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April 14, 2021
BUSINESS

EY Entrepreneurs Speak Out: Romania expected to offer a more friendly business environment

*62 pc of them consider that entrepreneurial education has improved in Romania over the last year, compared to 58 pc in the survey’s 2014 edition * Access to financing is difficult or very difficult for 82 pc of entrepreneurs * 65 per cent of entrepreneurs believe business failure is penalized by society

 

34 per cent of the Romanian entrepreneurs who answered the EY Entrepreneurs Speak Out – Romanian Entrepreneurship Barometer 2015 questionnaire expect Romania to offer a friendly environment for business development over the medium term (5-10 years), while 21 per cent of them expect this over the short term (3-5 years).

Almost 50 per cent of the respondents point to fiscal aspects, such as the unpredictability of regulations, the fiscal complexity and the tax levels, as the biggest obstacle to creating and developing a business in Romania.

Just like in the previous edition of the survey, of the 5 pillars that support the development of entrepreneurship, entrepreneurial education and training represent the only factor perceived by most entrepreneurs as having a positive evolution: 62 per cent of them believe that this factor has improved in Romania over the last year, compared to 58 per cent in 2014.

 

Top 5 government measures that impact entrepreneurs

 

In the view of Romanian entrepreneurs, the top 5 government measures that would support the development of Romanian businesses over the short term are: lowering the fiscal burden and offering fiscal facilities (45 per cent), lowering bureaucracy and simplifying the legislation, particularly the Fiscal Code (15 per cent), offering state guarantees for loans, particularly for start-ups (8 per cent), improving the collaboration and communication between the public and private sectors (7 per cent) and the stability of the fiscal environment (5 per cent).

Access to financing continues to be a major problem. 82 per cent of the respondents perceive access to financing as being difficult or very difficult, down 6 percentage points year-on-year. The top 3 financing instruments that have an impact on entrepreneurial companies are bank loans, European funds and micro-financing.

 

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