With a marketplace of nearly 20 million people, more than 37 million acres of arable land, astonishing landscapes, an expanding economy, a well-educated and multilingual workforce with over 100,000 specialists in information technology, access to the Black Sea and Asia, Romania offers significant opportunities to foreign businesses. Our colleague Laura Stefan, Managing Director of Accace Romania, introduces the advantages of the country, the strength of the company and what they value the most about our community.
What do you consider to be the biggest opportunities on the Romania market at the moment? What is the best thing about our country?
In the past years, Romania has become one of the most attractive markets in Europe for technology investment and outsourcing, a magnet for both entrepreneurs and well-established companies. Large cities like Bucharest, Cluj-Napoca or Timisoara are nurturing a prosperous ecosystem for start-ups and beyond.
Romania is the second largest market in Central Eastern Europe, where services represent 58% of the GDP, industry 28% and agriculture, forestry and fishing 4%. Digitalization, local branding, and organic food are some of the main consumer behaviour trends arising. Being one of the countries with the fastest internet speed in Europe and embracing the eCommerce wave, Romania has seen a swift growth in online sales; there are more than 20,000 online shops open in Romania.
Companies doing business on the local market enjoy several facilities, under certain conditions expressly mentioned in the domestic legislation. The Romanian tax system encourages investment, therefore companies benefit from the 16% rate for standard CIT, while, on average, European OECD countries currently levy a corporate income tax rate of 21.7%. VAT is 19% for most of the goods and services, as the EU’s average standard VAT rate is 21%.
Accace | Romania
An additional deduction of 50% of the eligible expenses is applied for Research and Development (R&D) activities. Furthermore, accelerated depreciation for devices and equipment used in the R&D activities may be applied. Employees working in Research and Development or Technological Development field are exempt from personal income tax.
The Government has also eliminated the salary tax for employees working as software developers and for employees with disabilities. Compared to other EU countries, Romania has highly professional talent at convenient labour costs.
Moreover, the Romanian legislation grants a tax facility that refers to the exemption of corporate income tax for reinvesting the profit in certain types of assets.
Romania is currently shifting from outsourcing to using its competitive advantages to develop homegrown innovative companies.
Besides its open trade regime, inclination for joint ventures, access to EU funds, price liberalization and others, Romania has always been known for hospitality, open-mindedness, both personal and business relationships being based on mutual trust.
What are the strengths of your branch? What do your customers value most about your cooperation?
In Accace Romania, we believe that the key for a fruitful relationship is a mix between delivering quality and maintaining a high level of mutual respect and trust. Our corporate values are deeply entrenched in our DNA, thus, our approach towards clients, colleagues and local communities reflects flexibility, passion, commitment, excellence, cooperation.
Efforts are made in the direction of digitization and automation, as we are aiming for a paperless office, with less bureaucracy and errors, while helping the environment. Our unique blend of end-to-end BPO processes and advisory services guarantees full support for companies, from incorporation throughout their life cycle. One of our biggest assets is that all services are delivered under one umbrella, ensuring our clients a smooth operation of back office functions, no matter their place of business.
Customers value our long-term partnerships, accuracy and attention to details, proactivity and fast reaction, topped with professionalism and reliability.
What makes the Accace Circle community different from other associations?
Accace Circle facilitates cross-border cooperation, while being focused on client experience. Local knowledge combined with global goals define a high-end business environment, where clients benefit from unified, expert services and streamlined processes under one account management and a shared online platform.
Accace Romania was founded in Bucharest in 2007. Understanding need of our clients to have all internal processes managed under one umbrella, we have developed into a complete and innovative provider of consultancy and outsourcing. Today, we offer accounting, reporting, payroll, HR administration services and tax, corporate, legal consultancy, through an affiliated law firm. At an international level, we are engaging over 600 specialists who have vast experience in handling small to large scale multi-country BPO projects for over 2,000 clients from various industries.