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Romania to provide a business-friendly environment in 10 years maximum, EY study reveals

Access to finance is considered difficult by 82 percent of Romanian entrepreneurs, but more than half of them (55 percent) believe that in 10 years Romania will provide a business-friendly environment, EY’s ’Entrepreneurs speak out – Romanian Entrepreneurship Barometer 2015’ shows.

Thus, the study reports that 34 percent of the local entrepreneurs who answered the EY’s questionnaire expect Romania to provide a friendly environment for business development in a medium-term horizon (5-10 years), while 21 percent of them expect this to happen in a short time horizon (3-5 years).

If 55 percent of entrepreneurs indicate a horizon of up to 10 years, 19 percent of entrepreneurs are more pessimistic. The latter consider that Romania needs at least 30 years to become a pro-business environment.

On the other hand, 42 percent of respondents indicated an improvement of entrepreneurial culture, 37 percent believe that the assistance provided by specialized organizations in the development of entrepreneurship has evolved and 30 percent consider the access to finance improved. Only 20 percent of respondents believe that the regulation and taxation recorded a positive trend in 2014.

In view of local entrepreneurs, the top 5 governmental measures to support Romanian short-term business development are reducing the tax burden and providing tax incentives (45 percent), reducing bureaucracy and simplifying legislation, especially the Tax Code (15 percent), providing State guarantees for loans, especially for start-ups (8 percent), improving collaboration and communication between the public environment and the private one (7 percent) and tax environment stability (5 percent).

The same EY study reveals that 82 percent of the respondents consider the access to financing to be difficult or very difficult, down 6 percent compared to the previous edition of the barometer.

 

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