Thanks a lot. I find different opinions regarding the effective management. In Malta and Cyprus you can hire managers (though in Malta I heardthey need a license soon and will be registered, publicly available data. This might undermine the purpose when local tax offices can easily see your director is also working for 30 other companies). In Romania I couldn't find a lawyer offering such services - they are scared to be on the line when it comes to liability. So in this case I wouldn't really see a way to solve the 'effective management' issue...Mainly comes down to reputation (which stems from corruption), language barrier, and an unfortunate circle of lack of popularity. Lots of people look at it and think "No one uses Romania, so why should I?"
It's also unfit for growth. If you plan to keep your business small, maybe it's fine if you can overcome the other hurdles. But if you have plans that exceed millions, the tax advantage of Romania quickly dissipates. Same with Latvia. The corporate and tax laws of Cyprus and Malta (and most other jurisdictions) are fundamentally equipped to handle large international businesses, whereas micro-company legislations aren't.