Quarterly Analysis: September-November 2025

Romania’s business registration landscape displayed a complex pattern in the final quarter of 2025, with significant year-over-year declines in registration volumes but notable shifts in industry composition and entity types. The September-November period saw a total of 45,735 new business registrations , representing a substantial decrease from the same period in 2024.

Quarterly Performance: A Year of Transition

The Q4 2025 quarter showed a consistent pattern of lower registration volumes compared to 2024. September 2025 saw 14,810 registrations, down 35.28% from September 2024’s 9,585 . October followed with 15,874 registrations, a 7.38% decrease from October 2024’s 14,703 . November closed the quarter with 15,051 registrations, down 18.78% from November 2024’s 12,225 .

Despite these year-over-year declines, the 12-month moving average showed positive momentum, increasing to 12,485 in November 2025 from 12,250 in the previous month , suggesting underlying stability in the business formation environment.

Entity Type Evolution: SRL Dominance Continues

The Limited Liability Company (SRL) remained the dominant business form throughout the quarter, accounting for approximately 63-66% of all registrations. Individual Enterprises (PFA) maintained their position as the second most popular entity type, though their share showed some fluctuation month-to-month.

September 2025 saw SRLs at 9,343 registrations (63.1% of total) and PFAs at 4,938 (33.4%). October showed SRLs at 9,342 (58.8%) and PFAs at 5,935 (37.4%). November maintained similar proportions with SRLs at 9,582 (63.7%) and PFAs at 5,068 (33.7%) .

Industry Shifts: Manufacturing and Logistics Lead Growth

The most significant story of Q4 2025 was the dramatic shift in industry composition. While overall registration numbers declined, certain sectors showed explosive growth year-over-year.

Manufacturing (Industria prelucrătoare) emerged as a standout performer, with November 2025 registrations reaching 1,604, a remarkable 258.04% increase from November 2024’s 448 . This represents a fundamental shift in Romania’s business formation patterns, suggesting increased investment in production capacity.

Transport and storage (Transport și depozitare) also showed strong growth, with November 2025 registrations at 3,053, up 68.67% from November 2024’s 1,810 . This sector consistently ranked as the top industry throughout the quarter, indicating continued expansion in logistics and supply chain businesses.

Other notable growth sectors included “Other service activities” (up 78.15%), “Cultural, sports and recreational activities” (up 79.41%), and “Hotels and restaurants” (up 33.33%). Professional, scientific and technical activities showed a slight decline of 5.01%, while construction maintained modest growth of 2.51%.

Regional Dynamics: Strong Growth Outside Bucharest

Regional analysis revealed significant growth in several counties, particularly outside the capital region. Dolj County showed the most dramatic growth, with November 2025 registrations at 516, a 106.4% increase from November 2024’s 250 .

Vâlcea County followed with 102.97% growth, while Iași County registered 94.15% growth. Timiș County showed 70.4% growth, and Galați County increased by 66.67%. These patterns suggest business formation is becoming more geographically distributed across Romania.

Bucharest maintained its position as the largest business hub with 3,236 registrations in November 2025, though this represented only modest growth compared to other regions. Ilfov (962), Cluj (802), and Timiș (760) followed as the next largest business centers.

Business Ecosystem Health: Positive Net Growth Despite Lower Registrations

The business ecosystem showed resilience despite lower registration volumes. November 2025 saw 15,051 new registrations against 12,535 business exits (suspensions, dissolutions, and deregistrations), resulting in net growth of 2,516 businesses . The health ratio of 1.2 (registrations to exits) indicates a healthy business environment where new formations exceed closures.

Lifecycle event analysis showed mixed trends year-over-year. Suspensions decreased by 16.91% from November 2024 to November 2025, while dissolutions increased by 11.75%. Deregistrations showed a significant decrease of 13.34% . The overall churn rate stood at 83.28% in November 2025 .

Comparative Quarter Analysis: 2024 vs. 2025

Comparing Q4 2024 with Q4 2025 reveals a fundamental shift in Romania’s business formation patterns. While total registrations were lower in 2025, the composition showed significant changes:

• Industry Concentration: In 2024, wholesale and retail trade dominated, while in 2025, transport and storage took the lead, followed by manufacturing’s dramatic rise.
• Entity Type Stability: Both years showed similar SRL dominance, though PFA registrations showed more volatility in 2025.
• Regional Distribution: Growth became more geographically distributed in 2025, with counties outside Bucharest showing stronger percentage increases.
• Business Longevity Indicators: The decrease in suspensions and deregistrations in 2025 suggests potentially improved business sustainability despite lower formation rates.

Conclusion: A Maturing Business Environment

The Q4 2025 data paints a picture of a maturing Romanian business environment. While overall registration volumes declined compared to the previous year, several positive indicators emerged. The dramatic growth in manufacturing suggests structural economic shifts toward production and value-added activities. Strong performance in logistics and regional distribution indicates continued economic integration and infrastructure development.

The business ecosystem’s health metrics—positive net growth, decreasing suspensions, and a healthy registrations-to-exits ratio—suggest that while fewer businesses are being formed, those that do enter the market may be better positioned for sustainability. The shift toward manufacturing and logistics, combined with more geographically distributed growth, points to a potentially more balanced and resilient economic foundation developing in Romania.