating a persistently tight environment where business closures continue to outpace new formations.

Regional Patterns: Capital Steady, Smaller Counties Growing Fast

Bucharest remains the dominant hub with 2,912 new registrations , followed by Ilfov (828), Cluj (602), and Timiș (593) .

The fastest-growing counties by percentage change were led by Călărași (57.35% increase), Giurgiu (34.07%), Bistrița-Năsăud (27.82%), Buzău (23.23%), and Suceava (21.2%) . These smaller counties are showing stronger entrepreneurial momentum than many urban centers.

The Big Picture

The data for May 2026 paints a nuanced picture of the Romanian business environment. While overall registrations are slightly down, the composition is shifting meaningfully: fewer capital-intensive SRLs are being formed, while leaner PFA and family business structures are on the rise. The heavy correction in transport and trade — sectors that boomed in 2025 — suggests a normalization following an extraordinary post-pandemic surge. Meanwhile, growth in manufacturing, agriculture, and IT points to a rebalancing toward more sustainable, productive sectors.

The persistent churn, with exits exceeding registrations for the month, remains a concern. However, the improvement in suspensions and dissolutions compared to last year provides some grounds for measured optimism. The 12-month moving average of registrations stands at 13,288, still significantly above the current month’s figure of 12,427 , suggesting the longer-term trend remains moderately positive even as the monthly data softens.

As Romania moves through mid-2026, the entrepreneurial landscape appears to be undergoing a recalibration — favoring flexibility over scale, with individual enterprise formats gaining ground and the geographic spread of new business activity widening beyond the traditional economic centers.